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Fintech
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March 26, 2024
Banks Bristle At CFPB's 'Preventive' Ban On Some NSF Fees
Banking trade groups are lobbying the Consumer Financial Protection Bureau to scrap a proposed rule that would ban fees on instantly declined transactions, arguing the measure is at best a solution in search of a problem and at worst a Trojan horse for expanding the agency's anti-abusiveness authority.
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March 26, 2024
Jackson Paints Abortion Clash As Microcosm Of Bigger Brawl
A war of words Tuesday at the U.S. Supreme Court over access to abortion medication marked a climactic moment after a lengthy legal slugfest. But probing questions from Justice Ketanji Brown Jackson illustrated that the main event for reproductive rights was also simply a single round in a much larger fight over the government's regulatory powers.
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March 26, 2024
Walmart Wins Bid To Ax Capital One Credit Card Agreement
Walmart can terminate its agreement with Capital One, a New York federal judge ruled Tuesday, agreeing with Walmart that the plain meaning of the contract allows the retail behemoth to ax the agreement if its credit card partner doesn't meet certain customer service standards.
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March 26, 2024
PTAB Tosses 'Smart Card' Patent Used Against Banks
The Patent Trial and Appeal Board has found that all the claims of a Kioba Processing LLC patent on using a "smart card" to increase the security of wireless transactions are invalid as anticipated or obvious.
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March 26, 2024
Apple Escapes Antitrust Suit Over Crypto On Payment Apps
A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons.
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March 26, 2024
Pennsylvania, Crypto Miner Sued Over Enviro Contamination
A Pennsylvania environmental group sued the Keystone State and a crypto-mining company Tuesday in Philadelphia County Court accusing the state of failing to protect its residents from the company's purported six million tons of carbon dioxide emissions per year.
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March 26, 2024
Ally Bank Beats Class Action Over Data Leak For Good
A New York federal judge has permanently thrown out a proposed class action against Ally Bank that sought to hold it liable for a data leak of customer login information, after finding that the suit still fails to show that the leaked data caused any harm to customers.
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March 26, 2024
Google Urges Texas Court To Undo $12M Voice Patent Verdict
Google has asked a Texas federal court to undo a jury's finding that it owes $12 million to an app developer for infringing patents on a method for calling from multiple phone numbers using a single phone, reasserting that the technology was used commercially well before it was patented.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Terraform Backer Tells Jury His Firm Lost Big On $36M Stake
A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.
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March 26, 2024
GOP Lawmakers Push Gensler To Clarify SEC Stance On Ether
Nearly 50 House Republicans called on U.S. Securities and Exchange Commission Chair Gary Gensler to explain his agency's views on the ethereum network's token after a firm apparently only cleared to safeguard digital asset securities announced its intention to support ETH.
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March 26, 2024
SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction
The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.
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March 26, 2024
Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute
Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 25, 2024
Lender Groups Sue Over Colorado's Rate 'Opt-Out' Law
A coalition of lender trade groups filed suit Monday to block Colorado officials from enforcing a new, impending law to rein in high-cost online lending by out-of-state banks, alleging it violates federal law and risks harming Colorado borrowers instead of helping them.
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March 25, 2024
Crypto Group, Apparel Co. Sue Over SEC Crypto Policy
A Texas-based apparel company on Monday teamed up with a crypto industry group to sue the U.S. Securities and Exchange Commission over an alleged pattern of enforcement against crypto firms, which the brand said threatens its business since it distributed its own digital token.
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March 25, 2024
Bank Groups Ask 5th Circ. To Block CFPB Card Late-Fee Rule
Bank trade groups on Monday escalated their fight against the Consumer Financial Protection Bureau's credit card late-fee rule, asking the Fifth Circuit to intervene and stay the regulatory measure after a Texas federal judge declined to act on their request for an immediate injunction last week.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Ripple's Legal Chief Says SEC Wants $2B In Remedies
The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.
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March 25, 2024
Bloomberg Asks To Toss Ex-Gov. Huckabee's AI Class Action
Media company Bloomberg has asked a Manhattan federal judge to dismiss it from a proposed class action led by former Arkansas Gov. Mike Huckabee, arguing that the plaintiffs' complaint lacks specifics detailing how their e-books' copyrights were allegedly infringed to train Bloomberg's large language model.
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March 25, 2024
Nigeria Charges Binance With Tax Evasion, Says Exec Fled
Nigeria's tax authority filed criminal tax evasion charges against Binance, one of the world's largest cryptocurrency exchanges, and two of its executives, one of whom escaped custody Monday, according to state-owned media.
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March 25, 2024
Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told
Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 22, 2024
OCC Fines Sterling Bank's Ex-COO $150K For Lax Oversight
The former president of Michigan-based Sterling Bancorp Inc. has been ordered to pay $150,000 by the Office of the Comptroller of the Currency for allegedly failing to properly oversee the bank's Advantage Loan Program, which presented "high risks for fraud, money laundering, and lending misconduct."
Expert Analysis
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Grayscale Win Over SEC May Finally Herald Spot Bitcoin ETPs
While the U.S. Securities and Exchange Commission has yet to approve any exchange-traded product based on spot bitcoin prices, a recent D.C. Circuit order that the SEC revisit Grayscale Investments’ application to offer shares in such a fund may signify the beginning of the end to the crypto industry's long quest to establish these products, say attorneys at Ropes & Gray.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Calif. GHG Disclosure Law Will Affect Companies Worldwide
California's Climate Corporate Data Accountability Act, which will require comprehensive greenhouse gas emissions disclosures from large companies operating in the state, will mean compliance challenges for a wide range of industries, nationally and globally, as the law's requirements will ultimately trickle out and down, say attorneys at Brownstein Hyatt.
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Clues On High Court Outcome In CFPB Constitutionality Case
At oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, a majority of the U.S. Supreme Court appeared to have significant reservations with finding the bureau's funding mechanism unconstitutional, which likely means the CFPB will continue on its path set back in 2010, says Jim Sandy at McGlinchey Stafford.
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New DOJ Roles Underscore National Security Focus
The U.S. Department of Justice’s recent creation of two new leadership positions signals to the private sector that federal law enforcement is pouring resources into corporate investigations to identify potential national security violations, say attorneys at Ballard Spahr.
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Fintech-Bank Partnerships Hold Potential, But Tread Carefully
A study recently released by the Federal Reserve Board highlights the federal preemptions that financial technology lenders can take advantage of to lend profitably in certain states, though fintech-bank partnerships face some regulatory challenges as well, say attorneys at Venable.
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Series
Calif. Banking Brief: The Notable Compliance Updates In Q3
Among the most significant developments in the California financial services sphere last quarter, the Legislature passed a new Digital Financial Assets Law, and the California Department of Financial Protection and Innovation continued its campaign against facilitation of out-of-state loans, say attorneys at Troutman Pepper.
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Unearthing The Lesser-Known 'Buried Facts' Doctrine
A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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When And How Companies Should Build An AI Strategy
Once a company has decided to engage with artificial intelligence, there are myriad steps that need to be taken, beginning with the creation of an AI leadership team that has deep knowledge about the company's business risks and is highly respected by senior management, say Judith Rinearson and Corey Bieber at K&L Gates.
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Consumer Finance Cos. Must Seriously Consider Complaints
In light of the Consumer Financial Protection Bureau's recent action against alternative finance company Tempoe for failing to act on consumer complaints, other businesses that offer financial products or services should implement robust complaint response functions to mitigate or avoid similar encounters with the bureau, says Josh Burlingham at Goodwin.
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Data Furnishers Should Watch CFPB Plans For Class Actions
Companies should follow the Consumer Financial Protection Bureau’s rulemaking process as it considers allowing class actions against data brokers that provide incorrect consumer information to credit reporting agencies, a move that could rewrite the legal risks of participating in the consumer reporting ecosystem, say attorneys at Troutman Pepper.
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Calif. Delete Act Paves Way For Data Broker Accountability
California's recent enactment of a law that will allow state residents to delete personal information held by some 500 data brokers shows there is renewed focus on holding an extremely lucrative but underregulated industry accountable — but doing so may require both legislation and litigation, says Karina Puttieva at Cohen Milstein.
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DeFi Enforcement Is Growing, Despite CFTC Dissonance
The U.S. Commodity Futures Trading Commission’s recently settled actions against operators of three decentralized finance protocols appear to be part of an enhanced enforcement push, though commissioners don’t agree on how to promote constructive regulation, say Michael Philipp and Sarah Riddell at Morgan Lewis.
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Regulators' Focus On AI Highlights Risks For Lenders
Recent guidance from the Consumer Financial Protection Bureau and other regulators illuminates potential pitfalls that lenders and other companies should take steps to avoid when leveraging artificial intelligence-based technologies in consumer credit transactions, say attorneys at Sheppard Mullin.