Fintech

  • September 24, 2021

    SEC's 1st Crowdfunding Enforcement Turns Heat On Portals

    The U.S. Securities and Exchange Commission's decision to target a crowdfunding portal in its first enforcement action involving such capital campaigns sends a strong signal that regulators expect intermediaries to thoroughly vet these fundraising efforts or face repercussions, attorneys said.

  • September 24, 2021

    At Fed. Circ., Fintiv Fights To Keep Apple Trial In Waco

    The software company Fintiv shot back against Apple's attempts to keep its jury showdown in a patent dispute in an Austin courthouse that's currently holding few trials because of the COVID-19 pandemic.

  • September 24, 2021

    Interest-Earning Crypto Crackdown Is Bigger Than Coinbase

    Coinbase's cancellation of a planned cryptocurrency lending program over threatened litigation from the U.S. Securities and Exchange Commission is just the latest and most conspicuous episode in a wider regulatory crackdown on interest-earning crypto products.

  • September 24, 2021

    China Bans All Crypto Transactions In Broad Clampdown

    China declared all cryptocurrency transactions in the country illegal Friday, marking its harshest crackdown yet on the burgeoning industry.

  • September 24, 2021

    Kentucky Joins Clampdown On Celsius' Crypto Accounts

    Kentucky has ordered digital asset company Celsius to stop offering interest-bearing cryptocurrency accounts, becoming the latest state to flag the product as a security amid wider scrutiny of cryptocurrency lending products.

  • September 24, 2021

    Crypto Exchange Blacklisting To Test US Sanctions' Teeth

    The U.S. Department of the Treasury's unprecedented blacklisting of a cryptocurrency platform accused of helping cybercriminals convert funds into real-world currency will test its ability to sway ransomware actors' behavior, as officials sharpen their pitch for victims to report attacks.

  • September 24, 2021

    Robinhood Taps Crypto CCO, And Other Top People Moves

    Robinhood Markets Inc. has hired an ex-counsel with Ripple and Blockchain.com as the new chief compliance officer of its cryptocurrency trading unit, while an ex-J.P. Morgan attorney landed at a New York-based private equity firm and Swedbank launched a search to replace its retiring compliance chief. 

  • September 24, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen two energy drink giants lock horns, Standard Chartered sued by the state of Wisconsin and IBM take aim at a Swiss software company. Law360 looks at these and other new claims in the U.K. 

  • September 23, 2021

    CashCall Still Owes $200M After Landmark Liu, 9th Circ. Told

    The Consumer Financial Protection Bureau told the Ninth Circuit during oral arguments Thursday that a recent U.S. Supreme Court decision that held disgorgement awards can't exceed a defendant's net profits doesn't affect whether CashCall Inc. should pay over $200 million in restitution for deceptively collecting on illegal payday loans.

  • September 23, 2021

    Money Transfer Firm Remitly Leads Trio Of Fintech IPOs

    A trio of financial technology companies started trading Thursday led by a $523 million initial public offering from Remitly, which offers a mobile app for remittances and financial services.

  • September 23, 2021

    JPMorgan To Pay Treasury Futures Investors $16M For Spoofs

    JPMorgan Chase and a proposed class of investors have reached a $15.7 million settlement over allegations of harm from a yearslong scheme by the bank's traders to manipulate the U.S. Treasury futures market.

  • September 23, 2021

    Canadian Regulators Warn Crypto Platforms About Marketing

    Canadian securities regulators on Thursday warned digital asset platforms against "gambling-style" promotions and social media marketing tactics, saying some strategies could be violating securities laws.

  • September 23, 2021

    Biden Picks Ex-Davis Polk Atty, Law Prof For OCC Chief

    President Joe Biden has tapped a former Davis Polk & Wardwell LLP lawyer turned academic to head up the Office of the Comptroller of the Currency in a move that could position the national bank regulator for a continued shift toward crypto-skepticism.

  • September 23, 2021

    Ex-MoFo Investment Management Chair Joins Stradley Ronon

    Stradley Ronon Stevens & Young added Morrison & Foerster LLP's former investment management chair as a Washington, D.C.-based partner and the new chair of its fintech practice, the firm announced.

  • September 22, 2021

    Dapper Labs Raises $250M And Scores NFT Deal For Soccer

    Nonfungible-token platform Dapper Labs on Wednesday announced a $250 million funding round that gives it a $7.6 billion valuation as well as a partnership to bring NFTs to Spanish soccer league LaLiga.

  • September 22, 2021

    Cooley-Guided Freshworks' $1B IPO Leads 4 New Offerings

    Cooley-led customer engagement software firm Freshworks Inc. went public Wednesday after pricing a $1 billion initial public offering above its range, leading a quartet of newly minted public companies that made their trading debuts after raising $2 billion combined.

  • September 22, 2021

    Treasury GC Nominee Takes Heat From Warren Over Recusals

    The Davis Polk partner tapped to be President Joe Biden's top lawyer for the U.S. Treasury Department declined at his confirmation hearing Wednesday to commit to a more extensive recusal from matters involving former clients despite repeated prodding from Sen. Elizabeth Warren, D-Mass.

  • September 22, 2021

    Cooley-Led Restaurant Payments Biz Sunday Lands $100M

    Just five months after its launch, restaurant payments system and Cooley LLP client Sunday said Wednesday it had raised $100 million in a Series A financing that included Coatue and partners of DST Global.

  • September 22, 2021

    Calif. Firm Can't Claim 'Metaverse Law' TM, Rival Says

    A feud over a New York law firm's virtual office spilled into the physical realm on Wednesday when the firm sued to invalidate a rival California firm's trademark on the term "metaverse law."

  • September 22, 2021

    Payment Software Co. Spenmo Snags $34M In Series A

    Spenmo, a cloud payments software startup based in Singapore, said Wednesday it has grabbed $34 million in a fundraise led by Insight Partners, calling the round one of Singapore's largest Series A's.

  • September 21, 2021

    Treasury Sanctions Crypto Firm Over Ransomware Ties

    The U.S. Department of the Treasury on Tuesday blacklisted a Russia-based company that allegedly helped cybercriminals launder extortion payments, in a first-of-its-kind move that aims to make ransomware attacks less profitable.

  • September 21, 2021

    OCC's Chief Warns Of 'Fool's Gold Rush' In Crypto

    The Office of the Comptroller of the Currency's acting chief on Tuesday sounded an alarm about a "fool's gold rush" in the digital assets space, comparing the recent boom in cryptocurrencies to the proliferation of exotic financial instruments before the 2008 financial crisis.

  • September 21, 2021

    Deutsche Bank Can't Nix Class Action Over Traders' Spoofing

    An Illinois federal judge ruled that Deutsche Bank can't yet ax a proposed class action seeking to hold it responsible for two former traders' alleged 2013 illegal spoofing schemes, finding that further information is needed to determine if trading firm Rock Capital Market and others behind the lawsuit have established standing.

  • September 21, 2021

    Ripple Loses Bid For SEC Staff's Crypto Trading Records

    A New York federal magistrate judge declined Tuesday to make the U.S. Securities and Exchange Commission turn over records related to its employees' personal cryptocurrency transactions as part of discovery in the agency's legal battle with Ripple Labs Inc.

  • September 21, 2021

    NY Banking Agency Pitches Small Biz Loan Disclosure Rule

    New York State's top financial regulator said Tuesday it is seeking public comment on a plan to standardize what lenders have to disclose to small businesses when extending financing of less than $2.5 million.

Expert Analysis

  • 3 Attorney Ethics Considerations For Litigation Funding

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    The growth of the litigation finance industry has generated questions on the obligations of counsel when their clients are seeking outside capital to fund litigation, which litigators must understand when providing information to a third-party funder and discussing legal strategy with a client, says Matthew Oxman at LexShares.

  • 4 Steps For Improving Board Diversity Per New Nasdaq Rule

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    Companies should view Nasdaq's recently finalized board diversity rules as an opportunity to tap into the knowledge and resources of potential board members who may not look like or have the same life experiences as individuals who have historically served on boards, say attorneys at Shook Hardy.

  • How ABA Opinion Shifts Alternative Biz Structure Landscape

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    A recent American Bar Association opinion approving lawyers' passive investment in nonlawyer-owned firms eliminates a hurdle for law firms wishing to scale their practice through alternative business structures, but aspiring investors should follow a few best practices, say Hilary Gerzhoy and Deepika Ravi at Harris Wiltshire.

  • How Crypto Cos. Can Help Curb Pandemic Relief Fraud

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    The conversion of pandemic relief funds to cryptocurrency impedes oversight and raises questions about whether taxpayer dollars are going to bad actors, so crypto companies should partner with law enforcement to curb fraud, while gaining credibility and protecting the industry's reputation, say Special Inspector General for Pandemic Recovery Brian Miller and former SIGPR special counsel Chris Cooke.

  • Opinion

    Why Coinbase Was Destined To Lose Its Battle With The SEC

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    In the wake of Coinbase's pulling of its new lending product, despite the crypto platform's initial rejection of U.S. Securities and Exchange Commission scrutiny, cybersecurity consultant John Reed Stark explains why Coinbase's defenses were doomed and that the program was obviously a security.

  • Series

    Embracing ESG: HPE Counsel Talk Effective Board Oversight

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    Governance teams can more effectively shape board oversight of environmental, social and governance issues by ensuring organizationwide agreement on the most relevant issues, building a materiality framework that reflects stakeholder input, and monitoring the integration of ESG into operations, say Rishi Varma and Derek Windham at Hewlett Packard Enterprise.

  • Opinion

    Justice Gap Demands Look At New Legal Service Models

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    Current restrictions on how lawyers structure their businesses stand in the way of meaningful access to justice for many Americans, so states should follow the lead of Utah and Florida and test out innovative law firm business models through regulatory sandboxes, says Zachariah DeMeola at the Institute for the Advancement of the American Legal System.

  • Privacy Now Looms Large In Antitrust Enforcement

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    Recent moves by the Biden administration as well as court decisions indicate that privacy is likely to play an increasingly important role in antitrust litigation, both as a justification used to defend against allegations of anti-competitive conduct, and as an element of product quality that can be restricted or diminished as a result of anti-competitive conduct, say attorneys at Sheppard Mullin.

  • Navigating Dealer Status After SEC Settlement With Adviser

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    Following the U.S. Securities and Exchange Commission's recent settlement with Murchinson over allegations the investment adviser caused a hedge fund to act as an unregistered dealer, hedge funds should reassess their trading practices to avoid triggering SEC and Financial Industry Regulatory Authority dealer registration requirements, say Ignacio Sandoval and Steven Stone at Morgan Lewis.

  • Board Diversity Considerations In Light Of New Nasdaq Rules

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    Public companies of varying sizes may face discrete challenges meeting Nasdaq's recently finalized board diversity objectives, which could be a harbinger of further U.S. Securities and Exchange Commission rulemaking on environmental, social and governance issues, say attorneys at Paul Weiss.

  • Series

    Embracing ESG: Leidos GC Talks Social Responsibility

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    Recent criticisms of corporate commitments to stakeholders such as employees and communities — implicitly opposing environmental, social and governance initiatives — are fundamentally flawed and display a serious misunderstanding of contemporary investor priorities and dynamics, says Jerald Howe at Leidos.

  • Learning From The Latest SEC Cybersecurity Enforcement

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    Three new U.S. Securities and Exchange Commission enforcement actions, charging eight separate financial firms with violations of Regulation S-P, indicate a seismic shift in SEC focus and provide a slew of critical takeaways for any SEC-registered entity, says cybersecurity consultant John Reed Stark.

  • Lessons In Crisis Lawyering 20 Years After 9/11

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    Dianne Phillips at Holland & Knight recounts her experiences as in-house counsel at a liquefied natural gas company in the tumultuous aftermath of Sept. 11, 2001, and details the lessons she learned about lawyering in a crisis, including the importance of careful forethought and having trusted advisers on speed dial.

  • Comparing 'Ultimate Beneficial Owner' Rules In EU And US

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    The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.

  • Why Structured Data Is Increasingly Important To Your Case

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    During discovery, legal teams often overlook structured data — the rows of information found in financial ledgers and similar corporate systems — and consider it secondary to emails and other anecdotal evidence, but this common mistake could mean litigators are missing key elements of a dispute, say consultants at Alvarez & Marsal.

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