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Fintech
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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.
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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.
Expert Analysis
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Breaking Down The SEC's 2024 Examination Priorities
The U.S. Securities and Exchange Commission’s recently released examination priorities for the year ahead signal a steady course from prior years, but they also include some specific new concerns and important twists on perennial risk areas, say Kurt Gottschall and Kit Addleman at Haynes Boone.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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Series
ESG Around The World: South Korea
Numerous ESG trends have materialized in South Korea in the past three years, with impacts ranging from greenwashing prevention and carbon neutrality measures to workplace harassment and board diversity initiatives, say Chang Wook Min and Hyun Chan Jung at Jipyong.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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5 Credit Card Practices Drawing CFPB Notice In New Report
The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.
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A Tale Of 2 SVB Reports: Where The Fed's Barr And OIG Differ
Some have said the recent report on Silicon Valley Bank's failure prepared by the Federal Reserve Board's Office of Inspector General is nearly identical to one conducted by Vice Chair for Supervision Michael Barr earlier in the year, but in reality, the OIG report is far more critical and less forgiving of the Fed supervisory staff, say attorneys at Davis Polk.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.
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Keeping Tabs On Fight Over Board Diversity Rule At 5th Circ.
Attorneys at Mintz dissect why the Fifth Circuit rejected a constitutional challenge to Nasdaq’s new requirement that listed companies disclose board diversity data, assess how a petition calling the decision pro-discrimination may fare, and discuss where companies that have yet to meet the exchange's diversity goals go next.
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What To Expect From California's Digital Assets Regime
California’s recent passage of two new laws that create a broad licensing, oversight and enforcement framework for the virtual currency arena will likely affect most digital asset companies doing business in the U.S. when it goes into effect in January 2025, say attorneys at Jenner & Block.
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Why SEC Is Worried AI Could Lead To Recession, Racial Bias
U.S. Securities Exchange Commission Chair Gary Gensler recently indicated he believes the agency should have a seat at the artificial intelligence regulatory table, which he said, if left unchecked, could lead to systemic racial bias, IP issues and even a recession, says Nancy Wojtas at Cooley.
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Preparing Bank Customer Service For New CFPB Scrutiny
With the Consumer Financial Protection Bureau indicating it will soon use a lesser-known Dodd-Frank provision to pursue large banks that unreasonably impede consumers seeking account information, all financial institutions should look for potential obstructions posed by their customer service procedures, says Matthew Walker at Vorys.
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New CFTC Enforcement Policy May Finally Deter Recidivists
The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.
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Key Points From NY Regulators' Crypto Listing Update
Virtual currency entities should review the New York State Department of Financial Services' recently proposed guidance for self-certification of coins, which features heightened listing standards and a new delisting framework, and evaluate its impact on their existing practices and coin-listing procedures, say attorneys at WilmerHale.