Fintech

  • January 21, 2025

    10th Circ. Looks For Limits In Custodia's Master Account Suit

    The Federal Reserve Bank of Kansas City on Tuesday told a Tenth Circuit panel that the crypto-focused Custodia Bank is not entitled to a so-called master account that it has sued the Federal Reserve to get, while acknowledging that the Fed's own discretion to deny such an account has its limits.

  • January 21, 2025

    Citi Can't Escape NYAG's Wire Fraud Protection Suit

    A Manhattan federal judge on Tuesday declined to free Citibank NA from a lawsuit filed by New York's attorney general, who accuses the bank of failing to protect and reimburse customers who have lost money to online wire fraud.

  • January 21, 2025

    SEC Says 'Hotspot' Crypto Miners Broke Registration Laws

    Technology company Nova Labs Inc. faces U.S. Securities and Exchange Commission allegations that it attempted an "end-run" around federal securities laws with its unregistered sale of investment contracts in the form of its "hotspot" crypto asset mining devices.

  • January 21, 2025

    Coinbase Asks 2nd Circ. To Settle Crypto Securities Question

    Coinbase has urged the Second Circuit to settle how securities laws apply to its crypto transactions, saying "there is no more pressing issue in securities law today" than determining the U.S. Securities and Exchange Commission's ability to regulate digital assets.

  • January 21, 2025

    Block Hit With Shareholder Suit Over Cash App AML Protocols

    Jack Dorsey's fintech company Block Inc. touted its anti-money laundering protocols designed to prevent criminals from using Cash App and Square for illicit purposes, but in reality, the company's lack of even basic protocols created a "haven for criminal and illicit activities," a California federal lawsuit alleges.

  • January 21, 2025

    Asset Type Immaterial To Crypto Fraud Claims, SEC Says

    The U.S. Securities and Exchange Commission has argued that digital assets referenced in its fraud case in Texas against the principals of a purported cryptocurrency mining operation are "immaterial to the economic reality" of the allegedly fraudulent securities transactions at the heart of its action.

  • January 21, 2025

    Trump Names Interim Top Prosecutors In Manhattan, Brooklyn

    President Donald Trump named two high-ranking prosecutors to be interim U.S. attorneys in the Southern and Eastern districts of New York while his long-term picks for the posts await Senate confirmation, spokespeople for the offices confirmed Tuesday.

  • January 21, 2025

    Crypto Firm To Plead Guilty In Market Manipulation Case

    A financial services firm based in the United Arab Emirates has agreed to plead guilty to a fraudulent "wash trading" scheme and will stop working in the U.S. cryptocurrency industry as part of a deal announced Tuesday by Boston federal prosecutors.

  • January 21, 2025

    Payment Co. Says Okla. Tribe Lacks Jurisdiction In Fraud Suit

    Two owners of a payment processor have asked an Oklahoma federal judge to toss a Native American tribal entity's lawsuit claiming they defrauded it out of $1.5 million, arguing that it isn't a citizen for the purposes of diversity jurisdiction under Tenth Circuit precedent.

  • January 21, 2025

    DOJ Fights Visa's Bid To Duck Monopoly Case

    The U.S. Department of Justice urged a New York federal court not to toss its case accusing Visa of illegally maintaining a monopoly over debit card networks, saying the company's dismissal bid misconstrues the law and wrongly tries to expand the market at issue.

  • January 21, 2025

    New SEC Task Force Eyes 'Sensible' Crypto Regulations

    A day after being appointed acting chairman of the U.S. Securities and Exchange Commission, Mark T. Uyeda on Tuesday launched a cryptocurrency task force to develop "a comprehensive and clear regulatory framework" for such assets.

  • January 17, 2025

    Law360 Names Practice Groups Of The Year

    Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.

  • January 17, 2025

    Law360 Names Firms Of The Year

    Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.

  • January 20, 2025

    Trump, Musk Sued By Nonprofits Over DOGE Transparency

    Public Citizen and other nonprofits hit the Trump administration with multiple lawsuits seeking to shut down the new Department of Government Efficiency in D.C. federal court Monday, alleging the Elon Musk-led advisory committee targeting government waste lacks requisite transparency guardrails to prevent DOGE from solely advancing private interests.

  • January 17, 2025

    FDIC Missed Some Crypto 'Pause' Letters, Coinbase Ally Says

    The research consultancy suing the Federal Deposit Insurance Corp. on behalf of Coinbase for documents on the regulator's internal views on crypto said Friday that it intends to update its complaint with new allegations that the FDIC did not conduct a thorough search and may be engaging in unlawful practices, based on purported whistleblower reports.

  • January 17, 2025

    DC Circ. Unsure On Restoring CFTC's Election Betting Ban

    The D.C. Circuit seemed hesitant Friday to reimpose a ban that the U.S. Commodity Futures Trading Commission had placed on gambling over the fate of U.S. elections, as the judges spent over an hour trying to parse what Congress meant when it said that gaming on derivatives platforms was prohibited.

  • January 17, 2025

    Video Game Maker To Pay $20M For Child Privacy Violations

    The maker of the video game "Genshin Impact" has agreed to pay $20 million and block children under 16 from making in-game purchases without parental permission to resolve the Federal Trade Commission's claims that the company misled children and other users about the actual costs of purchases and illegally collected children's personal information.

  • January 17, 2025

    Crypto Coder Sues Feds To Block 'Money Transmitter' Label

    Crypto policy think tank Coin Center is supporting one of its fellows in suing the federal government over its allegedly "mistaken view" of how criminal money transmission statutes apply to crypto software.

  • January 17, 2025

    LA Crypto 'Godfather' Admits To $36M Meta Hacking Fraud

    A Los Angeles-based cryptocurrency founder who called himself "The Godfather" will plead guilty to earning $36 million through the sale of hacked Meta Platforms advertising accounts and evading taxes on the fraudulent profits, according to federal court documents unsealed Friday,

  • January 17, 2025

    SEC Fines Crypto Giant DCG, Ex-Genesis CEO $38.5M

    Crypto venture capital firm Digital Currency Group and the ex-CEO of its bankrupt lending subsidiary Genesis Global Capital LLC agreed to a combined $38.5 million civil penalty Friday to settle claims they misled investors about Genesis' financial condition ahead of its collapse.

  • January 17, 2025

    FDIC Sues Ex-SVB Top Brass For 'Egregious Mismanagement'

    The Federal Deposit Insurance Corp. has sued Silicon Valley Bank's former CEO Gregory Becker and other top brass in California federal court in a bid to put them on the hook for the bank's costly 2023 failure, accusing them of "egregious mismanagement."

  • January 17, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the family of the late chairman of Leicester City FC sue a helicopter manufacturer for £2.15 billion ($2.63 billion), Vivienne Westwood bring a copyright claim against the late designer's foundation and blockchain giant Tether file a new claim in its ongoing dispute with crypto trading firm Swan Bitcoin. Here, Law360 looks at these and other new claims in the U.K.

  • January 16, 2025

    Two Sigma Fined $90M Over Investment, Whistleblower Issues

    New York-based Two Sigma has agreed to pay $90 million in fines and has already refunded $165 million to various funds and accounts to put to rest the U.S. Securities and Exchange Commission's allegations it failed to deal with known issues with its investment models, the SEC announced Thursday.

  • January 16, 2025

    Tech Groups Sue To Topple CFPB Payment Oversight Rule

    Trade groups for Big Tech firms moved Thursday to block the Consumer Financial Protection Bureau from supervising their digital payment operations, filing a new lawsuit challenging the agency's recent rule broadening the reach of its oversight.

  • January 16, 2025

    SEC's General Counsel Barbero To Exit As Trump Takes Office

    The U.S. Securities and Exchange Commission announced Thursday that General Counsel Megan Barbero will depart the agency on the day of President-elect Donald Trump's inauguration, capping a nearly two-year run that saw the agency face setbacks to its regulatory powers before conservative courts, but also notch some important wins.

Expert Analysis

  • What To Know About FinCEN's Deepfake Warning

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    A recent alert from the Financial Crimes Enforcement Network warns about the increased use of deepfake media to target financial institutions and their customers, showing that what seems like futuristic technology is a current threat that requires diligent controls and awareness of red flags, say attorneys at Davis Wright.

  • 'Minimal Participant' Bar Is Tough To Clear For Whistleblowers

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    Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.

  • 2024 IPO Market Trends, And What To Expect Next Year

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    The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.

  • Impact Of Corporate Transparency Act Ambiguity On Banks

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    Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.

  • A Look At SEC, CFTC's Record Year For Whistleblower Awards

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    Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.

  • What 2024 Trends In Marketing, Comms Hiring Mean For 2025

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    The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.

  • Expect Continuity In 2025 Anti-Money Laundering Policy

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    The past year has seen a range of anti-money laundering actions from federal financial regulators, and notwithstanding the imminent change from the Biden administration to the Trump administration, continuity may be more prevalent than change in the AML compliance space in 2025, say attorneys at White & Case.

  • 5 Notable Anti-Money Laundering Actions From 2024

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    Regulators' renewed interest in anti-money laundering programs in 2024 led to numerous enforcement actions and individual prosecutions in industries like banking, cryptocurrency and gaming, including the blockbuster TD Bank settlement and investigations of casinos in Nevada, says Michael Beckwith at Dickinson Wright.

  • Series

    Group Running Makes Me A Better Lawyer

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    The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.

  • Strategies For Home Equity Investment Providers In 2025

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    The home equity investment product market is thriving even amid consumer concerns, regulatory scrutiny and conflicting court decisions, setting the stage for a promising but challenging environment for providers in 2025, say attorneys at Sheppard Mullin.

  • Opinion

    6 Changes I Would Make If I Ran A Law School

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    Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.

  • Implications Of NY Climate Case For Generating Facilities

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    Regardless of how Greenidge Generation LLC v. New York Department of Environmental Conservation develops on remand, this decision has immediate repercussions for generating facilities seeking permit applications and renewals in New York, likely involving Climate Leadership and Community Protection Act considerations, say attorneys at Hodgson Russ.

  • How CFPB Rule Would Affect Data Brokers And Beyond

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    The Consumer Financial Protection Bureau recently proposed a rule that would not only expand data broker oversight by classifying many as consumer reporting agencies, but would also impose new limitations on companies seeking to obtain information from them, potentially requiring such entities to alter their business models, say attorneys at Orrick.

  • Firms Still Have The Edge In Lateral Hiring, But Buyer Beware

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    Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.

  • 5th Circ. Crypto Ruling Shows Limits On OFAC Authority

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    The Fifth Circuit's recent decision that immutable smart contracts on the Tornado Cash crypto-transaction software protocol are not "property" subject to Office of Foreign Assets Control jurisdiction may signal that courts can construe OFAC's authority more restrictively after Loper Bright, say attorneys at Morgan Lewis.

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