Fintech

  • March 05, 2024

    Terraform Says Creditors Sabotaging Dentons Retention

    A Delaware bankruptcy judge on Tuesday allowed Terraform Labs unsecured creditors time to catch up on a dispute over the debtor's Denton's retention, a request Terraform dubbed "sabotage" of its defense in an upcoming $40 billion securities fraud trial.

  • March 05, 2024

    Judges Unsure On Atty Sanctions In Robinhood Spam Suit

    Class counsel sanctioned $750,000 for helping instigate a spam text suit against Robinhood Financial likely engaged in "shenanigans," a Washington appeals judge said Tuesday, though a colleague on the bench questioned whether those sanctions should stick if Robinhood was nevertheless liable in the case.

  • March 05, 2024

    IPwe Seeks Ch. 7 Liquidation After Ch. 11 Financing Loss

    Patent trading platform operator IPwe asked a Delaware bankruptcy judge Tuesday to convert its Chapter 11 reorganization to a Chapter 7 liquidation, saying it has lost its source of bankruptcy funding and has no way to continue with its planned going-concern sale.

  • March 05, 2024

    Gibson Dunn AI Leader On Weathering The AI Policy Blizzard

    Like a mountaineer leading a team through a snowstorm, Gibson Dunn & Crutcher LLP's artificial intelligence co-chair Cassandra L. Gaedt-Sheckter is guiding companies developing and using artificial intelligence through a blizzard of new laws and regulations coming online in Europe and the U.S., saying that assessing AI risks is the North Star to mitigating them.

  • March 05, 2024

    CryptoQueen's Brother Avoids More Prison For OneCoin Fraud

    A Manhattan federal judge on Tuesday allowed the younger brother of fugitive OneCoin founder Ruja Ignatova to avoid additional prison time for his role in the $4 billion, global cryptocurrency scam, after he testified for the feds at a high-profile trial.

  • March 05, 2024

    Splunk Investors Get Final OK For $30M Deal, $7.5M Atty Fees

    A California federal judge has granted final approval to a $30 million settlement, including $7.5 million in fees for class counsel, to resolve a securities class action accusing software company Splunk of lying about strategies it used to meet cash flow goals.

  • March 05, 2024

    Voyager Creditors Have Left $19M Of Checks Uncashed

    The wind-down administrator for defunct cryptocurrency brokerage Voyager Digital Holdings Inc. has told a New York bankruptcy judge that $19 million worth of checks sent to creditors were still unclaimed, setting an April 20 deadline to cash the checks or lose out on recovery for good.

  • March 05, 2024

    Vegas Man Convicted In Bank Fraud, Laundering Scheme

    The CEO of a Las Vegas-based company was convicted in New York federal court Monday of participating in multiple schemes to defraud banks and credit card companies and launder proceeds from fraud and narcotics sales.

  • March 05, 2024

    CFPB Adopts Rule To Slash Credit Card Late Fees By Billions

    The Consumer Financial Protection Bureau said Tuesday that it has finalized a new rule to sharply lower the typical credit card late fee from more than $30 down to just $8, a move that could save consumers billions of dollars annually and is expected to face a swift industry challenge in court.

  • March 04, 2024

    Banks Say CFPB's Small-Biz Lending Rule Is Gov't 'Run Amok'

    Bank trade groups have urged a Texas federal judge to strike down the Consumer Financial Protection Bureau's small-business lending data rule as "government run amok," arguing it is a multibillion-dollar boondoggle that exceeds the agency's authority.

  • March 04, 2024

    Underwriters Freed From Suit Against Fintech Co. Ryvyl

    A California federal judge has dismissed the underwriters and significantly trimmed the remaining claims in a case against fintech company Ryvyl Inc. and certain executives, accusing them of concealing accounting issues, saying the plaintiffs have adequately alleged only a few misleading statements and knowledge of wrongdoing by one executive.

  • March 04, 2024

    Cash App, Block Reach $15M Deal To End Data Breach Suit

    Mobile payment companies Block Inc. and Cash App Investing LLC and its customers are seeking a California federal judge's initial approval of a $15 million deal settling claims that a December 2021 data breach at the companies exposed personally identifiable information, account numbers and trading activity of 8.2 million people.

  • March 04, 2024

    DOJ Worried Binance Founder's Travel May 'Become An Issue'

    Binance founder Changpeng Zhao should have to notify the government of any travel as he awaits sentencing, prosecutors have said, telling a federal court in Washington they remain concerned he could be a flight risk.

  • March 04, 2024

    NerdWallet, Syracuse Hit With 'Fraudulent' Bankruptcy Cases

    Personal finance platform NerdWallet, the city of Syracuse, New York, a Taco Bell franchisee and a financial tech company were targets of apparently phony bankruptcy cases opened in Delaware over the weekend by a frequent pro se litigant.

  • March 04, 2024

    8 Banks Targeted In ATM Patent Campaign

    A patent-holding company has accused JPMorgan Chase Bank NA and other banks of infringing a pair of patents covering things like ATM circuitry memory.

  • March 04, 2024

    Catching Up With Delaware's Chancery Court

    A Swedish music producer's takeover, a proposed award payable in Tesla shares, Truth Social stock squabbles, and an unusually blunt slap-down from the bench added up to an especially colorful week in Delaware's famous court of equity. On top of that came new cases about alleged power struggles, board entrenchment, consumer schemes and merger disputes.

  • March 04, 2024

    1st Circ. Grapples With Crypto Exchange Tax Docs Seizure

    First Circuit judges grappled Monday with an investor's claim that the IRS violated his privacy and property rights when it seized his account records from cryptocurrency exchange Coinbase, trying to establish during oral arguments to what extent the exchange was different from a traditional bank.

  • March 04, 2024

    Justices Won't Review Ex-Merrill Lynch Traders' Fraud Case

    The U.S. Supreme Court said Monday it will not take up an appeal from two former Merrill Lynch traders who were convicted in Chicago federal court of spoofing the precious metals market.

  • March 01, 2024

    BofA Trims Zelle Fraud Victims' Suit For Good On 3rd Try

    A California federal judge has again trimmed a lawsuit accusing Bank of America of refusing to reimburse Zelle fraud victims, narrowing the case to a breach of contract claim and denying the plaintiffs another opportunity to rework their complaint.

  • March 01, 2024

    McCarter & English Denied $1M Fee Bid In Celsius Ch. 11

    A New York bankruptcy judge has granted requests by a number of creditor groups in the Celsius Network Chapter 11 case for fees and expenses but denied a $1 million request by a borrower group represented by McCarter & English, saying it had failed to make a substantial contribution to the case.

  • March 01, 2024

    Energy Dept. Halts Crypto Mining Survey To End Industry Suit

    The crypto industry group challenging a U.S. Department of Energy survey on crypto mining has reached an agreement that will see the government offices destroy any data they've already collected and circulate the survey for comment from stakeholders — a step the crypto players say the government improperly bypassed the first time around.

  • March 01, 2024

    Fintech Co. Vesttoo's Ch. 11 Plan OK'd After Dissent Defused

    A Delaware bankruptcy judge has approved the Chapter 11 liquidation plan proposed by the official committee of unsecured creditors to bankrupt Israeli fintech firm Vesttoo Ltd., after the committee sorted out a final objection to the plan.

  • March 01, 2024

    State AGs Say SEC's Kraken Case Treads On State Authority

    Attorneys general from eight states have told a California federal judge that the theory used by the U.S. Securities and Exchange Commission in its enforcement case against crypto exchange Kraken could potentially preempt state laws for consumer protection.

  • March 01, 2024

    Taxation With Representation: Pillsbury, Cleary Gottlieb

    In this week's Taxation with Representation, First Advantage Corp. acquires Sterling Check Corp., International Game Technology spins off two subsidiaries, Disney merges its media operations in India with Reliance Industries, and Atlas Energy Solutions purchases Hi-Crush.

  • February 29, 2024

    Two More Cos. Hit With 'In Concert' Delaware Bylaw Suits

    The number of class actions targeting companies' boards of directors and allegedly "coercive" bylaw provisions continues to grow, as two new investor suits were filed in Delaware's Court of Chancery against Massachusetts payments software company Flywire Corp. and California subscription software company Zuora Inc.

Expert Analysis

  • CFPB As Pay App Watchdog May Invite More Fintech Regs

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    While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Bank-Fintech Partnerships Can Thrive Despite A Tough 2023

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    Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Anti-Money Laundering Compliance Must Put Officers On Alert

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    Recent government actions against FTX and other crypto companies have put a laser focus on corporate compliance failures, with added pressure on compliance officers — making the need for personal risk assessment particularly acute given today's novel anti-money laundering issues, say Poppy Alexander at Constantine Cannon and Caleb Hayes-Deats at MoloLamken.

  • Cannabis Banking Bill Uncertainty May Actually Be A Blessing

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    The passage of a cannabis banking law is alluring, but little will be lost if the Secure and Fair Enforcement Regulation Banking Act — facing stiff competition from other congressional priorities — gets tabled because the bill ultimately does little to meaningfully propel the industry toward full legalization, says Michael Rosenblum at Thompson Coburn.

  • Series

    ESG Around The World: South Africa

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    While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.

  • Calif. Banking Brief: All The Notable Legal Updates In Q4

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    As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Series

    In The CFPB Playbook: Rulemaking Rush Before Election Year

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    In this quarterly Consumer Financial Protection Bureau activity recap by former bureau personnel, attorneys at McGuireWoods explain the regulator's recent push to finalize new rules about data aggregators, digital payment apps and more before the election-year Congressional Review Act window opens.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Texas Banking Brief: All The Notable Legal Updates In Q4

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    Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.

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