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Fintech
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January 13, 2025
SEC Fines Robinhood $45M For Recordkeeping, Cyber Woes
The U.S. Securities and Exchange Commission announced Monday that Robinhood's broker-dealer units will pay a combined $45 million to settle a host of claims ranging from an alleged failure to file timely suspicious activity reports and address cybersecurity risks to alleged failures concerning data retention and recordkeeping.
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January 13, 2025
NYDFS Launches Staff Exchange With Bank Of England
The New York Department of Financial Services on Monday launched an international secondment program to allow the department to exchange staff with other regulators, starting with a digital assets-focused exchange with the Bank of England next month.
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January 13, 2025
Binance Can't Get High Court To Review Class Cert. Decision
The U.S. Supreme Court on Monday passed on a petition from crypto exchange Binance Holdings Ltd. and its former CEO to consider whether transactions on its platform were beyond the reach of U.S. securities laws after a Second Circuit decision found enough stateside ties to revive a suit from the exchange's users.
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January 13, 2025
Fintech Partner Banks Face Suit Over Synapse Financial Collapse
Banks that partnered with financial technology companies face mounting proposed class action allegations over the "inexplicable" loss of $85 million on the heels of the bankruptcy of intermediary software company Synapse Financial Technologies Inc.
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January 13, 2025
Shift4 To Pay SEC $750K For Undisclosed Family Payments
The U.S. Securities and Exchange Commission said payment processing firm Shift4 Payments Inc. will pay $750,000 to settle allegations it failed to report over $4 million in payments it made to immediate family members of the company's executives and directors.
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January 13, 2025
Fed. Circ. Affirms Crypto Exec Doesn't Belong On Mining IP
A Delaware federal judge properly found that a cryptocurrency company's founder shouldn't be added as an inventor onto a rival company's energy consumption patent, the Federal Circuit affirmed Monday.
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January 13, 2025
SEC To Collect $63M In Latest Recordkeeping Sweep
The U.S. Securities and Exchange Commission announced Monday that subsidiaries of Blackstone Inc. and Charles Schwab Corp. were among those swept up in the latest round of recordkeeping fines, promising to collect over $63 million from 12 firms whose employees are accused of discussing business through their personal devices.
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January 13, 2025
DOJ Litigator Who Tried Google Antitrust Case Joins Weil
A U.S. Department of Justice attorney who was part of the government's team challenging alleged monopolization practices by Google has moved to Weil Gotshal & Manges LLP, the firm announced Monday.
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January 13, 2025
SEC Must Explain Coinbase Crypto Rule Denial, 3rd Circ. Says
A Third Circuit panel delivered a partial win to Coinbase on Monday when it ordered the U.S. Securities and Exchange Commission to provide "a more complete explanation" of why it denied the crypto exchange's request for rulemaking on how securities laws apply to digital assets.
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January 10, 2025
FDIC's Hill Calls For 'New Direction' In Preview Of Agenda
Federal Deposit Insurance Corp. Vice Chairman Travis Hill signaled Friday that he intends to steer the agency in a "new direction" when he takes over as its acting chief later this month, mapping out plans for a more tech-friendly, lighter-touch approach.
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January 10, 2025
Infosys Files Antitrust Counterclaims In Trade Secrets Suit
Healthcare payments software company Infosys has hit back with antitrust counterclaims against Cognizant TriZetto Software Group's Texas federal court suit accusing Infosys of abusing its system access to develop competing services.
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January 10, 2025
4 Trends That Will Shape Venture Capital Funding In 2025
Venture capital funding appears primed to improve in 2025 as market participants shake off the effects of a post-pandemic crash, with surging demand for artificial intelligence, expectations of friendlier government policies, and more exits through public listings and acquisitions.
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January 10, 2025
CFPB Floats Protections For Crypto, Video Game Payments
The Consumer Financial Protection Bureau on Friday proposed to make clear that cryptocurrency and video game transactions are covered under existing rules codifying consumers' rights in situations of fraudulent transfers, hacks and stolen funds.
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January 10, 2025
Fed. Circ. Skeptical Ioengine Can Overcome On-Sale Bar
A Federal Circuit panel seemed doubtful Friday that none of the hundreds of people who downloaded a firmware upgrade affiliated with an early flash drive used it, which Ioengine LLC would need to prove to beat an on-sale bar invalidation of its patents.
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January 10, 2025
SafeMoon CEO Wants 'Misleading' Reddit Post Explained
The CEO of bankrupt cryptocurrency asset company SafeMoon LLC asked a Brooklyn federal judge Friday to order the government to explain whether it had a role in a social media user's "misleading" post that promised to connect SafeMoon investors with the U.S. government.
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January 10, 2025
Feds Say Russians Behind North Korea-Linked Crypto Mixers
Georgia federal prosecutors on Friday announced money laundering and unlicensed money transmission charges for three Russian nationals who allegedly operated crypto mixing services previously sanctioned over their apparent use by North Korean hackers and other cybercriminals.
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January 10, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.
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January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
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January 10, 2025
Crypto Buyers Say They Were Duped Out Of Millions
Investors in two crypto projects — Phoenix Community Capital and its offshoot, Xeta Capital — alleged in Tennessee federal court that the projects' leaders duped them out of tens of millions of dollars with false promises of "returns, transparency, and the legitimacy of the enterprises."
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January 09, 2025
CFPB Bars Ex-Agency Attys From Revived Innovation Policies
The Consumer Financial Protection Bureau has said it will not consider applications for its rebooted no-action letter and compliance sandbox policies when those applications are submitted by financial service companies represented by former bureau attorneys as outside counsel.
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January 09, 2025
Susman Godfrey Vies To Help Lead Crypto DAO Suit
Susman Godfrey LLP has asked a federal judge in California to allow it to serve as co-lead counsel in an investor lawsuit against decentralized autonomous organization Lido DAO and its large institutional investors over allegedly unregistered securities sold in the form of crypto tokens.
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January 09, 2025
CFPB Taps First Open Banking Industry Standards Setter
The Consumer Financial Protection Bureau has given Financial Data Exchange Inc. the green light to set standards for open banking in a first of its kind approval aimed at giving customers more control over their financial data.
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January 09, 2025
FTX Squabbles With Crypto Startup Over EU Distributions
The estate of bankrupt crypto exchange FTX said it had no involvement with a startup cryptocurrency exchange's announcement that it had purchased FTX EU and would be handling distributions to former customers of the FTX European subsidiary.
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January 09, 2025
Gordon Rees Adds Former Fintech GC In NY, Miami
Gordon Rees Scully Mansukhani LLP said Thursday that it has brought on a new financial services partner who recently served as general counsel at fintech firms.
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January 09, 2025
Chamber, Bank Groups Press For Halt To CFPB Overdraft Rule
The U.S. Chamber of Commerce, the Bank Policy Institute and several other banking industry groups have added their voices in opposition to the Consumer Financial Protection Bureau's new $5 overdraft fee rule through amici curiae briefs filed in Mississippi federal court.
Expert Analysis
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Putting NYDFS AI Cybersecurity Guidance Into Practice
New guidance from the New York Department of Financial Services explains how financial institutions should assess and mitigate cybersecurity risks associated with artificial intelligence, focusing on four main threats and highlighting how varying environments require specific mitigation measures, say attorneys at Saul Ewing.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Opinion
In Visa Case, DOJ Continues To Misapply The Sherman Act
The recent U.S. Department of Justice debit market monopolization case against Visa fuels concerns that a misguided Biden administration DOJ is inappropriately expanding its interpretation of the Sherman Antitrust Act beyond the demonstrable economic effects that business conduct has on consumers, says Shubha Ghosh at Syracuse University.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Call For Input Shows How Banks, Fintechs Can Address Risks
A recent request for information by federal banking regulators suggests that watchdogs are zeroing in on the bank-fintech partnerships they have long perceived as risky to consumers, but analyzing the publication can help companies anticipate regulators’ chief concerns and take steps to avoid becoming enforcement targets, say attorneys at K&L Gates.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.
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How New OCC Priorities Will Affect Bank Compliance
With the Office of the Comptroller of the Currency recently releasing a new bank supervision plan for fiscal year 2025, all banks, not only those primarily supervised by the OCC, should consider how compliance with its guidelines creates opportunities and challenges, says Andrew Karp at Cadwalader.
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SEC Rulemaking Radar: The View From Election Day
The U.S. Securities and Exchange Commission seems poised to tackle many of the remaining items on its most recent Regulatory Flexibility Agenda by early 2025, despite the presidential election and the potential for a new chair to be nominated soon, say attorneys at Goodwin.
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What FTC's 'Bitcoin ATM' Report Tells Us About Crypto Scams
The Federal Trade Commission's recent insights into bitcoin ATM scams highlight the technical evolution of fraudsters, the application of old scams to new technology, and the persistent financial impact on victims, say attorneys at DLA Piper.
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The Fed. Circ. In October: Aetna And License-Term Review
The Federal Circuit's recent decision that Aetna's credit card licensing agreement with AlexSam did not give the insurer immunity from patent infringement claims serves to warn licensees to read their contracts carefully, say attorneys at Knobbe Martens.
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A Look At Grewal's Record-Breaking Legacy After SEC Exit
Gurbir Grewal resigned as director of the U.S. Securities and Exchange Commission's Division of Enforcement last month after more than three years on the job, leaving behind a legacy marked by record numbers of penalties and enforcement actions, as well as mixed results in aggressive lawsuits against major crypto players, say attorneys at Debevoise.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Takeaways From The IRS' Crypto Doc Summons Win
A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.
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Empathy In Mediation Offers A Soft Landing For Disputes
Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.
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Reading Tea Leaves In Fed. Circ. Deep Dive On Review Scope
Roy Wepner at Kaplan Breyer investigates why a recent Federal Circuit opinion spent six pages explaining its unsurprising conclusion on proper scope of review — that no deference need be afforded to the trial court in a case dismissed for failure to state a claim.