Fintech

  • January 16, 2025

    AmEx Inks $230M Deal Over DOJ, Fed Small Biz Sales Claims

    American Express has signed a nonprosecution agreement and said Thursday it will pay about $230 million to end investigations by the Department of Justice and the Federal Reserve into the financial services company's previous sales practices for some small business customers in the U.S.

  • January 16, 2025

    CFPB Says Block Must Pay Up To $175M Over Cash App

    The Consumer Financial Protection Bureau said Thursday that it has ordered Block Inc. to pay up to $175 million for alleged anti-fraud, customer service and dispute resolution failures tied to Cash App, its peer-to-peer mobile payment app.

  • January 15, 2025

    DeFi Upstart Brings On Seasoned Crypto Legal Chief

    Veteran crypto in-house attorney Rebecca Rettig will take on the chief legal officer role at Jito Labs, a developer of products on the Solana blockchain, as the firm's first legal hire, the company announced Thursday.

  • January 15, 2025

    SEC Says Restaurant Tech Co. Misled Investors On AI Product

    The U.S. Securities and Exchange Commission reached a non-monetary settlement with Presto Automation Inc. to resolve claims the restaurant technology company made false and misleading statements about aspects of its artificial intelligence product, which uses AI-assisted speech recognition technology to automate aspects of drive-thru order taking at quick-service restaurants.

  • January 15, 2025

    CFPB Serves Up Consumer Protection Roadmap For States

    The Consumer Financial Protection Bureau is handing off a baton to the states before President Joe Biden's term ends, laying out ideas for how state officials can forge ahead with key priorities — like curbing so-called junk fees — and tap the well of its guidance.  

  • January 15, 2025

    Crypto Co. Kraken's Legal Chief Says He's Stepping Down

    The legal head of Kraken announced Wednesday that he is stepping down as chief legal officer and stepping into a senior adviser role that will see him build a global advisory council at the crypto exchange.

  • January 15, 2025

    Silvergate's Ex-CFO Fires Back At SEC Accounting Claims

    The former chief financial officer of defunct crypto-focused bank Silvergate Capital urged a New York federal judge to toss the U.S. Securities and Exchange Commission's allegations that he concealed the bank's precarious financial position, saying he didn't have anything to gain from hiding Silvergate's financial woes.

  • January 15, 2025

    Block Pays Regulators $80M Over Cash App AML Compliance

    Jack Dorsey's fintech company Block Inc. has reached an $80 million settlement over alleged anti-money laundering compliance failures by its mobile payments platform Cash App, a coalition of state banking regulators announced Wednesday.

  • January 15, 2025

    9th Circ. Open To Reviving Robinhood Suit Over $2.1B IPO

    Judges on a Ninth Circuit panel appeared open Wednesday to reviving a proposed securities class action alleging Robinhood hid how a "meme stock" and cryptocurrency trading frenzy had impacted its outlook ahead of its $2.1 billion initial public offering, saying the lower court may have applied the wrong standard in tossing the case.

  • January 15, 2025

    SEC Announces Departure Of Top Economist And Accountant

    The U.S. Securities and Exchange Commission's chief economist and chief accountant are stepping down, the agency has announced, marking the latest departures given the pending inauguration of President-elect Donald Trump.

  • January 15, 2025

    BitMEX Fined $100M For 5 Years Of Flouting US Banking Law

    A Manhattan federal judge slapped BitMEX with a $100 million fine Wednesday, rejecting its suggestion that $110 million of earlier penalties sufficed to punish the offshore crypto exchange for a five-year course of evading U.S. financial controls as it earned $1.3 billion.

  • January 15, 2025

    AI Travel App Co. Mondee Files Ch. 11 With Sale Plans

    Artificial intelligence-supported travel agency application maker Mondee Holdings Inc. filed for Chapter 11 protection in Delaware, saying it has a baseline offer for the acquisition of its assets and $49 million in financing from existing lenders.

  • January 14, 2025

    Wells Fargo Fights To Drop Officers From Investors' Bias Suit

    Wells Fargo & Co. urged a California federal judge Tuesday to free three executives from a derivative lawsuit filed by shareholders claiming the bank's leadership failed to address the company's discriminatory lending and hiring practices, saying there are no allegations that explain why a presuit demand to the board would have been futile.

  • January 14, 2025

    Latham Grabs Top Spot For 2024 IPOs By Large Margin

    Latham & Watkins LLP guided more initial public offerings than any law firm in 2024, capturing a diverse mix of large listings for companies that seized opportunities to go public as the broader IPO market inched toward recovery, new data shows.

  • January 14, 2025

    CFTC To Review Crypto Co.'s Sports Event Contracts

    The U.S. Commodity Futures Trading Commission said Tuesday it plans to take a closer look at contracts tied to the outcome of high-profile sporting events trading on digital asset exchange Crypto.com, which self-certified the products in the final days of 2024.

  • January 14, 2025

    Crypto Co.'s Lax Compliance Enabled Hackers, Suit Says

    A proposed class action in California federal court accused digital asset exchange OKX of flouting U.S. laws and allowing criminals to launder stolen funds through its platform, including $725,000 worth of crypto looted from the crypto investor leading the suit.

  • January 14, 2025

    Influencer Says Capital One Steals Link Commissions

    An online content creator has filed a proposed class action against Capital One over an alleged theft of commissions she says are rightfully owed to those responsible for connecting shoppers with products.

  • January 14, 2025

    Frank Exec Wants Fraudster Comparisons Blocked At Trial

    The founder of student financial aid startup Frank has asked a Manhattan federal judge to block prosecutors from comparing her to well-known convicted fraudsters at her upcoming trial on charges that she tricked JPMorgan Chase & Co. into buying her company for $175 million.

  • January 14, 2025

    Fla. Judge Won't Toss CFTC Suit Over $283M Trading Scheme

    A Florida federal judge on Tuesday declined to dismiss the Commodity Futures Trading Commission's claims accusing an agent of financial firm Algo FX Capital Advisor LLC of helping The Traders Domain orchestrate a $283 million commodity transactions scheme.

  • January 14, 2025

    Equifax To Pay $725K For Inaccurate Credit Score Reporting

    Equifax Information Services LLC has agreed to a $725,000 settlement with the New York Attorney General's Office to resolve claims that the credit reporting agency inaccurately reported tens of thousands of New Yorkers' credit scores to lenders between March and April 2022, causing inflated costs for loans and other products.

  • January 14, 2025

    Startup Drops Patent Case Against Google Ahead Of Trial

    An Oregon startup has agreed to drop its patent infringement case against Google, a month before the dispute was set to go before a jury in Waco, Texas.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • 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.

  • Preparing For The New Restrictions On Investment Into China

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    In light of a new regulatory program governing U.S. investments in China-related technology companies of national security concern, investors should keep several considerations in mind, including the rules' effect on existing and new investments, compliance hurdles, and penalties for noncompliance ahead of the rules' January implementation, say attorneys at Gunderson Dettmer.

  • Think Like A Lawyer: 1 Type Of Case Complexity Stands Out

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    In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.

  • FTX Exec's Sentencing Shows Pros And Cons Of Cooperation

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    The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.

  • SEC Custody Rule Creates Crypto Compliance Conundrum

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    While the U.S. Securities and Exchange Commission's application of the custody rule may be a good faith attempt to enhance consumer protections for client assets, it doesn't appreciate the unique characteristics of crypto-assets, forcing advisers to choose between pursuing their clients' objectives and complying with the rule, say attorneys at Willkie.

  • Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity

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    Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.

  • Series

    Gardening Makes Me A Better Lawyer

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    Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.

  • Federal Embrace Of Crypto Regs Won't Lower State Hurdles

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    Even if the incoming presidential administration and next Congress focus on creating clearer federal regulatory frameworks for the cryptocurrency sector, companies bringing digital asset products and services to the market will still face significant state-level barriers, say attorneys at Mayer Brown.

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