Fintech

  • April 01, 2024

    Skillz Hid 'Rudimentary' Gaming Tech, Investors Tell 9th Circ.

    Skillz Inc. investors urged the Ninth Circuit Monday to revive a consolidated proposed class action alleging the mobile-gaming company misled investors about its growth prospects surrounding its 2021 go-public merger with a special-purpose acquisition company — arguing Skillz skewed revenues and misleadingly touted its gaming technology, which was in reality "rudimentary."

  • April 01, 2024

    Texas Judge Halts New Community Lending Rules For Banks

    A Texas federal judge has ordered a halt to the rollout of federal banking regulators' recently revamped rules intended to spur bank lending in underserved communities, granting a preliminary injunction sought by bank industry trade groups suing to overturn the changes.

  • April 01, 2024

    Spinning For Terraform Was Tough, Crypto Rep Tells Jury

    A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.

  • April 01, 2024

    Fed Beats Crypto-Focused Bank's Master Account Suit

    The Federal Reserve Bank of Kansas City has defeated a suit brought by crypto-focused Custodia Bank over its battle for a so-called master account, with a Wyoming federal judge ruling that Custodia's reading of the law doesn't show it's statutorily entitled to such an account because Congress does not "hide elephants in mouse holes."

  • April 01, 2024

    Indicted Crypto Whiz Says Software Development Not A Crime

    The founder of the Tornado Cash cryptocurrency exchange told a Manhattan federal judge that the government had wrongly charged him with scheming to launder money and dodge sanctions, saying that the only agreement he'd made with others was to build legal, open-source software.

  • April 01, 2024

    PE Firm Advent Buying Canada's Nuvei In $6.3B Deal

    Canadian fintech Nuvei Corp. said Monday it has agreed to be taken private by Advent International through an all-cash transaction that values Nuvei at approximately $6.3 billion, including debt.

  • March 29, 2024

    PayPal Gets CFPB's Fee Disclosure Rule Cut Down Again

    A Washington, D.C., federal judge on Friday again sided with payment-processing giant PayPal in striking down attempts by the Consumer Financial Protection Bureau to hold digital wallets to certain disclosure and waiting-period rules that apply to physical prepaid payment cards.

  • March 29, 2024

    Hogan Lovells Vet's High Court Debut A Study In Contrasts

    Several weeks ago, when a Hogan Lovells lawyer finally delivered U.S. Supreme Court arguments after 20 years at the firm, she parsed arcane arbitration issues and her words weren't widely heard outside the courtroom. But weeks later and back at the high court podium, her words were heard nationwide when she pointedly spotlighted a judge's use of "anonymous blog posts" in a bombshell abortion ruling.

  • March 29, 2024

    5th Circ. Stays CFPB Late-Fee Rule Suit's Move To DC

    Bank industry groups challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard have been granted a short-term Fifth Circuit stay of a Texas federal judge's move to send their lawsuit across the country to D.C. federal court.

  • March 29, 2024

    BitTorrent Owner Says SEC Is Overreaching Its Authority

    The owner of file sharing platform BitTorrent asked a Manhattan federal judge to toss the U.S. Securities and Exchange Commission's lawsuit alleging the fraudulent and unregistered sale of a pair of crypto tokens, saying the agency is trying to extend U.S. securities laws to foreign entities.

  • March 29, 2024

    What's Next On Courts' Crypto Docket After Bankman-Fried

    The 25-year prison sentence for FTX founder Sam Bankman-Fried left the crypto industry one step closer to putting the fallout of "crypto winter" behind it, but there are still other cases with broad implications for the industry set to take over Manhattan courtrooms soon.

  • March 29, 2024

    CFPB Probe Of Utah Lender Put On Ice For High Court Ruling

    A small-dollar lender can hold off on responding to the Consumer Financial Protection Bureau until the U.S. Supreme Court rules on a pending constitutional challenge to the agency, a Utah federal magistrate judge has decided.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Tenant Screener To Pay $2.2M Over Race Bias Claims

    A tenant screening company has reached a settlement in Massachusetts federal court to end claims brought by a class of housing applicants who alleged its practices disproportionately exclude Black and Hispanic renters.

  • March 28, 2024

    CFPB Scores Win As Banks' Late Fee Rule Lawsuit Sent To DC

    A Texas federal judge ruled Thursday that the U.S. Chamber of Commerce and other trade groups suing to block the Consumer Financial Protection Bureau's $8 credit card late-fee standard must take their case to D.C. federal court, granting the agency's bid to fight the challenge on its home turf.

  • March 28, 2024

    Judge Doubts NBA NFT Licensors Belong In Meta Privacy Suit

    The developer of non-fungible token marketplace NBA Top Shot must face a proposed class action claiming it violated state and federal laws aimed at protecting video consumers, with the National Basketball Players Association and NBA Properties Inc., which handles the NBA's merchandising and licensing, escaping the suit for now.

  • March 28, 2024

    FTX Investors To Settle With Ex-Execs, Crypto Promoters

    Investors who launched a multidistrict litigation over cryptocurrency exchange FTX's collapse have reached a set of settlements with the former inner circle of founder Sam Bankman-Fried as well as seven promoters who, together, have agreed to pay over $1.3 million to resolve claims that they boosted a massive fraud scheme at the company.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    SEC Settles Suit For Docs Over Potential Crypto Conflicts

    The U.S. Securities and Exchange Commission and government watchdog Empower Oversight have agreed to end a suit that sought to force the regulator to hand over documents the watchdog claimed may provide insight into potential conflicts of interest affecting the SEC's digital asset dealings.

  • March 28, 2024

    FinCEN Eyes Relaxing Bank Duties For Customer ID Numbers

    The U.S. Treasury Department's anti-financial crimes unit moved Thursday to revisit a long-standing requirement for banks to collect full Social Security numbers from people at account sign-up, saying it is looking at possibly relaxing this identity verification measure amid fintech calls for more flexibility.

  • March 28, 2024

    4 Takeaways As Hollywood Asks For AI Deepfakes Laws

    Deepfakes have ceased to live solely in the world of science fiction, and their proliferation has already presented disturbing examples of a distorted reality — from phony robocalls by politicians to bogus celebrity nudes.

  • March 28, 2024

    Film Producer, 2 Cos. To Pay SEC $3.5M In ICO Scheme

    A Georgia federal judge on Thursday signed off on a $3.5 million penalty levied by the U.S. Securities and Exchange Commission against two failed cryptocurrency ventures and the Atlanta film producer who promoted them through a pump-and-dump scheme.

  • March 28, 2024

    Steptoe Taps McDermott's Fintech Head To Be NY Partner

    A longtime partner at McDermott Will & Emery LLP who led the firm's fintech and blockchain transactions practice has joined Steptoe LLP in New York, where she will focus her practice on blockchain, crypto, derivatives and fintech.

  • March 28, 2024

    Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud

    FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."

  • March 27, 2024

    9th Circ. Revives Claims Against Apple In Crypto Theft Row

    The Ninth Circuit on Wednesday partially reinstated a putative class action accusing Apple of misrepresenting the safety of its App Store after users' cryptocurrency was stolen from an app, finding that while a federal tech immunity law shielded Apple from an array of fraud and wiretapping claims, three consumer protection claims could move forward. 

Expert Analysis

  • Practical Steps For Navigating New Sanctions On Russia

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    After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • Bank Secrecy Act Lessons For Casinos After DOJ Settlements

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    The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.

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