Try our Advanced Search for more refined results
Fintech
-
March 14, 2024
Bankman-Fried Taps New Firm For SEC, CFTC Defense
Convicted FTX founder Sam Bankman-Fried has swapped his Cohen & Gresser LLP counsel for attorneys at Montgomery McCracken Walker & Rhoades LLP in his stayed civil cases.
-
March 14, 2024
Court Urged To Give Sullivan & Cromwell $31M For FTX Work
A Delaware bankruptcy judge should give Sullivan & Cromwell LLP about $31 million in fees for its work in FTX Trading Ltd.'s case from August through October 2023, the Chapter 11 fee examiner said.
-
March 13, 2024
Crypto Exchanger Admits To Unlicensed Money Biz Charge
A California man on Wednesday copped to a federal charge that he ran an unlicensed money transmitting business, agreeing to forfeit cryptocurrency, cash and precious metals worth over $1.3 million.
-
March 13, 2024
Treasury Says Crypto Mixer Is 'Corporation In All But Name'
The U.S. Department of the Treasury told the Fifth Circuit on Wednesday that it was justified in sanctioning crypto mixer Tornado Cash because the crypto project "is a corporation in all but name" rather than ownerless computer code, as its users contend.
-
March 13, 2024
Robinhood Says Investors Shouldn't Get Discovery Extension
Trading platform Robinhood has told a Florida federal court that it should not be required to produce documents requested by investors in their "eleventh hour" motion to extend discovery in a suit alleging investors were damaged when Robinhood suspended purchases of so-called meme stocks to avoid a purported liquidity problem.
-
March 13, 2024
Genesis, Gemini Can't Ax SEC Suit Over Crypto Loan Program
A New York federal judge refused Wednesday to toss the U.S. Securities and Exchange Commission's allegations that crypto exchange Gemini Trust Co. and bankrupt crypto lender Genesis Global Capital LLC violated securities laws by running the now-defunct investment program Gemini Earn that sold alleged unregistered securities.
-
March 13, 2024
CFPB Slams 'Forum-Shopping' Bid To Halt Card Late-Fee Rule
The Consumer Financial Protection Bureau is urging a Texas federal judge to refuse bank industry groups' request for an emergency injunction over the agency's recently finalized $8 credit card late-fee rule, arguing their case is too flimsy to justify putting the new rule on hold.
-
March 13, 2024
North American Deal-Makers Bearish On 2024 M&A
A minority of deal-makers in North America expected increases in mergers and acquisitions activity moving into 2024, though their counterparts in Asia and the EMEA region were significantly more optimistic, a new report from software company SS&C Intralinks shows.
-
March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
-
March 12, 2024
Terraform Can Retain Dentons In Ch. 11, Firm Will Return $48M
Terraform Labs can hire Dentons US LLP as its special counsel in its Chapter 11 case, a Delaware federal bankruptcy judge ruled Tuesday, with the firm agreeing to return $48 million of a $70 million retainer that was hit with objections.
-
March 12, 2024
Wells Fargo Can Arbitrate Cardholders' Suit, Conduent Can't
New Mexico residents who claim Wells Fargo mishandled reports of fraud involving their state-issued debit cards will see their proposed class action claims against the bank sent to arbitration — but their claims against a third-party contractor can stay in court, a federal magistrate judge has determined.
-
March 12, 2024
Binance Investors Must Wait To Depose Ex-CEO, Judge Says
A Florida federal judge has said that the investors suing crypto exchange Binance over alleged money laundering and securities law violations don't need to rush to depose its former CEO, Changpeng Zhao, now that his criminal sentencing has been delayed.
-
March 12, 2024
Treasury Sanctions More Iran-Backed Terrorist Operatives
The U.S. Department of the Treasury on Tuesday unveiled new sanctions against a handful of individuals with ties to the designated terrorist group Al-Ashtar Brigades, singling out "key Iran-based operatives" as well as a financier for the group.
-
March 12, 2024
IP Offices Tell Congress Legal Changes Not Needed For NFTs
The U.S. Patent and Trademark Office and the U.S. Copyright Office told Congress in a report Tuesday about the intellectual property implications of nonfungible tokens, identifying opportunities and concerns about the technology, while advising against changing IP law or policy as a result.
-
March 12, 2024
OCC's Hsu Says 'Operational Resilience' Regs May Be Coming
The Office of the Comptroller of the Currency's acting chief, Michael Hsu, said Tuesday that federal regulators are looking at pursuing new rules to bolster larger banks' ability to withstand and recover from external and internal disruptions to their critical operations.
-
March 12, 2024
Crypto Mixer Operator Found Guilty Of Money Laundering
A Washington, D.C., jury on Tuesday found the operator of crypto mixing service Bitcoin Fog guilty of facilitating tens of millions of dollars in transactions linked to illicit activities on darknet marketplaces.
-
March 12, 2024
TransUnion Unit Pays $37M On Credit Card Data Misuse Claim
TransUnion's data unit Argus Information & Advisory Services will pay $37 million to the federal government to resolve allegations it violated the False Claims Act by allegedly misusing anonymized credit card data it obtained from banks under contracts with federal regulators over a decade-long period, the U.S. Department of Justice announced Tuesday.
-
March 12, 2024
Paul Weiss' Digital Tech Chair On AI's Promises And Perils
While generative artificial intelligence promises to increase access to justice and kill the billable hour, we don't know how to prevent it from unleashing misinformation and disinformation on the electorate, says Katherine Forrest, a former Manhattan federal judge who is now chair of Paul Weiss Rifkind Wharton & Garrison LLP's digital technology group.
-
March 11, 2024
Forex Firm Wants CFTC Sanctioned For 'Bad Faith' Behavior
A foreign exchange firm accused by the U.S. Commodity Futures Trading Commission of defrauding customers is calling on a New Jersey federal judge to sanction the agency for a "pattern of misconduct" that includes knowingly submitting false statements to the court and attempting to intrude on attorney-client privilege.
-
March 11, 2024
Coinbase Asks 3rd Circ. To Force SEC To Set Rules For Crypto
Crypto exchange Coinbase asked the Third Circuit on Monday to force the U.S. Securities and Exchange Commission to set rules of the road for digital assets in an opening brief that argued the agency failed to provide "a reasoned explanation" for why it denied an earlier request for crypto rulemaking.
-
March 11, 2024
FDIC's Crypto Caution Has 'Significant Downsides,' Hill Says
Travis Hill, vice chair of the Federal Deposit Insurance Corp., said Monday that the agency's cautious attitude toward cryptocurrency needs more nuance and risks sending the wrong message to banks that they shouldn't even "bother trying" to get involved with anything crypto-related.
-
March 11, 2024
Bitcoin Miner's Vendor Accused Of Taking $6.4M Computers
A bitcoin mining company has launched a contract dispute involving the cost of electricity in Washington federal court against a vendor that hosted its computers, alleging the host refused to return equipment worth $6.4 million after it failed to supply enough power to the devices.
-
March 11, 2024
3 Firms Seek To Lead, Combine Axos 'Bait And Switch' Cases
Two consumers who separately sued Axos Bank over its handling of interest rates on savings deposit accounts offered through one of its online divisions have urged a California federal judge to consolidate their lawsuits and appoint three law firms representing them as interim co-lead counsel in the combined case.
-
March 08, 2024
Trump 'An Existential Threat' To Rule Of Law, Attys Warn
Former President Donald Trump represents an "existential threat" to democracy and the rule of law, legal experts said Friday at a conference on white collar crime in San Francisco.
-
March 08, 2024
Visa, Mastercard's Standing Challenge Fails In Swipe Fee Case
A New York federal judge in a newly unsealed order rejected Visa and Mastercard's bid for summary judgment that claimed that merchants suing the card companies over allegedly anticompetitive conduct lack standing to do so under U.S. Supreme Court precedent.
Expert Analysis
-
Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
-
Inside The Current State Of International Crypto Compliance
A recent Financial Action Task Force report regarding adoption of international virtual asset compliance standards reflects a fairly grim state of affairs, but a broader look at providers' risk mitigation efforts and developments is encouraging, say Leah Moushey and Franco Jofré at Miller & Chevalier, and Meredith Fitzpatrick at Forensic Risk Alliance.
-
Why Public Cos. Should Also Comply With SEC's Names Rule
While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.