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Fintech
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Terraform Backer Tells Jury His Firm Lost Big On $36M Stake
A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.
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March 26, 2024
GOP Lawmakers Push Gensler To Clarify SEC Stance On Ether
Nearly 50 House Republicans called on U.S. Securities and Exchange Commission Chair Gary Gensler to explain his agency's views on the ethereum network's token after a firm apparently only cleared to safeguard digital asset securities announced its intention to support ETH.
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March 26, 2024
SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction
The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.
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March 26, 2024
Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute
Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 25, 2024
Lender Groups Sue Over Colorado's Rate 'Opt-Out' Law
A coalition of lender trade groups filed suit Monday to block Colorado officials from enforcing a new, impending law to rein in high-cost online lending by out-of-state banks, alleging it violates federal law and risks harming Colorado borrowers instead of helping them.
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March 25, 2024
Crypto Group, Apparel Co. Sue Over SEC Crypto Policy
A Texas-based apparel company on Monday teamed up with a crypto industry group to sue the U.S. Securities and Exchange Commission over an alleged pattern of enforcement against crypto firms, which the brand said threatens its business since it distributed its own digital token.
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March 25, 2024
Bank Groups Ask 5th Circ. To Block CFPB Card Late-Fee Rule
Bank trade groups on Monday escalated their fight against the Consumer Financial Protection Bureau's credit card late-fee rule, asking the Fifth Circuit to intervene and stay the regulatory measure after a Texas federal judge declined to act on their request for an immediate injunction last week.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Ripple's Legal Chief Says SEC Wants $2B In Remedies
The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.
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March 25, 2024
Bloomberg Asks To Toss Ex-Gov. Huckabee's AI Class Action
Media company Bloomberg has asked a Manhattan federal judge to dismiss it from a proposed class action led by former Arkansas Gov. Mike Huckabee, arguing that the plaintiffs' complaint lacks specifics detailing how their e-books' copyrights were allegedly infringed to train Bloomberg's large language model.
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March 25, 2024
Nigeria Charges Binance With Tax Evasion, Says Exec Fled
Nigeria's tax authority filed criminal tax evasion charges against Binance, one of the world's largest cryptocurrency exchanges, and two of its executives, one of whom escaped custody Monday, according to state-owned media.
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March 25, 2024
Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told
Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 22, 2024
OCC Fines Sterling Bank's Ex-COO $150K For Lax Oversight
The former president of Michigan-based Sterling Bancorp Inc. has been ordered to pay $150,000 by the Office of the Comptroller of the Currency for allegedly failing to properly oversee the bank's Advantage Loan Program, which presented "high risks for fraud, money laundering, and lending misconduct."
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March 22, 2024
Feds Delay Community Lending Assessment Change To 2026
Federal banking regulators have pushed back a looming implementation date for part of their revamped community lending rules, delaying the roll-out of certain changes in a move that is raising fresh criticism of the rulemaking amid an industry-backed legal challenge.
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March 22, 2024
WisdomTree Nabs New York Trust Company Charter
Asset management firm WisdomTree announced Friday that it's received a New York trust company charter, allowing it to expand its personal finance service and issue two of its stablecoins in New York.
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March 22, 2024
Trims Recommended In Zelle Fraud Victims' Case Against BofA
A North Carolina federal magistrate judge has recommended trimming claims in a proposed class action that alleges Bank of America NA didn't compensate for or adequately investigate scammers' unauthorized Zelle transactions despite assurances to victims who lost thousands of dollars.
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March 22, 2024
Feds Reach Deal To Seize, Sell FTX Executive Jets
Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.
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March 22, 2024
5 Things To Know As SEC Takes Terraform Fraud Case To Trial
The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.
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March 21, 2024
Silvergate Must Face Investor Suit Over FTX Ties, Judge Says
The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.
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March 21, 2024
Wisconsin Gov. Signs Earned Wage Access Bill Into Law
Wisconsin on Thursday solidified a licensing framework for so-called earned wage access services when Gov. Tony Evers signed a state law regulating the cash-advance products.
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March 21, 2024
CFPB Wants Late-Fee Suit In DC As Judge Notes Busy Docket
The Consumer Financial Protection Bureau on Thursday asked a Texas federal judge to move a challenge to its new credit card late-fee rule to a Washington, D.C., federal court, a day after the court denied a bid for an immediate injunction brought by a trade group coalition suing to overturn the rule.
Expert Analysis
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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.
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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.