Fintech

  • October 08, 2024

    Jackson, Kagan Target Loper Bright In Ghost Gun Case

    U.S. Supreme Court Justice Ketanji Brown Jackson was uncharacteristically quiet during initial arguments Tuesday over the federal government's authority to regulate ghost guns. While her colleagues debated whether kits of unassembled parts qualify as firearms, she waited patiently to post a different question: Can courts now toss agency interpretations they don't like?

  • October 08, 2024

    FTX's Ellison To Give Up 'Substantially All Of Her Assets'

    Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.

  • October 08, 2024

    Fed. Circ. Restores Debit Card Patent Suit Against Aetna

    The Federal Circuit on Tuesday revived patent litigation targeting Aetna's Visa- and Mastercard-branded debit cards, while holding that certain aspects of dismissal decisions should be reviewed from scratch on appeal.

  • October 08, 2024

    Crypto.com Sues SEC Over 'Unlawful' Crypto Approach

    Crypto.com became the latest crypto exchange to push back on a potential enforcement case from the U.S. Securities and Exchange Commission on Tuesday when it sued the regulator after allegedly receiving a notice that the agency believes it operates as an unregistered broker-dealer and clearing agency.

  • October 07, 2024

    Seinfeld-Inspired Investors Sue Bitwise Over $2M Crypto Losses

    A group of family-owned investment companies named after a gag from "Seinfeld" sued crypto asset manager Bitwise and its executives for allegedly duping them into staying invested in one of its funds as it sought a conversion to a less-preferable structure, causing them $1.9 million in losses.

  • October 07, 2024

    Morgan Lewis Taps SEC Enforcement Vet As DC Partner

    Morgan Lewis & Bockius LLP announced on Monday that it has bolstered its securities enforcement and litigation team by hiring as a new partner the former U.S. Securities and Exchange Commission division of enforcement associate director, a 17-year agency veteran who supervised many of the SEC's groundbreaking or noteworthy crypto actions, including one against Kim Kardashian.

  • October 07, 2024

    FTX Gets OK For Ch. 11 Plan After Objections Overruled

    A Delaware bankruptcy judge said he would confirm the Chapter 11 reorganization plan of FTX Trading Ltd. after overruling several objections Monday, beginning a process of distributing billions of dollars to customers less than two years after the cryptocurrency exchange collapsed.

  • October 07, 2024

    Illinois Defends Swipe Fee Law As Banks Seek To Block It

    The Illinois attorney general has urged a federal judge to reject a preliminary injunction sought by banking trade groups that have sued to block a first-of-its-kind state law restricting swipe fees, arguing the industry groups' challenge fails on sovereign immunity and standing grounds.

  • October 07, 2024

    CFPB Suit Can Proceed Against Events Co., Texas Judge Says

    A Texas federal judge on Monday declined to toss a suit against an online event registration company accused by the Consumer Financial Protection Bureau of duping people into signing up for a costly discount club when they registered for charity races and other events.

  • October 07, 2024

    Trio Of 1st Circ. Criminal Cases Turned Away By Top Court

    The U.S. Supreme Court on Monday declined to review three white collar cases on appeal from the First Circuit, including challenges to a cryptocurrency founder's conviction for investor theft and an Illinois attorney's fraud and money laundering conspiracy verdict.

  • October 07, 2024

    Coinbase Says Ripple Appeal Supports Its Own 2nd Circ. Bid

    Cryptocurrency exchange Coinbase told a New York federal judge that the Second Circuit would be best served by reviewing the firm's bid to toss the U.S. Securities and Exchange Commission's enforcement suit against it now that the SEC has appealed a judgment with similar legal questions in its case against Ripple Labs.

  • October 07, 2024

    Winston & Strawn Adds Digital Assets Pro From K&L Gates

    Winston & Strawn LLP has hired as a partner for its transactions department and as a member of its digital assets and blockchain technology group an attorney who formerly worked at K&L Gates LLP and co-chaired its digital assets industry group.

  • October 04, 2024

    Top 5 Supreme Court Cases To Watch This Fall

    The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.

  • October 04, 2024

    Milbank LLP Lands Departing SEC Enforcement Chief Grewal

    Departing U.S. Securities and Exchange Commission enforcement director Gurbir Grewal will land at Milbank LLP in New York after he leaves the agency later this month, joining the law firm's litigation and arbitration group, according to a person familiar with the matter.

  • October 04, 2024

    IcomTech Founder Gets 10 Years For Crypto Ponzi Scheme

    The founder of cryptocurrency Ponzi scheme IcomTech that prosecutors said cost its backers $3.5 million was sentenced Friday in Manhattan federal court to 10 years in prison.

  • October 04, 2024

    Evolve Bank Faces MDL Over Breach Of 7.6M Customers' Data

    Nearly two dozen proposed class actions accusing Evolve Bank & Trust of failing to adequately protect the personal information of 7.6 million customers from a cyberattack by a Russia-linked cybercrime gang will be centralized in Tennessee, the Judicial Panel on Multidistrict Litigation has ruled, expressing their confidence in the judge selected to preside over the MDL.

  • October 04, 2024

    G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector

    U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.

  • October 04, 2024

    11th Circ. Sends Tribal Loan Dispute Back For Arbitration

    An Eleventh Circuit panel has reversed and remanded a lower court's ruling that a Tampa-based consumer collection company cannot compel arbitration in a bid seeking payment on a tribally owned firm's loans, arguing provisions of the agreements require such proceedings under tribal and federal law.

  • October 04, 2024

    Coinbase To Limit Stablecoins That Don't Meet New EU Rules

    Crypto exchange Coinbase said Friday that it plans to delist certain stable-value tokens for users in the European Union if the tokens don't meet soon-to-be-effective guidelines under the jurisdiction's crypto regime.

  • October 04, 2024

    Chinese Courier, GOP-Focused Bank Ink IPOs Totaling $107M

    Chinese courier service BingEx Ltd. and online bank Chain Bridge Bancorp Inc. began trading Friday after pricing initial public offerings that raised a combined $107 million, guided primarily by four firms, and extending a busy autumn for IPOs.

  • October 03, 2024

    SEC, Texas Crypto Co. Duel Over Pre-Enforcement Challenge

    In dueling briefs filed Thursday, both the U.S. Securities and Exchange Commission and a nascent cryptocurrency exchange asked a Texas federal judge to grant an early win, arguing over whether the exchange can preemptively sue the regulator for a determination that its planned business won't offend securities laws.

  • October 03, 2024

    Celsius Corporate Creditors Deal Wins OK From Ch. 11 Judge

    A New York bankruptcy judge on Thursday approved a settlement proposed by reorganized debtor Celsius Network that will provide digital asset recoveries to its corporate creditors, finding the agreement, achieved through mediation, did not modify the company's confirmed Chapter 11 plan.

  • October 03, 2024

    'Let's Go Brandon' Coin Trustee Knocks Buyers' Class Claims

    The trustee of the meme-inspired cryptocurrency LGBcoin sought to block class action certification from buyers who claim he sold them unregistered securities by leading them to believe the token would take off through a purported partnership with NASCAR.

  • October 03, 2024

    12 Lawyers Who Are The Future Of The Supreme Court Bar

    One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.

  • October 03, 2024

    CFTC Asks DC Circ. To Hasten Election Contract Loss Appeal

    The U.S. Commodity Futures Trading Commission pressed the D.C. Circuit to immediately schedule its appeal of a district court's decision to permit KalshiEx's listing of election-based event contracts, which the trading platform is poised to oppose.

Expert Analysis

  • Series

    In The CFPB Playbook: No Lazy, Hazy Days Of Summer

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    The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.

  • Payward And The Secondary Crypto Transaction Confusion

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    Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • A Class Action Trend Tests Limit Of Courts' Equity Powers

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    A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.

  • Key Takeaways From DOJ's New Corp. Compliance Guidance

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    The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.

  • What's In The Cards For CFTC's Election Betting Case

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    A D.C. federal judge's Sept. 12 ruling, allowing KalshiEx to offer derivative contracts trading on the outcome of the U.S. congressional elections over objections from the U.S. Commodity Futures Trading Commission, could mark a watershed moment in the permissibility of election betting if upheld on appeal, say attorneys at BakerHostetler.

  • FDIC's Cautious Approach To Industrial Banks, Reaffirmed

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    Although the Federal Deposit Insurance Corp. recently approved an industrial loan company's deposit insurance application and proposed new rules regarding parent companies, these developments do not represent a liberalization or modernization of the FDIC's regulatory framework, say Max Bonici and Andrew Bigart at Venable.

  • Kubient Case Shows SEC's Willingness To Charge Directors

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    The U.S. Securities and Exchange Commission's recent fraud charges against Kubient's former CEO, chief financial officer and audit committee chair signal a willingness to be more aggressive against officers and directors, underscoring the need for companies to ensure that they have appropriate channels to gather, investigate and document employee concerns, say attorneys at Jenner & Block.

  • Basel Endgame Rules: A Change Is Coming

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    The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.

  • 4 Takeaways From The FDIC's Proposed Recordkeeping Rule

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    The Federal Deposit Insurance Corp.'s new proposed rule would impose recordkeeping and other compliance requirements on custodial deposit accounts with transactional features, and practitioners should be aware of four important factors, including who is affected and who is exempt, say attorneys at Covington.

  • Series

    Round-Canopy Parachuting Makes Me A Better Lawyer

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    Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.

  • Why Now Is The Time For Law Firms To Hire Lateral Partners

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    Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Considering Possible PR Risks Of Certain Legal Tactics

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    Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.

  • What The SEC Liquidity Risk Management Amendments Entail

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    Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.

  • It's No Longer Enough For Firms To Be Trusted Advisers

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    Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.

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