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Fintech
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March 08, 2024
DOJ Eyes FCPA For New Whistleblower Rewards Program
U.S. Department of Justice officials on Friday signaled a renewed emphasis on fighting foreign corruption, saying its planned whistleblower rewards program should prove useful in Foreign Corrupt Practices Act cases against private companies, and warned companies against running afoul of new rules barring the sale of personal data to foreign adversaries of the U.S.
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March 08, 2024
SEC Crypto Target Can't Send Securities Query To 11th Circ.
A Florida federal judge has declined to send the question of whether crypto transactions on public exchanges are securities to the Eleventh Circuit after rejecting a bid to toss a securities enforcement case against an alleged $37 million cryptocurrency pump-and-dump scheme.
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March 08, 2024
Fed Sharpens Threat Safeguard Rules For Payment Utilities
The Federal Reserve said Friday that it has finalized expanded risk-management requirements aimed at hardening key providers of payments infrastructure against cybersecurity disruptions, extreme weather and other threats to their critical operations.
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March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
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March 08, 2024
CFIUS Rules May Need Review Amid 'Exponential' Growth
Foreign direct investment-related enforcement and penalty processes in the U.S. could use a review amid "exponential" growth in FDI regimes across the globe, greater awareness of national security risks, and increased U.S. outreach to foreign partners, a U.S. Treasury Department official said Friday.
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March 08, 2024
New Headache For Binance As 2nd Circ. Revives Investor Suit
The Second Circuit on Friday revived a proposed investor class action against the embattled crypto exchange Binance Holdings Ltd. and its founder, disagreeing with a lower court that ruled the customers had not alleged their transactions were conducted in the U.S.
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March 07, 2024
Judges Say Facing Threats And Vitriol Now Part Of The Job
Federal judges spoke Thursday about the challenges of the profession in the 21st century, describing how they've either received threats or know of warnings against colleagues, with one jurist saying she received 11 death threats during her first three months on the bench.
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March 07, 2024
Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program
Deputy Attorney General Lisa Monaco on Thursday said the U.S. Department of Justice will soon begin a pilot program to financially reward whistleblowers who alert prosecutors to significant corporate misconduct.
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March 07, 2024
New Big Tech 'Gatekeeper' Rules Go Live In Europe
Apple, Google, Microsoft and other digital "gatekeepers" faced a deadline Thursday to implement changes required by Europe's expansive new regulations aiming to rein in the power of Big Tech through rules intended to promote competition and give consumers more choice.
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March 07, 2024
Crypto Founder's Extortion Suit Fails Yet Again
The founder of a cryptocurrency token company cannot bring racketeering and trade secret claims against former consultants he alleges extorted him for millions of dollars and tried to ruin his company's reputation, an Illinois federal judge has ruled.
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March 07, 2024
Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees
Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.
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March 07, 2024
Robinhood Teams With Rich Paul, Klutch To Expand To Sports
Robinhood is partnering with Klutch Sports Group to help it extend its reach into sports, entertainment and media, with Klutch founder and CEO Rich Paul as its strategic brand adviser, the financial investment app announced Thursday.
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March 07, 2024
Banking Groups Sue CFPB Over Credit Card Late Fee Rule
The U.S. Chamber of Commerce and bank trade groups sued the Consumer Financial Protection Bureau in Texas federal court on Thursday over its new rule to limit credit card late fees to $8, following through on a widely expected challenge to the potentially multibillion-dollar cut to industry revenues.
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March 06, 2024
Top Calif. Antitrust Atty Says Criminal Cases On The Horizon
California is poised to start prosecuting criminal antitrust cases under a Golden State law that is "broader" than federal law, a senior assistant attorney general for the California Department of Justice said Wednesday at a San Francisco conference.
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March 06, 2024
Nvidia Wants High Court Review Of $1B Crypto Sales Suit
Nvidia has asked the U.S. Supreme Court to weigh in on a Ninth Circuit decision partially resurrecting a suit accusing the technology company of understating more than $1 billion in sales to cryptocurrency miners, arguing that the justices are needed to clarify the Private Securities Litigation Reform Act's pleading requirements.
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March 06, 2024
Garland On AI Crime, And A Taylor Swift Tune For DOJ
U.S. Attorney General Merrick Garland on Wednesday told a group of lawyers gathered in San Francisco that the U.S. Department of Justice is ramping up its hiring of computer scientists to fight artificial intelligence-driven crime and also revealed which Taylor Swift song he thought should be the department's anthem.
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March 06, 2024
Latham Passes Skadden As Busiest Securities Defense Firm
Despite a downward trend in securities case filings over the past three years, Latham & Watkins LLP has remained one of the most active law firms on the defense side, taking over the top spot from Skadden Arps Slate Meagher & Flom LLP, according to reports released by Lex Machina.
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March 06, 2024
BlockFi, FTX Strike Global Deal To Settle Bankruptcy Disputes
Fallen cryptocurrency giants BlockFi Inc. and FTX have settled their wide-ranging feud, with BlockFi allowed claims for $874.5 million and FTX to lay claim to roughly $600 million worth of liquidated Robinhood shares, formally ending all disputes and litigation between the two companies.
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March 06, 2024
SEC Dissenters Say Crypto Order Highlights 'Untenable' Rules
The U.S. Securities and Exchange Commission levied a $275,000 fine against crypto exchange ShapeShift for failing to register as a dealer before it left the stateside market in 2021, though dissenting commissioners said the case underscores the "untenable" environment the SEC has created for crypto participants.
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March 06, 2024
CFPB Faces Call To Close Deposit Rate Disclosure 'Loophole'
A rulemaking petition filed with the Consumer Financial Protection Bureau said the agency should close a regulatory "loophole" allowing banks to quietly lower the savings rate they pay on certain deposit accounts.
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March 06, 2024
Feb. 2025 Trial Set In $1B Ronaldo Binance Promo Suit
A Florida federal judge has set a February 2025 trial date and other pre-trial details for the proposed class action against soccer star Cristiano Ronaldo related to his role in promoting embattled crypto platform Binance.com, following the failure of the parties to file their joint scheduling reports.
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March 06, 2024
SEC Beefs Up Disclosure Rules For Stock Order Executions
The U.S. Securities and Exchange Commission unanimously agreed Wednesday to require market venues and brokers to increase disclosures showing that they are obtaining the best prices for their customers' stock market orders on a timely basis, marking the first update to such rules in a quarter-century.
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March 06, 2024
Genesis Parent Co. Says NY Fraud Suit Is 'Baseless Innuendo'
Crypto conglomerate Digital Currency Group Inc. and its CEO told a New York trial court on Wednesday that the state attorney general's claims that it defrauded customers out of more than $3 billion are "a thin web of baseless innuendo, blatant mischaracterizations and unsupported conclusory statements" that should be permanently tossed.
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March 06, 2024
Financial Tech Co. Wants Escape From 401(k) Fee Suit
Jack Henry & Associates Inc. has urged a Missouri federal court to toss a worker's proposed class action alleging the financial technology company saddled its employee 401(k) plan with excessive recordkeeping and administrative service fees, arguing his claims weren't backed up with enough comparisons to better-managed, similar plans.
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March 06, 2024
Gemini Scores Arbitration Bid In 'Earn' Crypto Investment Suit
Gemini Trust Co. LLC investors must arbitrate their claims that the cryptocurrency exchange misled them about the firm's interest-bearing accounts and were hurt after the program for the accounts was halted, with a New York federal judge finding that Gemini and its founders have shown that a valid arbitration agreement exists.
Expert Analysis
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Series
ESG Around The World: The UK
Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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Planning Compliance For Updated FinCEN Reporting Rules
Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.
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Bank's Penalties Highlight Key AML Compliance Expectations
Recently, Shinhan Bank America faced coordinated enforcement actions from federal and state financial agencies for ongoing, unremedied anti-money laundering compliance failures, revealing current areas of regulatory oversight and focus, including expectations that AML compliance data systems provide a 360-degree view of customers, say attorneys at Jenner & Block.
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How CRE Loans Would Shift Under New Bank Capital Rules
Attorneys at MoFo discuss how commercial real estate loans would fare under federal banking agencies' proposed changes to how large banks risk-weight loans, particularly how CRE loans are weighed based on the current standardized framework versus the proposed expanded approach.
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Parsing Maryland's Earned Wage Access Products Guidance
The Maryland Office of Financial Regulation's new guidance on earned wage access products intended to provide clarity under the state's law may be confusing, but ultimately means one thing — you are either the employer's service provider helping offer an employee benefit, or you are not and therefore considered a lender, say attorneys at Greenberg Traurig.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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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.