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In a significant development for state unclaimed property programs, Wisconsin has joined a bipartisan coalition of 30 states in reaching a settlement with Delaware, effectively concluding a long-standing dispute over unclaimed official checks issued by MoneyGram Payment Systems, Inc. (MoneyGram). This settlement follows a unanimous 2023 U.S. Supreme Court decision that ruled these checks are governed by the Federal Disposition Act.Continue Reading Wisconsin Joins 30-State Settlement in Landmark Unclaimed Property Case

On June 6, New York Attorney General (AG) Letitia James filed suit against NovaTech Advisors, LLC, AWS Mining Pty Ltd., and several other entities, alleging the defendants orchestrated two consecutive, fraudulent cryptocurrency schemes that largely targeted Haitian nationals. Defendants Cynthia Petion and Eddy Petion allegedly defrauded investors of tens of millions of dollars by promising large returns in WhatsApp group chats and social media advertisements in Haitian creole by appealing to religious beliefs. The action highlights the regulation-by-enforcement nature of the cryptocurrency industry, and underscores the need for comprehensive, consistent regulation.Continue Reading New York AG Sues $1B Crypto Firms Allegedly Engaged in Fraudulent Schemes

California Attorney General (AG) Rob Bonta, along with a coalition of AGs, has submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding a proposed final rule. This rule aims to establish a registry of nonbank entities that have been subject to orders related to consumer protection law violations.Continue Reading California AG Leads Multistate Effort to Support CFPB’s Registry for Corporate Offenders

A new Connecticut law expands the authority of the state’s attorney general to enforce certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act).[1]Continue Reading Connecticut AG Adds Independent Enforcement Authority for Dodd-Frank Actions

On October 17, following Washington Attorney General (AG) Bob Ferguson’s unsuccessful consumer protection action against thrift store chain, Savers Value Village Inc. (Savers), the Washington Superior Court of King County granted Savers’ motion for attorney’s fees and costs in the amount of $4.3 million. This substantial award — which is allowable under the Washington Consumer Protection Act (WA CPA) — represents a substantial recoupment of Savers’ attorneys’ fees spent to defend the almost decade-long litigation.

Continue Reading Washington AG Ordered to Pay $4.3M in Attorney’s Fees and Costs to Thrift Store Chain

On March 17, Senators Elizabeth Warren (D-MA), Jack Reed (D-RI), Mark Warner (D-VA), and Jon Tester (D-MT) introduced the Digital Asset Sanctions Compliance Enhancement Act (Act) in an attempt to ensure blacklisted Russian individuals and businesses do not use cryptocurrency to evade economic sanctions.

“In order for the sanctions levied by the United States and…

On February 4, the Department of the Treasury (Treasury) released the “Study of the Facilitation of Money Laundering and Terror Finance through the Trade in Works of Art” (Study). The Study assesses the various risks of the high-value art market based on its propensities for money laundering and illicit financing.

Specifically, the Study…

On February 8, a Northern District of California judge ruled on cross motions for summary judgment filed by the states of California, Illinois, and New York (plaintiffs) and the Office of the Comptroller of the Currency and Michael Hsu in his capacity as acting comptroller of the currency (collectively, the OCC) on the validity of…

Colorado and Delaware have enacted new laws for automatic renewal or negative options offers. The new laws became effective January 1, 2022. Illinois already has a law on the books related to automatic renewals but has recently made a few minor amendments to it.

Colorado. Companies must disclose the following in a clear and conspicuous…

On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B, which requires disclosures for commercial financing transactions of $2.5 million or less under a commercial financing agreement.

The notice allows for public…