Fintech

  • February 15, 2024

    Chancery Nixes Most Of Frank Founder's $835K Fee Demand

    The indicted founder of student financial planning venture Frank may not "shoehorn" new legal fee claims into a May 2023 court order that JPMorgan Chase Bank NA pay her defense on charges that she defrauded the bank when it bought her startup for $175 million in 2021, Delaware's Court of Chancery has ruled.

  • February 15, 2024

    Petition Watch: Classes, Litigation Changes & Fraud Theories

    The U.S. Supreme Court receives thousands of petitions for review each term, but only a few make the news. Here, Law360 looks at four petitions filed in the past three weeks that you might've missed, including questions over how courts should analyze class certification bids and regulations restricting specific speech for content-neutral reasons, whether plaintiffs must reestablish standing after amending lawsuits, and what constitutes fraud.

  • February 15, 2024

    Peer Street Hits Back Against Ch. 7 Conversion Efforts

    Bankrupt real estate investment firm Peer Street Inc. hit back at creditors' motions to convert its case to a Chapter 7 liquidation, saying to the Delaware bankruptcy court that conversion would torpedo its restructuring plan, which has the support of secured creditors and the unsecured creditors committee.

  • February 15, 2024

    Deals Rumor Mill: Sony-Michael Jackson, Inspire IPO, Walmart

    Sony plans to acquire half of Michael Jackson's catalog; private equity firm Roark Capital is planning to list Inspire Brands, which owns Dunkin' and other food chains; and Walmart is pursuing an acquisition of TV maker Vizio. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • February 14, 2024

    Visa Says $5B Swipe Fee Deal Blocks Intuit, Square Claims

    Visa and Mastercard have asked a New York federal court to throw out antitrust claims brought by Intuit and Square, arguing that their claims were released as part of the $5.6 billion class action settlement the credit card companies finalized with merchants last year.

  • February 14, 2024

    9th Circ. Open To Rebooting Suit Over Apple App Crypto Theft

    A Ninth Circuit panel appeared open Wednesday to reviving a putative class action alleging Apple misrepresented the safety of its App Store after users' cryptocurrency was stolen from an app, with two judges questioning why the allegations can't survive when Apple has consistently touted its security in separate antitrust litigation.

  • February 14, 2024

    Biden's OECD Pick Vows To Warren He'll Avoid Crypto Policy

    A former New York congressman who's been nominated to serve as the U.S. ambassador to a global economic development body has said he'll forgo working on crypto-oriented policy if he's confirmed to the job after Sen. Elizabeth Warren, D.-Mass, expressed concern over his work with cryptocurrency exchange Coinbase.

  • February 14, 2024

    First Purely Tax Crypto Indictment Signals More On Tap

    Federal prosecutors' first public indictment of an individual who underreported the capital gains from a nearly $4 million legal sale of bitcoin indicates that authorities have opened the floodgates for more criminal cases that deal purely with undisclosed gains on legitimate cryptocurrency transactions.

  • February 14, 2024

    Debt Box Calls SEC Dismissal Bid 'Gambit' To Avoid Sanctions

    Crypto project Debt Box urged a Utah federal judge Wednesday to deny the U.S. Securities and Exchange Commission's motion to dismiss the controversial enforcement action against it for now, calling the action a "gambit" from the regulator to avoid potential sanctions and a permanent dismissal over alleged misconduct.

  • February 14, 2024

    SEC Says Bankruptcy Doesn't Stop Crowdfunding Fraud Case

    Securities regulators are urging a Michigan federal judge to allow them to press on with their claims against the alleged mastermind behind a $2 million crowdfunding scheme — who has since quietly changed his name and allegedly bilked his attorney — arguing that his recent bankruptcy filing shouldn't pause proceedings.

  • February 14, 2024

    Deputy AG Warns Of Harsher Penalties For Crimes Aided By AI

    Deputy Attorney General Lisa Monaco on Wednesday said the U.S. Department of Justice will seek harsher penalties for crimes committed with the aid of artificial intelligence, calling the technology a "double-edged sword" that can be exploited by criminals but utilized by prosecutors with the right controls in place.

  • February 14, 2024

    Split Fed. Circ. Won't Revive Patent Case Against Bank

    Judges on the Federal Circuit split in a Wednesday finding on how exactly the courts should read the phrase "transaction partner" in a patent lawsuit against a regional bank in Indiana, with the majority opting to agree with a federal judge in Illinois that the words could only be construed in such a way that meant the patent case couldn't hold up in court.

  • February 14, 2024

    Genesis Gets Nod To Sell $1.6B In Grayscale Shares In Ch. 11

    Cryptocurrency lender Genesis Global won a New York bankruptcy judge's approval Wednesday to start selling more than $1.6 billion of shares in Grayscale Investments trusts to fund payouts to creditors, defeating an objection by Digital Currency Group over sale timing and the parent company's plea to consult on transactions.

  • February 13, 2024

    PR Giant Ketchum Sued Over Voyager's Celeb Crypto Promos

    A class of users of bankrupt crypto lender Voyager have sued public relations company Ketchum Inc. in Florida federal court over its work organizing a Voyager event with an NBA basketball team and other promotional materials, which the users say amounted to aiding and abetting the crypto platform's sale of unregistered securities.

  • February 13, 2024

    Accused Crypto Mixer 'Key' To Online Drug Market, Gov't Says

    Bitcoin Fog laundered hundreds of millions of dollars worth of bitcoin and played a "key role" in the online drug economy, prosecutors said in an opening statement Tuesday to kick off the trial of the accused operator of the cryptocurrency mixer in D.C. federal court.

  • February 13, 2024

    Voyager Investors Suing Mark Cuban Reach Deal With Gronk

    Investors suing billionaire Mark Cuban over his role in promoting now-bankrupt Voyager Digital Ltd. said Tuesday they had reached a tentative agreement with former NFL star Rob Gronkowski to stay claims tied to his social media posts and appearances boosting the cryptocurrency firm.

  • February 13, 2024

    SEC's Gensler Promises 'War' On AI Fraud

    U.S. Securities and Exchange Commission Chair Gary Gensler told an audience of Yale Law School students on Tuesday that financial firms using so-called artificial intelligence could face the agency's wrath if they don't put proper safeguards in place to combat fraud against investors.

  • February 13, 2024

    Digitex CEO Let Unverified Users Trade Crypto, Gov't Alleges

    The founder of Digitex Futures Exchange was charged in Florida federal court over allegations he refused to implement policies designed to prevent money laundering on his cryptocurrency futures platform, the U.S. Attorney's Office for the Southern District of Florida said in a statement Tuesday.

  • February 13, 2024

    Qihoo 360, Investors Ink $29.75M Deal Over $9.3B Merger Suit

    Investors suing Chinese software company Qihoo 360 Technology Co. Ltd. asked a New York federal judge to approve a $29.75 million settlement ending claims the firm worked to push down its share price in order to pay shareholders an unfairly low price when it went private by means of a $9.3 billion merger.

  • February 13, 2024

    EU Says Apple IMessage, Microsoft Bing Not Gatekeepers

    European enforcers have found that Apple's iMessage and several Microsoft services do not qualify for "gatekeeper" designations under the Digital Markets Act, but the companies nevertheless must abide by new rules giving users more choice and freedom with other products.

  • February 13, 2024

    Crypto Exec Wants IRS Summonses Quashed, Citing Privacy

    A cryptocurrency executive charged in a 2020 bitcoin fraud investigation was never notified about Internal Revenue Service summonses later sent to two banks that sought his and his company's financial records, he told a Texas federal court, arguing that the summonses should be quashed.

  • February 13, 2024

    Catching Up With Delaware's Chancery Court

    A pizza chain, an energy company, a medical-device maker and a Manila casino were all hit with book-and-record demands last week in Delaware's Court of Chancery. A shoe company also walked away from a shareholder suit, two cryptocurrency companies tallied the costs of a broken merger, and three cigarette giants argued over Florida settlement payments.

  • February 13, 2024

    Fintech Group Of The Year: Sullivan & Cromwell

    Sullivan & Cromwell LLP's fintech group led some of 2023's most headline-grabbing crypto cases, from steering the bankruptcy of FTX to defending Coinbase in a landmark securities registration suit, earning the firm a spot among Law360's 2023 Fintech Groups of the Year.

  • February 12, 2024

    'Pig Butchering' Scheme Took Down Small Bank, Fed IG Says

    The July collapse of a Kansas community bank appears tied to a type of crypto scam known as pig butchering, enabled by a failure of internal controls that allowed its former CEO to allegedly siphon off enough money to force the bank's closure, according to a new report by a bank regulatory watchdog.

  • February 12, 2024

    Bank Trade Chief Warns Of Rules 'Masquerading As Guidance'

    The American Bankers Association's chief executive fired off a warning shot at federal regulators on Monday over their use of agency guidance, cautioning that several recent documents addressing certain bank fees and other practices are no substitute for formal rulemaking.

Expert Analysis

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • New Tech, Old Tricks: How GCs Can Fight White Collar Crime

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    As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.

  • Why CFTC Whistleblowers Are Crucial To Crypto Regulation

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    The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • Securities Class Actions Show No Signs of Slowing In 2024

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    Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.

  • How Corp. Transparency Act Can Unmask Crypto Owners

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    With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • CFPB As Pay App Watchdog May Invite More Fintech Regs

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    While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

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