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Fintech
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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.
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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.
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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.
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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.
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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.
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March 06, 2024
Gemini Scores Arbitration Bid In 'Earn' Crypto Investment Suit
Gemini Trust Co. LLC investors must arbitrate their claims that the cryptocurrency exchange misled them about the firm's interest-bearing accounts and were hurt after the program for the accounts was halted, with a New York federal judge finding that Gemini and its founders have shown that a valid arbitration agreement exists.
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March 06, 2024
Fed's Powell Expects 'Material Changes' For Capital Hike Plan
Federal regulators' so-called Basel III endgame proposal to raise large bank capital requirements will likely undergo "broad and material changes," Federal Reserve Chair Jerome Powell told House lawmakers Wednesday.
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March 05, 2024
NY Targets Yellowstone Capital In $1.4B Suit Over Lending
New York Attorney General Letitia James on Tuesday slapped Yellowstone Capital and dozens of other lenders with a suit seeking at least $1.4 billion for allegedly predatory lending practices that James said exploit small businesses through fraudulent loans at "sky-high interest rates."
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March 05, 2024
5 Things To Know About CFPB's Cut To Credit Card Late Fees
The Consumer Financial Protection Bureau's new rule to cut credit card late fees has ignited a banking industry firestorm, with at least one trade group warning it will "imminently" sue. Here are five things to know as the fallout from the rule begins to take shape.
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March 05, 2024
Coinbase Asks Judge To Ignore SEC Win Over 'Empty Chair'
Coinbase on Tuesday told the New York federal judge who's refereeing a U.S. Securities and Exchange Commission enforcement action brought against the cryptocurrency exchange to disregard a default judgment in another SEC case that found certain crypto trades on public exchanges to be securities transactions.
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March 05, 2024
Terraform Says Creditors Sabotaging Dentons Retention
A Delaware bankruptcy judge on Tuesday allowed Terraform Labs unsecured creditors time to catch up on a dispute over the debtor's Denton's retention, a request Terraform dubbed "sabotage" of its defense in an upcoming $40 billion securities fraud trial.
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March 05, 2024
Judges Unsure On Atty Sanctions In Robinhood Spam Suit
Class counsel sanctioned $750,000 for helping instigate a spam text suit against Robinhood Financial likely engaged in "shenanigans," a Washington appeals judge said Tuesday, though a colleague on the bench questioned whether those sanctions should stick if Robinhood was nevertheless liable in the case.
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March 05, 2024
IPwe Seeks Ch. 7 Liquidation After Ch. 11 Financing Loss
Patent trading platform operator IPwe asked a Delaware bankruptcy judge Tuesday to convert its Chapter 11 reorganization to a Chapter 7 liquidation, saying it has lost its source of bankruptcy funding and has no way to continue with its planned going-concern sale.
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March 05, 2024
Gibson Dunn AI Leader On Weathering The AI Policy Blizzard
Like a mountaineer leading a team through a snowstorm, Gibson Dunn & Crutcher LLP's artificial intelligence co-chair Cassandra L. Gaedt-Sheckter is guiding companies developing and using artificial intelligence through a blizzard of new laws and regulations coming online in Europe and the U.S., saying that assessing AI risks is the North Star to mitigating them.
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March 05, 2024
CryptoQueen's Brother Avoids More Prison For OneCoin Fraud
A Manhattan federal judge on Tuesday allowed the younger brother of fugitive OneCoin founder Ruja Ignatova to avoid additional prison time for his role in the $4 billion, global cryptocurrency scam, after he testified for the feds at a high-profile trial.
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March 05, 2024
Splunk Investors Get Final OK For $30M Deal, $7.5M Atty Fees
A California federal judge has granted final approval to a $30 million settlement, including $7.5 million in fees for class counsel, to resolve a securities class action accusing software company Splunk of lying about strategies it used to meet cash flow goals.
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March 05, 2024
Voyager Creditors Have Left $19M Of Checks Uncashed
The wind-down administrator for defunct cryptocurrency brokerage Voyager Digital Holdings Inc. has told a New York bankruptcy judge that $19 million worth of checks sent to creditors were still unclaimed, setting an April 20 deadline to cash the checks or lose out on recovery for good.
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March 05, 2024
Vegas Man Convicted In Bank Fraud, Laundering Scheme
The CEO of a Las Vegas-based company was convicted in New York federal court Monday of participating in multiple schemes to defraud banks and credit card companies and launder proceeds from fraud and narcotics sales.
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March 05, 2024
CFPB Adopts Rule To Slash Credit Card Late Fees By Billions
The Consumer Financial Protection Bureau said Tuesday that it has finalized a new rule to sharply lower the typical credit card late fee from more than $30 down to just $8, a move that could save consumers billions of dollars annually and is expected to face a swift industry challenge in court.
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March 04, 2024
Banks Say CFPB's Small-Biz Lending Rule Is Gov't 'Run Amok'
Bank trade groups have urged a Texas federal judge to strike down the Consumer Financial Protection Bureau's small-business lending data rule as "government run amok," arguing it is a multibillion-dollar boondoggle that exceeds the agency's authority.
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March 04, 2024
Underwriters Freed From Suit Against Fintech Co. Ryvyl
A California federal judge has dismissed the underwriters and significantly trimmed the remaining claims in a case against fintech company Ryvyl Inc. and certain executives, accusing them of concealing accounting issues, saying the plaintiffs have adequately alleged only a few misleading statements and knowledge of wrongdoing by one executive.
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March 04, 2024
Cash App, Block Reach $15M Deal To End Data Breach Suit
Mobile payment companies Block Inc. and Cash App Investing LLC and its customers are seeking a California federal judge's initial approval of a $15 million deal settling claims that a December 2021 data breach at the companies exposed personally identifiable information, account numbers and trading activity of 8.2 million people.
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March 04, 2024
DOJ Worried Binance Founder's Travel May 'Become An Issue'
Binance founder Changpeng Zhao should have to notify the government of any travel as he awaits sentencing, prosecutors have said, telling a federal court in Washington they remain concerned he could be a flight risk.
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March 04, 2024
NerdWallet, Syracuse Hit With 'Fraudulent' Bankruptcy Cases
Personal finance platform NerdWallet, the city of Syracuse, New York, a Taco Bell franchisee and a financial tech company were targets of apparently phony bankruptcy cases opened in Delaware over the weekend by a frequent pro se litigant.
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March 04, 2024
8 Banks Targeted In ATM Patent Campaign
A patent-holding company has accused JPMorgan Chase Bank NA and other banks of infringing a pair of patents covering things like ATM circuitry memory.
Expert Analysis
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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3 Types Of Evidence Excluded Pretrial In 2023 TM Cases
Dylan I. Scher at Quinn Emanuel reviews three areas of rulings on motions in limine from 2023 where parties successfully excluded evidence in a trademark dispute, for legal practitioners to consider for future cases.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Expect CFPB Flex Over Large Nonbank Payment Cos.
A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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High Court's Chevron Review May Be A Crypto Game-Changer
The outcome of the U.S. Supreme Court's review of the Chevron doctrine in its pending Loper v. Raimondo case will potentially usher in a paradigm shift in cryptocurrency regulation, challenging agency authority and raising hopes for a recalibrated approach that favors judicial interpretation, says Sylvia Favretto at Mysten Labs.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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'Paper Tiger' Finds Its Fangs: Repeat Offenders And The CFPB
Following the Consumer Financial Protection Bureau’s recent imposition of structural remedies on Enova for repeat offenses, financial institutions, especially those that have previously been subject to consent orders, need to carefully consider their options when facing future enforcement proceedings with the CFPB, says Caitlin Mandel at Winston & Strawn.
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How FinCEN's Proposed Rule Stirs The Pot On Crypto Mixing
The Financial Crimes Enforcement Network’s recently issued proposal aims to impose additional reporting requirements to mitigate the risks posed by convertible virtual currency mixing transactions, meaning financial institutions may need new monitoring techniques to detect CVC mixing beyond just exposure, say Jared Johnson and Jordan Yeagley at Buchanan Ingersoll.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.