Fintech

  • May 29, 2020

    Latest Push For Digital Dollar Led By Former CFTC Chair

    An organization headed up by a former chairman of the U.S. Commodity Futures Trading Commission on Friday published a white paper proposing an approach for developing a national digital currency, highlighting that the economic fallout from the coronavirus pandemic underscores the utility for such an initiative.

  • May 29, 2020

    OCC Rule Aims To Settle Interest Rate Transfer Controversy

    The Office of the Comptroller of the Currency issued a final rule Friday stating that interest rates established on bank-originated debt remain valid even after the debt is transferred to a nonbank partner, an action aimed at clearing up a yearslong controversy that called the longstanding "valid when made" doctrine into question.

  • May 29, 2020

    PPP By The Numbers: Visualizing Pandemic Biz Relief Funds

    The COVID-19 pandemic has caused widespread economic hardship for businesses of all sizes, with stay-at-home orders just now starting to be lifted after months in effect. Among the bipartisan actions taken by the federal government to support the business community was a concerted effort to provide forgivable loans to small businesses.

  • May 29, 2020

    Taxation With Representation: White, Freshfields, Fenwick

    In this week's Taxation With Representation, Panasonic takes a minority stake in supply chain company Blue Yonder, private equity firm Goldfinch Partners takes a majority stake in fintech services provider Vesta, and Coinbase acquires crypto-focused prime brokerage platform Tagomi.

  • May 29, 2020

    Self-Proclaimed Bitcoin Creator Can't Sue Over Libel In UK

    The Court of Appeal ruled Friday that a computer scientist claiming to be the inventor of Bitcoin can't bring his defamation suit in England against an investor who called him a fraud online, saying the reach of the social media sites is largely in the U.S.

  • May 28, 2020

    PPP Loan Flexibility Passes House; Disclosure Falls Short

    A nearly unanimous House on Thursday approved a bill that would give more time and flexibility to businesses that receive forgivable loans through the Paycheck Protection Program, but Republicans defeated a proposal for public disclosure of all loans over $2 million.

  • May 28, 2020

    Ripple Securities Suits Consolidated In Calif. Federal Court

    Two cases against Ripple Labs Inc. that allege the company engaged in an unregistered securities offering of the digital currency XRP were consolidated Thursday by a California federal judge aiming to avoid inconsistencies addressing the "novel and nuanced" questions at play.

  • May 28, 2020

    Banks May Avoid Prosecutors' PPP Fraud Wrath, For Now

    With Paycheck Protection Program fraud cases popping up across the country like spring flowers, thousands of lenders that have participated in the coronavirus relief loan program could be forgiven for worrying the crackdown is coming for them too. But experts say banks can rest easy, at least for now, with the primary focus still on borrower fraud.

  • May 28, 2020

    Blockchain Co. To Return $25.5M After Unregistered ICO

    A California blockchain services company agreed to a $29.3 million settlement with the U.S. Securities and Exchange Commission on Thursday for conducting a $25.5 million unregistered initial coin offering.

  • May 28, 2020

    Anonymous Bitcoin Investor Calls Purported Inventor A 'Liar'

    An anonymous online message calling self-styled bitcoin inventor Craig Wright a "liar and a fraud" for claiming to own 145 bitcoin accounts worth more than $64 million has been entered as evidence that Wright forged a list of his bitcoin holdings in a $10 billion ownership dispute.

  • May 28, 2020

    High-Level Suspect In $1B OneCoin Scam Hires Barket Firm

    A marketing expert indicted more than two years ago for allegedly building the $1 billion OneCoin cryptocurrency scam alongside its mastermind Ruja Ignatova has hired criminal defense firm Barket Epstein Kearon Aldea & LoTurco LLP as he faces charges from a Manhattan jail cell.

  • May 28, 2020

    SEC Seeks $2.5M From Ponzi Scheme Operator

    The U.S. Securities and Exchange Commission asked a Utah federal judge Wednesday to grant a $2.5 million default judgment against the incarcerated owner of an online advertising business following a 2017 injunction against the alleged international Ponzi scheme.

  • May 28, 2020

    Tribal Power Co. Says Cryptocurrency Miner Owes $3.7M

    Two cryptocurrency mining companies and their founder racked up a $3.7 million tab powering their servers and haven't settled up, a tribal-owned power company has told a Montana federal court.

  • May 28, 2020

    Arnall, Freshfields Guide $125M PE Buy Of Fintech Co. Vesta

    Private equity firm Goldfinch Partners has agreed to pay $125 million for a majority stake in fintech and fraud protection services provider Vesta, the companies said Thursday, in a deal guided by Arnall Golden and Freshfields.

  • May 28, 2020

    Fintech Co. Doubles Valuation To $4.3B With $150M Infusion

    Marqeta Inc. said Thursday that it has received a fresh $150 million capital injection that values the company at about $4.3 billion, and the payment processing company will use the money to continue expanding access to its platform globally.

  • May 27, 2020

    Capital One Ordered To Release Report Of Massive Data Heist

    Capital One Financial Corp. has been ordered to disclose a cybersecurity firm's forensic analysis of its massive 2019 data breach, after a Virginia federal court that is hearing consumer litigation stemming from the breach rejected an argument that the report is protected by attorney-client privilege.

  • May 27, 2020

    WeWork Committee Dealt Blow To Control Over SoftBank Suit

    The Delaware chancellor Wednesday denied a bid by a special WeWork committee to bar the company from appointing a new committee to consider whether it has standing to proceed with a suit filed against SoftBank Group Corp. over a canceled deal to buy $3 billion of WeWork's shares.

  • May 27, 2020

    Latham And Fenwick Steer Coinbase's Acquisition Of Tagomi

    Fenwick & West LLP-advised Coinbase announced on Wednesday the acquisition of crypto-focused prime brokerage platform Tagomi with a team from Latham & Watkins in its corner, as the well-known cryptocurrency exchange seeks to bolster its offerings to institutional clients.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

  • May 27, 2020

    Hong Kong Not Autonomous From China, State Dept. Says

    The U.S. Department of State has found that Hong Kong is no longer autonomous from China and should not be treated as though it is, a decision that could have sweeping implications for U.S. trade and diplomacy in the region.

  • May 27, 2020

    Weil-Led Co. Prices Year's Second-Largest Blank-Check IPO

    Weil-led Foley Trasimene Acquisition Corp. debuted in public markets Wednesday after pricing a $900 million initial public offering that could fund the acquisition of a fintech business, marking this year's second-largest IPO by a blank-check company.

  • May 27, 2020

    Ex-JPMorgan Trader Wants Separate Trial In Spoofing Case

    One of four suspects in a market manipulation scheme run out of the precious metals department at JPMorgan Chase & Co. urged an Illinois federal judge Tuesday to let him have his own trial, arguing that a joint trial with his co-defendants would prejudice the jury against him.

  • May 27, 2020

    Chase Customers Try To Seal $2.5M Crypto Fee Settlement

    Chase credit card holders on Tuesday asked a Manhattan federal judge to approve their proposed $2.5 million settlement with the bank, which would end claims they were unfairly charged cash-advance fees when they used their cards to buy cryptocurrency.

  • May 26, 2020

    HSBC Launches Equity Product Powered By AI And Big Data

    HSBC has launched a new equity index family powered by artificial intelligence and big data to make investment decisions, announcing the new product on Tuesday which will use data insights from IBM Watson and EquBot.

  • May 26, 2020

    IRS Stays In House To Fill Counsel Post For New Fraud Unit

    The Internal Revenue Service has chosen an in-house attorney from its offshore compliance initiative to advise its newly formed fraud enforcement office, the agency said Tuesday. 

Expert Analysis

  • Avoiding Inadvertent Privilege Waivers In E-Communications

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    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • 5 Tips For Drafting Effective Legal Billing Guidelines

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    To properly manage outside counsel, it's imperative for a company's legal department to implement and maintain rules on what they will and won't pay for, on staffing cases and requesting rate increases, and on how matters will be handled, says Chris Seezen at Quovant.

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

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    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • Using The M&A Slowdown To Prepare A Portfolio Co. For Sale

    Excerpt from Lexis Practice Advisor
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    Dealmakers can take advantage of COVID-19’s dampening effect on M&A activity to work through timing, pandemic considerations and sale process coordination for portfolio company sales so their deals will be ready when the market eventually picks back up, say Michael Gilligan and Caitlin Cornell at Schulte Roth.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Contingent Fees A Great Option For Cos. During Downturn

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    In-house counsel may assume that "elite" law firms will turn up their noses at the idea of contingent fees, but such arrangements, whether pure or hybrid, are offered by many firms — even to defendants — and may be the answer to tight litigation budgets, say attorneys at Fish & Richardson.

  • Opinion

    9 Ways To Improve The Paycheck Protection Program

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    The CARES Act's well-intentioned Paycheck Protection Program has problems, and Congress should take steps to better protect small businesses and define several terms that continue to cause confusion, says Samantha Block, a judicial clerk at the U.S. Court of Federal Claims.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • 7 Steps To Romancing The Virtual Classroom

    Excerpt from Lexis Practice Advisor
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    For professors, trainers, lawyers, students and businesses grappling with the unexpected challenges of distance learning, trial attorney and teacher James Wagstaffe offers best practices for real-time online instruction.

  • Main Street Lending Adjustments Mean Help For More Cos.

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    Recent changes to term sheets for the Federal Reserve's Main Street Lending Program, allowing borrowers to utilize adjusted earnings before interest, taxes, depreciation and amortization, will increase the available loan amount and qualify more borrowers, says Keith Durkin at BakerHostetler.

  • 5 Tips For Emergency Relief Petitions During COVID-19

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    Business disputes are not a priority for courts right now, so companies looking to protect their trade secrets or rights to contractual performance must tailor their requests for emergency relief to the unique circumstances of this time, says Shannon Armstrong at Holland & Knight.

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