Try our Advanced Search for more refined results
Fintech
-
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.
-
March 08, 2024
DOJ Eyes FCPA For New Whistleblower Rewards Program
U.S. Department of Justice officials on Friday signaled a renewed emphasis on fighting foreign corruption, saying its planned whistleblower rewards program should prove useful in Foreign Corrupt Practices Act cases against private companies, and warned companies against running afoul of new rules barring the sale of personal data to foreign adversaries of the U.S.
-
March 08, 2024
SEC Crypto Target Can't Send Securities Query To 11th Circ.
A Florida federal judge has declined to send the question of whether crypto transactions on public exchanges are securities to the Eleventh Circuit after rejecting a bid to toss a securities enforcement case against an alleged $37 million cryptocurrency pump-and-dump scheme.
-
March 08, 2024
Fed Sharpens Threat Safeguard Rules For Payment Utilities
The Federal Reserve said Friday that it has finalized expanded risk-management requirements aimed at hardening key providers of payments infrastructure against cybersecurity disruptions, extreme weather and other threats to their critical operations.
-
March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
-
March 08, 2024
CFIUS Rules May Need Review Amid 'Exponential' Growth
Foreign direct investment-related enforcement and penalty processes in the U.S. could use a review amid "exponential" growth in FDI regimes across the globe, greater awareness of national security risks, and increased U.S. outreach to foreign partners, a U.S. Treasury Department official said Friday.
-
March 08, 2024
New Headache For Binance As 2nd Circ. Revives Investor Suit
The Second Circuit on Friday revived a proposed investor class action against the embattled crypto exchange Binance Holdings Ltd. and its founder, disagreeing with a lower court that ruled the customers had not alleged their transactions were conducted in the U.S.
-
March 07, 2024
Judges Say Facing Threats And Vitriol Now Part Of The Job
Federal judges spoke Thursday about the challenges of the profession in the 21st century, describing how they've either received threats or know of warnings against colleagues, with one jurist saying she received 11 death threats during her first three months on the bench.
-
March 07, 2024
Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program
Deputy Attorney General Lisa Monaco on Thursday said the U.S. Department of Justice will soon begin a pilot program to financially reward whistleblowers who alert prosecutors to significant corporate misconduct.
-
March 07, 2024
New Big Tech 'Gatekeeper' Rules Go Live In Europe
Apple, Google, Microsoft and other digital "gatekeepers" faced a deadline Thursday to implement changes required by Europe's expansive new regulations aiming to rein in the power of Big Tech through rules intended to promote competition and give consumers more choice.
-
March 07, 2024
Crypto Founder's Extortion Suit Fails Yet Again
The founder of a cryptocurrency token company cannot bring racketeering and trade secret claims against former consultants he alleges extorted him for millions of dollars and tried to ruin his company's reputation, an Illinois federal judge has ruled.
-
March 07, 2024
Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees
Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.
-
March 07, 2024
Robinhood Teams With Rich Paul, Klutch To Expand To Sports
Robinhood is partnering with Klutch Sports Group to help it extend its reach into sports, entertainment and media, with Klutch founder and CEO Rich Paul as its strategic brand adviser, the financial investment app announced Thursday.
-
March 07, 2024
Banking Groups Sue CFPB Over Credit Card Late Fee Rule
The U.S. Chamber of Commerce and bank trade groups sued the Consumer Financial Protection Bureau in Texas federal court on Thursday over its new rule to limit credit card late fees to $8, following through on a widely expected challenge to the potentially multibillion-dollar cut to industry revenues.
-
March 06, 2024
Top Calif. Antitrust Atty Says Criminal Cases On The Horizon
California is poised to start prosecuting criminal antitrust cases under a Golden State law that is "broader" than federal law, a senior assistant attorney general for the California Department of Justice said Wednesday at a San Francisco conference.
-
March 06, 2024
Nvidia Wants High Court Review Of $1B Crypto Sales Suit
Nvidia has asked the U.S. Supreme Court to weigh in on a Ninth Circuit decision partially resurrecting a suit accusing the technology company of understating more than $1 billion in sales to cryptocurrency miners, arguing that the justices are needed to clarify the Private Securities Litigation Reform Act's pleading requirements.
-
March 06, 2024
Garland On AI Crime, And A Taylor Swift Tune For DOJ
U.S. Attorney General Merrick Garland on Wednesday told a group of lawyers gathered in San Francisco that the U.S. Department of Justice is ramping up its hiring of computer scientists to fight artificial intelligence-driven crime and also revealed which Taylor Swift song he thought should be the department's anthem.
-
March 06, 2024
Latham Passes Skadden As Busiest Securities Defense Firm
Despite a downward trend in securities case filings over the past three years, Latham & Watkins LLP has remained one of the most active law firms on the defense side, taking over the top spot from Skadden Arps Slate Meagher & Flom LLP, according to reports released by Lex Machina.
-
March 06, 2024
BlockFi, FTX Strike Global Deal To Settle Bankruptcy Disputes
Fallen cryptocurrency giants BlockFi Inc. and FTX have settled their wide-ranging feud, with BlockFi allowed claims for $874.5 million and FTX to lay claim to roughly $600 million worth of liquidated Robinhood shares, formally ending all disputes and litigation between the two companies.
-
March 06, 2024
SEC Dissenters Say Crypto Order Highlights 'Untenable' Rules
The U.S. Securities and Exchange Commission levied a $275,000 fine against crypto exchange ShapeShift for failing to register as a dealer before it left the stateside market in 2021, though dissenting commissioners said the case underscores the "untenable" environment the SEC has created for crypto participants.
-
March 06, 2024
CFPB Faces Call To Close Deposit Rate Disclosure 'Loophole'
A rulemaking petition filed with the Consumer Financial Protection Bureau said the agency should close a regulatory "loophole" allowing banks to quietly lower the savings rate they pay on certain deposit accounts.
-
March 06, 2024
Feb. 2025 Trial Set In $1B Ronaldo Binance Promo Suit
A Florida federal judge has set a February 2025 trial date and other pre-trial details for the proposed class action against soccer star Cristiano Ronaldo related to his role in promoting embattled crypto platform Binance.com, following the failure of the parties to file their joint scheduling reports.
-
March 06, 2024
SEC Beefs Up Disclosure Rules For Stock Order Executions
The U.S. Securities and Exchange Commission unanimously agreed Wednesday to require market venues and brokers to increase disclosures showing that they are obtaining the best prices for their customers' stock market orders on a timely basis, marking the first update to such rules in a quarter-century.
-
March 06, 2024
Genesis Parent Co. Says NY Fraud Suit Is 'Baseless Innuendo'
Crypto conglomerate Digital Currency Group Inc. and its CEO told a New York trial court on Wednesday that the state attorney general's claims that it defrauded customers out of more than $3 billion are "a thin web of baseless innuendo, blatant mischaracterizations and unsupported conclusory statements" that should be permanently tossed.
-
March 06, 2024
Financial Tech Co. Wants Escape From 401(k) Fee Suit
Jack Henry & Associates Inc. has urged a Missouri federal court to toss a worker's proposed class action alleging the financial technology company saddled its employee 401(k) plan with excessive recordkeeping and administrative service fees, arguing his claims weren't backed up with enough comparisons to better-managed, similar plans.
Expert Analysis
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.