Fintech

  • February 01, 2024

    Belarusian Charged With Running BTC-e Laundering Network

    A Belarusian man has been charged with operating the digital currency exchange BTC-e, which prosecutors said was used by cyber criminals globally to launder illegally procured funds.

  • February 01, 2024

    2nd Circ. Hints It May Revive Coinbase User Suit

    The Second Circuit appears ready to revive a proposed class action accusing crypto platform Coinbase of selling unregistered securities, with judges on Thursday casting doubt on the company's claims that it can't be sued because it doesn't own the cryptocurrencies that trade on its platform.

  • February 01, 2024

    Meme Stock Investors Want To Revive Suit Against Apex

    Meme stock investors asked the Eleventh Circuit on Thursday to revive their suit looking to hold broker-dealer Apex Clearing Corp. liable for trading losses, arguing that the lower court erred in determining that Apex did not owe any duty to the investors.

  • February 01, 2024

    Greenberg Traurig Hires Ballard Spahr's Ex-Fintech Leader

    Greenberg Traurig LLP announced the addition of the former co-leader of Ballard Spahr LLP's financial technology and payment solutions team on Wednesday, touting its new shareholder's experience helping consumer finance industry clients get approval to put new fintech products on the market.

  • January 31, 2024

    Digital Lender, Partner Bank Seek To Sink Usury Claims

    Lender Helix Financial and its partner bank, Lead Bank, have asked a Georgia federal judge to toss a proposed class action alleging their relationship was a "front" to issue loans with unreasonably high interest rates, arguing the allegations in the suit are "simply not plausible."

  • January 31, 2024

    Crypto Faded As A Shareholder Suit Target In '23, Study Finds

    The number of securities class actions filed last year ticked up slightly from the year before, even with a drop in new suits against the cryptocurrency sector and blank-check companies, according to a report released Wednesday by Cornerstone Research.

  • January 31, 2024

    NFT Co. NBA Top Shot Wants To Block User's Privacy Suit

    The issuer and licensors behind non-fungible token marketplace NBA Top Shot told a California judge to toss a proposed class action over the platform's use of a tracker that passed user data to Meta Platforms Inc. since users agreed to certain information sharing when they logged onto the site and transactions on the platform are meant to be public.

  • January 31, 2024

    US Bid To Seize Assets In BlockFi Case Hits Another Snag

    A New Jersey bankruptcy judge dealt another blow to the Justice Department's efforts to seize assets stemming from criminal conduct related to the BlockFi bankruptcy, saying the U.S. government cannot pause an adversary case through criminal forfeiture.

  • January 31, 2024

    FTX Intends To Pay Customers In Full Under New Ch. 11 Plan

    Attorneys for bankrupt cryptocurrency exchange FTX Trading Ltd. told a Delaware judge on Wednesday that it intends to file a new Chapter 11 plan that projects payment in full for all customers and general unsecured creditors.

  • January 31, 2024

    FTX Can Estimate Digital Claims In US Dollars, Judge Says

    Bankrupt cryptocurrency exchange FTX Trading Ltd. can estimate the value of digital asset claims of customers in U.S. dollars after a Delaware judge said Wednesday that conducting individual valuations of each claim would be costly and time-consuming.

  • January 31, 2024

    Terraform Says Impending SEC Fine Proves It's In Distress

    Cryptocurrency company Terraform Labs told a Delaware bankruptcy judge on Wednesday the mere fact it could face a ruinous U.S. Securities and Exchange Commission fine in the future justifies Chapter 11 protection today, arguing a recent judgment in favor of the regulatory agency attests to its financial distress.

  • January 31, 2024

    SVB Cayman Unit Seeks FDIC Probe On Customer Deposits

    Liquidators of the Cayman Islands branch of defunct Silicon Valley Bank and U.S. bank regulators faced harsh questions on Wednesday from a New York bankruptcy judge as the liquidators sought the ability to conduct discovery regarding the fate of $477 million in deposits.

  • January 31, 2024

    JPMorgan Directors Seek Toss Of Zelle Fraud Suit In Del.

    A shareholder lawsuit accusing JPMorgan Chase & Co. of ignoring fraud complaints about peer-to-peer banking platform Zelle cites only a few news articles and a congressional hearing as "red flags" that directors allegedly missed, falling "well short" of a valid claim, the directors' attorney told Delaware's Court of Chancery Wednesday.

  • January 30, 2024

    US Trustee Opposes 'Backdoor' Releases In Genesis Ch. 11

    The U.S. Trustee's Office is challenging cryptocurrency company Genesis Global's Chapter 11 plan, arguing it would improperly pay certain legal fees without court approval, include overbroad releases and allow for an "impermissible backdoor third-party release."

  • January 30, 2024

    SEC Tells 9th Circ. Crypto Law Firm Has No Claim To Bring

    The U.S. Securities and Exchange Commission told the Ninth Circuit on Monday that cryptocurrency-using law firm Hodl Law PLLC can't challenge the agency's digital asset enforcement policy because the firm's concerns about future harms are all hypothetical.

  • January 30, 2024

    Terraform Will Use Ch. 11 To Craft Appeal Of SEC Crypto Case

    An executive for crypto company Terraform Labs told the Delaware bankruptcy court Tuesday it has sought Chapter 11 protection mainly to delay a potentially existential U.S. Securities and Exchange Commission penalty tied to the implosion of its algorithmic stablecoin, the collapse of which in 2022 provoked a widespread crash in cryptocurrency markets.

  • January 30, 2024

    SEC To Drop Debt Box Suit For Now, Amid Sanctions Threat

    The U.S. Securities and Exchange Commission on Tuesday said it plans to drop its case against crypto project Debt Box while it conducts a review of alleged misrepresentations the agency's Utah-based attorneys made to the court, according to its latest response to potential sanctions over the matter.

  • January 30, 2024

    NY Sues Citi Over Fraud Protection, Reimbursement Practices

    New York's attorney general on Tuesday sued Citibank NA in federal court over claims that the banking giant lacks sufficiently strong online security measures to protect customers against scammers and has unlawfully refused to reimburse them for fraud losses.

  • January 29, 2024

    Justices Urged To OK 9th Circ.'s Coinbase Arbitration Ruling

    The American Association for Justice, legal scholars and a consumer advocacy organization threw their weight behind a proposed class of Coinbase users Monday in their fight at the U.S. Supreme Court to keep their dispute alleging the cryptocurrency exchange platform misled them about a Dogecoin sweepstakes out of arbitration.

  • January 29, 2024

    Cash App Fights Proposed Class Action Over Text Referrals

    Block Inc., which operates mobile payment service Cash App, has asked a Seattle federal judge to toss a consumer's proposed class action alleging that the company's referral texts constitute "annoying and harassing spam texts."

  • January 29, 2024

    Accused Crypto Pastor 'Preyed' On His Flock, Judge Says

    A Colorado state judge Monday extended an asset freeze against a social media pastor who appeared to confess online to an alleged scheme to defraud congregants with worthless cryptocurrency, with the judge calling it a "case of unmitigated greed."

  • January 29, 2024

    Feds Charge 3 In $1.9B HyperFund Crypto Pyramid Scheme

    The individuals behind cryptocurrency project HyperFund are facing federal charges and a U.S. Securities and Exchange Commission action over their roles in what prosecutors say was a crypto Ponzi scheme that defrauded investors out of nearly $1.9 billion.

  • January 29, 2024

    Del. Justices Reverse Toss Of Cantor Fitzgerald No-Compete

    In a ruling affirming Delaware's corporate law deference to valid partnership contracts, the state's Supreme Court on Monday reversed a Chancery Court decision that last year invalidated "forfeiture for competition" terms in Cantor Fitzgerald LP's limited partnership agreements, unwinding a win worth $12.5 million.

  • January 29, 2024

    CFTC Chair Says Bitcoin ETFs Make Crypto Oversight 'Critical'

    U.S. Commodity Futures Trading Commission Chair Rostin Behnam said the need for federal legislation governing crypto assets "has never been more critical" now that spot bitcoin exchange-traded funds are on the market, since participants may confuse the approval of products holding crypto as regulatory oversight of their underlying asset.

  • January 29, 2024

    FTX Strikes $16M Deal To End Donations Clawback Suit

    FTX has asked Delaware's bankruptcy court to approve a $16 million settlement scrapping an adversary action the cryptocurrency exchange operator leveled to recover millions of dollars in customer and company funds that were transferred as philanthropic gifts to entities tied to founder Sam Bankman-Fried.

Expert Analysis

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up

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    Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • 3 FinCEN Fraud Alerts To Remember In 2024

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    With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • 7 Enforcement Predictions For US Export Controls, Sanctions

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    Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.

  • 8 Ways To Negotiate Improved Disgorgement Outcomes

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    The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.

  • How The NY AG Leads Investigations In Civil Securities Fraud

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    Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.

  • 3 Types Of Evidence Excluded Pretrial In 2023 TM Cases

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    Dylan I. Scher at Quinn Emanuel reviews three areas of rulings on motions in limine from 2023 where parties successfully excluded evidence in a trademark dispute, for legal practitioners to consider for future cases.

  • Series

    ESG Around The World: Singapore

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    Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Series

    Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • Expect CFPB Flex Over Large Nonbank Payment Cos.

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    A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.

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