Fintech

  • September 23, 2019

    Republicans Press OCC For 'Administrative' Madden Fix

    Republicans on the House Financial Services Committee have called for the Office of the Comptroller of the Currency to pursue regulatory workarounds to neutralize fallout from the Second Circuit’s Madden decision, saying the ruling has led to “significant uncertainty and disruption in many types of lending programs.”

  • September 23, 2019

    Polsinelli Uses Stories To Lead Jack Henry To Alice Trial Win

    By crafting a concise theme and focusing jurors' attention on a simplified set of issues, Polsinelli PC helped Jack Henry & Associates defeat a $14 million patent suit over electronic check deposit technology, highlighted by a finding the patent is invalid under the Supreme Court's Alice test because it covers only an abstract idea.

  • September 23, 2019

    Purported Metals, Real Estate Co. Must Repay Investors

    A pair of investment firms will get their money back from a California-based company that claimed to have interests in residential properties and silver stockpiles but was actually buying cryptocurrency before defaulting on a loan, according to a Massachusetts federal judge's order on Monday.

  • September 23, 2019

    SEC Settles ICO Fraud Claims With 'Fantasy Market' Founder

    A tri-state area entrepreneur accused by the U.S. Securities and Exchange Commission of running a fraudulent offering of digital tokens for an online peep show platform has reached a settlement agreement with the agency that comes with a $15,000 fine, according to Manhattan federal court filings on Friday.

  • September 23, 2019

    Crypto Exchange Giant Binance Readies US Trading Launch

    The U.S. arm of cryptocurrency exchange giant Binance will begin trading in the U.S. on Tuesday, offering trades across various cryptocurrencies and from fiat to crypto, Binance.US said Monday.

  • September 23, 2019

    ATM Operators Seek Cert. In Visa, Mastercard Antitrust Suit

    A proposed class of ATM operators asked a D.C. federal judge for certification in their suit accusing Visa and Mastercard of violating antitrust laws by implementing ATM fee rules that jack up consumers' costs and limit ATM owners' earnings.

  • September 23, 2019

    Investors Accuse Calif. Crypto Co. Of Abandoning Them

    A Russian crypto-entrepreneur in Beverly Hills, California, collected substantial funds from would-be investors, telling them he could septuple their income with investments in initial coin offerings, then abandoned his website and stopped responding to messages, his customers allege in a suit filed in federal court Friday.

  • September 23, 2019

    Gold Payment App Falls Into Administration

    Gold payment app Glint has gone into administration after being declared insolvent, the Financial Conduct Authority has announced, leaving customers in the dark about the safety of their funds.  

  • September 20, 2019

    Ripple Says ICO Suit Alleging Crypto Is Security Filed Too Late

    Ripple Labs has moved to dismiss a consolidated complaint in California federal court that alleges its offering of the XRP cryptocurrency was in fact an unregistered securities offering, saying the allegations were brought too late and highlighting various other deficiencies.

  • September 20, 2019

    So The CFPB Says It Has A Constitutional Flaw. Now What?

    The Consumer Financial Protection Bureau has announced that it doesn’t think its single-director independent structure is fully constitutional after all and wants the U.S. Supreme Court to take a look. But where does that leave the agency and the financial services providers it regulates?

  • September 20, 2019

    CME Group Plans To Launch Bitcoin Options Early Next Year

    CME Group Inc. intends to start offering options on its bitcoin futures contracts in the first quarter of 2020, pending any regulatory hiccups, the exchange said Friday.

  • September 20, 2019

    Seven Firms To Steer 4 IPOs Raising $1.8B, Led By Peloton

    Seven law firms will steer four initial public offerings slated to price during the week of Sept. 23, led by an estimated $1.1 billion offering by home exercise startup Peloton Interactive and Hollywood talent agency Endeavor Group's potential $600 million IPO.

  • September 20, 2019

    Chinese Fintech Co. Seeks Toss Of Suit Over Post-IPO Regs

    The Beijing-based Jianpu Technology Inc. has told a New York federal judge that a stock-drop suit claiming it didn’t disclose impending government regulations before launching its initial public offering is pleading a textbook case of “fraud by hindsight.”

  • September 20, 2019

    6 Questions For Nasdaq’s US, European Surveillance Heads

    Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 19, 2019

    Wells Fargo Doubts Counsel's Adequacy In Mortgage Action

    Wells Fargo responded sharply to a motion for class certification filed in California federal court alleging the bank denied mortgage aid to more than 900 eligible homeowners, saying Thursday the "egregious" deficiencies in the motion "provide reasons to doubt the adequacy of plaintiffs' counsel."

  • September 19, 2019

    CFTC Calls For Whistleblower Tips As Enforcement Evolves

    The U.S. Commodity Futures Trading Commission is actively courting whistleblowers who may know about misconduct outside of the regulator’s usual domain as it ramps up enforcement in areas typically dominated by the Financial Crimes Enforcement Network and U.S. Department of Justice.

  • September 19, 2019

    Fintech Startup Stripe Valued At $35B In New Funding Round

    A group of private investors has agreed to infuse San Francisco-based fintech startup Stripe Inc. with $250 million in a funding round that values the online payments business at $35 billion, the companies said Thursday.

  • September 19, 2019

    Businessmen Fight €33M Fraud Suit Over Wirecard Deal

    Two Indian businessmen have denied pressuring a retailer into selling shares in a financial services company shortly before it was flipped to a German payments provider for millions, saying the €33 million ($36.45 million) lawsuit baselessly casts them as villains.

  • September 19, 2019

    PayPal Again Defeats Stock-Drop Suit Over Data Breach

    PayPal Holdings Inc. escaped its investors’ stock-drop suit for good after a California federal judge found that while the payment processor made misleading statements about a data breach, there was no evidence that it did so on purpose.

  • September 18, 2019

    2 Crypto Consultants Accused Of $8M Extortion Plot

    The CEO of blockchain consulting company Alchemist LLC and his associate were charged Wednesday with extorting a cryptocurrency startup for $8.2 million in digital currency.

  • September 18, 2019

    CFPB Will Keep Consumer Complaint Database Public

    The Consumer Financial Protection Bureau said Wednesday that it will keep its consumer complaint database open to the public, stepping back from what consumer advocates had feared would be a shuttering of a resource they say is vital for keeping tabs on the financial services industry.

  • September 18, 2019

    Bahamian Advisers Stole $35M From Investors, SEC Says

    Mediatrix Capital Inc. lied to investors about its "highly profitable" trading strategy while it raked in $125 million through unregistered offerings, and its principals spent $35 million of those funds on luxury items, according to a regulatory action unsealed in Colorado federal court Wednesday.

  • September 18, 2019

    Parties In Bitcoin 'Inventor' Case Closing In On Settlement

    Parties in the high-profile case pitting Craig Wright, the self-styled inventor of Bitcoin, against the estate of his late business partner David Kleiman appear to be nearing a settlement after a Florida federal judge agreed to extend certain deadlines.

  • September 18, 2019

    Proposed Bitcoin ETF Issuers Withdraw From SEC Evaluation

    The proposal to list a bitcoin exchange-traded fund issued by asset manager VanEck and startup SolidX on the Cboe BZX Exchange has been withdrawn, according to a filing from the U.S. Securities and Exchange Commission.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

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    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

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    Pursuing Wellness: Mental Health Education As A Firm Priority

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    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

  • The New Frontier Of Cryptocurrency Collateral

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    As the number of corporate borrowers transacting in cryptocurrency is likely to increase, this additional pool of value may be of interest to lenders, who should consider some administrative and legal questions as they weigh crypto collateral's costs and benefits, say Jerome McCluskey of Milbank, and Cameron Winklevoss, Tyler Winklevoss, Sarah Olsen and Josh Rawlins of Gemini Trust.

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    Pursuing Wellness: A Firm's Work With Mental Health Experts

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    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

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    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

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    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • Crypto-Mining Pools, Chips May Prompt Antitrust Concerns

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    Cryptocurrency-mining company Bitmain's reported plans for an initial public offering have thrust the influence of mining pools and application-specific integrated circuits on the competitive landscape into the spotlight, raising questions over whether they promote mining centralization, says Marc Martos-Vila at Econ One Research.

  • CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct

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    The U.S. Consumer Financial Protection Bureau's first-ever enforcement action for violations of the law governing money-transfer services offers a good reminder of these businesses' compliance obligations, including the option to self-report, say Kara Kuchar and Donald Mosher at Schulte Roth.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • FDCPA Takeaways From 3rd Circ. QR Code Opinion

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    The Third Circuit's decision in DiNaples v. MRS BPO that a debt collection letter with a QR code on the envelope violated the Fair Debt Collection Practices Act may seem straightforward, but the opinion sheds light on how two common FDCPA defense tools remain somewhat viable, say Jason Tompkins and Jonathan Hoffmann at Balch & Bingham.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.

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    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • SEC Framework Complicates Digital Asset Secondary Trading

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    The U.S. Securities and Exchange Commission's recently released framework for determining when digital assets should be considered securities clashes with traditional investment contract analysis when applied to secondary market transactions, with devastating consequences for trading intermediaries, say Clara Krivoy and Edgard Alvarez at Brown Rudnick.

  • How The Wayback Machine Can Strengthen Your Case

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    The Wayback Machine, which archives screenshots of websites at particular points in time, can be an invaluable tool in litigation, but attorneys need to follow a few simple steps early in the discovery process to increase the odds of being able to use materials obtained from the archive, says Timothy Freeman of Tanenbaum Keale.