Fintech

  • May 22, 2024

    EasyPay Agrees To Exit Mass. In 'Rent-A-Bank' Settlement

    EasyPay, an alternative finance company, has settled with Massachusetts officials over claims that it gouged Bay State borrowers with predatory loans issued through an out-of-state bank, agreeing to pay $625,000 to consumers and stop doing business in the state as part of a deal unveiled Wednesday.

  • May 22, 2024

    Investors Say FIS Must Investigate Derivative Suit's Claims

    An investor of fintech corporation Fidelity National Information Services has pushed back on the company and its executives' bid to escape a derivative lawsuit over a $46 billion market cap drop resulting from a business spinoff, saying the company must investigate the suit's allegations.

  • May 22, 2024

    US House Passes Crypto Bill Over SEC, White House Dissent

    The U.S. House of Representatives on Wednesday passed a Republican-led framework to regulate digital assets despite pushback from many Democrats, the U.S. Securities and Exchange Commission and the White House, which questioned whether the bill will actually provide the clarity it promises.

  • May 22, 2024

    Ex-FTX Exec Deserves Up To 7 Years For Fraud, Feds Say

    Federal prosecutors have told a New York federal judge they are seeking a five- to seven-year prison sentence for former FTX executive Ryan Salame, arguing that his campaign finance offense "is one of the largest-ever in American history."

  • May 22, 2024

    ATM Plaintiffs Must Share New Data in Visa, Mastercard Suit

    A D.C. federal judge ordered ATM operator plaintiffs on Wednesday to turn over updated data showing average interchange fees and transaction surcharges at the center of a discovery dispute in their long-running class action against Visa and Mastercard, telling the plaintiffs that she wanted to err on the side of "liberal discovery."

  • May 22, 2024

    Binance.US Beats Fla. Regulator's Suspension Order

    A Florida state appeals court agreed with Binance.US on Wednesday that the state's financial regulator shouldn't have denied the cryptocurrency exchange the ability to do business in the state after its affiliate and founder pled guilty last year, and that the agency didn't follow proper procedure in blocking Binance's operations.

  • May 22, 2024

    Justices' CFPB Alliance May Save SEC Courts, Not Chevron

    A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.

  • May 22, 2024

    Del. Justices Reverse BitGo-Galaxy Merger Suit Dismissal

    Delaware's Supreme Court on Wednesday reversed the dismissal of a lawsuit that cryptocurrency wallet provider BitGo Holding Inc. filed against digital assets firm Galaxy Digital Holdings Inc., remanding the dispute over their broken $1.2 billion merger back to Chancery Court to resolve multiple "ambiguities."

  • May 22, 2024

    Daughter Sues Over Oil Co. Family's 'Looting Campaign'

    Two relatives of Westmore Fuel Co. Inc.'s late co-founder are plundering the company to edge out his successors, the daughter of a co-founder claims in a Connecticut state court complaint aiming to dissolve the firm.

  • May 22, 2024

    SC Gov. Signs Earned Wage Access Bill Into Law

    South Carolina has become the fifth state to approve a new law governing so-called earned wage access products, which provide workers with cash advances, as the Palmetto State joins Nevada, Missouri, Wisconsin and Kansas in regulating the products.

  • May 22, 2024

    Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk

    A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.

  • May 22, 2024

    Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt

    Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.

  • May 22, 2024

    NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach

    The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.

  • May 22, 2024

    CFPB Says Some Credit Card Standards Apply To BNPL Firms

    The Consumer Financial Protection Bureau said Wednesday that shoppers using buy-now, pay-later products are covered by some of the same federal safeguards as those that apply to traditional credit cards, issuing the agency's first-ever guidance directed at this fintech-heavy field of financing.

  • May 22, 2024

    Citigroup Fined £61.6M For Trading Systems Failings

    Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.

  • May 21, 2024

    SEC Slams Ripple's Bid To 'Hide' Financial Info From Public

    The U.S. Securities and Exchange Commission is protesting Ripple Labs' bid to conceal certain financial information from the public as it fights the agency's attempt to impose a $2 billion penalty for unregistered cryptocurrency sales, arguing that the company's call for transparency in the case should extend to itself.

  • May 21, 2024

    Apple Tees Up Bid To Toss DOJ IPhone Monopoly Suit

    Apple argued that it has the right to choose how it does business in a preview Tuesday of its upcoming explanations for why a New Jersey federal judge should dismiss the Justice Department lawsuit accusing the iPhone maker of restricting third-party app access to monopolize the smartphone market.

  • May 21, 2024

    Uniswap Warns SEC There's 'More To Lose' In Potential Suit

    The company behind decentralized finance platform Uniswap on Tuesday warned the U.S. Securities and Exchange Commission that the regulator "has more to lose than gain" from bringing an enforcement action against it since its proposed case implicates pending rulemaking and its authority to regulate transactions on crypto platforms.

  • May 21, 2024

    Ex-Crypto Co. President Was Deceived And Ousted, Suit Says

    A cryptocurrency entrepreneur has filed a suit in Delaware's Court of Chancery accusing a CEO of making fraudulent misrepresentations to recruit him to serve as president of his blockchain company, then unjustifiably firing him.

  • May 21, 2024

    Binance User Must Arbitrate Facial Scan BIPA Fight

    An Illinois federal judge has sent to arbitration a proposed class action alleging Binance.US' trading platform violated Illinois' Biometric Information Privacy Act by scanning and storing users' unique facial geometry as part of its identity-verification process, finding the lead plaintiff hasn't shown she never agreed to arbitration.

  • May 21, 2024

    Strategic Hiring Was The New Normal For BigLaw In 2023

    The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.

  • May 21, 2024

    The Law360 400: Tracking The Largest US Law Firms

    The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.

  • May 20, 2024

    Crypto Groups Move To Ditch 'Irrational' SEC Dealer Rule

    A pair of crypto industry groups suing the U.S. Securities and Exchange Commission over its expansion of the dealer definition have asked a Texas federal judge to grant them a win in the suit and cut down the "unexplained and irrational rulemaking" they claim violated the rulemaking process.

  • May 20, 2024

    Alibaba Resists Class Cert. Over Failed Ant Group IPO

    Chinese e-commerce company Alibaba has again urged a New York federal judge not to certify a class of investors who claim they weren't warned about regulatory risks Alibaba faced in the lead-up to a $34 billion initial public offering of its fintech affiliate, saying the suit's challenged misstatements did not affect Alibaba's stock price.

  • May 20, 2024

    Colo. Gov. Voices 'Reservations' In Signing AI Bias Bill

    Colorado's governor has approved the nation's first framework to clamp down on algorithmic discrimination in certain artificial intelligence technologies, although he expressed several "reservations" about the measure that he urged the Legislature to address before the law takes effect in 2026. 

Expert Analysis

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Crypto Mixer Laundering Case Provides Evidentiary Road Map

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    A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • Colo. Lending Law Could Empower State-Chartered Banks

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    Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • How CFPB Credit Card Rules Slot Into Broader Considerations

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    Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.

  • 4 Takeaways From Biden's Crypto Mining Divestment Order

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    A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.

  • Novel Applications May Fizzle After Fed Master Account Wins

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    Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • 4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule

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    If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.

  • Key Antitrust Class Certification Questions Remain Unclear

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    The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.

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