Fintech

  • June 18, 2024

    9 Firms Vie To Lead Suit Over Ad Tech Co.'s Microsoft Ties

    Pomerantz LLP, Levi & Korsinsky LLP and several other firms have filed competing bids to lead a proposed shareholder class action alleging that shares of ad tech company Perion Network declined nearly 40% after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.

  • June 18, 2024

    SEC's Ether Orders Spur Hope For Crypto, Caution From Attys

    The crypto industry received a step toward clarity when the U.S. Securities and Exchange Commission's approval of exchange-traded products holding the token ether signified the cryptocurrency isn't a security subject to SEC regulation, but attorneys say they remain cautious when counseling clients on how to deal in the asset.

  • June 18, 2024

    Gov't Says New Guidelines Can't Cut Crypto Expert's Sentence

    Federal prosecutors have told a Manhattan federal judge that the crypto computing expert who received five years for aiding North Korea's blockchain development shouldn't get to cut a year off his sentence just because sentencing guidelines have been updated while he's served his term.

  • June 18, 2024

    Crypto Firm Latinum Can't Arbitrate Investors' Fraud Suit

    A Michigan federal judge discerned that crypto firm Bitcoin Latinum can't send claims it duped investors out of promised digital assets to arbitration considering it didn't raise the issue in the two years since the suit was brought.

  • June 18, 2024

    Fed Should Vote Now On Basel Capital Hike Plan, Warren Says

    U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.

  • June 18, 2024

    Sterling Bank Ex-CEO Won't Face Charges Over Loan Program

    The founder and former CEO of Sterling Bank and Trust, who has been investigated in connection with a fraud-plagued loan program, will not face criminal charges from the U.S. Department of Justice, according to Michigan federal court documents filed Monday.

  • June 18, 2024

    5th Circ. Keeps Suit Over CFPB's Card Late Fee Rule In Texas

    The Fifth Circuit on Tuesday ordered a banking industry lawsuit against the Consumer Financial Protection Bureau's credit card late fee rule to remain in Texas federal court, rejecting a second attempted transfer of the case to Washington, D.C.

  • June 17, 2024

    Milbank Snags FTC Competition Trial Chief For DC Office

    Milbank LLP announced Monday it has hired the chief trial counsel for the Federal Trade Commission's Bureau of Competition, bulking up its Washington, D.C., antitrust and competition practice with a veteran litigator who led the government's challenge to Microsoft Corp.'s $69 billion acquisition of Activision Blizzard.

  • June 17, 2024

    CFPB Reaches $7M Deal In Suit Over Ex-Exec's Money Moves

    The Consumer Financial Protection Bureau said Monday that it will accept $7 million from a former online loan executive and his wife to resolve a Kansas federal court lawsuit in which the agency accuses them of trying to keep millions more dollars out of the agency's reach.

  • June 17, 2024

    Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit

    A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.

  • June 17, 2024

    Ex-CNBC Pundit Caught After Years Of Dodging Fraud Claims

    A former frequent CNBC guest who became a fugitive for nearly three years after being accused of defrauding investors has been arrested and faces a seven-count indictment, California federal prosecutors said Monday.

  • June 17, 2024

    SEC Says Ripple's Remedies Not Comparable To Terraform's

    The U.S. Securities and Exchange Commission fired back at blockchain firm Ripple Labs' claims that a recent settlement with Terraform Labs supports a lower penalty amount, saying it can't be a direct comparison given Terraform is in bankruptcy and has made significant concessions Ripple hasn't.

  • June 17, 2024

    FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab

    FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.

  • June 17, 2024

    Crypto Trading Firm Nabs NY BitLicense

    Crypto trading firm and liquidity provider Cumberland DRW announced Monday that the New York Department of Financial Services has granted it a BitLicense, which allows it to operate a crypto business within the state.

  • June 17, 2024

    Binance Says Hamas Attack Suit Can't Prove Fundraising Link

    Binance Holdings Ltd. has urged a New York federal judge to dismiss claims the exchange abetted terrorism because the survivors of Hamas' Oct. 7 attack on Israel haven't shown a direct link between the platform's cryptocurrency services and the planning of the attack.

  • June 17, 2024

    SEC Head Of Crypto Assets And Cyber Unit Departs Agency

    The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.

  • June 17, 2024

    Justices To Hear Nvidia Case On Securities Pleading Standard

    The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.

  • June 14, 2024

    Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle

    Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.

  • June 14, 2024

    Fed Limits Bank's Fintech Dealings Over Risk Concerns

    The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.

  • June 14, 2024

    CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead

    The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.

  • June 14, 2024

    Judge Declines To Decide Whether Gemini Misled CFTC

    A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.

  • June 14, 2024

    Gemini, NYAG Settle Crypto Lending Fraud Case

    The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.

  • June 14, 2024

    Ripple Cites Terraform Fine In Call To Limit SEC Penalty

    Ripple Labs Inc. says the U.S. Securities and Exchange Commission's recent settlement with fellow crypto firm Terraform Labs, with the company agreeing to pay a $420 million civil penalty, is further proof of the "unreasonableness" of the agency's request that it be made to pay a much larger fine for activities that did not amount to fraud.

  • June 14, 2024

    Feds Lob New Charges Over $430M Dark Web Market

    Two owners of an online marketplace known as Empire Market were hit Thursday with additional charges alleging that over a period of years they allowed users worldwide to buy and sell $430 million worth of illegal goods and services.

  • June 14, 2024

    Guo's Crypto Venture Raised 'Red Flags,' Investigator Says

    A compliance investigator at cryptocurrency wallet provider BitGo testified in Manhattan federal court Friday that he identified multiple "financial crime red flags" in the digital asset exchange promoted by Chinese dissident Miles Guo.

Expert Analysis

  • Firms Must Rethink How They Train New Lawyers In AI Age

    Author Photo

    As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.

  • High Court's BofA Ruling Leaves State Preemption Questions

    Author Photo

    A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.

  • Cyber Takeaways For Cos. From Verizon Data Breach Report

    Author Photo

    Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.

  • Think Like A Lawyer: Always Be Closing

    Author Photo

    When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

  • 3 Ways To Fight Alice Rejections Of Blockchain Patents

    Excerpt from Practical Guidance
    Author Photo

    With blockchain-related patent application filings on the rise, Thomas Isaacson at Polsinelli offers strategies for responding to U.S. Patent and Trademark Office determinations that the blockchain network is just a generic computer and patent-ineligible under the U.S. Supreme Court's 2014 Alice v. CLS Bank decision.

  • Deciphering SEC Disgorgement 4 Years After Liu

    Author Photo

    Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.

  • Risks And Promises Of AI In The Financial Services Industry

    Author Photo

    Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

  • Series

    Playing Chess Makes Me A Better Lawyer

    Author Photo

    There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.

  • Patent Lessons From 7 Federal Circuit Reversals In May

    Author Photo

    A look at recent cases where the Federal Circuit reversed or vacated decisions by the Patent Trial and Appeal Board or a federal district court provide guidance on how to succeed on appeal by clarifying the obviousness analysis of design patents, the finality of a judgment, and more, say Denise De Mory and Li Guo at Bunsow De Mory.

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

    Author Photo

    Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.

  • What To Know As CFPB Late Fee Rule Hangs In Limbo

    Author Photo

    Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.

  • Lean Into The 'Great Restoration' To Retain Legal Talent

    Author Photo

    As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.

  • Unlocking Blockchain Opportunities Amid Legal Uncertainty

    Author Photo

    Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.

  • What The NYSE Proposed Delisting Rule Could Mean For Cos.

    Author Photo

    The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.

  • The Uncertain Scope Of The First Financial Fair Access Laws

    Author Photo

    With Florida and Tennessee soon to roll out laws banning financial institutions from making decisions based on customer traits like political affiliation, national financial services providers should consider how broadly worded “fair access” laws from these and other conservative-leaning states may place new obligations on their business operations, say attorneys at Sullivan & Cromwell.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!