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Fintech
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March 18, 2024
Ex-Holland & Knight Atty To Lead Hilgers Graben Gov't Team
A former securities defense leader at Holland & Knight LLP has moved to Hilgers Graben PLLC's Dallas office to lead the firm's government investigations and regulatory enforcement group.
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March 15, 2024
Bank Groups Defend Texas Home For CFPB's Late-Fee Rule Suit
A trade group coalition suing to overturn the Consumer Financial Protection Bureau's new credit card late-fee rule pressed Thursday in Texas federal court for an immediate injunction against the measure, pushing back on the agency's claims that the case should be bounced for ineffective "forum shopping."
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March 15, 2024
Ex-Prisoners Partially Settle Prepaid Card Suit For $2.8M
Central National Bank NA and a class of former inmates who were charged fees for using the bank's prepaid debit cards from partner Numi Financial reached a $2.8 million settlement following mediation, but the parties have requested the court stay the case while class counsel investigates Numi's potential insolvency.
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March 15, 2024
Roblox's Casino Games Are 'Preying On Children,' Suit Says
Online game platform Roblox Corp. has been hit with another proposed class action suit in California federal court accusing it and other companies of "preying on children nationwide" through an "illegal gambling ecosystem" that specifically targets minors.
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March 15, 2024
Peer Street Can Solicit Ch. 11 Plan Votes, Judge Says
Peer Street told creditors of the company and its entities Friday to expect ballots for their Chapter 11 plan, after a Delaware bankruptcy judge decided the real estate investment platform had disclosed enough information about its proposal for reorganization.
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March 15, 2024
Bitcoin 'Founder' Held In Contempt For Disclosure Delay
A Florida federal judge on Friday held self-professed bitcoin inventor Craig Wright in civil contempt for delaying disclosure of financial information to the holder of a $143 million judgment against him and said a sanctions award of reasonable attorney fees and costs would be appropriate.
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March 15, 2024
Marathon Digital Pays $87.3M For Bitcoin-Mining Data Center
Bitcoin-mining company Marathon Digital Holdings Inc., advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Friday announced it is buying Lowenstein Sandler LLP-led Applied Digital Corp.'s bitcoin-mining data center in Texas for a net purchase price of $87.3 million.
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March 15, 2024
Trade Secret Cases Are Up As Clients Eye Patent Alternatives
Trade secret litigation has seen a gradual increase over the past decade, driven by the promise of substantial damages awards, a new federal law, and frustration over the challenges of patent litigation, according to intellectual property attorneys.
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March 15, 2024
Feds Say Bankman-Fried Deserves 40 To 50 Years In Prison
Sam Bankman-Fried should spend 40 to 50 years in prison for engaging in a massive fraud that sank his FTX crypto exchange, Manhattan federal prosecutors argued Friday, pushing back against a request by defense counsel for a sentence of roughly six years.
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March 14, 2024
17 Added To SEC's $300M Suit Alleging Crypto Ponzi Scheme
The U.S. Securities and Exchange Commission on Thursday expanded its takedown of an alleged $300 million crypto Ponzi scheme with a suit against 17 individuals for their roles in a business that allegedly targeted Latino investors.
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March 14, 2024
CFPB To Mull Official 'Standard Setters' In Open Banking Push
Consumer Financial Protection Bureau Director Rohit Chopra outlined plans for his agency to start offering formal accreditation for open banking "standard-setting organizations" as it prepares to finalize a landmark new rule on data-sharing between banks and fintech firms.
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March 14, 2024
Artist Can't Exhibit 'MetaBirkins' NFT After TM Trial Loss
The Los Angeles-based designer behind the "MetaBirkins" non-fungible token is barred from displaying his artwork at a Swedish museum after a federal judge ruled there is a high probability he will use the platform to promote products that a jury previously said infringed trademarks held by luxury French fashion house Hermes International.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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Series
Conn. Banking Brief: The Notable Compliance Updates In Q3
The most notable legal changes affecting Connecticut financial institutions in the third quarter of 2023 included increased regulatory protections for consumers, an expansion of state financial assistance for underserved communities, and a panoply of tweaks to existing laws, says Brian Rich at Barclay Damon.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Series
Mass. Banking Brief: The Notable Compliance Updates In Q3
Among the most significant developments in the financial services space in the third quarter of the year, the Massachusetts Supreme Judicial Court handed down a stunning endorsement of the state's fiduciary duty rule, and banking regulators continued their multiyear crackdown on unregistered entities, say attorneys at Mintz.
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Series
NY Banking Brief: All The Notable Compliance Updates In Q3
Among the most significant developments in banking and financial services from last quarter, New York financial regulators implemented new commercial lending disclosure rules, issued revisions to cybersecurity regulations and published updated guidance on virtual currency listings, says Melissa Hall at Loeb & Loeb.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Opinion
The Prohibition On Insider Trading Is Misleading
Officials regularly describe the prohibition on insider trading as safeguarding shareholders’ property rights and protecting the investing public, but the law is misleading: It’s really an unjust ban on consensual trading, says Kevin Douglas at Michigan State University.
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Series
In The CFPB Playbook: The Bureau In The Courts
From defending the constitutionality of its funding and the scope of its rulemaking authority in the courts to releasing more nonbinding guidance, the Consumer Financial Protection Bureau had a busy summer. Orrick's John Coleman discusses all this and more in the second installment of quarterly bureau activity recaps by former CFPB personnel.
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Feds' Long-Term Debt Proposal Could Be Costly For US Banks
Federal banking regulators recently released a proposal for long-term debt requirements for certain U.S. banking organizations, which would significantly increase the cost of capital for most covered organizations, and the burden would be exacerbated by other factors in the current lending environment, say Matthew Bisanz and Anna Pinedo at Mayer Brown.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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End To CFPB's Discrimination Rule Is A Boon To Industry
A Texas federal court's recent order, which vacated revisions to a Consumer Financial Protection Bureau manual that expanded its authority to punish purported discriminatory practices, provides much-needed relief to covered entities that experienced increased regulatory uncertainty and compliance costs under the updated standards, say attorneys at Husch Blackwell.
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What UCC Article 12 Adoption Means For Digital Assets
Until it is widely adopted, both owners of digital assets and their secured lenders will need to exercise caution in jurisdictions that have adopted Uniform Commercial Code Article 12, and care will need to be taken when creating, transferring and managing digital assets to comply with its requirements, say Margo Tank and David Whitaker at DLA Piper.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.