Fintech

  • March 22, 2024

    WisdomTree Nabs New York Trust Company Charter

    Asset management firm WisdomTree announced Friday that it's received a New York trust company charter, allowing it to expand its personal finance service and issue two of its stablecoins in New York.

  • March 22, 2024

    Trims Recommended In Zelle Fraud Victims' Case Against BofA

    A North Carolina federal magistrate judge has recommended trimming claims in a proposed class action that alleges Bank of America NA didn't compensate for or adequately investigate scammers' unauthorized Zelle transactions despite assurances to victims who lost thousands of dollars.

  • March 22, 2024

    Feds Reach Deal To Seize, Sell FTX Executive Jets

    Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.

  • March 22, 2024

    5 Things To Know As SEC Takes Terraform Fraud Case To Trial

    The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.

  • March 21, 2024

    Silvergate Must Face Investor Suit Over FTX Ties, Judge Says

    The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.

  • March 21, 2024

    Wisconsin Gov. Signs Earned Wage Access Bill Into Law

    Wisconsin on Thursday solidified a licensing framework for so-called earned wage access services when Gov. Tony Evers signed a state law regulating the cash-advance products.

  • March 21, 2024

    CFPB Wants Late-Fee Suit In DC As Judge Notes Busy Docket

    The Consumer Financial Protection Bureau on Thursday asked a Texas federal judge to move a challenge to its new credit card late-fee rule to a Washington, D.C., federal court, a day after the court denied a bid for an immediate injunction brought by a trade group coalition suing to overturn the rule.

  • March 21, 2024

    Conn. Judge Awards $59M Damages Payment In Crypto Feud

    A Connecticut state court judge has ordered an overseas business partner and his companies to pay $59.4 million to a bitcoin mining venture after he allegedly lied about both his criminal history and the legal woes of several other companies he controls while siphoning revenue and causing lost profits.

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 21, 2024

    DOJ Sues Apple, Rounds Out US Claims Against Tech Big 4

    The U.S. Department of Justice and several state attorneys general on Thursday launched an antitrust suit against Apple, accusing the world's dominant smartphone maker of maintaining an anti-competitive monopoly over its iron grip over the iPhone, rounding out the quartet of long-anticipated government antitrust litigation already proceeding against Google, Meta and Amazon.

  • March 20, 2024

    Winklevoss-Owned NFT Co. Gets Suit Sent To Arbitration

    A New York federal judge has ordered a suit accusing cryptocurrency exchange Gemini Trust and its NFT-focused subsidiary of selling unregistered securities to be sent to arbitration, rejecting the plaintiff's arguments that his proposed class action belongs in federal court.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    How The Supreme Court Could Narrow Chevron

    After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.

  • March 20, 2024

    EU's AI Act Disclosure Rules Could Spark Further Litigation

    The European Union's new artificial intelligence law included some welcome guardrails to protect intellectual property rights. But lawyers say it remains to be seen whether these new rules will bridge the gap between concerned rights holders and AI pioneers.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

  • March 20, 2024

    US Chamber's Litigation Funding Concerns Spur 2 State Laws

    Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.

  • March 20, 2024

    Wise Hits Back At Bad Faith TM Allegations From Tech Rival

    Payments firm Wise has hit back at a counterclaim from software company WithWise, urging the High Court to reject WithWise's claim that Wise's trademark is invalid because it is overbroad and being used as a legal weapon.

  • March 19, 2024

    5th Circ. Ducks 'Pandora's Box' In Tossing SEC Gag Rule Row

    The U.S. Securities and Exchange Commission on Tuesday defeated a challenge to its so-called gag rule against settling defendants, with the Fifth Circuit writing that it didn't want to open a "Pandora's box" by ruling that it had jurisdiction to review a financial radio show host's appeal of a decision that wasn't a final judgment.

  • March 19, 2024

    Top Bank Lobbyist To Biden: Stop The Regulatory 'Tsunami'

    The head of the largest U.S. banking trade group vowed Tuesday to keep litigation on the table if federal regulators don't back off their rulemaking "tsunami," tough talk that comes as the group's latest such legal challenge has hit potential turbulence in Texas.

  • March 19, 2024

    CFTC Decries Forex Firm's 'Strong-Arm' Sanctions Bid

    The U.S. Commodity Futures Trading Commission has admitted in a court filing that it made an error in a lawsuit accusing a foreign exchange firm of defrauding its customers but said the now-corrected error does not merit sanctions, and the defendants appear to be abusing the sanctions process to "strong-arm" their way into a better settlement.

  • March 19, 2024

    Google Fights Wiretapping Suit Over 'Fancy Tape Recorder'

    Google LLC urged a California federal judge Tuesday to throw out a proposed class action alleging the tech giant's "human-like" customer-service product using generative text illegally eavesdrops on conversations without users' consent, arguing that the product is merely a "fancy tape recorder" that doesn't involve humans eavesdropping.

  • March 19, 2024

    US Bank, Oppenheimer To Pay CFTC $7M In Text Probe Cases

    U.S. Bank NA and Oppenheimer & Co. Inc. have agreed to pay a combined $7 million to settle allegations brought by the U.S. Commodity Futures Trading Commission over the failure to preserve business communications via personal text, the agency announced Tuesday.

  • March 19, 2024

    Bankman-Fried's Fraud Left FTX Users Reeling, Letters Say

    Customers of Sam Bankman-Fried's fallen crypto exchange are struggling with financial insecurity, skimping on expenses including food and worrying about their assets, according to victim letters lodged ahead of the FTX founder's sentencing for what prosecutors call an $11 billion fraud.

  • March 18, 2024

    Apple Co-Founder's Scam Suit Against YouTube Gets New Life

    A California appeals court has revived Apple co-founder Steve Wozniak's lawsuit accusing YouTube and its parent company, Google, of contributing to a cryptocurrency scam that fraudulently used his image, finding that the tech giants' provision of verification badges to corrupted channels could put them outside the scope of a federal tech liability shield law.

Expert Analysis

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • Bank Secrecy Act Lessons For Casinos After DOJ Settlements

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    The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.

  • What To Know About OCC Proposals For Bank Merger Review

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    The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

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    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

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    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

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