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Fintech
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October 10, 2025
Block Founders Face Investor Suit Over Cash App Fraud
Several executives and directors of Cash App parent company Block Inc. have been hit with a derivative suit accusing them of allowing Cash App's "frictionless" sign-up system to fuel fraud, money laundering and inflated user counts while lying about compliance.
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October 10, 2025
Ill. AG, Retailers Will Split Swipe-Fee Law's Defense At Hearing
A Chicago federal judge has agreed to allow a coalition of merchant groups to take part in a key hearing later this month that could decide a banking industry legal challenge to the Illinois Interchange Fee Prohibition Act, a law banning swipe fees on tax and tip payments.
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October 10, 2025
5th Circ.'s FDIC Ruling 'Cries Out' For Review, Ex-CEO Says
A former Texas bank CEO has asked the full Fifth Circuit to revive his constitutional challenge to the Federal Deposit Insurance Corp.'s in-house enforcement process, arguing that a recent panel decision to reject his case as premature "cries out" for review.
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October 10, 2025
SEC's Atkins Commits To Expanding Use Of Wells Process
U.S. Securities and Exchange Commission Chairman Paul Atkins plans to refresh the agency's Wells process of engaging with firms ahead of potential enforcement actions, saying he intends for the agency to be more forthcoming with investigative findings and provide more time and opportunities to respond to these findings.
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October 10, 2025
CFTC Crypto Task Force Head Returns To Akin
The former head of the Commodity Futures Trading Commission's Digital Asset Task Force has left the agency to return to Akin Gump Strauss Hauer & Feld LLP as senior counsel in its white collar defense and government investigations practice.
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October 10, 2025
Infosys' Counterclaims Against Competitor Tossed For Now
A Texas federal court dismissed counterclaims from Infosys Ltd. accusing Cognizant TriZetto Software Group Inc. of monopolizing a market for healthcare software and related services after finding the allegations ignored potential competition from alternatives.
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October 10, 2025
Apple Faces Class Cert. Bid In Mobile Wallet Antitrust Case
An attorney for a proposed class of credit card issuers urged a California federal judge Friday to grant class certification in a suit accusing Apple of monopolizing mobile wallet technology for its own devices even though two lead plaintiffs said they would not pass transaction fees on to their users.
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October 10, 2025
SEC's Atkins Criticizes Del. As 'Uninterested' In IPO Reform
U.S. Securities and Exchange Commission Chair Paul Atkins said he is "disappointed" by recent changes to Delaware law that he believes will drive up litigation costs for public companies and make the state seem "uninterested in reform" that would encourage more companies to file initial public offerings there.
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October 10, 2025
Mass. AG Says Robinhood Suit Can't Halt Enforcement Action
Massachusetts regulators say Robinhood is trying to make an "end run" around their efforts to enforce the Bay State's sports betting laws, in a motion asking a judge to toss the financial services platform's lawsuit against the state.
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October 10, 2025
SEC Guidance Aims To Ease IPO Process During Shutdown
As the federal government shutdown lingers, the U.S. Securities and Exchange Commission has updated its guidance to advise companies on how they can still move forward with initial public offerings.
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October 10, 2025
Therapist Backs Out Of Plea In Patient Fund Fraud Case
A Massachusetts psychotherapist is seeking to back out of a plea deal in a case alleging he sent nearly $1 million of other people's money, more than half of it belonging to a patient, to cryptocurrency scammers.
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October 10, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Paddington Bear's creators and Studio Canal sue the company behind Spitting Image, Blackpool Football Club's former owner Owen Oyston bring a fresh claim against the club, and Mishcon de Reya sue a Saudi investment group.
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October 09, 2025
Bessent Touts Trump's 'Community Bank Comeback' Agenda
U.S. Department of the Treasury Secretary Scott Bessent on Thursday pledged a wide-ranging regulatory push to spur a "community bank comeback," previewing plans that include easing capital rules, updating anti-money laundering standards and supporting expanded deposit insurance.
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October 09, 2025
Senate Crypto Bill Weakens State Fraud Protection, Experts Say
State regulators and legal experts are urging leaders of the Senate Banking Committee to overhaul their draft crypto market structure legislation on the grounds that the current text would weaken state power to police fraud and protect investors in crypto markets and beyond.
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October 09, 2025
Judge Scuttles CFTC Settlements In $21M Crypto Scam Case
A Florida federal judge has rejected a pair of proposed U.S. Commodity Futures Trading Commission settlements in a case alleging a $21 million crypto trading scheme, giving the short-staffed agency only a few days to explain why she shouldn't dismiss the allegations.
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October 09, 2025
Voyager Judge Won't Dismiss Contract Claims In Binance Suit
A New York bankruptcy judge said Thursday he expected to deny a request by Binance.US to dismiss Voyager Digital's breach of contract claims stemming from a collapsed asset purchase agreement between the two cryptocurrency ventures.
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October 09, 2025
Treasury Looks To Cut Suspicious Activity Reporting 'Noise'
The U.S. Department of the Treasury's enforcement arm Thursday released clarifications about requirements related to suspicious activity reports, specifying among other things that financial institutions do not have to document their decisions not to file the reports.
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October 09, 2025
BeFrugal Marketing Firm Says Exec Steered Clients To Rival
Affiliate marketing firm BeFrugal said in a lawsuit this week in Massachusetts state court that a senior vice president secretly co-founded a competing company, then steered major clients, including DirecTV and Samsung, to the new business.
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October 09, 2025
Investment Adviser Firm Sues Over Fraud Protection Patent
Investment adviser firm FinTegrity LLC has sued Deutsche Bank and a Czech cybersecurity company in Texas federal court with claims they are infringing a patent that covers fraud protection technology.
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October 09, 2025
Fintech Exec May Claim Double Jeopardy Amid Judge Shuffle
A former executive of payment processor Allied Wallet has filed a double jeopardy motion after the initial Massachusetts federal judge overseeing the fraud case recused himself, a second declared a mistrial and exited due to a family emergency, and a third flagged a potential conflict with a prosecutor.
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October 08, 2025
Big Banks' Gain Could Be Small Banks' Pain, Fed's Barr Says
Federal regulators' plans to ease capital rules and other supervisory safeguards at big banks may jeopardize financial stability and leave community banks to pick up the pieces if something goes wrong, Federal Reserve Gov. Michael Barr warned in a speech Wednesday.
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October 08, 2025
Kalshi Accused Of Violating SC, Federal Gambling Laws
Trading platforms Kalshi and Robinhood are being sued in South Carolina on allegations that they violate the state's strict anti-gambling laws by offering sports betting and operating a "prediction market" for state residents.
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October 08, 2025
Kalshi Fights Ohio Ban As Pa. Flags Sports Betting Loophole
The clash between state gaming regulators and federally regulated platforms offering sports wagers continued this week as Kalshi sued Ohio agencies over a directive to shut down its sports event contracts, while Pennsylvania's Gaming Control Board warned Congress that prediction markets broadly "create a backdoor to legalized sports betting."
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October 08, 2025
North Dakota To Issue Stablecoin Through State-Owned Bank
North Dakota on Wednesday announced plans to issue its own stable-value token through a partnership between fintech Fiserv Inc. and the state-owned Bank of North Dakota.
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October 08, 2025
Crypto Co. Sues Mercury Funds Over $270M Token Dispute
A blockchain startup sued several entities of a venture capital firm on Wednesday, claiming they are trying to turn a $100,000 investment in the blockchain company's early-stage digital asset venture into $270 million worth of tokens by exploiting a contract typo that mistakenly tied token rights to all their shares.
Expert Analysis
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Series
Playing Soccer Makes Me A Better Lawyer
Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.
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Opinion
The SEC Should Embrace Tokenized Equity, Not Strangle It
The U.S. Securities and Exchange Commission should grant no-action relief to firms ready to pilot tokenized equity trading, not delay innovation by heeding protectionist industry arguments, says J.W. Verret at George Mason University.
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Compliance Changes On Deck For Banks Under Texas AI Law
Financial services companies, including banks and fintechs, should evaluate their artificial intelligence usage to prepare for Texas' newly passed law regulating AI governance, noting that the enforcement provisions provide for an affirmative defense to liability, say attorneys at Mitchell Sandler.
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Series
Law School's Missed Lessons: Learning From Failure
While law school often focuses on the importance of precision, correctness and perfection, mistakes are inevitable in real-world practice — but failure is not the opposite of progress, and real talent comes from the ability to recover, rethink and reshape, says Brooke Pauley at Tucker Ellis.
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Tips For Crypto AI Agent Developers Under SEC Watch
With agents powered by artificial intelligence increasingly making decisions in the cryptocurrency world, there's a chance the U.S. Securities and Exchange Commission could use the Investment Advisers Act to regulate this technology in financial services, but there are ways developers can mitigate regulatory risks, say attorneys at Morrison Cohen.
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What's Next For CFPB After 'Big Beautiful' Funding Cuts
While the One Big Beautiful Bill Act's funding cuts to the Consumer Financial Protection Bureau are unlikely to have an independent effect in the short run, they could exacerbate the existing issue of wide regulatory fluctuations in successive administrations in the longer run, say attorneys at Covington.
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Series
Adapting To Private Practice: From ATF Director To BigLaw
As a two-time boomerang partner, returning to BigLaw after stints as a U.S. attorney and the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, people ask me how I know when to move on, but there’s no single answer — just clearly set your priorities, says Steven Dettelbach at BakerHostetler.
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Balancing The Promises And Perils Of Tokenizing Securities
Tokenizing listed securities offers the promise of greater efficiency, accessibility and innovation, but a recent U.S. Securities and Exchange Commission statement makes clear that the federal securities laws continue to apply to tokenized securities, so financial institutions and technology developers must work together to create clear rules, say attorneys at Orrick.
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Open Banking Is On Ice As CFPB Seeks To Toss Its Own Rule
Even as the Consumer Financial Protection Bureau's efforts to toss its open banking rule play out in Kentucky federal court, it remains statutorily required to effectuate consumer access to data, raising questions about how it would replace the previously finalized standard, say attorneys at Cooley.
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SEC, FINRA Obligations In Changing AI Regulatory Landscape
Despite the U.S. Securities and Exchange Commission's recent withdrawal of its proposed artificial intelligence conflict rules, financial regulators remain focused on firms developing the correct AI compliance framework, as well as continuously testing and supervising them to ensure they're fit for purpose, say attorneys at Cahill Gordon.
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Series
Playing Baseball Makes Me A Better Lawyer
Playing baseball in college, and now Wiffle ball in a local league, has taught me that teamwork, mental endurance and emotional intelligence are not only important to success in the sport, but also to success as a trial attorney, says Kevan Dorsey at Swift Currie.
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Series
Ohio Banking Brief: All The Notable Legal Updates In Q2
Ohio's financial services sector saw several significant developments in the second quarter of 2025, including a case that confirmed credit unions' setoff rights, another that established contract rights between banks and cardholders, and the House passage of a digital asset bill, say attorneys at Frost Brown.
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Managing Risks As State AGs Seek To Fill Enforcement Gap
Given an unprecedented surge in state attorney general activity resulting from significant shifts in federal enforcement priorities, companies must consider tailored strategies for navigating the ever-evolving risk landscape, say attorneys at Cozen O'Connor.
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A Deep Dive Into 14 Nixed Gensler-Era SEC Rule Proposals
The U.S. Securities and Exchange Commission last month formally withdrew 14 notices of proposed rulemaking, including several significant and widely criticized proposals that had been issued under former Chair Gary Gensler's leadership, signaling a clear and definitive shift away from the previous administration, say attorneys at Dechert.
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Series
Law School's Missed Lessons: Skillful Persuasion
In many ways, law school teaches us how to argue, but when the ultimate goal is to get your client what they want, being persuasive through preparation and humility is the more likely key to success, says Michael Friedland at Friedland Cianfrani.