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Fintech
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August 15, 2025
Feds Say $2.8M In Seized Crypto Linked To Ransomware Ploy
Federal prosecutors say they've seized $2.8 million in crypto from accounts controlled by an alleged ransomware attacker.
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August 15, 2025
Defense Attys Predict Rise In Shareholder Suits, Report Says
Nearly three-quarters of defense attorneys surveyed by high-risk insurance firm Inigo believe there will be an increase in private securities litigation over the next year, especially in the area of artificial intelligence, according to a report released by Inigo.
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August 15, 2025
Federal Reserve To End Crypto-Focused Supervisory Program
The Federal Reserve Board on Friday announced the end of a Biden-era supervisory program that specifically oversaw banks' crypto and fintech activities, a move that comes after Wall Street trade groups argued that the program unfairly subjected banks to a higher level of scrutiny for their use of novel tech.
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August 15, 2025
Judge Tosses GitLab Investors' AI Hype Suit
Software development collaboration platform GitLab has escaped a lawsuit accusing it of overhyping its artificial intelligence technology, but the California federal judge in charge of the case has given shareholders another chance to demonstrate just how the technology allegedly was not up to snuff.
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August 15, 2025
Chancery Says Failed FTX Claim Buy Is Outside Its Jurisdiction
A Delaware Chancery Court judge on Friday ruled that a lawsuit over a failed deal to buy a claim in the Chapter 11 case of cryptocurrency platform FTX does not belong in his court, saying the fact the bankruptcy is being heard in Delaware does not constitute a sufficient connection to the state.
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August 15, 2025
Judge Punts On ProPay Sanctions In TelexFree Suit
A Massachusetts magistrate judge sent a motion for sanctions against ProPay to a district judge for ruling, saying the payment company failed to take steps to preserve electronic documents but the plaintiffs hadn't proven its intent to destroy evidence in a case over its alleged involvement in TelexFree's "hybrid Ponzi-pyramid scheme."
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August 15, 2025
Taxation With Representation: Wachtell, Cooley, Sullivan
In this week's Taxation With Representation, the NBA signs off on the sale of the Boston Celtics, Gildan Activewear acquires HanesBrands, private equity shop Advent International buys insurance software firm Sapiens, and financial software provider MeridianLink goes private via its acquisition by Centerbridge Partners.
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August 15, 2025
DC Circ. Paves Way For Trump Admin To Resume ÃÛÌÒÊÓÆµ Cuts
A D.C. Circuit panel on Friday tentatively cleared President Donald Trump's administration to carry out mass layoffs at the Consumer Financial Protection Bureau, rejecting a lower-court hold on those efforts but giving time for groups representing consumers and agency workers to request an appeal.
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August 14, 2025
Banks Ask To Halt 'Unfair' Clock On ÃÛÌÒÊÓÆµ Open Banking Rule
Bank trade groups are asking a Kentucky federal judge to freeze looming compliance deadlines for the Consumer Financial Protection Bureau's contested open banking rule as the agency revamps the measure, while opposing fintech groups called on the White House to block banks from charging them fees for the kind of data-sharing the rule mandates.
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August 14, 2025
Genesis Parent Says It Met $1.1B Duty, Seeks 'Overpayments'
Crypto conglomerate Digital Currency Group Inc. on Thursday urged a New York bankruptcy judge to declare it has no further obligations under a $1.1 billion promissory note meant to "backstop" its bankrupt subsidiary, crypto lender Genesis, after rising crypto prices allegedly offset the loss the note intended to cover.
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August 14, 2025
Truist Settles Class Claims Over Third-Party Data Trackers
Truist Financial Corp. has settled a proposed class action accusing the company of embedding third-party trackers on its website for companies like Meta and Google to use to monetize user data through advertising, according to a joint settlement notice filed Thursday in California federal court.
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August 14, 2025
USAA Asks Fed. Circ. To Rethink Axing $223M Patent Verdicts
United Services Automobile Association urged the Federal Circuit to revisit its decisions that neutralized jury verdicts against PNC Bank totaling nearly $223 million, saying Thursday that the appeals court defied U.S. Supreme Court precedent on patent eligibility by deeming USAA's mobile check deposit patents invalid.
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August 14, 2025
ServiceNow Inks $925K Deal In 401(k) Target-Date Fund Suit
Software company ServiceNow will pay $925,000 to settle a proposed class action alleging the business cost workers millions in savings by failing to trim underperforming target-date funds from its 401(k) plan, according to filings in California federal court docketed Thursday.
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August 14, 2025
Del. Challenge To Squarespace Doc Suit Toss Moves Forward
A Delaware vice chancellor on Thursday ordered an October hearing over stockholder exceptions to a posttrial dismissal of a lawsuit for records on Squarespace Inc.'s $7.2 billion take-private deal, following objections that the ruling "would require the court to possess impossible prescience."
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August 14, 2025
Crypto Co. Slams Canadian Consultant's Unpaid Wages Claims
Cryptocurrency startup Unicoin Inc. and its CEO have asked a New York federal judge to dismiss a former consultant's lawsuit alleging he's owed wages and coin commissions for his work facilitating the firm's Canadian presence, arguing the consultant quit last summer and has no enforceable contract.
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August 14, 2025
Bob's Discount Furniture Could Go Public, And Other Rumors
Bob's Discount Furniture may boast about its "Oh My Bob" low prices in TV ads, but the retailer's quirky marketing and expanding e-commerce have helped boost sales to roughly $2 billion last year — a performance that a Wall Street Journal report said could support a $1 billion IPO.
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August 14, 2025
US Targets Russia-Linked Crypto Exchanges Over Illicit Flows
The Trump administration on Thursday renewed sanctions on Russian cryptocurrency exchange Garantex and moved against its successor, Grinex, accusing the platforms of helping launder illicit transactions and shifting business to dodge earlier penalties.
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August 14, 2025
Purported Cartier Family Scion Denies Laundering Charges
An Argentinian entrepreneur and professional singer with ties to the family that created jewelry giant Cartier on Thursday denied charges that he helped operate a Colombia cryptocurrency money-laundering network that assisted traffickers in their effort to repatriate $14 million of narcotics proceeds.
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August 14, 2025
Fed. Circ. Won't Revive RFCyber Mobile Data Patent
The Federal Circuit on Thursday refused to revive a mobile payment patent owned by RFCyber Corp., backing a Patent Trial and Appeal Board finding that a prior patent application rendered it obvious.
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August 14, 2025
Judicial Panel Consolidates SAP Patent Suits In Del.
The U.S. Judicial Panel on Multidistrict Litigation has consolidated four patent infringement cases filed by software firm SAP SE against subsidiaries of Canadian financial services company TMX Group in the District of Delaware, saying this forum will be convenient for the parties and witnesses.
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August 13, 2025
Andreessen Horowitz Urges SEC To Craft DeFi Safe Harbor
Venture capital firm Andreessen Horowitz and crypto lobby the DeFi Education Fund penned a joint letter Wednesday, urging the U.S. Securities and Exchange Commission to shield certain decentralized crypto projects from broker-dealer requirements.
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August 13, 2025
Trump's 'Debanking' Push May Run Up Against Biden-Era Wall
President Donald Trump wants federal regulators to punish banks that they find have unfairly closed accounts belonging to conservatives, but those plans could collide with a court decision that his administration chose to stop fighting earlier this year.
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August 13, 2025
2 Estonians Get Time Served For $577M Crypto Ponzi Scheme
Two Estonian nationals have received no additional jail time for operating a $577 million crypto mining Ponzi scheme, despite federal prosecutors' assertions the pair deserved 10 years in prison for the fraud.Â
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August 13, 2025
Sapiens Inks $2.5B PE Buyout Deal, With 4 Firms Advising
Sapiens International, a New Jersey-based software provider for the insurance industry, has agreed to be acquired by private equity firm Advent International in a $2.5 billion all-cash deal, the technology company announced Wednesday.
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August 13, 2025
Rising Star: Cleary's Samuel Levander
Samuel Levander of Cleary Gottlieb Steen & Hamilton LLP played key defense roles in two closely watched securities enforcement suits among the first to address how securities laws may apply to digital assets, earning him a spot among the fintech attorneys under age 40 honored by Law360 as Rising Stars.
Expert Analysis
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Balancing The Promises And Perils Of Tokenizing Securities
Tokenizing listed securities offers the promise of greater efficiency, accessibility and innovation, but a recent U.S. Securities and Exchange Commission statement makes clear that the federal securities laws continue to apply to tokenized securities, so financial institutions and technology developers must work together to create clear rules, say attorneys at Orrick.
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Open Banking Is On Ice As ÃÛÌÒÊÓÆµ Seeks To Toss Its Own Rule
Even as the Consumer Financial Protection Bureau's efforts to toss its open banking rule play out in Kentucky federal court, it remains statutorily required to effectuate consumer access to data, raising questions about how it would replace the previously finalized standard, say attorneys at Cooley.
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SEC, FINRA Obligations In Changing AI Regulatory Landscape
Despite the U.S. Securities and Exchange Commission's recent withdrawal of its proposed artificial intelligence conflict rules, financial regulators remain focused on firms developing the correct AI compliance framework, as well as continuously testing and supervising them to ensure they're fit for purpose, say attorneys at Cahill Gordon.
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Series
Playing Baseball Makes Me A Better Lawyer
Playing baseball in college, and now Wiffle ball in a local league, has taught me that teamwork, mental endurance and emotional intelligence are not only important to success in the sport, but also to success as a trial attorney, says Kevan Dorsey at Swift Currie.
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Series
Ohio Banking Brief: All The Notable Legal Updates In Q2
Ohio's financial services sector saw several significant developments in the second quarter of 2025, including a case that confirmed credit unions' setoff rights, another that established contract rights between banks and cardholders, and the House passage of a digital asset bill, say attorneys at Frost Brown.
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Managing Risks As State AGs Seek To Fill Enforcement Gap
Given an unprecedented surge in state attorney general activity resulting from significant shifts in federal enforcement priorities, companies must consider tailored strategies for navigating the ever-evolving risk landscape, say attorneys at Cozen O'Connor.
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A Deep Dive Into 14 Nixed Gensler-Era SEC Rule Proposals
The U.S. Securities and Exchange Commission last month formally withdrew 14 notices of proposed rulemaking, including several significant and widely criticized proposals that had been issued under former Chair Gary Gensler's leadership, signaling a clear and definitive shift away from the previous administration, say attorneys at Dechert.
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Series
Law School's Missed Lessons: Skillful Persuasion
In many ways, law school teaches us how to argue, but when the ultimate goal is to get your client what they want, being persuasive through preparation and humility is the more likely key to success, says Michael Friedland at Friedland Cianfrani.
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Special Committees Gain Traction In Chapter 11 Investigations
Excerpt from
Tara Pakrouh at Morris James discusses why special committees are becoming more common in Chapter 11 bankruptcies, how they've been used in real cases and what makes them effective.
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Fed. Circ. Ingenico Ruling Pivotal For IPR Estoppel Landscape
The Federal Circuit's recent decision in Ingenico v. Ioengine brings long-awaited clarity to the scope of inter partes review estoppel, confirming that a patent challenger is not precluded from relying on the same or substantially similar prior art in both IPR and district court proceedings, so long as it is used to support a different invalidity theory, say attorneys at Irwin IP.
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Litigation Inspiration: How To Respond After A Loss
Every litigator loses a case now and then, and the sting of that loss can become a medicine that strengthens or a poison that corrodes, depending on how the attorney responds, says Bennett Rawicki at Hilgers Graben.
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Tips For Cos. From California Climate Reporting FAQ
New guidance from the California Air Resources Board on how businesses must implement the state's sweeping climate reporting requirements should help companies assess their exposure, understand their disclosure obligations and begin documenting good-faith compliance efforts, says Thierry Montoya at Frost Brown.
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DOJ Crypto Enforcement Is Shifting To Target Willfulness
Three pending criminal prosecutions could be an indication of how the U.S. Department of Justice's recent digital assets memo is shaping enforcement of the area, and show a growing focus on executives who knowingly allow their platforms to be used for criminal conduct involving sanctions offenses, say attorneys at Gibson Dunn.
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Why SEC Abandoned Microcap Convertible Debt Crackdown
The U.S. Securities and Exchange Commission has recently dismissed several cases targeting microcap convertible debt lenders, a significant disavowal of what was a controversial enforcement initiative under the Biden administration and a message that the new administration will focus on clear fraud, say attorneys at O'Melveny.
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The Metamorphosis Of The Major Questions Doctrine
The so-called major questions doctrine arose as a counterweight to Chevron deference over the past few decades, but invocations of the doctrine have persisted in the year since Chevron was overturned, suggesting it still has a role to play in reining in agency overreach, say attorneys at Crowell & Moring.