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Fintech

  • May 24, 2019

    2020 Could See Regulated Digital Securities Platform

    The nascent Singapore-based capital markets platform iStox announced Friday that it has been admitted to the Singaporean government’s regulatory sandbox, allowing it to operate under relaxed regulations and putting it closer to its goal of becoming the world’s “first fully regulated capital markets platform to offer issuance and trading of digitized securities.”

  • May 24, 2019

    Kaspersky Lab Sees Spike In Mobile Banking Cyberattacks

    Researchers at Kaspersky Lab, a cybersecurity and antivirus company, announced Thursday that during the first quarter of 2019, they discovered a significant increase in malware that was designed to steal credentials and money from users’ bank accounts.

  • May 24, 2019

    Taxation With Representation: Davis Polk, Sullivan, Sidley

    In this week’s Taxation with Representation, Nuvei buys SafeCharge for $889 million, Dish Network buys broadcast satellite assets from Echostar for $808 million and Aurubis scoops up Metallo Group for $424 million.

  • May 24, 2019

    Deals Rumor Mill: Total, PT Softex, J.D. Power

    Total SA wants to pocket up to $4 billion through a sale of some of its stake in a Kazakhstan oil field, PT Softex Indonesia is considering going public, and Global Payments is close to snapping up Total System Services in a roughly $20 billion deal.

  • May 24, 2019

    Brokers Are Putting Investors' Info At Risk, SEC Says

    Investment advisers and brokers are putting their customers’ information in danger of a breach, staff at the U.S. Securities and Exchange Commission warned in a risk alert issued Thursday.

  • May 24, 2019

    New Zealand Crypto Exchange Wants US Bankruptcy Cover

    A New Zealand-based online asset exchange undergoing liquidation in its home country is asking a New York bankruptcy court to protect as much as $130 million in client assets that it says are being held by an Arizona-based server company, according to a Friday memorandum.

  • May 24, 2019

    Venable Lands Tech-Focused M&A Partner In DC Office

    A former Crowell & Moring attorney with experience handling technology-centric mergers and acquisitions in regulated industries has joined Venable's corporate practice as a partner in the firm's Washington, D.C., office.

  • May 23, 2019

    Federal Reserve May Move On Cyber Standards This Fall

    The Federal Reserve announced Wednesday that it might take further action this fall on proposed cybersecurity standards for big banks and their vendors in the face of increasingly prevalent cyberthreats, reviving a rulemaking that had been put on the back burner in 2017.

  • May 23, 2019

    Crypto Co. Founder Says Investor Suit Must Be Arbitrated

    A co-founder of shuttered cryptocurrency company Centra Tech says investors who claim they were misled about digital tokens they bought from Centra agreed to arbitrate any claims arising from the purchase.

  • May 23, 2019

    Ransomware Attacks Surge In 2019, Insurer Beazley Says

    Insurer Beazley Group says its clients have reported twice the number of ransomware cyberattacks in the first quarter of 2019 as they did last year, with hackers targeting bigger companies and demanding bigger ransoms than ever before.

  • May 23, 2019

    SEC Calls Online Instructional Co. A $26.5M Pyramid Scheme

    The U.S. Securities and Exchange Commission filed suit Wednesday against the founder and sole member of IPro, a purported purveyor of online instructional materials and cryptocurrency that it claims was actually a $26.5 million pyramid scheme.

  • May 23, 2019

    British Man Pleads Not Guilty In Workspace Ponzi Scheme

    A British man pled not guilty in New York federal court Thursday to charges he aided a multimillion-dollar Ponzi scheme by getting investors to put their money into a workspace startup run by another Briton who had been barred from directing companies in the U.K.

  • May 23, 2019

    Fintech App Biz PayJoy Raises $20M From Greylock Partners

    Greylock Partners, a private and venture capital investment firm that was an early backer of Facebook and LinkedIn, agreed Thursday to inject $20 million into PayJoy, a startup that provides emerging markets with smartphone technology in order to promote access to credit.

  • May 22, 2019

    Cybercrime Vet To Help Run NY Unit Protecting Banks, Public

    The former chief of New Jersey’s first federal cybercrimes unit is moving on to New York to help oversee the first-of-its-kind division charged with safeguarding the public and financial service industry from cyberthreats, officials announced Wednesday.

  • May 22, 2019

    ETC Seeks Quick Victory In InteliClear Trade Secrets Suit

    ETC Global Holdings Inc. asked a California federal court on Tuesday for a quick win in a case brought by software maker InteliClear LLC, saying trade secret laws don't protect InteliClear's program, and even if they did, ETC didn't steal the product's features.

  • May 22, 2019

    Deals Rumor Mill: TransferWise, Lone Star, Hudbay

    TransferWise is now reportedly worth $3.5 billion thanks to its latest funding round, Lone Star Funds is getting ready to either sell or list Isaria Wohnbau AG, and Hudbay Minerals is getting ready to sell its stake in an Arizona copper mine.

  • May 22, 2019

    Allianz X Leads $74.5M Funding Round For Wealthsimple

    Toronto-based Wealthsimple Inc., the developer of an online investing platform and commission-free trading app, has secured CA$100 million ($74.5 million) in a funding round led by Allianz X, the digital investment division of German insurance giant Allianz Group, the companies said Wednesday.

  • May 22, 2019

    No Victims, No Securities, No Case For NY AG, IFinex Says

    The operator of the trading platform Bitfinex and cryptocurrency company Tether Ltd. say the New York attorney general's case against them can't proceed because they don't sell securities or deal with New Yorkers.

  • May 22, 2019

    Nuvei's $889M SafeCharge Buy Marks Latest Payments Tie-Up

    Nuvei on Wednesday inked an $889 million takeover of U.K.-listed SafeCharge, the latest combination of payment services companies amid a wave of consolidation.

  • May 22, 2019

    Thai Securities Agency Sets Limits For Debt Crowdfunding

    Thailand's Securities and Exchange Commission on Wednesday announced changes to its debt crowdfunding rules, placing caps on the amount small and medium-sized businesses can raise and establishing eligibility requirements for capital-raising platforms.

  • May 21, 2019

    Allied Wallet Execs Settle FTC Claims They Helped Hide Fraud

    The CEO and owner of payment processing firm Allied Wallet will forfeit his Los Angeles residence as part of a settlement with the Federal Trade Commission over claims he and two colleagues helped merchants pilfer $110 million from customers using their system, the FTC said Tuesday.

  • May 21, 2019

    Bids To Avoid ACI-KeyBank Trial Fall Short, Both Sides Say

    Both sides of a messy dispute over an online banking agreement between ACI Worldwide and KeyBank told a Massachusetts federal judge the other’s bid for a win on some of the claims falls short, with issues that still need to be decided by a jury.

  • May 21, 2019

    FinCEN Urges Congress To Centralize Data To Fight Crime

    The U.S. Treasury Department vowed Tuesday to work with members of Congress to develop legislation that would funnel fundamental information about who owns corporations into a national repository that could make it easier to thwart financial crime.

  • May 21, 2019

    Long-Awaited Crypto Guidance Coming Soon, IRS Chief Says

    Federal guidance on the tax treatment of cryptocurrencies — guidance that practitioners have been waiting on for years — will be released soon, Internal Revenue Service Commissioner Chuck Rettig has told Congress.

  • May 21, 2019

    Feds Defend Accessing Slack Chats In Centra Tech ICO Case

    New York federal prosecutors have disputed claims by two men accused of fraud related to their shuttered cryptocurrency company Centra Tech that prosecutors had improperly accessed privileged attorney-client communications on the messaging app Slack.

Expert Analysis

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • 5 Tips To Help Your Summer Associates Succeed

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    There are a number of ways that attorneys can ensure their summer associates successfully manage critical writing assignments and new types of professional interactions, says Julie Schrager of Schiff Hardin.

  • Challenges To Trump's '2 For 1' Order Face Difficult Road

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    Shortly after President Donald Trump took office, he issued an executive order directing agencies to eliminate two existing regulations for every new regulation adopted. Multiple lawsuits challenging this order are ongoing, but federal courts are poorly equipped to adjudicate claims that involve an agency’s failure to regulate, says Steven Gordon of Holland & Knight.

  • Keys To Communicating A Law Firm's Mission

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    Today’s law firm leaders are pretty good at developing a strategic vision for the enterprise, but there is often a disconnect between that road map and the marketing department’s rank and file, leading to a deliverable that does little to differentiate the firm, says José Cunningham, a legal industry consultant.

  • Opinion

    How Lawyers Can Help Save The Planet

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    Over a dozen major law firms have joined our effort to overcome the legal obstacles that states, cities and businesses face in fighting climate change. But more lawyers are needed, say Michael Gerrard of Columbia Law School and John Dernbach of Widener University Commonwealth Law School.

  • 2 Key 10th Circ. Holdings In Western Union Derivative Suit

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    The Tenth Circuit’s recent opinion in City of Cambridge Retirement System v. Ersek — concerning shareholders’ allegations against officers and directors of Western Union — was a little-noticed decision, but it has broad implications for shareholder derivative actions, say Chris McCall and Luke Ritchie of Moye White.

  • Apple Credit Card's Legal And Ethical Implications For Fintech

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    Security advocates generally agree that the Apple Card — Apple's foray into the credit card industry, slated for this summer — will be safer than typical credit card transactions, but some privacy and consumer liability concerns do exist, say Aaron Swerdlow of Weinberg Gonser and Joel Sherwin of Neopay.

  • Trends And Strategies In AI-Related Patent Filings

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    The rapid adoption of artificial intelligence-based tools and applications across most industries means that even patent practitioners outside of computer and electrical engineering fields may be presented with AI-related invention disclosures, says Allison Gaul of Kilpatrick Townsend.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • 5 Ways To Enhance Patent Strategy With Data Analytics

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    Not long ago, patent practitioners primarily obtained information about a patent examiner’s working style by working with the examiner or hearing reports of colleagues’ experiences with the examiner, but now data analytics offer additional clues, says Eric Snustad of Fredrikson & Byron.

  • A Tool For Budgeting Corporate Innovation Programs

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    How can companies calculate a budget for research and development and innovation programs? One helpful approach is to rank the company among its peer group of competitors, and this score can also serve as a leading indicator of stock price for the investment community, says Stephen Glazier of Akerman.

  • SEC Fine Shows Bad Data Can Put The 'Risk' In Model Risk

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    Prosper Funding's recent $3 million settlement with the U.S. Securities and Exchange Commission suggests that companies may face Securities Act Claims even for inadvertent performance data errors if their code is out of date or poorly understood by staff, say attorneys at Mayer Brown.

  • In SEC's Remediation Model, Hard Choices For ICO Issuers

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    Recent guidance from the U.S. Securities and Exchange Commission may help issuers avoid having their future initial coin offerings categorized as unregistered securities offerings. But for past ICOs, issuers must rely on the SEC's remediation process, and should consider two key questions before proceeding, says Kayvan Sadeghi of Schiff Hardin.