Fintech

  • June 28, 2022

    CFPB Urged To Scrap Anti-Bias Revamp Of Exam Manual

    Major banking trade groups and the U.S. Chamber of Commerce called Tuesday for the Consumer Financial Protection Bureau to scrap new examination policies that broaden the scope of the agency's anti-discrimination policing, hinting at a potential for legal action if the agency doesn't reverse course.  

  • June 28, 2022

    FTC Claims Walmart Facilitated $197M Money Transfer Fraud

    The Federal Trade Commission sued Walmart in Illinois federal court on Tuesday, claiming the retail giant allowed its money transfer services to be used by fraudsters who cheated customers out of hundreds of millions of dollars.

  • June 28, 2022

    Wells Fargo Escapes Suit Over Alleged Zelle Scams, For Now

    A Seattle resident who filed a class action suit accusing Wells Fargo and Zelle of failing to protect customers from scammers, who can use Zelle's mobile payment app to potentially steal thousands of dollars from accounts, has dropped his claims.

  • June 28, 2022

    Davis Polk Brings On Ex-Cooley Capital Markets Partner

    Corporate firm Davis Polk & Wardwell LLP said Monday it has hired former Cooley LLP partner and capital markets veteran Nicole Brookshire, bolstering its New York practice.

  • June 28, 2022

    Tribal Lending Biz's RICO Claims Are Overblown, Fintech Says

    A Lac Courte Oreilles Band of Lake Superior Chippewa Indians company is trying to turn a dispute with a fintech partner into a RICO claim when it's really just a "garden variety" contract dispute, the fintech told a Wisconsin federal court Tuesday.

  • June 28, 2022

    CFPB Says States Can Write Stricter Credit Reporting Laws

    The Consumer Financial Protection Bureau said Tuesday that states can enact tougher credit reporting restrictions than are provided for under federal law, endorsing a limited federal preemption view favored by consumer advocates.

  • June 28, 2022

    Feds Ask For Vigilance On Russian Export Sanctions

    Bureaus of the U.S. Treasury Department and U.S. Commerce Department urged financial institutions Tuesday to monitor for efforts of Russia and Belarus to evade export sanctions related to the invasion of Ukraine, providing some pointers that could help keep certain equipment out of the hands of Russia's military. 

  • June 28, 2022

    Rising Star: Quinn Emanuel's Emily Kapur

    Emily Kapur of Quinn Emanuel Urquhart & Sullivan LLP helped a cryptocurrency company navigate a yearslong arbitration involving billions of dollars' worth of tokens, earning her a spot among the fintech law practitioners under age 40 honored by Law360 as Rising Stars.

  • June 28, 2022

    Compensation Info Biz Pave Lands $1.6B Series C Valuation

    Pave, a company that helps businesses determine salaries for their employees, said Tuesday it was valued at $1.6 billion following its Series C funding round that included Index Ventures, Andreessen Horowitz and YC Continuity Fund.

  • June 27, 2022

    Catching Up With Delaware's Chancery Court

    The Delaware Chancery Court drew a step closer last week to filling an empty seat on the bench, a debt maven fought for control of a cosmetics company, and new cases came in involving cryptocurrency, building products, business software, and of course, private equity. Here's your weekly roundup of news from Delaware's Chancery Court.

  • June 27, 2022

    Crypto Exchange Unizen Secures $200M To Spur Growth

    Cryptocurrency exchange Unizen said Monday it secured a $200 million capital commitment from private equity firm Global Emerging Markets to help grow its trading platform.

  • June 27, 2022

    Yuga Labs Says Alleged NFT Ripoff Is No 'Monkey Business'

    A self-styled conceptual artist is copying and reselling images that are part of the Bored Ape Yacht Club non-fungible token collection, the company behind the trendy digital art series told a California federal court.

  • June 27, 2022

    Fed Bans Golden Pacific Bancorp Affiliate From Bank Industry

    The Federal Reserve Board of Governors has prohibited an individual from future participation in the banking industry after he allegedly lied in his application to acquire control of Golden Pacific Bancorp Inc., a former bank holding company in California.

  • June 27, 2022

    Ex-Consumer Financial Protection Bureau Atty Joins Orrick

    A former senior policy and strategy counsel with the Consumer Financial Protection Bureau's Office of Enforcement has moved to Orrick Herrington & Sutcliffe LLP after a brief stint with O'Melveny & Myers LLP.

  • June 27, 2022

    Rising Star: Orrick's Josh Pollick

    Josh Pollick of Orrick Herrington & Sutcliffe LLP led a team that advised the banking and personal finance app Dave on its $4 billion go-public transaction with a special purpose acquisition company sponsored by Victory Park Capital, earning him a spot among the fintech law practitioners under age 40 honored as Law360 Rising Stars.

  • June 24, 2022

    NerdWallet To Acquire Consumer Debt Adviser In $120M Deal

    Personal finance company NerdWallet has announced plans to acquire On The Barrelhead Inc., which describes itself as an artificial intelligence consumer debt adviser, in a deal valued at roughly $120 million.

  • June 24, 2022

    Bank Groups Worry ESG Proposals Are 'Anything But Neutral'

    A coalition of national and state banker groups is pushing back on efforts by Biden administration financial regulators to develop climate risk guidance and other ESG-minded rules, warning of potentially "acute, widespread and anything but neutral" effects, and consequences for banks' ability to serve customers.

  • June 24, 2022

    Stronger Rules Needed After 'Meme Stock' Frenzy, Dems Say

    House Democrats on Friday called for tighter regulations around how broker-dealers manage liquidity, saying that shortfalls in this area contributed to last year's "meme stock" turmoil.

  • June 24, 2022

    Brand Battles: Coachella Seeks To Shut Down 'Moechella' TM

    Following a deadly shooting at a recent "Moechella" event, the founders of music festival Coachella are seeking to block Moechella's organizer from registering the name as a trademark, citing "negative publicity" among other things — plus three other cases you should know about.

  • June 24, 2022

    OCC's Veteran Examiner And Ex-Acting Chief To Retire

    The Office of the Comptroller of the Currency announced Friday that its senior deputy comptroller for supervision risk and analysis, who served briefly as acting comptroller last year, will retire from the agency after 36 years.

  • June 24, 2022

    PayPal Patent Trial Pushed Over 'Flawed' Expert

    A Federal Circuit judge currently overseeing a patent dispute against PayPal in Delaware federal court said he would have to postpone an upcoming jury trial after throwing out "flawed" testimony that left the patent business "with essentially no damages case."

  • June 24, 2022

    Akerman Brings On Ex-CFPB Senior Counsel To DC Office

    A former senior counsel with the Consumer Financial Protection Bureau has joined Akerman LLP's consumer financial services, data and technology practice group in Washington, D.C., where she will focus on defending financial services providers, the firm announced.

  • June 24, 2022

    Rising Star: Mayer Brown's Rohith George

    Rohith George of Mayer Brown LLP helped negotiate a partnership deal between Google and Groupon and has guided bank-fintech partnerships such as InspereX's licensing deal with Goldman Sachs, earning him a spot among the fintech practitioners under age 40 honored by Law360 Rising Stars.

  • June 24, 2022

    Brits Say US OneCoin Money Laundering Case Belongs In UK

    Two British men accused of laundering $105 million from the global OneCoin cryptocurrency scam argued on Friday that their case belongs in the U.K. in the last day of their battle to avoid extradition to the U.S.

  • June 24, 2022

    Supreme Court Overturns Roe v. Wade

    The U.S. Supreme Court on Friday upheld a Mississippi abortion ban and overturned the constitutional abortion right established nearly 50 years ago in Roe v. Wade, setting the stage for a widespread rollback of abortion rights in many statehouses around the country.

Expert Analysis

  • Crypto Litigation May Grow In Absence Of Regulatory Scheme

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    Three recent cases in the digital asset space illustrate how regulatory uncertainty has created fertile ground for litigation and enforcement to grow, leaving cryptocurrency trading platforms and users to closely monitor guidance from applicable regulatory agencies, say attorneys at Choate.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • SEC Crypto Unit Expansion Is A Warning To Industry

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    The U.S. Securities and Exchange Commission’s recent decision to expand its Crypto Assets and Cyber Unit is a clear signal that federal regulators may increase enforcement against those violating securities laws in the digital asset space, say attorneys at BakerHostetler.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • 2 Years Since Liu, Disgorgement Case Law Is Favoring SEC

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    In the two years since the U.S. Supreme Court’s decision in Liu v. the U.S. Securities and Exchange Commission, circuit courts have weighed in to answer the decision's open questions, and recent cases suggest that courts are unwilling to disrupt disgorgement orders, even where the awards would not survive Liu scrutiny, say attorneys at Ropes & Gray.

  • Latest SPAC Trends Point To Risk Of Negative Outcomes

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    Interest in initial public offerings of special purpose acquisition companies has reached its apex, and in the second half of this year we anticipate sustained levels of SPAC shareholder redemptions, increased liquidations for those unable to consummate an initial business combination and increased litigation risk, say attorneys at The Brattle Group.

  • The Importance Of Data And Data Analysis In Litigation

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    Understanding, analyzing and effectively presenting large data sets is an increasingly important skill in litigation as it allows plaintiffs to dramatically scale up the scope of cases and is often critical to defeating motions to dismiss and motions for summary judgment, says David Burnett at Motley Rice.

  • Senate Bill Could Be A Sea Change For Crypto Regulation

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    The recently introduced Responsible Financial Innovation Act, if passed, would transform the digital asset landscape by replacing the U.S. Securities and Exchange Commission as cryptocurrency's default regulator, and by shifting oversight away from the current regulatory framework and legal standard for the space, say attorneys at Brownstein Hyatt.

  • Navigating Section 363 As A Decentralized Autonomous Org

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    Decentralized autonomous organizations are all the rage, raising questions on the advantages and disadvantages of coupling them with the Bankruptcy Code’s Section 363 sale process to acquire assets free and clear under the supervision of a bankruptcy court, say attorneys at O’Melveny.

  • Takeaways From 1st Circ.'s Tribal Sovereign Immunity Ruling

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    The First Circuit's recent decision in Coughlin v. Lac du Flambeau, finding that the U.S. Bankruptcy Code unequivocally strips tribes of their sovereign immunity, disregards extensive case law to the contrary and may make it easier for litigants to pursue claims against tribes under laws with similar immunity waivers, say attorneys at Brownstein Hyatt.

  • Steps Companies Can Take To Mitigate Privilege Labeling Risk

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    Although Google prevailed on a recent privilege labeling sanctions motion, an important takeaway from the decision is that companies should assess their in-house procedures and employee training programs regarding privileged communications to mitigate risks of the potential appearance of bad faith privilege claims, say Gareth Evans at Redgrave and e-discovery attorney James Hertsch.

  • What Stablecoins Are And Aren't: Lessons For Crypto Industry

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    The fall of cryptocurrency Terra can serve as a painful lesson for the industry moving forward, with remedies found not through regulation, but by understanding the difference between algorithmically pegged coins and actual stablecoins, adopting better model risk management and insisting on robust transparency for stablecoin reserves, say attorneys at McGonigle.

  • What Litigation Funding Disclosure In Delaware May Look Like

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    A standing order issued by Delaware's chief federal judge requiring litigants to disclose whether their cases or defenses are being financed by third parties is unlikely to have onerous effects but may raise questions regarding potential conflicts of interest and access to justice, say Cayse Llorens and Matthew Oxman at LexShares.

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