Fintech

  • January 18, 2021

    FTC's Chopra Gets Biden Nod To Become Next CFPB Director

    President-elect Joe Biden said Monday that he plans to nominate Rohit Chopra, a Democratic member of the Federal Trade Commission, to serve as the next director of the Consumer Financial Protection Bureau, a selection that consumer advocates are welcoming as a sign of tougher industry scrutiny ahead.

  • January 18, 2021

    Bitcoin 'Inventor' Revives UK Libel Case Over Tweet

    A computer scientist claiming to be the inventor of Bitcoin can sue a Norwegian man for questioning his assertion after the Court of Appeal said the English courts have jurisdiction to hear the libel case.

  • January 15, 2021

    OCC Defends Valid-When-Made Rule In State AGs' Suit

    The Office of the Comptroller of the Currency has urged a California federal court to reject an effort by California and two other states to block the agency's valid-when-made rule, arguing the rule was well within bounds as an attempt to mitigate legal uncertainty surrounding interest rate transferability.

  • January 15, 2021

    CFPB Accuses Mortgage Co. Of Lending, Consumer Violations

    The Consumer Financial Protection Bureau sued mortgage company 1st Alliance Lending in Connecticut federal court Friday for alleged violations of lending and consumer laws, including misleading consumers about whether they would qualify for refinances and not informing them of credit denials.

  • January 15, 2021

    Calif. Unemployment Recipients Sue Bank Of America

    A California unemployment insurance recipient on Thursday filed a proposed class action against Bank of America NA in San Francisco federal court, accusing the bank — the Golden State's partner in unemployment benefits administration amid the pandemic-linked economic downturn — of failing to protect benefits recipients from fraudsters.

  • January 15, 2021

    Investors Say Crypto Co. Status Research 'Tricked' Them

    Investors suing Swiss blockchain technology company Status Research urged a New York federal judge Thursday not to toss their proposed class action, arguing U.S. securities laws apply to the foreign company's unregistered digital tokens.

  • January 15, 2021

    Western Union Says Chubb Must Cover COVID-19 Losses

    The Western Union Co. lobbed a virus coverage suit at Chubb on Friday, telling a Colorado federal court that the Pennsylvania-based insurer has unlawfully refused to cover the company's losses stemming from pandemic-related business interruptions.

  • January 15, 2021

    Finance Co. Asks 7th Circ. To Revive Suit Against Ex-Counsel

    The Seventh Circuit on Friday seemed skeptical of a commercial financing company's argument that a lower court should not have dismissed its claim that former legal counsel gave self-serving advice that led to penalties against the company's founder. 

  • January 15, 2021

    Chancery OKs TRO In Ripple Labs Investor Fight

    Delaware's Chancery Court issued a temporary restraining order Friday limiting California-based Ripple Labs Inc.'s cryptocurrency transactions and equity redemptions after investor Tetragon sued to halt any Ripple virtual currency purchases until Tetragon can sell back its stock. 

  • January 15, 2021

    Taxation With Representation: Baker, Wachtell, Shearman

    In this week's Taxation With Representation, New Fortress Energy snaps up two liquefied natural gas firms for $5 billion, health care products company Steris buys Cantel Medical Corp. for $3.6 billion, and cryptocurrency platform Bakkt goes public.

  • January 14, 2021

    Ariz. Payment Co. Exec Inks Deal With FTC Over $7M Scam

    An officer of Electronic Payment Solutions of America Inc. facing Federal Trade Commission claims that he took part in a $7 million scam told an Arizona federal judge Thursday that he has agreed to permanently stop engaging in payment processing and telemarketing in order to resolve the case.

  • January 14, 2021

    Stock Tip Site Raging Bull Denies FTC's Fraud Accusations

    The subscription-based stock trade advice website Raging Bull is staunchly denying claims from the Federal Trade Commission that its stock experts are actually market losers who have defrauded their customers out of $137 million.

  • January 14, 2021

    ThinkMarkets Says Former IT Worker Won't Return Docs

    Online broker ThinkMarkets sued an ex-employee in Illinois federal court Wednesday, alleging that the former information technology worker now works for a competitor that's suing the company and that he refuses to return proprietary information.

  • January 14, 2021

    Paul Hastings, Wachtell Guide $125M Fintech Investment

    Consumer and small business-focused company LendingPoint said Thursday it landed a $125 million investment from Warburg Pincus to help it continue growing and working with its e-commerce and financial institution partners, in a fundraising led by Paul Hastings LLP and Wachtell Lipton Rosen & Katz.

  • January 14, 2021

    Keep BitMEX Racketeering Suit Alive, Traders Tell Calif. Judge

    Traders who accused the cryptocurrency exchange BitMEX and its founders of "myriad" illegal activities told a federal judge in San Francisco on Wednesday that the key facts of their lengthy suit are "simple and easy to understand," and so the suit should not be tossed.

  • January 14, 2021

    OCC Finalizes 'Fair Access' Rule In Last-Minute Push

    The Office of the Comptroller of the Currency said Thursday it has finalized its "fair access" rule limiting the ability of bigger national banks to stop lending to fossil fuel companies, gun makers and other politically controversial businesses, a move that's already being condemned by bankers and consumer advocates as midnight rulemaking.

  • January 13, 2021

    OCC's Brooks To Step Down As Top National Bank Regulator

    The Office of the Comptroller of the Currency said Wednesday that Brian Brooks is stepping down as acting head of the agency, bringing to a close the brief, but active, tenure of the former cryptocurrency executive-turned-bank regulator just days before the end of the Trump administration.

  • January 13, 2021

    OCC OKs Anchorage As 1st Federally Chartered Crypto Bank

    The Office of the Comptroller of the Currency said Wednesday that it has conditionally approved cryptocurrency custody provider Anchorage for a national trust bank charter, positioning the new Anchorage Digital Bank NA to become what the startup is calling the first-ever federally chartered digital asset bank.

  • January 13, 2021

    BitGo Brings On Former Coinbase Compliance Chief As CCO

    Coinbase's former compliance chief, who has decades of experience in the traditional banking sector, is headed to digital financial services firm BitGo as its chief compliance officer, the company announced Wednesday.

  • January 13, 2021

    2 Firms Guide Tech Biz Blend On $300M Funding Round

    Just five months after its previous financing, digital lending platform Blend said Wednesday it raised $300 million in a funding round that nearly doubles its valuation to $3.3 billion and was led by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP and Wilson Sonsini Goodrich & Rosati PC. 

  • January 13, 2021

    Investors Tell Del. Justices Tech Co. Low-Balled Appraisal

    An attorney for investors in outsourcing company SourceHOV Holdings urged Delaware's justices on Wednesday to uphold a $47.3 million post-merger share appraisal 2.8 times higher than the company's, saying the business "ran from its own expert" while pressing indefensibly low values.

  • January 13, 2021

    Alibaba Investors Seek Lead In Suits Over Ant's Halted IPO

    Alibaba investors competing to lead a proposed class in three suits against the Chinese e-commerce giant urged a New York federal judge Tuesday to consolidate the actions, which accuse the company of hiding details that led to regulators in China stopping affiliated payment provider Ant Group's estimated $34 billion initial public offering.

  • January 13, 2021

    Simpson Thacher Steers Silver Lake Fund To $20B Close

    Technology-focused private equity firm Silver Lake, working with Simpson Thacher & Bartlett LLP, announced Wednesday it landed $20 billion for its latest flagship fund.

  • January 13, 2021

    Skadden, Davis Polk Steer Fintech Affirm's $1.2B IPO

    Fintech startup Affirm, which bills itself as a flexible alternative to credit cards, saw shares soar Wednesday after pricing an above-range $1.2 billion initial public offering guided by Skadden and underwriters counsel Davis Polk.

  • January 13, 2021

    LSE's $27B Data Co. Takeover Gets EU Nod With Antitrust Fix

    The European Commission said on Wednesday that it has given the green light to the high-profile, $27 billion acquisition by the London Stock Exchange of U.S. financial data provider Refinitiv, imposing a series of conditions to allay competition concerns.

Expert Analysis

  • Opinion

    6 Ways Financial Regulators Should Prioritize Climate Risk

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    As the Biden administration prepares to take office, financial regulators must resolve to collaborate with each other and industries to manage the financial risks from climate change after years of obstruction by the Trump administration, says New York Department of Financial Services Superintendent Linda Lacewell.

  • 4 Legal Industry Trends Litigation Financiers Are Watching

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    Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

  • A Lawyer's Guide To Setting Well-Being Goals In 2021

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    In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.

  • Keyword Searches To Improve Your Privilege Doc Review

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    "Confidential" and other search terms commonly used to locate privileged documents during e-discovery are pretty ineffective, so practitioners should consider including specific types of keywords that are demonstrably better at targeting privilege, say Robert Keeling at Sidley and Rishi Chhatwal at AT&T.

  • ABA Approves Remote Practice, But Questions Remain

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    Lawyers working remotely during the pandemic while physically outside the jurisdictions in which they are licensed will find some comfort in a recent American Bar Association opinion sanctioning such practice, but there is ambiguity regarding the contours of what's allowed, say attorneys at Harris Wiltshire.

  • What Is Insider Trading In The Derivatives Markets?

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    Although derivatives traders are permitted to trade on their own material, nonpublic information to hedge risk, recent U.S. Commodity Futures Trading Commission enforcement actions highlight the distinction between legal and illegal use of nonpublic information unique to these markets, says CFTC Chairman Heath Tarbert.

  • Keys To Creating Standout Law Firm Thought Leadership

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    Whether geared toward a global audience or a particular client, a law firm's articles, blog posts and client alerts should strive to be original by harnessing a few editorial tools and following the right distribution sequence, say Steven Andersen and Tal Donahue at Infinite Global.

  • PPP Enforcement Issues To Watch In 2021

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    Derek Adams at Potomac Law, and Ellen London and Steven Deolus at Alto Litigation, examine the evolution of the Paycheck Protection Program, the impact of constant changes to eligibility and reporting rules, and enforcement developments to expect this year.

  • Perspectives

    Judges On Race: The Power Of Discretion In Criminal Justice

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    Judges should take into consideration the several points of law enforcement and prosecutorial discretion — from traffic stops to charging decisions and sentencing recommendations — that often lead to race-based disparate treatment before a criminal defendant even reaches the courthouse, say Judge Juan Villaseñor and Laurel Quinto at Colorado's Eighth Judicial District Court.

  • 5 Attorney Business Development Tips For The New Year

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    Lawyers should remember that the basics of interpersonal relationships have not changed despite the completely virtual environment caused by the pandemic, and should leverage the new year as an excuse to connect with clients in several ways, say Megan Senese and Courtney Hudson at Pillsbury.

  • 10 Ways Antitrust Scrutiny Is Heating Up In 2021

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    Companies must prepare to navigate a storm of antitrust forces on the horizon, with the potential for more aggressive antitrust enforcement under the Biden administration, including agency focus on acquisitions of nascent competitors, the life sciences industry and monetary remedies, say attorneys at Cooley.

  • Minimizing Disruption To Clients During Law Firm IT Upgrades

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    For law firms planning overhauls in their information technology infrastructures in light of hard lessons learned from pandemic-era transition to remote work, there are five ways to ensure even the biggest tech upgrade has minimal impact on client service, says Brad Paubel at Lexicon.

  • How Dems Could Alter SEC's Enforcement Approach

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    The U.S. Securities and Exchange Commission's enforcement priorities may shift under Democratic leadership, which could result in changes in resource allocation, case mix, remedies and procedure, says former SEC Division of Enforcement Co-Director Steven Peikin at Sullivan & Cromwell.

  • Tips For Drafting Effective Amicus Briefs

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    Careful construction of an amicus brief's essential elements — including the table of contents, which determines whether a brief gets studied or skimmed — and the order in which they are crafted are key to maximizing a party's hoped-for impact on a case before the U.S. Supreme Court or other appellate courts, say Mark Chopko and Karl Myers at Stradley Ronon.

  • 5 Trends That Will Influence E-Discovery In 2021

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    Changes in the way people work and communicate — which the pandemic has accelerated — will continue to bring new e-discovery challenges and shifts in data recovery this year, says Brian Schrader at Business Intelligence Associates.

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