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Fintech
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June 25, 2024
Firm Accused Of Raising $12M On Fake Investment Claims
The U.S. Securities and Exchange Commission has sued an investment firm and its adviser over allegations they fraudulently raised $12.5 million from investors while claiming it had ties to an art investing platform and had a major accounting firm as its auditor.
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June 25, 2024
Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot
The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.
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June 24, 2024
Bill Pay Co. Tricks Consumers With 'Dark Patterns,' Suit Says
Third-party bill payment company Doxo Inc. and two of its co-founders have been hit with a proposed class action alleging the company uses so-called dark patterns to trick consumers into using its website to pay other companies' bills online.
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June 24, 2024
More Law Schools Boosting AI In Curricula
Law schools are increasingly incorporating artificial intelligence into their curricula, including dedicated AI courses and opportunities for students to use AI tools, signaling a trend that the technology is becoming essential for future lawyers, according to results from an American Bar Association survey released Monday.
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June 24, 2024
SEC Official Urges Banks To Report Commercial RE Risks
The U.S. Securities and Exchange Commission is closely monitoring the way banks with significant commercial real estate portfolios are communicating with investors about their exposure to the struggling market, the agency's director of its Division of Corporation Finance said in remarks posted online Monday.
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June 24, 2024
CFTC Says Gemini Can't 'Heighten Burden' Over Omissions
The Commodity Futures Trading Commission has urged a New York federal judge to grant it a pretrial win on claims cryptocurrency exchange Gemini provided incomplete information that misled the regulator on a proposed bitcoin futures contract, arguing Gemini's defense is nothing but a "convoluted exercise in avoidance."
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June 24, 2024
JPMorgan Should Save Data Sob Story For Feds, Argus Says
TransUnion and its data unit Argus Information & Advisory Services have told a Delaware federal judge that they plan to seek dismissal of a JPMorgan Chase & Co. lawsuit tied to their recent $37 million settlement with the government over claims that Argus misused credit card data it was collecting from banks on regulators' behalf.
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June 24, 2024
Fintech Exec Gets 45 Months For Crypto Market Manipulation
A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.
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June 24, 2024
OCC Eyes Post-SVB Revamp To Recovery Planning Standards
The Office of the Comptroller of the Currency moved Monday to beef up its enforceable guidelines on recovery planning for large banks, issuing a set of proposed changes that would include extending them to banks in the same size range as Silicon Valley Bank and other lenders that failed last year.
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June 21, 2024
Lawmakers Visit Imprisoned Ex-IRS Agent And Binance Exec
Rep. French Hill, R.-Ark., and Rep. Chrissy Houlahan, D.-Pa., reiterated their calls for the release of Binance executive and former IRS agent Tigran Gambaryan after visiting with him in the Nigerian prison where he's being detained on money laundering charges levied against his employer.
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June 21, 2024
Google Ditches Wiretap Suit Over AI Customer Service Calls
A California federal judge has tossed, for now, a proposed class action accusing Google LLC of using a "human-like" customer service product powered by generative artificial intelligence to illegally eavesdrop on Verizon users' calls, finding that Google was exempt from liability because it was acting as Verizon's agent.
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June 21, 2024
FDIC Creates Offices To Investigate Workplace Misconduct
The Federal Deposit Insurance Corp.'s board of directors on Friday approved the creation of two new independent offices to investigate complaints of sexual harassment, discrimination and other misconduct within the agency, which was accused of fostering a toxic workplace culture.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
FDIC Approves 1st Industrial Bank Application In Years
The Federal Deposit Insurance Corp. said Friday that it has approved plans from Thrivent Financial to create Thrivent Bank, making it the first new industrial bank to receive a green light from the agency during the Biden administration.
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June 21, 2024
Ripple Defeats Class But Not Howey Over Token Sales
Crypto company Ripple Labs Inc. has escaped class claims that it violated federal and state law through unregistered sales of its digital token XRP, but the California federal judge who issued the ruling declined to go as far as declaring that the token was not a security under the so-called Howey Test.
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June 21, 2024
Pelicans Want Sponsor Sanctioned In Team's Breach Suit
The New Orleans Pelicans want a crypto company sanctioned for failing to hand over discovery in the NBA team's suit alleging the company breached a sponsorship agreement, telling a Louisiana federal judge the defendant's lack of response reflects a pattern of behavior that landed it in court to begin with.
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June 21, 2024
4 From Cybercrime Group Charged In $71M Hacking Scheme
Four members of the international cybercrime group known as FIN9 have been charged for their roles in hacking companies' computer networks and stealing more than $71 million through nonpublic information, employee benefits and other funds, Philip R. Sellinger, an attorney for the District of New Jersey, has announced.
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June 21, 2024
Paul Hastings Bankruptcy Ace Joins Greenberg Traurig
Greenberg Traurig LLP added a Houston-based veteran bankruptcy attorney from Paul Hastings as a new shareholder.
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June 20, 2024
5th Circ. Starts Clock For Redo Bid In CFPB Payday Rule Case
The Fifth Circuit said Wednesday that payday lender trade groups will have an opportunity to ask for another shot at litigating the validity of the Consumer Financial Protection Bureau's payday lending rule after their constitutional challenge fell flat at the U.S. Supreme Court.
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June 20, 2024
Kraken Unlikely To Escape SEC's Crypto Exchange Case
A California federal judge said Thursday that he was not inclined to dismiss a U.S. Securities and Exchange Commission lawsuit claiming that cryptocurrency exchange Kraken illegally operated as an unregistered securities exchange, telling the company's lawyer, "You've got your work cut out for you" to change his mind.
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June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
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June 20, 2024
Colo.'s Opt-Out Interest Rate Law Halted In Trade Group Suit
A Colorado federal judge has temporarily barred the state from imposing more restrictive interest rate caps on consumer loans made by banks located outside of Colorado, siding with a coalition of lending groups seeking to invalidate a 2023 law aimed at reining in high-cost online loans.
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June 20, 2024
Finance Co. Asks Fed. Circ. To Read Its 1.4K Pages Of Evidence
A patent outfit connected to a man behind one of the world's first money market funds says that a Texas court's decision to throw out a patent case against online stockbroker TD Ameritrade went against the weight of some "1,400 pages of credible evidence," and is something that the full Federal Circuit should look into.
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June 20, 2024
Crypto Co. Says SEC Won't Bring Case Over Ethereum
Ethereum-focused software firm Consensys won't face an action over its dealings with the cryptocurrency ether, according to a notice from the U.S. Securities and Exchange Commission, but its preemptive lawsuit against the regulator is set to continue as the agency doesn't appear to have dropped concerns over Consensys products that deal in other assets.
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June 20, 2024
Walmart, Capital One Settle Credit Card Agreement Spat
Capital One NA has reached a settlement with Walmart Inc. resolving the retailer's claims that its credit card partner wasn't meeting the customer service standards laid out in their agreement, according to a joint letter filed in New York federal court.
Expert Analysis
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How Banks Should Respond To Calif. AG's Overdraft Warning
Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Expect CFPB Enforcement To Continue Ramping Up
From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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The Multifaceted State AG Response To New Technologies
In response to the growth of technologies like artificial intelligence, biometric data collection and cryptocurrencies across consumer-facing industries, state attorneys general are proactively launching enforcement and regulatory initiatives — including bipartisan investigations and new state AI legislation, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Handling Customer Complaints In Bank-Fintech Partnerships
As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.