Fintech

  • November 05, 2024

    On The Ground: How Attorneys Safeguarded The Election

    Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.

  • November 04, 2024

    SEC Must Prep For Legal Challenges To Regs, Watchdog Says

    The U.S. Securities and Exchange Commission should prepare for more litigation over its rulemaking agenda and make sure its new regulations can pass judicial muster, particularly in light of budget constraints, the agency's inspector general warned in a Monday report.

  • November 04, 2024

    Robinhood Users Denied Class Cert. In Order Flow Suit

    A proposed class of Robinhood customers must run their expert's damages model before asking a California federal judge to weigh their class certification bid in litigation alleging that the investing platform failed to disclose financial interests affecting order flow on the platform.

  • November 04, 2024

    Binance Says Lawsuit Can't Connect It To Terrorism Finance

    Cryptocurrency platform Binance has asked a New York federal judge to toss a suit alleging the firm helped foster terrorist activity, saying that it "unequivocally condemns all acts of terrorism" and that the complaint does not connect the company to the alleged acts.

  • November 04, 2024

    SEC Dings Adviser For Improper Athlete-Endorsed Ads

    The U.S. Securities and Exchange Commission has fined an investment adviser over allegations that its advertisements include endorsements from professional soccer and mixed martial arts athletes without disclosing the athletes were not clients of the firm and were paid for their endorsements.

  • November 04, 2024

    Crypto Industry Hopes Election Will Bring SEC Shake-Up

    The White House is poised to take a fresh approach to the digital asset industry regardless of who wins the presidency, but experts said the crypto industry's hopes for more rules and fewer enforcement cases ultimately depend on a new head of the U.S. Securities and Exchange Commission and a renewed push from Congress to pass crypto legislation.

  • November 04, 2024

    Coinme Crypto ATMs Suspended By Conn. Banking Chief

    Connecticut's banking commissioner has suspended cryptocurrency ATM company Coinme Inc.'s ability to transfer money in the Constitution State and has hinted toward possible fines, citing violations of know-your-consumer laws, complaints of scams, a negative multistate investigation and failures to meet minimum capitalization laws.

  • November 04, 2024

    US IPO Activity Hits Standstill As Election Takes Center Stage

    U.S. initial public offerings have screeched to a halt amid peak election season, and dealmakers expect new listings to largely remain iced until next year as market participants sort out ramifications of Tuesday's presidential and congressional contests.

  • November 01, 2024

    'Mutant Ape' NFT Developer Avoids Prison For 'Rug Pull'

    A 26-year-old French citizen was spared further incarceration on Friday for a $2.9 million scheme to fraudulently market "Mutant Ape Planet" nonfungible tokens to investors, a sentence in large part driven by the uncertainty over the purchasers' loss.

  • November 01, 2024

    'Razzlekhan' Asks For Time Served For Role In Crypto Hack

    The wife of a hacker convicted for his role in a scheme to steal bitcoin worth billions of dollars from crypto exchange Bitfinex has asked to dodge future prison time ahead of sentencing for her role laundering the scheme's proceeds.

  • November 01, 2024

    Suit Calls School Lunch Pay Processors Junk Fee 'Bullies'

    Three parents filed a proposed class action in New Jersey federal court alleging consumer fraud against a major school lunch payment processor, saying it has misrepresented the purpose of the "junk fees" it charges for electronic transactions that are imposed on families mostly just for profit.

  • November 01, 2024

    Crypto Co. Gemini Teed Up For CFTC Trial After Appeal Denied

    A New York federal judge has denied crypto exchange Gemini's bid to immediately appeal his decision that Gemini could be held liable for alleged misrepresentations to the U.S. Commodity Futures Trading Commission concerning its proposed bitcoin futures contract, sending the case to trial.

  • November 01, 2024

    5th Circ. Punts On Bid To Stay CFPB Small Biz Rule

    The Fifth Circuit said it won't immediately start tolling compliance deadlines for the Consumer Financial Protection Bureau's small business lending data collection rule and will reserve judgment on whether to stay the rule pending an appeal by the bank trade groups challenging it.

  • November 01, 2024

    IBM Settles $19.5M EDTX Case Over 'Blockchain' Software

    IBM told U.S. District Judge Rodney Gilstrap on Friday that it has reached a settlement in principle with an Oklahoma litigation outfit that won a $19.5 million patent verdict from a federal jury in Marshall, Texas, back in September.

  • November 01, 2024

    Crypto Co. CoinShares Appoints Citadel Alumna As GC

    Crypto investment company CoinShares International Ltd. has appointed an alumna of Sidley Austin LLP and investment firm Citadel to serve as group general counsel, the company announced.

  • November 01, 2024

    CFPB Fines VyStar $1.5M For 'Botched' Web Platform Rollout

    The Consumer Financial Protection Bureau has fined VyStar Credit Union $1.5 million for an alleged "botched" rollout of a new online banking platform that made it hard for members to perform basic banking functions for weeks, with some features unavailable for more than six months.

  • November 01, 2024

    Cross River Bank Drops Contract Suit Against Fintech Biz

    Cross River Bank on Friday voluntarily dropped its suit against First Data Merchant Services LLC over the payment processor's alleged attempt to "wriggle" its way out of a contract to save itself from paying nearly $4 million in commissions for the bank's referrals to customers, including Coinbase.

  • November 01, 2024

    Blockchain Gaming Co. Immutable Says SEC May Bring Suit

    Blockchain gaming firm Immutable said Friday that the U.S. Securities and Exchange Commission is considering bringing an enforcement action after the firm received notice of the regulator's scrutiny on an "accelerated timeline" ahead of the U.S. election.

  • November 01, 2024

    Blockchain Coinvestors SPAC To Dissolve With No Biz Combo

    Special purpose acquisition company Blockchain Coinvestors Acquisition Corp. I will dissolve and return investors their money after two failed merger attempts, the company has announced, marking the latest SPAC to close shop amid lean market conditions.

  • November 01, 2024

    Capital One Says CFPB Eyeing Case Over Savings Accounts

    The Consumer Financial Protection Bureau is considering whether to pursue an enforcement action against Capital One over the interest rates it pays on high-yield savings accounts that are the subject of ongoing class action litigation, the financial services company said.

  • November 01, 2024

    Taxation With Representation: Kirkland, Davis Polk, Wachtell

    In this week's Taxation with Representation, BC Partners sells its majority equity interest in GardaWorld, Lone Star Funds sells specialty chemicals company AOC to Nippon Paint Holdings, Crescent Biopharma takes GlycoMimetics private, and Francisco Partners buys AdvancedMD from Global Payments.

  • October 31, 2024

    Ex-Citadel Reps Can't Escape Trade Secrets Suit

    A New York federal judge has greenlighted most claims in Citadel Securities' lawsuit accusing a Swiss cryptocurrency trading firm founded by two of its former employees of stealing its trade secrets, while tossing those asserted against the firm's French angel investor for lack of jurisdiction.

  • October 31, 2024

    Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr

    Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr. 

  • October 31, 2024

    Fla. Jury Finds 'Undead' NFT Developer Scammed Investors

    A Florida federal jury on Wednesday found a nonfungible token developer guilty of conspiracy to commit wire fraud and money laundering for his role in a cryptocurrency scam prosecutors have said bilked investors out of hundreds of thousands of dollars. 

  • October 31, 2024

    10 Firms Vie To Lead, Consolidate Super Micro Investor Suits

    Ten firms have submitted competing bids to lead and consolidate proposed class actions alleging that artificial intelligence server manufacturer Super Micro Computer Inc.'s shares fell roughly 20% after a short seller report accused it of violating its previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties.

Expert Analysis

  • 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.

  • Calif. Bill, NTIA Report Illustrate Open-Model AI Safety Debate

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    The National Telecommunications and Information Administration’s balanced recommendations for preventing misuse of open artificial intelligence models, contrasted with a more aggressive California bill, demonstrate an evolving regulatory debate about balancing democratic access to this powerful new technology against potential risks to the public, say Stuart Meyer and Fredrick Tsang at Fenwick.

  • 7 Takeaways For Investment Advisers From FinCEN AML Rule

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    With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.

  • Assessing Algorithmic Versus Generative AI Pricing Tools

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    A comparison of traditional algorithmic pricing models and those powered by generative artificial intelligence can help regulators and practitioners weigh the pros and cons of relying on large language models to price products or services, say Maxime Cohen at McGill University, and Tim Spittle and Jimmy Royer at Analysis Group.

  • 3 Patent Considerations For America's New Quantum Hub

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    Recent developments signal an incredibly bright future for Chicago as the new home of quantum computing, and it is crucial that these innovators — whose technology has the potential to transform many industries — prioritize intellectual property strategy, says Andrew Velzen at McDonnell Boehnen.

  • A Preview Of AI Priorities Under The Next President

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    For the first time in a presidential election, both of the leading candidates and their parties have been vocal about artificial intelligence policy, offering clues on the future of regulation as AI continues to advance and congressional action continues to stall, say attorneys at Mintz.

  • How Companies Are Approaching Insider Trading Policies

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    An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.

  • What To Know About CFPB Stance On Confidentiality Terms

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    A recent circular from the Consumer Financial Protection Bureau represents a growing effort across government agencies to address overbroad confidentiality agreements, and gives employers insight into the bureau's perspective on the issue as it relates to the Consumer Financial Protection Act, say Holly Williamson and Elizabeth King at Hunton.

  • How Methods Are Evolving In Textualist Interpretations

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    Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.

  • Navigating New Enforcement Scrutiny Of 'AI Washing'

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    The U.S. Securities and Exchange Commission's recent lawsuit against Joonko Diversity, its first public AI-focused enforcement action against a private company, underscores the importance of applying the same internal legal and compliance rigor to AI-related claims as other market-facing statements, say attorneys at Fried Frank.

  • What's Next For Federal Preemption In Financial Services

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    The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.

  • Increased Scrutiny Raises Int'l Real Estate Transaction Risks

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    Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.

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