OCC Stablecoin Rules Become Battleground For Yield Debate

By Aislinn Keely

Banks and fintechs continued to clash over whether crypto firms should be able to pay yield and rewards on stablecoins in competing comments on the Office of the Comptroller of the Currency's plans to implement the federal stablecoin law known as the Genius Act.

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North Korea Victims Fight Crypto Co. Over $71M Frozen Funds

By Ganesh Setty

Individuals with $696 million in judgments against North Korea told a New York federal court that $71 million in crypto assets frozen following a hack they say was perpetrated by North Korea should remain frozen so they can collect on them.

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Vought Says EEOC Diversity Report At Odds With Trump Orders

By Tom Lotshaw

The Consumer Financial Protection Bureau's acting director, Russell Vought, chided the U.S. Equal Employment Opportunity Commission for asking federal agencies about gender identity and diversity and inclusion for annual reports on their equal employment opportunity programs.

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'GothFerrari' Gets 6.5 Years For Role In $250M Crypto Heist

By Bonnie Eslinger

A 20-year-old California man with the nickname "GothFerrari" was sentenced in federal court Wednesday to 78 months behind bars for his role in a sprawling cyber scam involving more than a dozen defendants who stole more than $250 million in cryptocurrency from people across the United States, according to prosecutors.

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Celsius Exec's Help Was Key, Feds Say Before Sentencing

By Emilie Ruscoe

Manhattan federal prosecutors said sentencing for the former chief revenue officer of the defunct cryptocurrency firm Celsius Network should reflect that the executive provided "substantial assistance" to the government as it pursued the conviction of Celsius' former CEO, who eventually pled guilty to misrepresentation and market manipulation charges.

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Citizens Bank Customer Says Software Vendor Leaked Info

By Sydney Price

Communications software company Sefas Innovation Inc. has been hit with a proposed class action in Massachusetts federal court accusing it of failing to safeguard the data of its clients' customers from cybercriminals, resulting in a breach of its records in April.

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Banks Face Cloudy Rate Horizons As Opt-Outs Spread

Banks and fintechs are grappling with a fragmented, fast-changing consumer lending landscape as more states consider opting out of preemption under the Depository Institutions and Monetary Control Act, which may ultimately lead to a decrease in interstate lending and access to credit, says Marc Franson at Chapman and Cutler.

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Womble Bond Atty's 'Draconian' Penalty Gives 4th Circ. Pause

By Hayley Fowler

A Fourth Circuit panel seemed to struggle Thursday with what one judge described as a "draconian" contempt order against a Womble Bond Dickinson partner, with the panel nudging counsel for both sides toward a simpler solution that wouldn't force the court's involvement.

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Ex-Jackson Walker Atty Seeks Breakup With Romance Suit

By Adrian Cruz

A former Jackson Walker LLP partner said Thursday that she should be dropped from a suit accusing her, a former Texas bankruptcy judge she had a secret relationship with and multiple law firms of fomenting "mass corruption" in Houston's bankruptcy court.

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SEC Fines Ex-BigLaw Atty For Insider Trades On Apollo Deal

By Hailey Konnath

A former Buchalter PC shareholder has agreed to pay $71,625 to settle the U.S. Securities and Exchange Commission's allegations he purchased stock ahead of Apollo Global Management's $1.5 billion acquisition of Bridge Investment, which the commission said he was representing in an unrelated matter at the time.

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Comey Retains NC Criminal Defense Pro For 2nd Indictment

By Rachel Rippetoe

Former FBI Director James Comey has added a North Carolina white collar defense pro to his legal team fighting an indictment by the Trump administration over a social media post last year that prosecutors characterized as a threat of violence against the president, according to a court filing on Thursday.

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Toss Of Ex-Shkreli Atty's Deal May Be Error, 2nd Circ. Hints

By Pete Brush

A Second Circuit judge hinted Thursday that a trial judge may have erred in rejecting a retirement-fund garnishment deal that would have protected Martin Shkreli's convicted former lawyer from a potential $1 million "punitive tax event."

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Analysis

How Litigation Funding Disclosure Could Affect ITC Cases

By Ryan Davis

The U.S. International Trade Commission's proposed rule to require disclosure of litigation funding in intellectual property cases could bring more transparency to disputes and promote settlements, but it could also discourage some suits if it's not carefully tailored, attorneys say.

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NC Judge Tosses Atty's Suit Against State Bar Panel Member

By Andrea Keckley

A North Carolina federal judge dismissed a suspended attorney's lawsuit against a State Bar Disciplinary Hearing Commission member he accused of bias and due process violations, finding Thursday that the defendant is entitled to absolute quasi-judicial immunity.

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Analysis

Why Compliance Is Getting Complicated In Latin America

By Phillip Bantz

White collar compliance is getting trickier for companies that do business in Latin America, according to experts, who say they are seeing big shifts in the region connected to cartel crackdowns and efforts to strengthen corporate regulations, including relatively recent pushes for voluntary self-disclosure.

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