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Fintech
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October 15, 2024
Coinbase Ally Seeks To Compel SEC To Fulfill Info Request
A research consultancy working with crypto exchange Coinbase said Tuesday that it plans to seek a quick win in its case to compel internal documents from the U.S. Securities and Exchange Commission after the agency allegedly said it would restart its review of the requests three years from now.
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October 15, 2024
Ex-WH Senior Associate Counsel Rejoins Ropes & Gray
Ropes & Gray LLP announced Tuesday that an attorney rejoined the firm's Washington, D.C., office as counsel after most recently serving as senior associate counsel to President Joe Biden.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 14, 2024
Permira Wraps $7.2B Deal For Squarespace Amid Litigation
Private equity firm Permira said Monday that it has successfully bought the outstanding stock of Squarespace Inc. in its proposed $7.2 billion deal to take the website builder private, amid ongoing shareholder litigation in the U.S. challenging the transaction.
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October 14, 2024
Crypto-CEO Faces US Extradition In Market Manipulation Case
The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.
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October 11, 2024
With Swipe At Attys, CFPB's Chopra Defends Use Of Guidance
At a tough-talking appearance in Utah on Friday, Consumer Financial Protection Bureau Director Rohit Chopra said he doesn't sweat potential legal challenges to his agency's rules and suggested some industry-side attorneys can be "leeches" who relish compliance uncertainty if it boosts their billable hours.
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October 11, 2024
Ill. Restaurants Fire Back At Banks' Bid To Halt Swipe Fee Law
Trade groups for restaurants and retailers have urged an Illinois federal judge to reject a proposed preliminary injunction to block a first-of-its-kind state law restricting swipe fees, arguing that relief from such fees is badly needed for small family businesses and consumers.
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October 11, 2024
Apple Pushes To Duck DOJ's Antitrust Suit
Apple Inc. continued to cast the Justice Department's monopolization lawsuit as an attempt to control how the technology giant deals with iPhone app developers, telling a New Jersey federal judge that the government's case against app access restrictions is "one and the same" as deciding who it does business with and thus warrants dismissal.
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October 11, 2024
New Squarespace Suit Filed For Take-Private Docs
A second shareholder of website builder Squarespace Inc. has sued in the Delaware Court of Chancery for books and records on the company's proposed $7.2 billion take-private deal with private equity giant Permira Advisors LLC, less than two weeks after the sidelining of an earlier books suit focusing on the same deal, which is set to expire late Oct. 11.
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October 11, 2024
Fintech-Focused Cohen SPAC Leads 2 IPOs Worth $250M
Cohen Circle Acquisition Corp. I, a special purpose acquisition company founded by financial services industry veteran Betsy Cohen, began trading Friday, one of two SPACs that completed initial public offerings for a combined $250 million.
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October 11, 2024
Judge Doubts FTX Alum Needs Further Dog Bite Recovery
A Manhattan federal judge has denied a bid from former FTX executive Ryan Salame to further postpone the start of his 7½-year prison sentence, saying he had already benefited from "extremely generous" delays, and agreeing with prosecutors that Salame appeared to have largely recovered from a dog bite that he said he suffered in June.
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October 11, 2024
Promises Of Metaverse Art Club Were A Sham, Investors Claim
A group that claimed it would start a members-only art collection club in the Metaverse has been hit with a proposed class action alleging it misled investors about the value of the project and the benefits and returns investors would see.
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October 11, 2024
Quinn Emanuel Faces DQ Bid For Musk-Dogecoin Deal Leak
Dogecoin investors want Quinn Emanuel Urquhart & Sullivan LLP to be disqualified in their case against Elon Musk and Tesla Inc. because the law firm and its attorneys publicly disclosed a confidential settlement offer in the contentious lawsuit.
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October 11, 2024
Bitnomial Suit Says SEC Is Muscling Into CFTC's Crypto Turf
Cryptocurrency platform Bitnomial Exchange LLC is suing the U.S. Securities and Exchange Commission in Illinois federal court, alleging that the regulator is overstepping its jurisdiction by attempting to block it from listing futures contracts for Ripple Labs' token XRP despite a court ruling that such secondary sales are valid.
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October 11, 2024
Nelson Mullins Can't Beat DQ In Foreign Exchange Fraud Suit
A Florida state appeals court panel unanimously sided with a trial court Friday in deciding that Nelson Mullins Riley & Scarborough LLP can't represent the defendant in a lawsuit accusing him of duping the plaintiff into doing business with online foreign exchange platform FxWinning Ltd. because the firm previously represented the plaintiff in a "substantially related" suit against the company.
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October 11, 2024
Bank Info Fair Game In Crypto Exec's Appeal, Gov't Says
A cryptocurrency executive charged in a 2020 bitcoin fraud investigation can't stop the IRS from using the financial information it gathered through summonses while he appeals the demands in the Fifth Circuit, the U.S. government told a Texas federal court.
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October 10, 2024
Feds Slam Ex-FTX Exec's '11th Hour' Prison Delay Bid
Federal prosecutors slammed an "eleventh hour request" from former FTX co-CEO Ryan Salame to further delay the start of his prison sentence, telling a New York federal judge that Salame has apparently recovered from the dog attack that postponed his first surrender date and any remaining medical care appears "largely cosmetic and nonurgent."
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October 10, 2024
SEC Sues Crypto Arm Of Proprietary Trading Firm DRW
The U.S. Securities and Exchange Commission accused the crypto-focused subsidiary of proprietary trading firm DRW Holdings of operating as an unregistered securities dealer by effecting more than $2 billion in crypto transactions, according to a complaint filed Thursday in Illinois federal court.
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October 10, 2024
FINRA Fines Citadel Securities, IMC Over Audit Trail Reporting
Citadel Securities LLC and IMC Financial Markets agreed to fines of $1 million and $1.2 million, respectively, to settle allegations from the Financial Industry Regulatory Authority that they failed to accurately or timely report tens of billions of equity and option orders to the consolidated audit trail.
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October 10, 2024
Ejudicate Ran 'Bogus' Student Loan Arbitrations, CFPB Says
The Consumer Financial Protection Bureau announced Thursday that it has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying the company misled student borrowers about its neutrality and initiated "bogus" arbitration proceedings.
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October 10, 2024
Attys For Voyager Digital Users Get $1.3M After Earn Deal
Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.
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October 10, 2024
Chancery OKs $9.5M Deal For Katapult SPAC Challenge
A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.
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October 10, 2024
Feds Ask 18 Months For 'Razzlekhan's' Role In Crypto Hack
The wife of a hacker who admitted to stealing what is now billions of dollars worth of bitcoin from the crypto exchange Bitfinex deserves 18 months in prison for her role in the heist, federal prosecutors say in a recommendation that takes her cooperation into account.
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October 10, 2024
SEC Says Adviser's $4M Scheme Included 'AI-Washing'
The U.S. Securities and Exchange Commission on Thursday fined a California-based investment adviser that it said raised nearly $4 million through a series of false promises, including deceptive statements about artificial intelligence capabilities.
Expert Analysis
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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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.