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Fintech
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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March 18, 2024
FTC Says 2 Fintechs Will Pay $59M To Settle PPP Loan Claims
Two fintech firms heavily involved in a key federal pandemic-era loan program for small businesses have agreed to pay a combined $59 million to settle Federal Trade Commission claims of bungled application processing that failed to deliver speedy relief funding as advertised, the FTC said Monday.
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March 18, 2024
Petrillo Klein Nabs NY Consumer Protection Chief As Partner
The former acting head of the Consumer Protection and Financial Enforcement Division of the New York State Department of Financial Services has joined Petrillo Klein & Boxer LLP, where he will focus on white-collar defense of both individuals and institutions.
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March 18, 2024
Genesis Gets OK For $21M Deal To End SEC Crypto Loan Suit
A New York federal judge on Monday approved a $21 million settlement to resolve allegations that bankrupt crypto lender Genesis Global Capital LLC violated the U.S. Securities and Exchange Commission's regulations by selling unregistered securities in a joint partnership with crypto exchange Gemini Trust Co.
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March 18, 2024
SEC Sanctioned Over 'Bad Faith Conduct' In Crypto Case
A Utah federal judge sanctioned the U.S. Securities and Exchange Commission on Monday over misstatements its counsel made to obtain emergency measures against crypto project Debt Box, ordering the regulator to pay both the defense's and receiver's attorney fees as well as legal costs arising from the regulator's "bad faith conduct."
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March 18, 2024
Genesis Defends Crypto Payments At Ch. 11 Plan Hearing
Cryptocurrency lender Genesis Global Holdco Monday told a New York bankruptcy judge its proposal to distribute cryptocurrency to its customers is both fair and legal as the hearing on its Chapter 11 liquidation plan wound down.
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March 18, 2024
Voyager Investors Suing Mark Cuban Seek Class Cert.
Investors suing billionaire Mark Cuban over his role in promoting now-bankrupt Voyager Digital Ltd. have pushed for class certification and urged the court to rule that Voyager was selling unregistered securities.
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March 18, 2024
FINRA Fines Firm Over Social Media Influencers' Posts
The Financial Industry Regulatory Authority announced Monday that it has settled its first formal enforcement disciplinary action stemming from a firm's supervision of social media influencers, fining financial services provider M1 Finance LLC $850,000 for its influencers' misleading posts.
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March 18, 2024
2 Investment Firms To Pay SEC $400K For 'AI Washing'
The U.S. Securities and Exchange Commission on Monday said it had reached settlements totaling $400,000 with a pair of investment advisers over claims that they made false and misleading statements about their use of artificial intelligence.
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March 18, 2024
Nuvei's Stock Soars On Disclosure Of Potential PE Buyout
Canadian fintech Nuvei Corp. said it has formed a special committee to evaluate strategic options after reports indicated that private equity firm Advent International is pursuing a buyout, developments that led to a more than 33% jump in the company's stock Monday.
Expert Analysis
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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.
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Series
ESG Around The World: Japan
Japan is witnessing rapid developments in environmental, social and corporate governance policies by making efforts to adopt a soft law approach, which has been effective in encouraging companies to embrace ESG practices and address the diversity of boards of directors, say Akira Karasawa and Landry Guesdon at Iwata Godo.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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What Fed Supervision Letters Mean For Bank-Fintech Collabs
Recent Federal Reserve guidance, which creates a program to supervise bank-fintech partnerships and requires banks to obtain advance approval before offering stablecoins, may reflect both regulators’ skepticism of banks engaging in cryptocurrency-related activities and a growing realization that these collaborations require novel supervisory approaches, say attorneys at MoFo.