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February 07, 2025
9th Circ. Backs Ex-Bank Auditor's $1.5M Retaliation Suit Win
The Ninth Circuit upheld a $1.5 million jury verdict in favor of a former bank auditor who claimed he was fired for flagging evidence of wrongdoing, finding evidence suggesting he was treated differently from other workers was enough to back up the jurors' decision.
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February 07, 2025
Off The Bench: Trump Bans Trans Athletes, NCAA Falls In Line
In this week's Off The Bench, the NCAA changes course to accommodate a presidential ban on transgender women athletes, Shohei Ohtani's former interpreter is sentenced for his gambling-driven embezzlement, and women's soccer players get restitution for abuse at the hands of their coaches and teams.
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February 07, 2025
Ex-Credit Union Regulator Tapped For Acting OCC Chief
The Trump administration on Friday tapped Rodney Hood, a former top federal credit union regulator, to lead the Office of the Comptroller of the Currency on an acting basis, replacing former President Joe Biden's principal national bank regulator Michael Hsu.
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February 07, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Investec Bank PLC sue two diamond tycoons, London florist Nikki Tibbles file a claim against an "imitator company," a direct descendant of the Cartier family launch a claim, and a Coronation Street actor hit footballer Joe Bunney with a defamation claim. Here, Law360 looks at these and other new claims in the U.K.
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February 06, 2025
Block's Dorsey, Others Face Derivative Suit Over AML Woes
Officers and directors of Square and Cash App parent company Block Inc. face a shareholder derivative complaint over alleged anti-money laundering compliance failures weeks after the company reached an $80 million settlement of related claims with state banking regulators.
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February 06, 2025
Kraken Co-Founder Accuses 'Elite' SF Condo Of Political Bias
Crypto-exchange Kraken co-founder Jesse Powell sued the owner of a landmark condominium — dubbed "Susie's Building" — in California state court Wednesday, claiming the property's allegedly "elite" Democratic shareholders discriminated against him by blocking his efforts to buy a condo due to his conservative views and role in the crypto industry.
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February 06, 2025
SEC Assistant Chief Litigation Counsel Joins Carlton Fields
An assistant chief litigation counsel for the U.S. Securities and Exchange Commission has left the agency to join Carlton Fields as a shareholder in the firm's securities litigation and enforcement practice in Washington, D.C., the firm announced Thursday.
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February 06, 2025
House GOP Floats Stablecoin Bill Amid Debanking Buzz
House Financial Services lawmakers unveiled a discussion draft of a bill to regulate stablecoins Thursday evening, joining a separate effort introduced in the U.S. Senate earlier this week.
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February 06, 2025
SEC's Dealer Suit May Criminalize Major Investors, Funds Say
The hedge fund industry has urged the Eighth Circuit on to overturn a U.S. Securities and Exchange Commission victory against a penny stock trader, arguing that the SEC's case threatens to "make a felon of every institutional investor" by declaring them unregistered securities dealers.
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February 06, 2025
Illinois Judge Extends Hold On Swipe Fee Law To More Banks
An Illinois federal judge on Thursday expanded a preliminary injunction against Illinois' controversial swipe fee law, adding out-of-state banks to the list of financial institutions shielded from having to comply with the law when it takes effect later this year, while declining to add federal credit unions to the list.
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February 06, 2025
Amazon Patent Suit Was Wrongly Sent To Calif., Tech Co. Says
Software company VirtaMove Corp. has argued that its patent infringement lawsuit against Amazon and two affiliates was wrongly transferred from Texas to California, saying it dismissed the case against two of the three defendants before the court's order went out.
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February 06, 2025
JPMorgan's State Trade Secret Data Row Claim Axed, For Now
A federal judge in Delaware has ruled that JPMorgan Chase & Co. sufficiently alleged Argus Information & Advisory Services violated a federal trade secrets law by allegedly misusing anonymized credit card data collected from banks, but said JPMorgan's contention Argus violated a Delaware trade secret law could not stand.
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February 06, 2025
Brink's To Pay $42M To End Feds' Money Laundering Probes
A Brink's Co. subsidiary has agreed to pay a total of $42 million to resolve separate money laundering probes by the U.S. Department of the Treasury's Financial Crimes Enforcement Network and the U.S. Department of Justice, which generally accuse Brink's of transporting $800 million in potential illicit cross-border transactions.
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February 06, 2025
CFPB's Frotman To Depart As General Counsel
The Consumer Financial Protection Bureau's top lawyer is resigning, Law360 has learned, marking the latest high-level exit from the agency following President Donald Trump's firing of its former director Rohit Chopra.
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February 06, 2025
Judges Balk At CFPB's Stay Bids In Capital One, SoLo Suits
Two federal judges have turned down requests from the Consumer Financial Protection Bureau to suspend activity in ongoing enforcement lawsuits amid its acting director's litigation freeze, including in the agency's case against Capital One NA.
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February 06, 2025
Meta Eyes Texas Skies, Another Crypto IPO, And More Rumors
Facebook owner Meta Platforms Inc. is considering relocating its legal residence to Texas, while cryptocurrency exchange Bullish is moving forward on an initial public offering, and Unilever PLC is eyeing New York as a listing destination for its ice cream business.
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February 06, 2025
CFTC Signals Openness To Regulate Sports Event Contracts
The U.S. Commodity Futures Trading Commission announced a public roundtable to discuss its regulation of contracts tied to high-profile sporting events Wednesday, with the acting chair bemoaning the commission's current policy as a "sinkhole of legal uncertainty."
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February 05, 2025
FDIC Letters Show It Met Crypto With 'Resistance,' Hill Says
The Federal Deposit Insurance Corp.'s acting Chairman Travis Hill said Wednesday that he has jump-started a "comprehensive review" of the regulator's past crypto-focused communications with supervised banks, releasing a trove of documents he said shows that many banks abandoned their cryptocurrency plans after the FDIC met them with "resistance."
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February 05, 2025
EmpiresX Crypto Platform Operators Ordered To Pay $129M
A Florida federal court has entered a default judgment against two Brazilian co-founders and the head trader of the EmpiresX trading platform, ordering them to pay more than $129 million for allegedly taking investor funds in a fraudulent commodity pool scheme and lying that their money wasn't used to trade cryptocurrencies.
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February 05, 2025
Cannabis Industry Frozen Out Of Banks, Senators Told
The cannabis industry's difficulty securing access to financial services was raised Wednesday during a Senate committee hearing focused on the issue of debanking, or excluding individuals and companies from financial services.
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February 05, 2025
Judge Won't Pause Crowdfunding Case After Fraud Indictment
A target of the U.S. Securities and Exchange Commission's first crowdfunding enforcement action can't pause that three-year-old case to defend himself against unrelated charges that he ran a pump-and-dump scheme with a hallucinogenic mushroom company, a Michigan judge ruled Wednesday.
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February 05, 2025
Crypto Expert Witness Ruling Flouts Precedent, Justices Told
The founder of cryptocurrency service Tornado Cash has asked the U.S. Supreme Court to undo what he called an "unprecedented" order from a Manhattan federal judge to disclose whom he might call as an expert witness at his upcoming money laundering and sanctions-dodging trial.
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February 05, 2025
SEC Moves Under Trump Risk 'Chilling' Staff, Grewal Says
The reported scaling-back of the U.S. Securities and Exchange Commission's crypto enforcement unit by the new Republican SEC majority could make staff at the agency more fearful of doing their jobs and put investors in jeopardy, former SEC enforcement director Gurbir Grewal said Wednesday.
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February 05, 2025
Paxos' Top Atty Takes CLO Spot At Crypto Co. Kraken
Cryptocurrency exchange Kraken has tapped the general counsel at crypto trust company Paxos to serve as its new chief legal officer.
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February 04, 2025
Crypto Exec Says David Geffen Won't Give Back 'Stolen' Art
Cryptocurrency entrepreneur Justin Sun on Tuesday sued film producer David Geffen in Manhattan federal court for the return of a valuable Alberto Giacometti sculpture that Sun says was sold out from under him by a former employee who was carrying out an elaborate fraud scheme.
Expert Analysis
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
In 2024's final quarter, the New York State Department of Financial Services published guidance on mitigating the rising cybersecurity risks of artificial intelligence and remote technology workers with North Korean ties, and the state attorney general launched an antitrust investigation into Capital One's proposed Discover merger, say attorneys at Haynes Boone.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Takeaways From SEC's Mixed Results In '24 Crypto Litigation
Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.
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Series
In The CFPB Playbook: A Sprint To The Finish Line
The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.
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7 Pitfalls To Watch In Tech Referral Fee Programs
The recent attempt by FluidStack to recover $10 million in referral fees allegedly promised by software vendor Denvr Dataworks should alert potential participants in so-called partnership programs to seven signs that a proposed technology referral agreement may not equally benefit all sides, says Chris Wlach at Huge Inc.
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle
The Fifth Circuit's recent en banc opinion vacating Nasdaq's board diversity listing rule wades into the hotly debated topic of diversity, equity and inclusion initiatives at a time when many public companies are navigating the attention that DEI commitments are drawing from activists and shareholders, say attorneys at Debevoise.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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Lessons From The SEC's 2024 Crackdown On AI Washing
AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.