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Fintech
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January 14, 2025
CFPB Says Capital One Stiffed Savings Customers Out Of $2B
The Consumer Financial Protection Bureau on Tuesday sued Capital One in Virginia federal court, alleging the bank avoided paying $2 billion in interest to customers by keeping them in a lower-yield savings account product.
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January 13, 2025
CFPB Eyes Rule To Rein In 'Forced' Financial Contract Terms
The Consumer Financial Protection Bureau on Monday floated a new rule that calls for banning financial companies from using contractual fine print to limit consumers' legal rights or restrict their free expression.
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January 13, 2025
Quinn Emanuel Scoops Up SDNY Securities Fraud Chief
Quinn Emanuel Urquhart & Sullivan LLP announced Monday that it has hired the former chief of the U.S. Attorney's Office for the Southern District of New York's securities and commodities fraud task force as a partner in its Manhattan office.
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January 13, 2025
Robinhood Users Oppose Arbitration Of 'Meme Stock' Claims
Stock trading platform Robinhood has failed to lay the groundwork for sending user disputes to arbitration, seven users of the platform claimed Monday in a bid to keep their claims in federal court over the company's 2021 suspension certain so-called meme stock trades.
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January 13, 2025
SEC Fines Robinhood $45M For Recordkeeping, Cyber Woes
The U.S. Securities and Exchange Commission announced Monday that Robinhood's broker-dealer units will pay a combined $45 million to settle a host of claims ranging from an alleged failure to file timely suspicious activity reports and address cybersecurity risks to alleged failures concerning data retention and recordkeeping.
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January 13, 2025
NYDFS Launches Staff Exchange With Bank Of England
The New York Department of Financial Services on Monday launched an international secondment program to allow the department to exchange staff with other regulators, starting with a digital assets-focused exchange with the Bank of England next month.
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January 13, 2025
Binance Can't Get High Court To Review Class Cert. Decision
The U.S. Supreme Court on Monday passed on a petition from crypto exchange Binance Holdings Ltd. and its former CEO to consider whether transactions on its platform were beyond the reach of U.S. securities laws after a Second Circuit decision found enough stateside ties to revive a suit from the exchange's users.
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January 13, 2025
Fintech Partner Banks Face Suit Over Synapse Financial Collapse
Banks that partnered with financial technology companies face mounting proposed class action allegations over the "inexplicable" loss of $85 million on the heels of the bankruptcy of intermediary software company Synapse Financial Technologies Inc.
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January 13, 2025
Shift4 To Pay SEC $750K For Undisclosed Family Payments
The U.S. Securities and Exchange Commission said payment processing firm Shift4 Payments Inc. will pay $750,000 to settle allegations it failed to report over $4 million in payments it made to immediate family members of the company's executives and directors.
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January 13, 2025
Fed. Circ. Affirms Crypto Exec Doesn't Belong On Mining IP
A Delaware federal judge properly found that a cryptocurrency company's founder shouldn't be added as an inventor onto a rival company's energy consumption patent, the Federal Circuit affirmed Monday.
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January 13, 2025
SEC To Collect $63M In Latest Recordkeeping Sweep
The U.S. Securities and Exchange Commission announced Monday that subsidiaries of Blackstone Inc. and Charles Schwab Corp. were among those swept up in the latest round of recordkeeping fines, promising to collect over $63 million from 12 firms whose employees are accused of discussing business through their personal devices.
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January 13, 2025
DOJ Litigator Who Tried Google Antitrust Case Joins Weil
A U.S. Department of Justice attorney who was part of the government's team challenging alleged monopolization practices by Google has moved to Weil Gotshal & Manges LLP, the firm announced Monday.
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January 13, 2025
SEC Must Explain Coinbase Crypto Rule Denial, 3rd Circ. Says
A Third Circuit panel delivered a partial win to Coinbase on Monday when it ordered the U.S. Securities and Exchange Commission to provide "a more complete explanation" of why it denied the crypto exchange's request for rulemaking on how securities laws apply to digital assets.
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January 10, 2025
FDIC's Hill Calls For 'New Direction' In Preview Of Agenda
Federal Deposit Insurance Corp. Vice Chairman Travis Hill signaled Friday that he intends to steer the agency in a "new direction" when he takes over as its acting chief later this month, mapping out plans for a more tech-friendly, lighter-touch approach.
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January 10, 2025
Infosys Files Antitrust Counterclaims In Trade Secrets Suit
Healthcare payments software company Infosys has hit back with antitrust counterclaims against Cognizant TriZetto Software Group's Texas federal court suit accusing Infosys of abusing its system access to develop competing services.
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January 10, 2025
4 Trends That Will Shape Venture Capital Funding In 2025
Venture capital funding appears primed to improve in 2025 as market participants shake off the effects of a post-pandemic crash, with surging demand for artificial intelligence, expectations of friendlier government policies, and more exits through public listings and acquisitions.
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January 10, 2025
CFPB Floats Protections For Crypto, Video Game Payments
The Consumer Financial Protection Bureau on Friday proposed to make clear that cryptocurrency and video game transactions are covered under existing rules codifying consumers' rights in situations of fraudulent transfers, hacks and stolen funds.
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January 10, 2025
Fed. Circ. Skeptical Ioengine Can Overcome On-Sale Bar
A Federal Circuit panel seemed doubtful Friday that none of the hundreds of people who downloaded a firmware upgrade affiliated with an early flash drive used it, which Ioengine LLC would need to prove to beat an on-sale bar invalidation of its patents.
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January 10, 2025
SafeMoon CEO Wants 'Misleading' Reddit Post Explained
The CEO of bankrupt cryptocurrency asset company SafeMoon LLC asked a Brooklyn federal judge Friday to order the government to explain whether it had a role in a social media user's "misleading" post that promised to connect SafeMoon investors with the U.S. government.
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January 10, 2025
Feds Say Russians Behind North Korea-Linked Crypto Mixers
Georgia federal prosecutors on Friday announced money laundering and unlicensed money transmission charges for three Russian nationals who allegedly operated crypto mixing services previously sanctioned over their apparent use by North Korean hackers and other cybercriminals.
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January 10, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.
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January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
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January 10, 2025
Crypto Buyers Say They Were Duped Out Of Millions
Investors in two crypto projects — Phoenix Community Capital and its offshoot, Xeta Capital — alleged in Tennessee federal court that the projects' leaders duped them out of tens of millions of dollars with false promises of "returns, transparency, and the legitimacy of the enterprises."
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January 09, 2025
CFPB Bars Ex-Agency Attys From Revived Innovation Policies
The Consumer Financial Protection Bureau has said it will not consider applications for its rebooted no-action letter and compliance sandbox policies when those applications are submitted by financial service companies represented by former bureau attorneys as outside counsel.
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January 09, 2025
Susman Godfrey Vies To Help Lead Crypto DAO Suit
Susman Godfrey LLP has asked a federal judge in California to allow it to serve as co-lead counsel in an investor lawsuit against decentralized autonomous organization Lido DAO and its large institutional investors over allegedly unregistered securities sold in the form of crypto tokens.
Expert Analysis
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle
The Fifth Circuit's recent en banc opinion vacating Nasdaq's board diversity listing rule wades into the hotly debated topic of diversity, equity and inclusion initiatives at a time when many public companies are navigating the attention that DEI commitments are drawing from activists and shareholders, say attorneys at Debevoise.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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Lessons From The SEC's 2024 Crackdown On AI Washing
AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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Predicting The Lasting Changes CFPB May Face In 2025
President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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New Trump Admin May Bring Financial Oversight Turbulence
As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.