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Fintech
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March 06, 2025
Trump Executive Order Creates 'Strategic Bitcoin Reserve'
President Donald Trump on Thursday signed an executive order establishing a "Strategic Bitcoin Reserve" that White House crypto czar David Sacks said would hold Bitcoin forfeited in criminal or civil asset forfeiture proceedings.
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March 06, 2025
Frank Wanted Artificial Data To Ensure $175M Deal, Jury Told
A JPMorgan Chase & Co. engineering executive on Thursday told a Manhattan federal jury that Frank founder Charlie Javice and her deputy asked him to produce artificial data for millions of purported users of the education company's services, in order to induce the bank into buying the startup for $175 million.
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March 06, 2025
'Debanking' In Crosshairs Of GOP Bill On Reputational Risk
Senate Republicans on Thursday unveiled legislation that would bar federal regulators from scrutinizing for "reputational risk" in bank supervision, a measure aimed at curbing the so-called debanking of crypto firms and other politically sensitive customer categories.
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March 06, 2025
ASUSTeK, HTC, Others Sued Over Media Patent
A New York-based patent-holding company has launched a series of lawsuits in Texas federal court accusing 13 companies of infringing its patent covering a media keying system used to upload content to users.
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March 06, 2025
SEC Urged To Address Impact Of Slack Ruling On Investor Suits
Investor advocates on Thursday urged the U.S. Securities and Exchange Commission to address the growing number of companies that may be taking advantage of a recent U.S. Supreme Court ruling in order to avoid getting sued after going public.
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March 06, 2025
Crypto Cos. Want Justices To Settle Venue Statute Circuit Split
A Binance-branded U.S. exchange and affiliated crypto data site CoinMarketCap have asked the U.S. Supreme Court to settle what they call a circuit split over whether a trader must show the firms had contacts in their state, or if ties to the country as a whole are enough to press a manipulation claim under the Commodity Exchange Act.
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March 06, 2025
Fed. Circ. Judge Stresses Unknown Software To Fintiv, Apple
A Federal Circuit panel expressed frustration Thursday as it struggled to get straight answers regarding whether Apple's products have a "widget" that would infringe Fintiv's contactless payment patent, with one judge ending arguments by saying that "after 45 minutes here, I'm still not clear what the widget does."
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March 06, 2025
CFPB Pulls Plug On Acima Suit In Latest Enforcement Retreat
The Consumer Financial Protection Bureau's purge of its enforcement docket continued Thursday as the agency dropped a predatory lending lawsuit against Acima, a fintech lease-to-own company and affiliate of Rent-A-Center.
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March 06, 2025
Coinbase Investors Ask Court To Lead Direct Listing Suit
Two new contenders have filed to lead a shareholder class action over crypto exchange Coinbase's direct listing hours after its original lead plaintiff dropped out following the Ninth Circuit's dismissal of a similar case brought against Slack Technologies.
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March 06, 2025
Fintech Startup Klarna Ready For $1B IPO, Plus More Rumors
Fintech startup Klarna is readying a $1 billion initial public offering, Apollo Global Management is keen to lead a $35 billion funding package to help Meta build new data centers, and Italian fashion house Prada is near to closing a $1.6 billion deal to acquire luxury clothier Versace from Capri Holdings Ltd.
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March 06, 2025
As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud
The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers.
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March 06, 2025
Citi's Appeal Gamble Is A Loser For All, NY AG Says
New York's attorney general has urged a Manhattan federal judge to deny Citibank's bid to appeal the judge's decision allowing the state's wire transfer fraud protection case against the bank to proceed, arguing that an immediate appeal would not benefit any party, even the bank.
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March 06, 2025
Senate Panel Backs McKernan For CFPB, 3 Other Trump Picks
A U.S. Senate panel on Thursday advanced President Donald Trump's nomination of Jonathan McKernan to head the Consumer Financial Protection Bureau, setting him up for likely confirmation to the beleaguered agency.
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March 05, 2025
Coinbase Investor Drops Direct Listing Suit After Slack Ruling
A Coinbase investor Wednesday dropped a proposed class action accusing the cryptocurrency platform and its top brass of offering false and misleading materials that caused its stock price to plummet following the company's debut with an $86 billion valuation, after the Ninth Circuit tossed a similar case against Slack Technologies.
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March 05, 2025
Fed. Circ. Backs PNC's PTAB Win Over Mobile Banking IP
The Federal Circuit on Wednesday affirmed a win PNC Bank landed at an administrative patent board against a Texas bank that is suing PNC over mobile banking technology.
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March 05, 2025
FINRA Fines NJ Firm, Suspends AML Compliance Officer
The Financial Industry Regulatory Authority has fined Network 1 Securities and suspended its anti-money laundering compliance officer over their alleged failure to design a reasonable compliance program to prevent money laundering.
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March 05, 2025
GOP Bid To Nix CFPB Payment Oversight Rule Clears Senate
The U.S. Senate on Wednesday passed a measure to nullify the Consumer Financial Protection Bureau's Biden-era digital payments supervision rule, advancing a Republican effort to block the agency from exercising greater oversight of big payment app providers.
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March 05, 2025
DOJ's Absence Felt At ABA Conference On White Collar Crime
Officials from the U.S. Department of Justice were conspicuously absent Wednesday from the American Bar Association's annual white collar crime conference, leaving organizers scrambling to fill empty panel seats and practitioners guessing as to what the Trump administration's enforcement priorities will be.
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March 05, 2025
CashCall Wants 9th Circ. Redo Of Order To Pay CFPB $134M
CashCall Inc. has asked for a rehearing of its Ninth Circuit loss that kept it on the hook for a $134 million restitution payment to the Consumer Financial Protection Bureau, arguing that when the online lender was fined in 2016, CashCall could not relinquish its "known right" to a jury trial because the right did not exist at the time.
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March 05, 2025
Court Finds StockX Liable In Counterfeit Nike Sneaker Suit
Following oral arguments in New York federal court on Tuesday, a judge found sneaker reseller StockX LLC liable for selling counterfeit Nike shoes, ordering the companies to find available trial dates this year for the remaining allegations.
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March 05, 2025
Ex-Girlfriend Of $36M Crypto Schemer Admits Hiding Profits
The ex-girlfriend of a cryptocurrency founder who evaded taxes on a $36 million hacking scheme admitted to hiding profits from the IRS and participating in the ploy by heading shell companies and paying Los Angeles sheriff's deputies to target his enemies, according to the U.S. Department of Justice.
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March 04, 2025
Avalara Investor Asks 9th Circ. To Revive $8B PE Buyout Suit
An Avalara shareholder urged the Ninth Circuit on Tuesday to revive a proposed securities class action alleging the tax software company duped investors into approving a "deficient" $8.4 billion private equity buyout, arguing the trial court erred in finding Avalara's statements tied to "numerically specific metrics" weren't false or misleading.
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March 04, 2025
Banks To Face New Defenders Of CFPB Overdraft Rule
A Mississippi federal judge said Tuesday that he will allow two outside nonprofits to step into litigation over the Consumer Financial Protection Bureau's $5 overdraft fee rule and defend the Biden-era regulation against a banking industry-backed legal challenge.
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March 04, 2025
Agencies Have 'Ultimate' Authority Over Firings, OPM Says
The Office of Personnel Management on Tuesday issued a revised version of its January memo directing agency heads to identify all probationary employees, adding a disclaimer that OPM "is not directing agencies to take any specific performance-based actions" and that agencies "have ultimate decision-making authority."
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March 04, 2025
Semiconductor Co. Faces Suit Over Apple Biz Loss, AI Hype
Semiconductor maker Skyworks Solutions Inc. was hit Tuesday with a proposed investor class action alleging it hurt investors by downplaying the risks posed by the loss of business from iPhone maker Apple, a major customer, and overplaying the strength of artificial intelligence to its business.
Expert Analysis
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What Financial Intermediaries Can Expect From New Admin
Understanding the current regulatory landscape of consumer financial services — and anticipating how it might evolve under Trump 2.0 — is essential for brokers, lead generators and digital platforms, and they should consider strategies for managing regulatory uncertainty, say attorneys at Sheppard Mullin.
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In-House Counsel Pointers For Preserving Atty-Client Privilege
Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.
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What Banks Need To Know About Trump's Executive Orders
While the numerous executive orders and memos from the last few weeks don't touch on many of the issues the banking industry expected the Trump administration to address, banks still need to pay attention to the flurry of orders from strategic, compliance and operational perspectives, say attorneys at Arnold & Porter.
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How SDNY US Atty Nom May Shape Enforcement Priorities
President Donald Trump’s nominee for U.S. attorney in the Southern District of New York, former U.S. Securities and Exchange Commission Chair Jay Clayton, will likely shift the office’s enforcement priorities, from refining whistleblower policies to deemphasizing novel prosecutorial theories, say attorneys at Cohen & Gresser.
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4 Potential Effects Of 3rd Circ.'s Coinbase Ruling
The Third Circuit's recent landmark decision in Coinbase v. U.S. Securities and Exchange Commission that the SEC's refusal to engage in rulemaking to clarify its stance on crypto enforcement was "insufficiently reasoned" could have wide-ranging impacts, including on other cases, legislation and even the SEC's reputation itself, says Daniel Payne at Cole-Frieman.
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CFPB's Message To States Takes On New Weight Under Trump
The Consumer Financial Protection Bureau's January guidance to state enforcers has fresh significance as the Trump administration moves to freeze the bureau's work, and industry should expect states to use this series of recommendations as an enforcement road map, say attorneys at Brownstein Hyatt.
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National Bank Act Rulings Facilitate More Preemption Analysis
Two recent National Bank Act preemption decisions from an Illinois federal court and the Ninth Circuit provide the first applications of the U.S. Supreme Court’s May ruling in Cantero v. Bank of America, opening the potential for several circuit courts to address the issue this year, say attorneys at Moore & Van Allen.
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Series
Collecting Rare Books Makes Me A Better Lawyer
My collection of rare books includes several written or owned by prominent lawyers from early U.S. history, and immersing myself in their stories helps me feel a deeper connection to my legal practice and its purpose, says Douglas Brown at Manatt Health.
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Opinion
Judge Should Not Have Been Reprimanded For Alito Essay
Senior U.S. District Judge Michael Ponsor's New York Times essay critiquing Supreme Court Justice Samuel Alito for potential ethical violations absolutely cannot be construed as conduct prejudicial to the administration of the business of the courts, says Ashley London at the Thomas R. Kline School of Law of Duquesne University.
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A Look At Collateralized Loan Obligations Post-Reform
The Financial Stability Board's recent report on global securitization reforms, analyzing resilience trends in the collateralized loan obligation market post-2008, suggests that, while risk retention rules have a limited impact on observable characteristics, other structural features play a significant role in ensuring risk alignment, says Kos Vavelidis at DLA Piper.
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Lights, Camera, Ethics? TV Lawyers Tend To Set Bad Example
Though fictional movies and television shows portraying lawyers are fun to watch, Hollywood’s inaccurate depictions of legal ethics can desensitize attorneys to ethics violations and lead real-life clients to believe that good lawyers take a scorched-earth approach, says Nancy Rapoport at the University of Nevada, Las Vegas.
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SEC Motion Response Could Reveal New Crypto Approach
Cumberland DRW recently filed to dismiss the U.S. Securities and Exchange Commission’s enforcement action against it for the unlawful purchase and sale of digital asset securities, and the agency's response should unveil whether, and to what extent, the Trump administration will relax the federal government’s stance on digital asset regulation, say attorneys at O'Melveny.
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A Compliance Update For Credit Card Reward Partnerships
While the Consumer Financial Protection Bureau's interest in credit card rewards programs could fade under the new administration, a recent circular focusing on both issuers and their merchant partners means that co-brand credit card partnerships with banks could be subject to increased scrutiny ahead, say attorneys at Goodwin.
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Perspectives
Accountant-Owned Law Firms Could Blur Ethical Lines
KPMG’s recent application to open a legal practice in Arizona represents the first overture by an accounting firm to take advantage of the state’s relaxed law firm ownership rules, but enforcing and supervising the practice of law by nonattorneys could prove particularly challenging, says Seth Laver at Goldberg Segalla.
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Critical Steps For Navigating Intensified OFAC Enforcement
The largely overlooked SkyGeek settlement from the end of 2024 heralds the arrival of the Office of Foreign Assets Control's long anticipated enhanced enforcement posture and clearly demonstrates the sanctions-compliance benefits of immediately responding to blocked payments, says Jeremy Paner at Hughes Hubbard.