Tagged: lawsuit

October 2, 2022 @ 1:11 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, “for imposing illegal and excessive charges on servicemembers and their dependents.” The CFPB alleges that MoneyLion “violated the Military Lending Act by charging more than the legally allowable… Read More

July 8, 2022 @ 9:31 am By JD Alois  |  

Celsius Network, a once-prominent crypto lending and yield platform that bashed traditional banks, has been sued in the State of New York, blasted with allegations of operating a “classic Ponzi scheme.” Last month, Celsius effectively shut down operations. On June 13th, Celsius tweeted: [we] are… Read More

June 2, 2022 @ 12:07 pm By JD Alois  |  

FourUsAll, a “tech-Enabled 401(k) advisor,” has sued the US Department of Labor over guidance issued regarding firms allowing savers to include crypto in their retirement savings accounts. FourUsAll aims to be the first enabler to offer secure access to cryptocurrency. ForUsAll touts its intent to… Read More

January 22, 2022 @ 8:28 am By Omar Faridi  |  

Luxury brand Hermès has reportedly decided to sue an artist for selling non-fungible tokens (NFTs) of Birkin bags. The lawsuit has been filed after the artist earned $42,000 for a virtual rendering of the high-fashion accessory in December of last year. Hermès submitted its complaint… Read More

October 1, 2021 @ 6:43 pm By JD Alois  |  

Recently, loanDepot (NYSE:LDI) was hit with a lawsuit by a former executive that alleges fraudulent activity at the online mortgage lender. In a filing dated September 21, 2021, Tammy Richards alleged that loanDepot allowed an environment that enabled sexual harassment and gender discrimination.  Additionally, Richards… Read More

June 17, 2021 @ 12:11 pm By Chris Sloan  |  

In December 2020, the Securities and Exchange Commission (SEC) filed a complaint in a New York federal court against Ripple Labs, Inc. and two of its executives alleging that Ripple had sold $1.3 billion in XRP cryptocurrency tokens in a series of unregistered securities offerings…. Read More

May 16, 2021 @ 11:30 am By Omar Faridi  |  

A newly filed lawsuit alleges that the sale of NBA Top Shot “Moments” is in violation of the federal Securities Act of 1933, which is a law that aims to ensure investor protection when acquiring publicly-traded securities. Michael McCann and Jacob Feldman from Sportico note… Read More

April 29, 2021 @ 10:04 am By Omar Faridi  |  

Jeremy Hogan, Parnter at Hogan & Hogan, reveals that CryptoLaw has shared American Fintech Ripple’s response to the US Securities and Exchange Commission’s (SEC) letter which is disputing (essentially) “parts of the Court Order” from earlier in April 2021 that are “related to internal communications.”… Read More

April 15, 2021 @ 4:55 pm By JD Alois  |  

In a blog post today, Robinhood responded to an attempt by the State of Massachusetts Securities Division to revoke Robinhood’s broker-dealer license in the state thus blocking its ability to operate. Robinhood said they have filed in Massachusetts State Court a complaint and motion for… Read More

April 7, 2021 @ 4:17 pm By JD Alois  |  

Back in December of 2020, the Securities and Exchange Commission (SEC) posted a complaint alleging that Ripple engaged in the sale of an unregistered security. The enforcement action included Christian Larsen, the company’s co-founder, executive chairman of its board, and former CEO, and Bradley Garlinghouse,… Read More

March 4, 2021 @ 8:38 am By Omar Faridi  |  

Arthur Hayes, the former CEO of digital currency derivatives exchange BitMEX, is reportedly holding discussions which would involve his surrender to US authorities as early as next month (April 2021). As reported in October of last year, Hayes and several other senior managers at the… Read More

February 23, 2021 @ 3:51 pm By JD Alois  |  

A New York judge has tossed a lawsuit filed against Bancor, or BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI. Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was… Read More

February 21, 2021 @ 10:57 pm By Omar Faridi  |  

When the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchain-focused Fintech firm Ripple Labs in December 2020, the crypto industry and larger community had reacted with alarm and many were surprised. The SEC’s lawsuit also led to Ripple hiring high-profile legal experts… Read More

January 18, 2021 @ 3:33 pm By Omar Faridi  |  

John E. Deaton, a lawyer focused on the blockchain and cryptocurrency sector (and other societal/legal issues), notes that the US Securities and Exchange Commission (SEC) was warned that investors could potentially lose billions, considering “the magnitude of an SEC enforcement action” against Ripple’s XRP, which… Read More

January 6, 2021 @ 8:34 am By JD Alois  |  

Tetragon Financial Group Ltd. (LSE: TFG), a UK based investment firm with $2.35 billion in assets under management, has sued Ripple in Delaware courts, according to a report by Bloomberg. Tetragon apparently had an agreement incorporated in its equity investment with Ripple that if XRP… Read More

December 30, 2020 @ 9:53 am By JD Alois  |  

Ripple, the creator of XRP – one of the largest cryptocurrencies in the world by market cap, has posted a brief comment on “recent market participant activity” following XRPs dive in value. XRP began to sink following the revelation of an enforcement action by the… Read More

December 24, 2020 @ 8:32 am By Omar Faridi  |  

MoneyGram International, Inc. (NASDAQ: MGI), a major cross-border P2P payments and money transfers service, has issued a statement after a lawsuit was filed by the US Securities and Exchange Commission (SEC) against Ripple Labs Inc. MoneyGram stated that it had not “been notified or been… Read More

November 28, 2020 @ 4:01 pm By Omar Faridi  |  

The customers of mobile savings app Beam had been complaining that they were able to deposit funds but couldn’t get their money back out. The Fintech also allegedly failed to live up to promised high interest rates. The Federal Trade Commission (FTC ) alleges that… Read More

October 27, 2020 @ 12:37 pm By JD Alois  |  

    Recently, Kik settled a long legal battle with the Securities and Exchange Commission (SEC). In the end, Kik must pay a $5 million settlement pertaining to an initial coin offering (ICO) that was deemed to be an unregistered security offering. Additionally, for the… Read More

October 1, 2020 @ 12:17 pm By JD Alois  |  

BitMEX, a top cryptocurrency exchange that is big in the crypto derivatives sector, is the target of an enforcement action filed by the Commodity Futures Trading Commission (CFTC). According to the CFTC, a civil enforcement action has been filed in the U.S. District Court for… Read More