Fintech

  • October 02, 2024

    ExecuPharm Agrees To Pay Ransomware Victims $10K Each

    U.S. pharmaceutical giant ExecuPharm will pay victims of a data breach up to $10,000 in reimbursements, compensation for lost time, three years of credit monitoring, and $675,000 in attorney fees after a Pennsylvania federal judge gave his final approval to a class action settlement.

  • October 02, 2024

    SEC's Top Cop Departing After Record-Breaking Tenure

    The U.S. Securities and Exchange Commission announced Wednesday that enforcement director Gurbir Grewal will be leaving the agency next week following a three-year tenure, during which the agency brought in record penalties and frequently clashed with crypto industry participants objecting to a string of lawsuits brought under Grewal's leadership.

  • October 01, 2024

    CFTC Fines Barclays, 3 Others Over Swap Rule Violations

    Barclays Bank PLC on Tuesday agreed to pay the Commodity Futures Trading Commission $4 million for swap reporting violations, and three other swaps market participants copped to reporting and safeguards violations and agreed to pay more than $2 million combined in settlements that drew criticism from one commissioner.

  • October 01, 2024

    From AI To Enviro: The Top Biz Bills Calif. Gov. Inked Into Law

    California Gov. Gavin Newsom signed hundreds of bills into law ahead of an Oct. 1 deadline, meaning major changes are on the horizon for employers, tech companies, healthcare providers and others doing business in the Golden State.

  • October 01, 2024

    Binance GC Is Building The Firm's Future, One Atty At A Time

    Binance general counsel Eleanor Hughes says she inherited "probably one of the most stressful situations a lawyer can face" when she entered her role as the company negotiated a $4.3 billion settlement with U.S. authorities, but since then her focus has been on building the right team to guide the firm's compliance forward.

  • October 01, 2024

    Bybit Adds Ex-Binance Atty As Legal And Compliance Chief

    Crypto exchange Bybit has added a Binance and ByteDance alum to head its legal and compliance operations, the firm announced Tuesday.

  • October 01, 2024

    Crypto Developers Take Aim At 'Patent Trolls' In New Deal

    A cryptocurrency collective said Tuesday it has inked a deal with Unified Patents to help stop "patent trolls" from registering intellectual property that risks hampering blockchain innovation.

  • October 01, 2024

    Jenner & Block Welcomes Davis Wright's Chicago Head

    Jenner & Block LLP announced the addition of the former Chicago office leader at Davis Wright Tremaine LLP on Tuesday, touting the longtime financial litigator's skills in litigation and regulatory counseling.

  • September 30, 2024

    AI Safety Bill Veto Shows Calif. Taking Regulatory 'Baby Steps'

    The California governor's rejection of sweeping legislation to ensure the safe deployment of large-scale artificial intelligence models — and his simultaneous embrace of more targeted proposals to regulate the technology — is likely to result in the wider creation of regimes that favor "baby steps" over broad strokes, experts say. 

  • September 30, 2024

    9th Circ. Partly Revives Crypto Investor's Suit Against AT&T

    The Ninth Circuit on Monday partially revived a cryptocurrency investor's suit accusing AT&T of failing to protect his information amid a fraudulent SIM swap that cost him $24 million, finding there to be a triable question whether AT&T gave hackers access to his proprietary information through the scheme.

  • September 30, 2024

    Zelle Fraud Victims Fight Uphill To Save Contract Breach Suit

    Zelle users urged a California federal judge Monday to rethink his tentative decision to dismiss their proposed class action alleging breach of express contract and implied covenant of good faith over Bank of America's refusal to reimburse them for fraudulent transactions, arguing the bank conducted insufficient investigations before denying their claims outright.

  • September 30, 2024

    MoneyGram Beats Investor Suit Over Anti-Fraud Compliance

    An Illinois federal judge on Monday tossed a proposed securities class action accusing MoneyGram International of lying about its anti-fraud compliance, finding that the suing investors did not adequately plead any misleading statements or that MoneyGram's executives acted with an intent to deceive.

  • September 30, 2024

    2 Crypto Think Tank Execs To Step Down At End Of Year

    Crypto policy think tank Coin Center said Monday that its executive director and one of its senior lawyers plan to step down at the end of the year. 

  • September 30, 2024

    Private Trading Platform Scraps SPAC Merger In Favor Of IPO

    Special-purpose acquisition company Blockchain Coinvestors Acquisition Corp. I said Monday that its merger agreement with private investment platform Linqto Inc. has been terminated, while Linqto separately announced it will go public through an initial public offering instead.

  • September 30, 2024

    SEC Says Accountant Aided Tingo Group's Fintech Fraud

    The U.S. Securities and Exchange Commission on Monday sued a Nigerian accounting firm for allegedly helping the operator of the Tingo fintech businesses conceal fake audit reports that inflated the value of the firms to further the "massive" fintech fraud.

  • September 30, 2024

    Chancery Sidelines Squarespace Merger Doc Suit For Now

    A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.

  • September 30, 2024

    CoinShares Group General Counsel Steps Down

    CoinShares International's general counsel stepped down Monday "to pursue other opportunities" beyond the European cryptocurrency asset manager, the firm said in a statement.

  • September 30, 2024

    SEC Scores Win In $18M Crypto Registration Suit

    The U.S. Securities and Exchange Commission was granted an early win Monday in a case alleging that a startup founder illegally sold $18 million in cryptocurrency tokens, after a federal judge said it was "undisputed" that the founder knew that he hadn't registered the tokens.

  • September 27, 2024

    Binance Founder Zhao Released From Federal Custody

    Binance founder Changpeng Zhao was released from a California correctional facility Friday after he was sentenced to four months in prison for his failure to implement an effective anti-money laundering program at the global cryptocurrency exchange, the Federal Bureau of Prisons confirmed to Law360.

  • September 27, 2024

    Bread's Banks Fork Over $2M To FDIC Over Rewards Issue

    The Federal Deposit Insurance Corp. has fined Bread Financial's Comenity bank units a total of $2 million as part of a pair of consent orders made public Friday that resolve unfair practices claims tied to their rewards programs and automatic payments processing.

  • September 27, 2024

    IBM Owes $19.5M In EDTX Trial Over 'Blockchain' Software

    A Texas federal jury told IBM on Friday that its blockchain software infringes two patents by a small tech developer and that it owes $19.5 million, far less than the $167 million the developer asked for.

  • September 27, 2024

    Banks Beat Credit Line Disclosure Suit After CFPB Weighs In

    An Illinois federal judge has thrown out a proposed class action accusing two Midwestern banks of failing to provide required repayment disclosures to borrowers, agreeing with the Consumer Financial Protection Bureau that these disclosures aren't actually required for the type of account at issue.

  • September 27, 2024

    FTX Users Say Binance Manipulated Market To Spark Collapse

    Users of the now-defunct cryptocurrency exchange FTX told a Florida federal judge that social media posts by competing exchange Binance still manipulated markets to cause the collapse of FTX and harm users even if the statements themselves weren't false.

  • September 27, 2024

    Apple, Visa And Mastercard Want Out Of 'Tap Pay' Fee Suit

    Apple, Visa and Mastercard on Thursday urged an Illinois federal court to toss several retailers' proposed antitrust class action accusing the three of conspiring to restrain competition in point-of-sale transaction payment networks, saying in separate motions that allegedly unlawful agreements they entered "expressly preserve" Apple's right to compete.

  • September 27, 2024

    Mango Markets Crypto Cos. Ink $700K Deal Over SEC Claims

    The U.S. Securities and Exchange Commission announced Friday that the business entities behind decentralized cryptocurrency exchange Mango Markets agreed to a nearly $700,000 settlement to resolve alleged registration violations, which the regulator brought after the marketplace was bilked of more than $100 million.

Expert Analysis

  • Navigating Self-Disclosures As A Regulated Financial Entity

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    As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.

  • What Junk Fee Law Means For Biz In California And Beyond

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    Come July 1, companies doing business in California must ensure that the price of any good or service as offered, displayed or advertised is inclusive of all mandatory fees and other charges in compliance with S.B. 478, which may have a far-reaching impact across the country due to wide applicability, say Alexandria Ruiz and Amy Lally at Sidley Austin.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.

  • Series

    In The CFPB Playbook: Regulatory Aims Get High Court Assist

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    Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.

  • Novel Web Privacy Suits Under Calif. Credit Card Law From '71

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    A new surge in web-tracker litigation could make application of the California Song-Beverly Credit Card Act far more complex, despite the law far predating the rise of e-commerce, as plaintiffs continue to push the bounds of privacy litigation in the Golden State, say Matthew Pearson and Desirée Hunter-Reay at BakerHostetler.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • The Fed. Circ. In May: The Printed Matter Doctrine's Scope

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    The Federal Circuit’s recent ruling in Ioengine v. Ingenico, which addressed the scope of the printed matter doctrine as applied to transmitted data or program code, restores the doctrine’s status as a relatively narrow part of patent law, say Jeremiah Helm and Sean Murray at Knobbe Martens.

  • CFPB's Expanding Scope Evident In Coding Bootcamp Fine

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    The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.

  • Fintech Compliance Amid Regulatory Focus On Sensitive Data

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    The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

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