- May 16, 2024
Thomas, Alito: Two Originalists, Two Takes On CFPB Case
U.S. Supreme Court Justices Clarence Thomas and Samuel Alito — often birds of a feather — butted heads Thursday over the original meaning and purpose of the U.S. Constitution's appropriations clause in a decision upholding the Consumer Financial Protection Bureau's unique funding scheme, highlighting what experts describe as the pair's different approaches to originalism.
- May 16, 2024
Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says
A New York state jury has convicted the operator of a network of bitcoin kiosks that allegedly catered to criminal activity of operating an unlicensed money transmitter and tax fraud, the Manhattan District Attorney's Office said Thursday.
- May 16, 2024
BofA Customers Get Final OK For $8M Deal In ACH Fee Suit
A North Carolina federal judge has granted final approval to an $8 million settlement for Bank of America customers who claim they were unfairly charged fees for Automated Clearing House transfers.
- May 16, 2024
Judge Questions Colo.'s Power Over Out-Of-State Banks
A Colorado federal judge on Thursday asked U.S. banking regulators why the state should be able to cap interest rates for loans made to residents by out-of-state financial institutions, questioning why it was "consistent with federalism" to let an individual state have that far of a reach.
- May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
- May 16, 2024
MoneyLion Beats Investor Suit Over Reverse Stock Split
A New York federal judge has dismissed a lawsuit by shareholders of digital finance platform MoneyLion, who allege the company and its directors approved a reverse stock split that stripped preferred shareholders of their rights, saying the investors should have known the consequences of the vote.
- May 16, 2024
Senate Passes Bill To Block SEC Crypto Accounting Guidance
The U.S. Senate voted Thursday to send a bill overturning the U.S. Securities and Exchange Commission's controversial crypto accounting guidance to the president's desk, though without the necessary votes to override the White House's planned veto.
- May 16, 2024
FDIC's Gruenberg Scolded By Senators Over Agency Culture
Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Thursday faced a second round of congressional reprimand from both sides of the political aisle over his agency's workplace misconduct scandal, but SenateDemocrats seemed ready to let Gruenberg clean up the mess himself and continue histenure.
- May 16, 2024
2nd Circ. Backs Win For Big Banks In Forex-Rigging Suit
The Second Circuit on Thursday backed a ruling in favor of a group of large banks accused of conspiring to manipulate the foreign currency exchange market in euros and dollars, agreeing with a lower court that the plaintiffs hadn't made qualifying transactions or shown how prices were distorted.
- May 16, 2024
Justices Say CFPB Is Constitutionally Funded
The U.S. Supreme Court ruled Thursday that the Consumer Financial Protection Bureau is constitutionally funded, rejecting a payday lender-backed challenge that threatened to incapacitate the agency and throw a wrench in the Biden administration's financial regulatory agenda.
- May 15, 2024
3 Things To Know About CFTC's Election Betting Proposal
The U.S. Commodity Futures Trading Commission has proposed toban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards. Here are three things to know about a proposal that is likely to be closely watched by industry insiders, some of whom are already wrapped up in litigation with the agency over this very issue.
- May 15, 2024
'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg
Federal Deposit Insurance Corp. Chairman Martin Gruenberg took withering, bipartisan criticism over his agency's workplace misconduct scandal at a House hearing on Wednesday, although no new Democrats joined their Republican colleagues in directly calling for his resignation.
- May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc.will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
- May 15, 2024
UnitedHealth Concealed DOJ Merger Investigation, Suit Says
UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.
- May 15, 2024
Colo. Says Lending Law Challenge Aims To Strip Federal Right
The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.
- May 15, 2024
Brothers Stole $25M Of Crypto In 12 Seconds, Feds Say
Two Massachusetts Institute of Technology-educated brothers were charged with orchestrating a first-of-its-kind cryptocurrency heist that allowed them to siphon virtual tokens worth around $25 million from Ethereum blockchain users within just 12 seconds, an indictment unsealed Wednesday said.
- May 15, 2024
Buchalter Starts Fintech And AI Practice With New Seattle Hire
Buchalter PC announced that it hired the former chief legal officer at mortgage-focused fintech company Sagent as a Seattle-based shareholder and chair of its newly launched fintech and artificial intelligence practice group.
- May 15, 2024
Cahill Gordon Adds Crypto Attys, Launches Delaware Office
Cahill Gordon & Reindel LLP announced Wednesday that it has added three attorneys to its rebranded digital assets and emerging technology practice, including a former Delaware deputy attorney general who will lead its newly launched office in the state.
- May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
- May 15, 2024
AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing
AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.
- May 15, 2024
Senators Release 'Road Map' For Crafting Federal AI Policy
A bipartisan group of senators on Wednesday laid out a "road map" for artificial intelligence policy that calls for increased AI innovation funding, testing of potential harms posed by AI and consideration of the technology's workforce implications.
- May 15, 2024
Swiss Seek Feedback On Crypto Information Exchange
Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.
- May 14, 2024
In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'
Federal Deposit Insurance Corp. Chairman Martin Gruenberg will tell House lawmakers Wednesday that he is taking "full responsibility" for his agency's workplace misconduct scandal and eyeing "fundamental" structural reforms, striking a humbled but determined tone as he faces the first of two hearings that could be make-or-break for his job.
- May 14, 2024
FINRA Official Calls Off-Channel Flags 'Shockingly Common'
A Financial Industry Regulatory Authority official said Tuesday that firms often veer into issues with off-channel business communications thanks to what's on their representatives' business cards and email signatures, and that the biggest red flag of recordkeeping violations are the habits of firms' own leaders and managers.
- May 14, 2024
5th Circ. Expresses Doubt On Nasdaq Board Diversity Rules
Lawyers for the U.S. Securities and Exchange Commission and Nasdaq Stock Market LLC faced a barrage of questions from the full Fifth Circuit on Tuesday, with judges wondering whether rules requiring corporations to disclose board diversity information would open the door to investor questions on religious practices, political beliefs or Taylor Swift fandom.
Fintech : Law360 UK : Legal News & Analysis (2024)
Table of Contents
Thomas, Alito: Two Originalists, Two Takes On CFPB Case
Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says
BofA Customers Get Final OK For $8M Deal In ACH Fee Suit
Judge Questions Colo.'s Power Over Out-Of-State Banks
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
MoneyLion Beats Investor Suit Over Reverse Stock Split
Senate Passes Bill To Block SEC Crypto Accounting Guidance
FDIC's Gruenberg Scolded By Senators Over Agency Culture
2nd Circ. Backs Win For Big Banks In Forex-Rigging Suit
Justices Say CFPB Is Constitutionally Funded
3 Things To Know About CFTC's Election Betting Proposal
'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
UnitedHealth Concealed DOJ Merger Investigation, Suit Says
Colo. Says Lending Law Challenge Aims To Strip Federal Right
Brothers Stole $25M Of Crypto In 12 Seconds, Feds Say
Buchalter Starts Fintech And AI Practice With New Seattle Hire
Cahill Gordon Adds Crypto Attys, Launches Delaware Office
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing
Senators Release 'Road Map' For Crafting Federal AI Policy
Swiss Seek Feedback On Crypto Information Exchange
In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'
FINRA Official Calls Off-Channel Flags 'Shockingly Common'
5th Circ. Expresses Doubt On Nasdaq Board Diversity Rules
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