Fintech

  • December 05, 2023

    SEC Chair Warns Businesses Against AI Washing: 'Don't Do It'

    U.S. Securities and Exchange Commission Chair Gary Gensler on Tuesday cautioned business owners not to "AI wash," or mislead investors as to their true artificial intelligence capabilities, comparing the practice to "greenwashing" and saying that securities laws require "full, fair and truthful disclosure."

  • December 05, 2023

    Big Bank CEOs Bemoan Basel III Ahead Of Senate Grilling

    Chief executives of some of the nation's biggest banks will be sounding the alarm about proposed capital requirement hikes when senators question them on Capitol Hill on Wednesday, with JPMorgan's Jamie Dimon warning of dire potential consequences that will "fundamentally alter the U.S. economy."

  • December 05, 2023

    9th Circ. Says Coinbase Can Arbitrate Fraud Transfer Action

    A Ninth Circuit panel on Tuesday held that cryptocurrency exchange Coinbase can arbitrate claims from a class of its customers alleging it failed to curb unauthorized transfers, ruling that a provision delegating any dispute arising out of their customer agreements to an arbitrator is not unconscionable.

  • December 05, 2023

    SEC, Terraform Clash Over Jury's Role At Upcoming Trial

    The U.S. Securities and Exchange Commission and Terraform Labs are sparring over whether a jury can determine if Terraform's tokens are securities as the parties await the court's decision on competing motions for summary judgment.

  • December 05, 2023

    Lending Co. Best Egg Looks To Arbitrate Predatory Loans Suit

    Online lender Best Egg has moved to compel arbitration of a proposed class action accusing the company of raking in millions of dollars by charging borrowers unlawfully high interest rates, arguing the plaintiffs "indisputably assented" to loan agreements containing arbitration provisions.

  • December 05, 2023

    3rd Circ. Affirms Arbitration Denial In MicroBilt FCRA Suit

    A three-judge Third Circuit panel on Tuesday upheld a New Jersey court's decision denying credit reporting company MicroBilt's request to compel arbitration in the case of a woman who sued the company for denying her a loan when it mistook her for someone on a government watch list.

  • December 05, 2023

    Trump, SBF Trials Spotlight Nonverbal Signaling, Prof Says

    Recent trials involving Donald Trump and Sam Bankman-Fried — and even the much older O.J. Simpson trial — show clearly that savvy trial lawyers are wielding forms of nonverbal communication that aren't subject to ethics guidelines, an expert on the topic said Tuesday.

  • December 05, 2023

    Judge Drops EY's German Unit From Wirecard Investor Suit

    A Pennsylvania federal judge dropped the German unit of Ernst & Young for a second time from a proposed class action accusing it and failed online payments company Wirecard AG of misleading investors about Wirecard's financial viability, ruling that the investors have not established the court has jurisdiction over the German entity.

  • December 05, 2023

    Crypto Project Says SEC's Actions Warrant A Case Dismissal

    Defendants in the U.S. Securities and Exchange Commission's case against crypto project Debt Box have urged a federal judge to toss the case after he found the agency misrepresented certain facts to secure a temporary restraining order, arguing the SEC "also got the complaint badly wrong."

  • December 05, 2023

    App Maker Says Faux Atty Lied In Prisoner-Transport Biz Buy

    A cryptocurrency influencer and owner of a Pittsburgh-based AI app company said his former chief investment officer faked his bona fides as an attorney and pilot when enticing him to buy a Colorado prisoner-transport company, then backed out of the business and sabotaged its prospects, according to a lawsuit filed in Pennsylvania state court.

  • December 04, 2023

    Justices Weigh Limits Of Possible Ruling Against SEC Courts

    While the U.S. Supreme Court recently expressed a willingness to declare the U.S. Securities and Exchange Commission's in-house court system unconstitutional, experts say some justices have shown a desire to keep their ruling from spilling over into the enforcement activities of federal agencies doling out Social Security benefits or punishing alleged tax cheats.

  • December 04, 2023

    Binance's Compliance Chief Is Optimistic About Monitorship

    Crypto exchange Binance Holdings Ltd. has its work cut out for it under the terms of a $4 billion deal that will require it to ramp up its compliance program under the watch of a monitor, but the exchange's head of compliance told Law360 he's looking at the arrangement as a "business accelerator."

  • December 04, 2023

    CFPB's MoneyLion Suit Halted For Justices' Funding Ruling

    A New York federal judge has agreed to pause a Consumer Financial Protection Bureau lawsuit over MoneyLion Technologies Inc.'s membership offerings, putting the case on hold while the U.S. Supreme Court mulls a pending constitutional challenge to the agency.

  • December 04, 2023

    Colo. Justices Uphold State's $25M Appellate Bond Cap

    Colorado Supreme Court justices on Monday rejected an oil and gas company's challenge to the state's $25 million cap on bonds to stay judgments pending appeal, concluding the statutory cap is constitutional and a water treatment company appealing a more than $280 million judgment doesn't have to post a bigger bond.

  • December 04, 2023

    Core Scientific Seeks Court Nod On $77M Bitcoin Mine Buy

    Crypto mining company Core Scientific has asked a Texas bankruptcy court to approve a planned $77.1 million purchase of equipment from bitcoin firm Bitmain Technologies, saying the deal will augment its mining rate and help it exploit an auspicious market environment for the digital currency.

  • December 04, 2023

    JPMorgan Slams Indicted Execs' Subpoenas As Overly Broad

    JPMorgan Chase told a Manhattan federal judge that a fintech startup founder accused of tricking the bank into purchasing his outfit had sent subpoenas along with another executive making a "staggering" 65 requests for information, much of which was irrelevant to the criminal case.

  • December 04, 2023

    Catching Up With Delaware's Chancery Court

    Blockchain gaming, lithium-battery production, nutrition supplements and Activision's $68.7 billion sale to Microsoft — nothing is too big or complicated for Delaware's Chancery Court to put on its agenda. The year is winding down, but things haven't slowed in the nation's top court of equity. Check here for all the latest news from the Chancery Court.

  • December 01, 2023

    Justices Call O'Connor 'American Hero,' 'Perfect Trailblazer'

    Following news of retired U.S. Supreme Court Justice Sandra Day O'Connor's death at the age of 93, current and former high court justices paid public homage to her trailblazing career, devotion to the rule of law and illuminating charisma.

  • December 01, 2023

    Former Clerks Say Justice O'Connor Still Worth Emulating

    BigLaw attorneys mentored by former U.S. Supreme Court Justice Sandra Day O'Connor, who died Friday after a lengthy battle with dementia, say she'll be remembered as an incisive jurist who always put facts and practical considerations above abstract ideological commitments, as well as a deeply gracious and down-to-earth woman who never let her dedication to the law overshadow her zest for life.

  • December 01, 2023

    Crypto Site Blockas Hit With User Suit Over $2.5M Account

    Crypto lending platform Block Assets LLC has been hit with a proposed class action alleging it is operating a Ponzi scheme in which it is illegally withholding its clients' funds, including $2.5 million belonging to the user who filed the suit.

  • December 01, 2023

    Judge Threatens SEC With Sanctions In Crypto Case

    A Utah federal judge has ordered the U.S. Securities and Exchange Commission to explain why it shouldn't face sanctions after he found that the agency may have misrepresented key facts to obtain a temporary restraining order against cryptocurrency project Debt Box.

  • December 01, 2023

    4 Decisions For Which Justice O'Connor Will Be Remembered

    Many of the hotly divided cases at the U.S. Supreme Court came down to Justice Sandra Day O’Connor, a central force on the bench whose savviness at striking compromises and taking a pragmatic approach to resolve disputes is on full display in four opinions.

  • December 01, 2023

    Off The Bench: NBA Sales, More Crypto Woes, Favre Appeal

    In this week's Off The Bench, two NBA franchises engineer massive shake-ups in their ownership structures, new lawsuits target the sports world's entanglement with cryptocurrency, and NFL Hall of Famer Brett Favre appeals his loss in a defamation case.

  • December 01, 2023

    Justice O'Connor Shattered Barriers, Built Bridges

    A Southwestern cowgirl who will always be known as the first woman to sit on the U.S. Supreme Court, Justice Sandra Day O’Connor inspired those around her with an indomitable work ethic, a deep affection for public service and an innate ability to drive consensus among her colleagues.

  • December 01, 2023

    Briton Faces US Extradition Over Darknet Card Market

    A British man faces extradition to the U.S. to face trial over allegations that he was involved in a fraud and money laundering ring which sold stolen financial information on the darknet after a London court blocked his attempt to challenge it again.

Expert Analysis

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • 'Paper Tiger' Finds Its Fangs: Repeat Offenders And The CFPB

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    Following the Consumer Financial Protection Bureau’s recent imposition of structural remedies on Enova for repeat offenses, financial institutions, especially those that have previously been subject to consent orders, need to carefully consider their options when facing future enforcement proceedings with the CFPB, says Caitlin Mandel at Winston & Strawn.

  • How FinCEN's Proposed Rule Stirs The Pot On Crypto Mixing

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    The Financial Crimes Enforcement Network’s recently issued proposal aims to impose additional reporting requirements to mitigate the risks posed by convertible virtual currency mixing transactions, meaning financial institutions may need new monitoring techniques to detect CVC mixing beyond just exposure, say Jared Johnson and Jordan Yeagley at Buchanan Ingersoll.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • A Breakdown Of The OCC's New Venture Lending Pointers

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    In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • New York Cybersecurity Amendments Raise Regulatory Bar

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    Financial service providers both in and outside New York should study recent changes to the state financial regulator's cybersecurity requirements, which add governance controls, technical safeguards and incident response protocols to improve what is already becoming the national benchmark for robust cybersecurity compliance programs, say attorneys at Baker McKenzie.

  • 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.

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