Fintech

  • December 02, 2024

    Metropolitan Commercial Bank Aided Voyager Fraud, Suit Says

    Voyager Digital's former bank, Metropolitan Commercial Bank, has been hit with a 53-count complaint in New York federal court alleging it was complicit in bad behavior by the now-defunct crypto lender and should be on the hook for repaying platform users.

  • December 02, 2024

    SEC Crypto Cases To Face Review Under Trump

    President-elect Donald Trump's promises of a friendlier approach to the digital asset industry means a review is coming for the U.S. Securities and Exchange Commission's controversial crypto suits, but experts agreed that this doesn't mean enforcement actions in the space will grind to a halt.

  • December 02, 2024

    Bipartisan Bill Calls For AI Studies From Financial Regulators

    Leaders of the U.S. House Financial Services Committee want to codify their commitment to regulating and cultivating the use of artificial intelligence in the financial services industry with legislation introduced Monday that directs financial and housing regulators to produce reports on the use of AI in their respective sectors.

  • December 02, 2024

    Bank, Payment Processor Look To Sink Chargeback Fee Suit

    Esquire Bank NA and a payment processor it sponsors have asked a New York federal judge to toss all but one of an online merchant's proposed class action claims over a fee provision in their contract, arguing as a mediation date looms that most of the merchant's claims are either duplicative or inapplicable.

  • December 02, 2024

    SEC Taps Former Crypto Chief To Head Litigation Efforts

    The former acting chief of the U.S. Securities and Exchange Commission unit in charge of overseeing cybersecurity and cryptocurrency-related cases has been promoted to chief litigation counsel, expanding his oversight authority even as a more crypto-friendly administration is slated to enter the Oval Office in January. 

  • December 02, 2024

    Top Promoter Of $58M IcomTech Crypto Ponzi Gets 10 Years

    A Manhattan federal judge hit a Florida cryptocurrency salesman on Monday with a 10-year prison sentence for his role in promoting the $58 million IcomTech Ponzi scheme, saying he victimized others in a "get rich quick" scam and may do so again.

  • December 02, 2024

    Citi Splits Off Mexican Retail Bank Ahead Of Planned IPO

    Citigroup said Monday it has completed the expected spinoff of its Mexican retail banking unit called Banamex — part of a strategy to separate its retail and institutional banking businesses in Mexico — paving the way for an initial public offering of Banamex.

  • December 02, 2024

    Freshfields Lands Onetime SEC Acting Enforcement Head

    Freshfields has added a litigation partner in its Washington, D.C., office who brings with her nearly 17 years of government experience including time as acting director of the U.S. Securities and Exchange Commission's enforcement division, according to a Monday announcement.

  • November 27, 2024

    Elon Musk Targets CFPB With Call To 'Delete' Agency

    Billionaire Elon Musk has called for abolishing the Consumer Financial Protection Bureau, writing on his social media platform X — formerly known as Twitter — that the government should "Delete CFPB" and "there are too many duplicative regulatory agencies."

  • November 27, 2024

    Arkansas Can't Bring Suit Against Crypto Miner For Now

    An Arkansas federal judge has temporarily barred state officials from taking action against a Chinese-born U.S. citizen's crypto mining operation after he challenged the investigation against him and the laws underpinning it as discriminatory and unconstitutional.

  • November 27, 2024

    Fintech Co. Ingo, Consumers Reach Deal To End Breach Suit

    Fintech deposit underwriter Ingo Money Inc. has reached a handshake deal to settle proposed class action claims that for seven months it sat on news that hackers had gotten hold of a "gold mine" of customers' personal information.

  • November 27, 2024

    5th Circ. Reverses Treasury's Block Of Crypto Mixer

    The Fifth Circuit has rejected the government's blacklisting of Tornado Cash for "its role in laundering virtual currency for malicious cyber actors," saying the cryptocurrency service's immutable smart contracts, or lines of privacy-enabling software code, are not "property" and are therefore unownable and cannot be blocked under the International Emergency Economic Powers Act.

  • November 27, 2024

    Ballard Spahr Hires Fintech Assistant GC In Atlanta

    Ballard Spahr LLP has brought on the assistant general counsel for financial technology company Fidelity National Information Services Inc. to its Atlanta office, strengthening its intellectual property litigation focus with an attorney who has litigated patents extensively.

  • November 26, 2024

    Customers Sue Fintech Partner Banks After Processor Failure

    Five banks holding funds for customers of fintech platforms face proposed class action claims of gross mismanagement after "significant ledger irregularities" totaling $85 million were discovered in the wake of an intermediary software company's bankruptcy.

  • November 26, 2024

    Crypto Miner Can't Get Quick Appeal In SEC Fraud Suit

    A Utah man accused of defrauding crypto mining investors out of $18 million must face the claims that the U.S. Securities and Exchange Commission brought against him after a lower court judge on Tuesday declined his request to send the case to the Tenth Circuit.

  • November 26, 2024

    Oracle Says Crypto Co. Is Flouting 2020 Settlement Of TM Suit

    Oracle Corp. claimed in a trademark infringement lawsuit filed in California federal court that cryptocurrency consulting company Crypto Oracle has resumed using the "Crypto Oracle" name four years after it agreed to stop using the "Oracle" marks in an earlier suit from Oracle Corp.

  • November 26, 2024

    5th Circ. Says CFPB Payday Rule Can Take Effect Next Year

    The Fifth Circuit said Monday that the Consumer Financial Protection Bureau can begin requiring compliance with its payday lending rule in just a few months as planned, sidestepping a request from lender trade groups to keep a court-ordered stay in place for longer. 

  • November 26, 2024

    California's Top Bank, Fintech Regulator To Exit At Year's End

    The top banking and fintech regulator for California is departing from the state's Department of Financial Protection and Innovation in a little more than a month, an agency spokesperson told Law360 on Tuesday.

  • November 26, 2024

    DraftKings Wants Damages In NFLPA's Licensing Suit Axed

    DraftKings Inc. wants partially tossed a suit launched by the NFL Players Association alleging the sports betting giant failed to make good on a licensing agreement related to nonfungible tokens, saying that the players are not entitled to any damages but that as a threshold matter, the maximum potential damages should be capped.

  • November 25, 2024

    Gibson Dunn Treated Crypto Client Like 'Hot Potato,' Suit Says

    Crypto trading firm Swan Bitcoin hit Gibson Dunn & Crutcher LLP with a malpractice lawsuit in California court Friday, alleging Gibson Dunn dumped Swan "like the proverbial 'hot potato'" in underlying trade secret litigation and tried to take on Swan's rival as a client after a lateral hire created a conflict of interest.

  • November 25, 2024

    'Shameful': Dems Rip Credit Bureaus Over Scrapped Hearing

    Democratic senators on Monday lit into the Big Three credit bureaus for allegedly backing out of preelection commitments to testify last week before the Senate Banking Committee, calling the move "shortsighted and shameful."

  • November 25, 2024

    SEC Secured Historic $8.2B Enforcement Haul In 2024

    The U.S. Securities and Exchange Commission obtained $8.2 billion in civil penalties and disgorgement via successful enforcement actions in 2024, the highest amount in the history of the agency despite a significant decline in total enforcement actions, the SEC has announced. 

  • November 25, 2024

    Fla. Man Wants New Trial Over $1M Cash-To-Bitcoin Scheme

    A financial services provider convicted of facilitating fraud through $1 million worth of cash-to-bitcoin conversions told a Boston federal judge he deserves a new trial, saying the exclusion of a key expert hamstrung his defense.

  • November 25, 2024

    Grayscale Seeks Win In Rival's $2M Unfair Practices Suit

    Digital asset management firm Grayscale Investments LLC seeks a quick finding in its favor that certain securities-related conduct it is being sued over did not violate Connecticut's unfair trade practices law because the law has a securities matters carveout.

  • November 25, 2024

    Colo. Law Could Imperil Dual Banking System, 10th Circ. Told

    Texas, Utah and other Republican-led states have joined industry calls for the Tenth Circuit to affirm a court-ordered hold on a Colorado law targeting higher-cost online lending, warning the measure could lead to the unraveling of the dual banking system.

Expert Analysis

  • 3 Changes Community Banks Should Expect Under Trump

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    A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.

  • 5 Ways SEC's Crypto Approach Could Change Under Trump

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    Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.

  • Series

    Flying Makes Me A Better Lawyer

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    Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.

  • With Precautions, AI Can Help With Suspicious Activity Filings

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    While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.

  • How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'

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    Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.

  • Takeaways From Final Regulations For China Investment Ban

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    ​The U.S. Department of the Treasury’s final rule banning U.S. investment in emerging Chinese technology clarifies some key requirements, includes additional exceptions for covered transactions and attempts to address concerns that the rule will put U.S. businesses at a competitive disadvantage, say attorneys at Simpson Thacher.

  • Nvidia Supreme Court Case May Not Make Big Splash

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    The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.

  • AI Monitoring And FCRA: Employer Compliance Essentials

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    As the Consumer Financial Protection Bureau and the Federal Trade Commission signal determination to treat AI-based workplace surveillance as a potential Fair Credit Reporting Act issue, employers must commit to educating HR and compliance staff on these quickly evolving regulatory expectations, say attorneys at Sheppard Mullin.

  • Series

    Circus Arts Make Me A Better Lawyer

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    Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.

  • How D&O Coverage Can Aid Against Increased AI Scrutiny

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    The recent increase in regulatory enforcement and securities class actions stemming from corporate use of artificial intelligence should prompt companies to ensure that their directors and officers liability insurance coverage is appropriately tailored to AI-related risks, say attorneys at Reed Smith.

  • Crypto Cos. Add New Play In Their Offense Against SEC

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    Consensys and Crypto.com have adopted a novel strategy of preempting U.S. Securities and Exchange Commission enforcement actions by moving to crypto-friendly Texas and filing declaratory lawsuits challenging the SEC's jurisdiction to regulate crypto-assets — an aggressive approach that may pay off, say attorneys at Herrick Feinstein.

  • Purse-Case Scenarios: 'MetaBirkin' Appeal Tests TM Rights

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    A federal court's finding that "MetaBirkin" nonfungible tokens infringed on Hermes' iconic Birkin bag imagery is now on appeal in the Second Circuit, and the order will have a lasting effect on how courts balance trademark rights and the First Amendment, say attorneys at Venable.

  • 3 Ways To Train Junior Lawyers In 30 Minutes Or Less

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    Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.

  • How To Safely Leverage AI In The Digital Assets Industry

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    Digital asset businesses that use or plan to implement artificial intelligence should assess their risk management frameworks to ensure that AI-related business areas, including customer support and fraud detection, are in compliance with applicable laws and regulatory guidance from the last year, say attorneys at Winston & Strawn.

  • Unpacking The CFPB's Personal Financial Data Final Rule

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    The Consumer Financial Protection Bureau's personal financial data rights rule includes several important changes from the proposed rule, and hundreds of pages of supplementary information that provide important insights into the manner in which the bureau will enforce the final rule, say attorneys at Sidley.

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