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Fintech
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July 31, 2025
DraftKings' $10M Deal With NFT Buyers Gets Final Green Light
Sports betting giant DraftKings Inc. and purchasers of certain nonfungible tokens it offered have gotten a judge's final sign-off for their $10 million deal ending claims the tokens ran afoul of securities laws.
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July 31, 2025
SEC's Atkins Launches 'Project Crypto' To Overhaul Policy
U.S. Securities and Exchange Commission Chairman Paul Atkins said Thursday that he's mobilized staff across the agency to craft rules and exemptions for digital assets, a plan aimed at bringing the crypto industry back onshore with a recent set of White House recommendations serving as the "blueprint."
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July 31, 2025
Fed Joins In Letting Banks Use Third-Party Customer ID Info
The Federal Reserve on Thursday relaxed a post-Sept. 11 identity check rule for banks under its oversight, joining other federal financial regulators in allowing the use of certain information provided by third-party sources.
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July 31, 2025
Dems Press OCC Head On Regulating Trump's Crypto Biz
Top Senate Democrats on banking and financial committees urged the Comptroller of the Currency Thursday to detail how he will address the potential for interference by President Trump now that the agency is charged with regulating stablecoins like the one the president's family has launched.
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July 31, 2025
Walnut Co. Says Firm Misled Court To Lead Super Micro Case
A Hagens Berman client who lost the fight against Universal Investment to lead investor claims against Super Micro Computer has blasted the fund's opposition to its bid for a California federal judge to reconsider the denial, arguing Universal's attorneys from Bernstein Litowitz Berger & Grossmann LLP have a "documented history" of "misleading courts."
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July 31, 2025
Ex-FDIC Chair 'Livid' Over Toxic Workplace Claims, OIG Says
An investigation by the Federal Deposit Insurance Corp.'s inspector general has found evidence that former Chair Martin Gruenberg and four unnamed ex-senior officials "personally engaged in some degree of inappropriate workplace conduct," in the latest report on the sexual harassment and toxic workplace scandal that erupted into public view nearly two years ago.
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July 31, 2025
Capital One Says It Is Disputing FDIC Underpayment Claim
Capital One told investors on Thursday that the Federal Deposit Insurance Corp. is trying to make it pay a greater share of cleanup costs from the 2023 regional banking crisis after taking issue with its call reporting, an effort the bank said it is pushing back on. Â
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July 31, 2025
Crypto Co., NBA Arm Strike $7M Deal Over NFT Privacy Claims
Users of the nonfungible token marketplace known as NBA Top Shot asked a California federal judge Thursday to grant the first green light to a $7.05 million settlement they reached with the marketing arm of the NBA and a cryptocurrency company that will resolve a class action over privacy concerns related to the marketplace.
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July 31, 2025
NYSE Parent May Buy Enverus For $6B, Plus More Rumors
A Milwaukee-based advisory firm is in late talks for a stake sale at a $1 billion valuation, Black Rock Coffee Bar files confidentially for an initial public offering at a similar value, and the Intercontinental Exchange is in talks to buy Enverus for $6 billion. Here, Law360 breaks down these and other notable rumors from the past week.
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July 31, 2025
Ill. Jury Convicts Forex Trader In $230K Fraud Scheme
A Chicago federal jury on Thursday convicted an Illinois man of duping investors with promises to deliver considerable profits by trading their money on the foreign exchange market, when he really spent most of their investments on himself and was barred from trading securities in the state.
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July 31, 2025
2nd Circ. Vacates OpenSea Crypto Insider Trading Conviction
The Second Circuit on Thursday overturned the fraud conviction of a former OpenSea manager accused of insider trading on nonfungible token sales on his employer's platform, finding that a Manhattan jury may have convicted him "based on conduct that it found to be unethical rather than fraudulent."
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July 31, 2025
Fintech, BofA, JPMorgan Face Class Suit Over Cyberattack
Financial software company Finastra Technology Inc., Bank of America and JPMorgan Chase Bank NA face a proposed class action alleging they failed to properly safeguard customers' personal information that was exposed by a data breach.
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July 30, 2025
Tornado Was A One-Stop Crypto Laundering Shop, Jury Told
Manhattan federal prosecutors Wednesday made their final arguments in the money laundering and sanctions trial of Tornado Cash co-founder Roman Storm, claiming the cryptocurrency tumbler's privacy-focused ethos was just a fig leaf for dirty money that flowed through its "fancy online laundromat."
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July 30, 2025
White House Crypto Report Sets Blueprint For Coming Rules
A long-awaited report from the President's Working Group on Digital Asset Markets that was released Wednesday encouraged securities and derivatives regulators to use their existing authorities to clear the way for crypto issuance and trading in the absence of lasting legislation, while also urging banking regulators to sharpen standards for crypto engagement.
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July 30, 2025
NFT Trademark Ruling Highlights Free Speech Limits In Art
In ruling that nonfungible tokens qualify as trademarks, the Ninth Circuit last week followed guidance from the U.S. Supreme Court that the First Amendment cannot always protect expressive marks from infringement.
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July 30, 2025
Cash App Parent's $12.5M Spam Text Settlement Gets 1st OK
A Washington federal judge has granted preliminary approval to Cash App parent Block Inc.'s $12.5 million class action settlement with customers who alleged they were bombarded with "annoying and harassing spam texts" from the company.Â
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July 30, 2025
TMX Customers Seek Final OK Of $42M Data Breach Suit Deal
Customers of the title loan and payday lender TMX Finance have asked a Georgia federal judge to grant final approval of their $42 million settlement of claims arising from a data breach that affected an estimated 4.8 million people.
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July 30, 2025
Rhodium Says Cooling System Infringement Claims Barred
Bankrupt cryptocurrency miner Rhodium told a Texas federal bankruptcy judge that a company that creates large scale cooling systems cannot bring patent infringement claims, saying Wednesday the company's claims already failed in a federal district court.
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July 30, 2025
'Peace Promoter's' Bitcoin Sentencing Upheld At 1st Circ.
A church founder and self-described "peace promoter" must serve an eight-year sentence, the First Circuit affirmed, rejecting his argument that the U.S. Department of the Treasury overstepped its bounds by charging him with tax evasion and a slew of other crimes tied to a Bitcoin operation he founded in 2014.
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July 30, 2025
Ill. Forex Trader Spent Investors' Money On Himself, Jury Told
An Illinois man fraudulently obtained at least $230,000 from investors with promises to return or even double their investments by trading on the foreign exchange market, but instead spent most of their money on personal expenses like designer clothes, restaurant meals, gym membership fees and credit card bills, prosecutors told a Chicago federal jury Wednesday.
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July 30, 2025
Celsius Administrator Gets OK To Continue Clawbacks
A New York bankruptcy judge shot down challenges to attempts by the Chapter 11 plan administrator for Celsius Networks to claw back transfers, saying a settlement provision didn't prevent the administrator from pursuing the clawbacks and the transactions fall under U.S. jurisdiction.
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July 30, 2025
Dem Senators Press 9th Circ. Pick On Gender Role Beliefs
Eric Tung, a partner at Jones Day and nominee for the Ninth Circuit, faced questions from Democratic senators during his nomination hearing Wednesday about his views on gender roles, based on remarks he gave to the Yale Daily News in 2004, when he was in college.
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July 30, 2025
Fintech Payments Pro Moves Practice To Taft
An attorney specializing in advising clients on matters involving financial services has recently moved his practice to Taft Stettinius & Hollister LLP's Washington office after more than four years with Cooley LLP.
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July 30, 2025
OCC Hires Top Skadden Banking Atty As New Chief Counsel
The Office of the Comptroller of the Currency said Wednesday that it is bringing on one of the leaders of Skadden Arps Slate Meagher & Flom LLP's bank regulatory practice to serve as the agency's new top lawyer.
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July 30, 2025
Apple Says DOJ Attacking Legitimate 'Design Choices'
Apple leaned on a familiar playbook of privacy, security and independent choice in its answer to the U.S. Department of Justice monopolization lawsuit in New Jersey federal court, arguing the government "fundamentally misunderstands" the restrictions it imposes on iMessage, smartwatch compatibility, mobile wallets, cloud gaming and more.
Expert Analysis
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9th Circ. Has Muddied Waters Of Article III Pleading Standard
District courts in the Ninth Circuit continue to apply a defunct and especially forgiving pleading standard to questions of Article III standing, and the circuit court itself has only perpetuated this confusion — making it an attractive forum for disputes that have no rightful place in federal court, say attorneys at Gibson Dunn.
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Series
Competing In Modern Pentathlon Makes Me A Better Lawyer
Opening myself up to new experiences through competing in modern Olympic pentathlon has shrunk the appearance of my daily work annoyances and helps me improve my patience, manage crises better and remember that acquiring new skills requires working through your early mistakes, says attorney Mary Zoldak.
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Shifting DEI Expectations Put Banks In Legal Crosshairs
The Trump administration's rollbacks on DEI-friendly policies create something of a regulatory catch-22 for banks, wherein strict compliance would contradict established statutory and administrative mandates regarding access to credit for disadvantaged communities, say attorneys at Husch Blackwell.
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Atkins' Crypto Remarks Show SEC Is Headed For A 'New Day'
A look at U.S. Securities and Exchange Commission Chairman Paul Atkins' recent speeches provides significant clues as to where the SEC is going next and how its regulatory approach to crypto will differ from that of the previous administration, say attorneys at Eversheds Sutherland.
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DOJ Memo Lays Groundwork For Healthy Bank Sponsorships
The U.S. Department of Justice's recent digital asset policy shift offers potential clarity in the murky waters of sponsor bank relationships, presenting nontraditional financial companies with both a moment of opportunity and a test of maturity, say attorneys at Arnall Golden.
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Series
Law School's Missed Lessons: Teaching Yourself Legal Tech
New graduates often enter practice unfamiliar with even basic professional software, but budding lawyers can use on-the-job opportunities to both catch up on technological skills and explore the advanced legal and artificial intelligence tools that will open doors, says Alyssa Sones at Sheppard Mullin.
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How IPR Estoppel Ruling May Clash With PTAB Landscape
Though the Federal Circuit's narrowing of inter partes review estoppel in Ingenico v. Ioengine might encourage more petitions, tougher standards for discretionary denial established by the U.S. Patent and Trademark Office could be a counterbalancing factor, say attorneys at Troutman Pepper.
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Texas Targets Del. Primacy With Trio Of New Corporate Laws
Delaware has long positioned itself as the leader in attracting business formation, but a flurry of new legislation in Texas aimed at attracting businesses to the Lone Star State is aggressively trying to change that, says Andrew Oringer at the Wagner Law Group.
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How AI May Reshape The Future Of Adjudication
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to experiment, lead public courts to evolve and force attorneys to adapt, says Christopher Seck at Squire Patton.
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What Money Transmitters Need To Know About New Colo. Law
Colorado's new Money Transmission Modernization Act updates standards for the licensing, supervision and regulation of money transmitters while codifying an agent-to-payee exemption, and represents another step toward standardizing these rules across state governments, say Sarah Auchterlonie and Joel Herberman at Brownstein Hyatt.
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When Legal Advocacy Crosses The Line Into Incivility
As judges issue sanctions for courtroom incivility, and state bars advance formal discipline rules, trial lawyers must understand that the difference between zealous advocacy and unprofessionalism is not just a matter of tone; it's a marker of skill, credibility and potentially disciplinary exposure, says Nate Sabri at Perkins Coie.
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Two Bills Promise A Crypto Revamp, But Not A Done Deal Yet
Recent efforts in Congress toward an updated regulatory framework for digital assets have led to two bills — the GENIUS Act and the CLARITY Act — that represent the most consequential legislative developments yet in the push for coherent, pro-innovation, reliable regulation for the industry, but both face multiple hurdles, says Mike Katz at Manatt.
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Despite Rule Delay, FTC Scrutiny Looms For Subscriptions
Even though the Federal Trade Commission has delayed its click-to-cancel rule that introduces strict protocols for auto-renewing subscriptions, businesses should expect active enforcement of the new requirements after July, and look to the FTC's recent lawsuits against Uber and Cleo AI as warnings, say attorneys at Holland & Knight.
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Ore. Coinbase Case Charts New Path For State Crypto Suits
Oregon's recent lawsuit against Coinbase serves as a reminder for the crypto industry that not all states will simply defer to the U.S. Securities and Exchange Commission's evolving stance on crypto-assets, highlighting why stakeholders should proactively assess the risks posed by state-level litigation and develop strategies to address distinct challenges, say attorneys at Steptoe.
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Series
Volunteering At Schools Makes Me A Better Lawyer
Speaking to elementary school students about the importance of college and other opportunities after high school — especially students who may not see those paths reflected in their daily lives — not only taught me the importance of giving back, but also helped to sharpen several skills essential to a successful legal practice, says Guillermo Escobedo at Constangy.