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Fintech
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August 19, 2024
CFTC's Pham Wants More Credit For Firms In Wash Trade Deal
The Commodity Futures Trading Commission on Monday ordered two Raizen units to pay $750,000 to settle charges they carried out illegal wash sales on sugar contracts worth more than $1 billion, but Commissioner Caroline Pham said the companies should have gotten more credit for self-reporting and remediating.
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August 19, 2024
Crypto Co. Consensys Says Texas Is Right For SEC Fight
Crypto software firm Consensys Software Inc. told a Texas federal judge that it beat the U.S. Securities and Exchange Commission to court when it filed a suit seeking a judgment that its MetaMask software does not offend securities laws, and the regulator cannot now "change the playing field" to New York with its later enforcement suit.
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August 19, 2024
Former SEC Crypto Leader Joins McGuireWoods In DC
David Hirsch, former chief of the U.S. Securities and Exchange Commission's cryptocurrency-focused unit, has always enjoyed helping clients and investigating legal matters. After almost a decade with the agency, Hirsch is excited to bring that passion to his new role with McGuireWoods, he told Law360 Pulse Monday.
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August 16, 2024
Crypto Promoter Gets OK To Appeal Securities Ruling At 5th Circ.
A Texas federal judge on Friday granted a cryptocurrency influencer's bid to immediately appeal an adverse ruling that his promotion of so-called SPRK tokens had sufficient ties to the U.S. since the question of whether his alleged activity is beyond the reach of federal securities regulators could resolve the suit.
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August 16, 2024
CFPB Signals Patience As BNPL Firms Navigate New Policy
Consumer Financial Protection Bureau Director Rohit Chopra on Friday pledged enforcement forbearance for buy-now, pay-later firms that are working "in good faith" to comply with recent guidance holding them to certain credit card rules, saying industry efforts so far have been encouraging.
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August 16, 2024
Customer Says AAA Must Improve Oversight Of Arbitrators
The American Arbitration Association allows its arbitrators' decisions to go unchecked because the AAA operates without any formal audit mechanism, a disgruntled T-Mobile USA Inc. customer told a Florida federal judge as he fights an arbitral award favoring the company.
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August 16, 2024
Shaq Must Face Trimmed Suit Over Astrals Project NFTs
Basketball Hall of Famer Shaquille O'Neal can escape some, but not all, claims in a proposed class action alleging his promotion of Astrals Project nonfungible tokens violated securities laws by marketing unregistered digital assets, a Florida federal judge ruled Friday.
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August 16, 2024
SEC Gets Default Entry Against Crypto Ponzi Scheme Aides
A Washington federal court entered an order of default against two accused Ponzi scheme promoters on Friday, after the U.S. Securities and Exchange Commission said the pair failed to address its allegations that they helped the creator of a purported cryptocurrency trading bot service scam investors out of $295 million.
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August 16, 2024
Convicted Crypto Mixer Says Feds' 30-Year Ask Too High
The convicted operator of the Bitcoin Fog crypto mixing service urged a Washington, D.C., federal judge to disregard federal prosecutors' 30-year recommendation and instead levy a below-guidelines sentence, arguing the scale of his money laundering operation isn't indicative of harm done.
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August 16, 2024
Attys Eye $10.5M In Fees From Pegasystems Securities Deal
Attorneys for lead plaintiffs in a shareholder class action against Pegasystems are seeking $10.5 million in attorney fees from the $35 million settlement that ended claims that the software company failed to properly disclose a rival's trade secret litigation that led to a since-vacated $2 billion verdict.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 15, 2024
Treasury's Sanctions Unit Slaps Penalties On Houthi Network
An office of the U.S. Treasury said it has sanctioned a group of companies, people and vessels for shipping Iranian commodities to Yemen and the United Arab Emirates on behalf of their network led by an Iran-based financier viewed as a leading enabler of Yemen's Houthi rebels.
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August 15, 2024
Shift4 Beats Suit Over 'Questionable' Accounting Practices
A Pennsylvania federal judge has dismissed a proposed class action accusing payment processing company Shift4 Payments Inc. of engaging in questionable accounting practices to keep its stock price afloat, ruling that the plaintiffs had not proven that the company knowingly lied, among other things.
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August 15, 2024
Discover Can't Arbitrate Fraud Risk Claims, But Amex Can
A New York federal judge has refused to allow Discover Financial Services to arbitrate claims that it and other credit card networks conspired to dump fraud risk on retailers, but granted a similar motion from American Express.
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August 15, 2024
'What Is An NFT?': 9th Circ. Mulls Novel Bored Ape TM Fight
A Ninth Circuit judge considering whether a trial court correctly found artists owe millions for ripping off trademarks on the Bored Ape Yacht Club nonfungible token collection questioned Thursday whether the NFT market is comparable to typical consumer markets, rhetorically asking, "What are we even talking about? What is an NFT?"
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August 15, 2024
Gemini Suit Raises Novel Question On Crypto Law, Court Told
A suit from a consumer advocacy organization claimed Gemini Trust Co.'s user agreement unfairly put the onus on consumers to protect themselves from scams, but the Winklevoss-led crypto exchange said the litigation raises a larger question of whether the federal statute at the heart of the claims applies to cryptocurrencies.
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August 15, 2024
Startup's Cannabis Payment Deal Dispute Can Move Ahead
An Illinois federal judge has preserved the bulk of a now-defunct cannabis payment startup's suit alleging Fidelity National Information Services drove it out of business by backing out of a partnership deal, saying that while there wasn't an enforceable contract, the startup sufficiently pled that FIS was misleading in its promises.
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August 15, 2024
Cooley Steers $1.6B Sale Of PE-Backed Campus Tech Co.
Roper Technologies Inc. said Thursday it has agreed to purchase campus technology and payment solutions company Transact Campus Inc., which is majority-owned by Reverence Capital Partners, for $1.6 billion.
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August 15, 2024
Banking Groups Sue To Thwart New Ill. Swipe Fee Restrictions
The nation's largest bank trade association and other industry groups sued Thursday to block Illinois from implementing a new state law that prohibits financial intermediaries from charging so-called swipe fees on the sales tax and tip portions of payment card transactions, arguing it conflicts with federal law and risks broader "chaos."
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August 14, 2024
SEC, CFTC To Collect $474M In Latest Texting Probe Fines
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission on Wednesday announced settlements totaling nearly $474 million with several broker-dealers, investment advisers and other registered firms over failures to maintain and preserve text messages and other electronic communications as required under federal law.
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August 14, 2024
CFPB Faces Call To Treat Housing Rental Leases As 'Credit'
A major consumer advocacy group has formally petitioned the Consumer Financial Protection Bureau to write new rules that would require landlords to provide "adverse action" explanations when rejecting prospective renters who have applied for an apartment or other housing lease.
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August 14, 2024
New York Sues Lease-To-Own Fintech For 'Cheating' Users
New York state sued lease-to-own fintech company Acima on Wednesday, accusing the firm of taking advantage of consumers with deceptive practices around its lease agreements and interest rates that go far beyond the state's standard for usury.
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August 14, 2024
CFPB Probe Draws Bead On Sporting Goods BNPL Firm
Credova, a fintech firm that specializes in buy-now, pay-later loans and other financing options for firearms and outdoor recreational goods purchases, is facing scrutiny from the Consumer Financial Protection Bureau and a potential enforcement action, its parent company said Wednesday.
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August 14, 2024
Ex-Allied Wallet Execs Plead Guilty In $150M Fraud Scheme
Two former executives of payment processing company Allied Wallet have admitted to their roles in a $150 million bank fraud conspiracy that tricked financial institutions into allowing otherwise restricted merchants to access the card payment networks of Visa, Mastercard, American Express and Discover.
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August 14, 2024
AI Job Search Co. Says Rival's Claims Don't Support IP Suit
Job search platform Tarta.ai has again asked a California federal court to dismiss Jobiak LLC's copyright complaint accusing its rival of stealing its artificial intelligence-driven employment postings database, saying Jobiak has not shown that its individual job listings are copyrightable or that the court has jurisdiction over the case.
Expert Analysis
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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CFPB's Medical Debt Proposal May Have Side Effects
The Consumer Financial Protection Bureau’s recent proposal to prevent medical debt information from appearing on consumer reports and creditors from basing lending decisions on such information may have initial benefits for some consumers, but there are potential negative consequences that should also be considered, say attorneys at Cooley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.