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Fintech
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February 29, 2024
IGT Units Merging With Everi To Create $6.2B Gaming Co.
International Game Technology said Thursday it has agreed to spin off its Global Gaming and PlayDigital businesses and merge them with gaming machine maker Everi Holdings, a deal that will create a global gaming and fintech valued at $6.2 billion, including debt.
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February 28, 2024
SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit
The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.
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February 28, 2024
'You Gave Away Your Case': Crypto Win Wilts At High Court
The U.S. Supreme Court on Wednesday leaned toward letting a technical tug-of-war continue in litigation accusing the cryptocurrency platform Coinbase Inc. of running a sketchy sweepstakes, as multiple justices suggested the Ninth Circuit overlooked key issues when it sided with aggrieved consumers.
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February 28, 2024
Wells Fargo Fired Teller For AML Whistleblowing, Suit Says
Wells Fargo faces an ex-employee's suit alleging the bank fired her in retaliation after she raised concerns that the bank's "streamlined" online account opening process allowed customers to open accounts even if they'd previously failed screening aimed at preventing money laundering.
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February 28, 2024
Gemini To Pay $37M Fine, Vows To Make Customers Whole
Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.
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February 28, 2024
SEC Republicans Warn Against Changing 'Accredited' Definition
Limiting who counts as an accredited investor could "devastate" local angel investor networks, a Republican member of the U.S. Securities and Exchange Commission has warned, as the agency weighs enacting additional rules on private markets.
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February 28, 2024
Binance Founder Against More Travel Limits, Floats UAE Trip
Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates.
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February 28, 2024
Objectors Want $1M Atty Fees In $5.6B Swipe Fees Settlement
Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard have told a New York federal judge they are seeking nearly $1 million in legal fees for "enhancing the adversary process, sharpening the debate, and pursuing meritorious appeals in this litigation over the past eleven years."
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February 28, 2024
Ousted Roche Freedman Atty Wants Ex-Partners Sanctioned
The ousted partner of the law firm formerly known as Roche Freedman LLP asked a New York federal judge to impose sanctions on his former colleagues, claiming the partners destroyed evidence when they communicated through an application that auto-deleted their messages in the lead-up to voting him out of the firm.
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February 28, 2024
US Trustee Taps Ex-Prosecutor To Be FTX Examiner
The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.
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February 27, 2024
Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud
FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.
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February 27, 2024
Justices Skeptical Of Workability In BofA Preemption Fight
The U.S. Supreme Court appeared hesitant Tuesday to side with consumers who say that Bank of America and other national banks can't claim exemption from state laws in court without first proving "significant" interference from them, signaling practical concerns about what reversing a contrary Second Circuit decision could entail.
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February 27, 2024
Employers Must Battle AI Bias, Fisher Phillips' AI Chief Says
Employers embracing artificial intelligence and machine learning tools to automate time-consuming tasks, such as screening resumes and conducting interviews, must ensure those tools don't engage in "algorithm drift" that results in improper bias, which could put a company on the hook legally and ruin its brand reputation, says David Walton, chair of Fisher Phillips' artificial intelligence team.
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February 27, 2024
Fintech Co. Chime Fined $2.5M Over Customer Service Gripes
Fintech company Chime will pay $2.5 million to resolve claims that it handled customer complaints in an untimely and unfair manner over three months in 2021 and will ensure customer service support 24 hours a day, seven days a week, the California Department of Financial Protection and Innovation announced Tuesday.
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February 27, 2024
Ex-Anchorage Digital GC Speaks Out On Leaving Crypto Bank
The former general counsel for cryptocurrency custodian Anchorage Digital said Tuesday that a continued lack of regulatory clarity for the industry as a whole and the scale of bad actors in the space led her to step down from her role with the digital asset bank late last year.
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February 27, 2024
Ex-CFPB Senior Counsel Joins White & Case
White & Case LLP announced Tuesday that a former counsel with the Consumer Financial Protection Bureau joined the firm's white collar team as a partner in Washington, D.C.
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February 27, 2024
Deal-Makers Expect Further Uptick In M&A-Related Disputes
Global deal-makers expected increases in mergers and acquisitions-related disputes moving into 2024 after high interest rates and financing constraints created challenges to sealing deals, according to Berkeley Research Group's M&A Disputes Report 2024, which was reviewed by Law360 on Tuesday and is expected to be released in the coming days.
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February 26, 2024
BofA Battle Will Test Preemption's Reach At High Court
The U.S. Supreme Court is set Tuesday to consider whether federal law exempts national banks from state-level escrow interest requirements, a case whose technical-sounding focus belies its hefty implications for the balance of federal and state regulatory power over many of the nation's big banks.
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February 26, 2024
NIST Widens Cybersecurity Framework To Cover All Industries
The U.S. Department of Commerce agency that developed a landmark cybersecurity framework for critical infrastructure operators announced Monday that it had finalized a long-anticipated update, aimed at helping all industry sectors and organizations, to a voluntary tool to better manage cyber risks.
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February 26, 2024
Genesis Creditors, Owners Allege Cash Grab At Plan Hearing
Customers and the equity owners of cryptocurrency lender Genesis on Monday accused each other of trying to rob them of assets they deserve, as the debtor began a confirmation hearing for its Chapter 11 plan in New York bankruptcy court.
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February 26, 2024
FDIC Faces Staffing Crunch Amid Rising Turnover, IG Warns
The Federal Deposit Insurance Corp. is struggling to hire enough new employees to keep up with retirements and departures, especially in its examinations department, according to a report from the independent agency's inspector general.
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February 26, 2024
CFTC Insists Agency Has Authority To Ban Election Gambling
The U.S. Commodity Futures Trading Commission told a D.C. federal judge on Monday that barring an online trading platform from offering election betting was within its power as a federal agency, and is also in the public interest.
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February 26, 2024
MetaBirkins NFT Maker Tells 2nd Circ. 'Artwork' Is Protected
The creator of the MetaBirkins non-fungible token collection has told the Second Circuit that his use of the iconic Hermès bag's name and likeness was relevant to his artwork but said the New York court misapplied the test of whether it was protected speech when it found that the digital assets infringed on the fashion house's trademarks.
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February 26, 2024
Albright Pauses DOE's Crypto Mining Survey, For Now
A Texas federal judge has temporarily barred the U.S. Department of Energy from requiring crypto mining firms to provide data on their electricity usage after a lawsuit from a Texas industry group and a bitcoin mining firm accused the government of skirting the process to approve the survey.
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February 26, 2024
'Pig Butchering' Victim Slaps Binance, Ex-CEO With RICO Suit
Binance and the cryptocurrency exchange's former CEO let criminal syndicates run fraud schemes through its platform by flouting laws against money laundering and money transmitting, according to an $8.1 million civil racketeering suit filed in Boston federal court.
Expert Analysis
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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.
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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.