Consumers in three related proposed class actions accusing tribe-linked lenders of charging excessively high interest rates have urged a Virginia federal court to approve a $12.35 million settlement they say resolves all of their claims.
A Connecticut federal judge certified a class of purported victims of a cryptocurrency mining Ponzi scheme in a case accusing Stuart Fraser, an investor in GAW Miners LLC and ZenMiner LLC, of defrauding thousands of customers.
Blue Racer Midstream is reportedly considering going public, a Fosun International-led group is said to be discussing a deal to snap up a large stake in Russian gold miner GV Gold, and Bitmain Technologies is reportedly reigniting plans to go public.
Investors in Nvidia Corp. expanded the class period for their securities suit accusing the technology company of misrepresenting its ability to keep up with a boom in cryptocurrency mining.
Florida law firm Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has added a veteran litigator from Greenberg Traurig LLP who looks poised to contribute to the firm's core strengths in litigation and real estate as well as several emerging fields.
Taylor-Copeland Law and Susman Godfrey LLP won the role of co-lead counsel in California federal court Friday in a proposed class action accusing Ripple Labs Inc. of fraudulently offering an unregistered cryptocurrency known as Ripple.
Digital lending technology platform Blend on Monday said a slate of investors including Temasek and General Atlantic poured in $130 million through a funding round steered by Gunderson Dettmer as the company looks to improve the loan process, build its product lineup and hire new talent.
Large technology companies moving into offering currencies and other financial products could dominate the sector, reducing competition and threatening financial stability, central bankers warned.
The head of cryptocurrency company CabbageTech Corp. who once went by "the Coyote of Wall Street" on Friday copped to a single fraud charge for what prosecutors said was a scheme to bilk customers out of hundreds of thousands of dollars by feigning to provide advisory and trading services for investors in virtual currency and misappropriating the funds.
After more than 100 days on the job as acting head of the New York State Department of Financial Services, Linda Lacewell has received state senators' blessing to carry on in a permanent capacity as the state's top banking and insurance regulator.
A Delaware Chancery judge ruled Friday that an investor suit over the $1.4 billion sale of high-frequency trading company KCG Holdings Inc. adequately pled breaches of fiduciary duty by the company's directors and allowed the case to survive a motion to dismiss.
Enforcing tax laws surrounding cryptocurrency will continue to be a priority for the U.S. Department of Justice’s Tax Division, a lead attorney with the agency said Friday.
A New York federal judge has declined to hold in contempt a New York attorney entangled in litigation with a Cayman Islands investment firm over a soured $5 million bitcoin transaction, saying he made "reasonable efforts" to comply with an order to turn over information for use in arbitration.
Centra Tech has revived its bid to have a Florida federal court either force arbitration or toss a proposed class action accusing it of fraudulently raising $32 million in an initial coin offering, telling the court investors agreed to mandatory arbitration when they purchased their digital tokens.
The last week has seen a cryptocurrency operator facing investigations in the U.S. sue HSBC, a number of food import-export companies hit cargo giant MSC with claims, and the Lloyds-owned Bank of Scotland take on the attorney general. Here, Law360 looks at those and other new claims in the U.K.
The head of the Bank of England has welcomed Facebook’s new global currency but warned Thursday evening the social media giant’s planned digital asset could face heavy regulation to protect the financial system and ward against data privacy and money laundering risks.
The U.S. Senate voted Thursday to confirm President Donald Trump's nominee to fill an open spot as a commissioner at the U.S. Securities and Exchange Commission.
Facebook's new cryptocurrency Libra looks to become the most widely used digital token in the world when it launches in 2020, raising questions about systemic risks it might pose and how financial regulators will act.
UnitedHealth is reportedly buying PE-backed health care payments company Equian for $3.2 billion, Fortress Investment is said to be looking at options for CoreVest, and a Phillips 66 and Chevron Corp. joint venture has reportedly lobbed a $15 billion bid for Nova Chemicals Corp.
The U.S. Securities and Exchange Commission has accused citizens of Malaysia, Singapore and China of faking legitimate trading in shares of a Las Vegas company that supposedly holds a patent related to cancer diagnosis but has no cash or assets.
The deceased CEO of QuadrigaCX may have used millions in customer money to fund his lavish lifestyle and cover fees incurred by careless transactions, according to a new report that paints a dismal picture of the troubled Canadian cryptocurrency exchange’s finances.
Blank check company South Mountain Merger began trading Thursday after raising $225 million in a Paul Weiss-led initial public offering that will be used to buy a company in the financial technology industry.
Two men on Wednesday asked to be freed from an enforcement action from the U.S. Securities and Exchange Commission that they said does not specify what role they actually played in an alleged $27 million pump-and-dump scheme.
Private investment firm GP Bullhound said Thursday that it has closed its latest fund after collecting €113 million ($127 million) from limited partners, with plans to target investments in companies within the realms of software, entertainment and fintech.
Scrutiny of Facebook’s new cryptocurrency Libra is expected to be intense, but experts say early regulatory inspection, a carefully designed governance system and a slate of established partners put the digital token on solid footing.
The IRS recently announced it will be revising it's 2014 guidance on taxation of cryptocurrency. Hopefully the new rules will establish a fairer method of determining cost basis and demystify other tax consequences arising from cryptocurrency transactions, says Sean Ryan of blockchain accounting software firm NODE40.
In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.
When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.
Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.
The Federal Trade Commission's data security settlement with LightYear Dealer Technologies is notable because the company does not market or sell products directly to consumers, and because the FTC made the eyebrow-raising claim that LightYear is a financial institution under the Gramm-Leach-Bliley Act, say attorneys at ZwillGen.
A number of big-name retailers are reportedly poised to begin accepting bitcoin and other digital currency, but given cryptocurrency's complete and utter lack of oversight, these companies run a perilous gamut of legal, regulatory, financial, ethical and reputational dangers, says cybersecurity consultant John Reed Stark.
When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.
There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.
This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.
The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.
The U.S. Securities and Exchange Commission’s data analytics efforts have been repeatedly cited in SEC press releases announcing successful investigations and cases. Understanding the commission's work in this area is essential for compliance professionals at investment advisers and broker-dealers, say Charles Riely and Danielle Muniz of Jenner & Block.
Most legal marketers struggle to show the return on investment of their social media efforts, but establishing and answering several key questions can help demonstrate exactly how social media programs contribute to a law firm's bottom line, say Guy Alvarez of Good2bSocial and communications consultant Tom Orewyler.
In an initial exchange offering, a cryptocurrency trading platform hosts an offering of another company's digital tokens. But none of the platforms that offer IEOs are registered as securities exchanges with the U.S. Securities and Exchange Commission, and could face dire consequences as a result, says cybersecurity consultant John Reed Stark.
An initial exchange offering is an offering administered by a cryptocurrency trading platform on behalf of a company issuing cryptocurrency tokens. While IEOs have captivated cryptocurrency enthusiasts, they are also capturing the attention of the U.S. Securities and Exchange Commission, says cybersecurity consultant John Reed Stark.
A recent survey of millennial attorneys shows men and women are having very different BigLaw experiences, but share similar goals. It's imperative that partners recognize that they’re the ones in a position to change the culture, says Michelle Fivel of Major Lindsey.