Fintech

  • January 26, 2024

    Patent Manager IPwe Plans Ch. 11 Sale With Shareholder Bid

    Patent trading platform operator IPwe received approval from a Delaware bankruptcy judge Friday to take out up to $500,000 in Chapter 11 financing the company says it will need to stay afloat long enough to put its assets on the block.

  • February 08, 2024

    Law360 Seeks Members For Its 2024 Editorial Boards

    Law360 is looking for avid readers of its publications to serve as members of its 2024 editorial advisory boards.

  • January 26, 2024

    Early-Pay App Late With Exec's Salary, Suit Alleges

    The former sales director for an app that lets employees collect their wages early says his salary was repeatedly late or not paid at all, according to a lawsuit filed Thursday in Massachusetts state court.

  • January 26, 2024

    Crypto Cos. Say Experts Show Bitcoin 'Inventor' Forged Docs

    The expert witness appointed by self-proclaimed bitcoin inventor Craig Wright has said that his documents intended to prove that his role in the creation of the cryptocurrency are forged, an organization representing crypto companies suing him has told a London court.

  • January 25, 2024

    US Chamber, Banking Groups Back BofA At Supreme Court

    The U.S. Chamber of Commerce and major banking groups have urged the U.S. Supreme Court to leave intact a Second Circuit decision in favor of Bank of America NA in a dispute with mortgage borrowers, arguing that disturbing that ruling would "destabilize the banking industry."

  • January 25, 2024

    CFPB Urged To Dispel 'Confusion' On Nonbank Oversight Tool

    A bipartisan group of House lawmakers is calling on the Consumer Financial Protection Bureau to clarify the standard it would use to single out a fintech firm or other nonbank company for special supervision, warning of a potential for "confusion" that could hamper credit access among vulnerable consumers.

  • January 25, 2024

    Apex's Failed SPAC Inks $1.5M SEC Deal Over IPO Filings

    The U.S. Securities and Exchange Commission announced Thursday that Northern Star Investment Corp. II, a special-purpose acquisition company whose merger with Apex Fintech Solutions fell apart in 2021, agreed to pay $1.5 million to resolve charges that it made misleading statements in its initial public offering filings.

  • January 25, 2024

    Bored Ape NFT Copycats Owe Yuga Labs $7M In Atty Fees

    The artists accused of ripping off the Bored Ape Yacht Club non-fungible token collection have been ordered to pay creator Yuga Labs more than $7 million in attorney fees and costs, despite their concerns that Yuga's counsel at Fenwick & West LLP overbilled in the case.

  • January 25, 2024

    Petition Watch: Patent Obviousness, ADA Trials, Spoofing

    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 two weeks that you might've missed, including questions over pleading standards, the correct obviousness test to apply in patent disputes, whether Americans with Disabilities Act retaliation plaintiffs are entitled to jury trials, and how the government should prosecute spoofing.

  • January 25, 2024

    Robinhood Beats Investor Suit Over $2.1B IPO For Good

    A California federal judge has permanently tossed an investor suit against Robinhood Markets Inc. over its $2.1 billion initial public offering, finding that the latest complaint wasn't enough to show the exchange failed to inform investors about the extent to which the trading of cryptocurrency and "meme stocks" fueled the firm's strong financials ahead of its stock market debut.

  • January 25, 2024

    Visa, Mastercard Seek Justices' Help Against ATM Class Cert.

    Mastercard and Visa sought U.S. Supreme Court intervention Thursday against the certification of three classes of consumers and ATM operators accusing the companies of imposing ATM fees in violation of antitrust laws, arguing the D.C. Circuit improperly permitted a district judge to rely "on outdated decisions" and "cursory analysis."

  • January 25, 2024

    Patent Marketplace Co. IPwe Hits Ch. 11 In Del.

    IPwe, a patent trading platform operator, is petitioning for Chapter 11 protection in Delaware with about $7.2 million in debt, a significant portion of which is held by IBM, citing an inability to adapt to changing market conditions, prolonged software sales cycles and difficulties in securing additional equity capital.

  • January 25, 2024

    Ex-BigLaw Atty Gets 10 Years For Laundering OneCoin Cash

    A former Locke Lord LLP partner convicted at trial in 2019 of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam was sentenced Thursday to 10 years in prison as a New York federal judge found he was well aware that the funds came from a "massive crime."

  • January 25, 2024

    FTC Launches Probe Of Big Tech Investments In AI

    The Federal Trade Commission said Thursday that enforcers have requested information from Google, Amazon, Microsoft and others about recent investments and partnerships involving generative artificial intelligence and cloud services to understand their impact on competition.

  • January 24, 2024

    SEC's Crypto Enforcement Reaches New High, Report Says

    In 2023, the U.S. Securities and Exchange Commission brought the most cryptocurrency-related enforcement actions to date, according to a Cornerstone Research report released Wednesday, signaling the commission's ever-increasing focus on the digital asset space.

  • January 24, 2024

    BofA Fell For $2.1M Check Fraud Despite Red Flags, Suit Says

    A Kansas-based insurance exchange said Wednesday that Bank of America missed several "clear and conspicuous" indicators that a $2.1 million check purportedly submitted by its customer was actually fraudulent, instead providing the money to a medical group that illegally altered the check's address and date.

  • January 24, 2024

    Bid To Swap Chevron For An Old Standby Raises Doubts

    Last week, the U.S. Supreme Court debated whether a World War II-era doctrine encouraging courts to strongly consider agency statutory interpretations could replace the court's controversial so-called Chevron doctrine that requires judges to defer to those interpretations if a statute is ambiguous.

  • January 24, 2024

    Crypto Lender Nexo Hits Bulgaria With $3B Arbitration Claim

    Nexo AG said it has submitted an approximately $3 billion arbitration claim against the Republic of Bulgaria at the World Bank's International Centre for Settlement of Investment Disputes following a raid of the crypto lender's offices in Sofia last year.

  • January 24, 2024

    Dogecoin Fans Urge Justices To Let Court Hear Coinbase Row

    A group of Coinbase users who claim the exchange misled them with murky advertising of a Dogecoin sweepstakes told the U.S. Supreme Court that it should be up to a judge to decide whether their grievances belong in arbitration.

  • January 24, 2024

    FTX Inches Toward Ch. 11 Examiner Appointment

    A Delaware bankruptcy judge began on Wednesday to lay out a course for picking an independent examiner in the Chapter 11 case of defunct cryptocurrency exchange operator FTX, explaining that the court's focus was on moving quickly, avoiding big expenses and not having to "reinvent the wheel."

  • January 24, 2024

    Cash Loan App To Pay $3M FTC Fine Over Hidden Fees

    Cash advance app company FloatMe Corp. has agreed to pay $3 million to the Federal Trade Commission and to stop charging allegedly hidden fees to end claims that it misled consumers about how much of a cash advance they could receive at any point and how fast they would be able to get it.

  • January 24, 2024

    M&A Off To Strong Start In 2024 Amid Flurry Of US Megadeals

    The month of January is providing exactly the jolt of activity those betting on a 2024 mergers and acquisitions rebound have been hoping for, with a flurry of announced U.S. deals collectively worth $136.6 billion as of Wednesday, data provided by Dealogic shows.

  • January 24, 2024

    Accused Fraudster Hurting Policyholders, NC Justices Told

    Four insurers told the North Carolina Supreme Court that a former insurance mogul facing criminal fraud charges is still running his businesses, contrary to a contract and lower court order, renewing their request for clarity on what parts of an appellate court's opinion the high court will review.

  • January 24, 2024

    CFPB Targets Rarely Charged Bank Fee With 'Proactive' Ban

    The Consumer Financial Protection Bureau moved Wednesday to ban banks from charging customers a penalty for one-time payment attempts that are immediately declined because of a low account balance, a type of fee that the agency contends is rare but needs to be "proactively" contained.

  • January 23, 2024

    PayPal's Business Built On Stolen Trade Secrets, Suit Claims

    Patent licensing company Internet Payments Patents Ltd. sued PayPal Inc. in Texas federal court on Tuesday alleging the financial tech giant stole trade secrets following meetings in the early 2000s to discuss a potential partnership, saying it only recently learned of the alleged theft from articles posted on PayPal's website.

Expert Analysis

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Forecasting The Impact Of High Court Debit Card Rule Case

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    John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • What SEC Retreat In Ripple Case Means For Crypto Regulation

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    The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • When Courts Engage In Fact-Finding At The Pleading Stage

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    It remains to be seen whether the Ninth Circuit's pleading-stage factual determination in a securities class action against Nvidia was sui generis or part of a trend, but the court has created a template for district courts to follow, says Jared Kopel at Alto Litigation.

  • A Deep Dive Into FSOC's Expansion Of Nonbank Oversight

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    The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • Total Stay Of CFPB Small Biz Data Rule Is Boon To Lenders

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    The Southern District of Texas’ nationwide halt of the Consumer Financial Protection Bureau’s Small Business Lending Rule would end if the CFPB wins a pending U.S. Supreme Court case, but the interim pause allows valuable extra time for financial institutions to plan their compliance strategies, say attorneys at Greenberg Traurig.

  • Key Takeaways From CFPB's Proposed Data-Sharing Rules

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    The Consumer Financial Protection Bureau's recently announced proposed rule for regulating personal financial data rights sheds light on the bureau's stance regarding practices like screen-scraping and may presage further activity that could involve more concrete enforcement actions, say attorneys at Wilson Sonsini.

  • Inside Bank Regulators' Community Lending Law Overhaul

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    The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.

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