Fintech

  • November 21, 2019

    Bitcoin ‘Inventor’ Faces $658K Atty Fee Bid Over Sanctions

    The estate accusing self-proclaimed Bitcoin inventor Craig Wright of stealing $10 billion worth of the cryptocurrency from his late partner is seeking $658,581 in attorney fees and expenses incurred while trying to get Wright to comply with court orders.

  • November 21, 2019

    Wells Fargo Borrowers Renew Class Bid In Foreclosure Suit

    Current and former Wells Fargo mortgage borrowers with loans provided or serviced by the bank renewed a class certification bid Thursday alleging the bank denied mortgage aid to more than 850 eligible struggling homeowners, causing nearly 550 of them to lose their homes.

  • November 21, 2019

    CFPB Eyes Changes To Consent Order Termination Process

    The director of the Consumer Financial Protection Bureau said Thursday that the agency is looking to streamline the process for subjects of administrative consent orders to request and obtain termination of those orders, one of several policy priorities she predicted agency action on in coming months.

  • November 21, 2019

    Chinese Crypto Miner Raises $90M In Low-Pricing IPO

    Chinese bitcoin mining company Canaan Inc. raised $90 million in an initial public offering that priced at the bottom of its range on Thursday, represented by Simpson Thacher and underwriters counsel Freshfields.

  • November 21, 2019

    No Speedy Victory For Either Side In Pa. Payday Lending Suit

    Neither the Pennsylvania Attorney General’s Office nor the two parties left in its suit over illicit payday loans can resolve claims early in their favor, according to a Pennsylvania federal judge who said that too many disputed issues remained to end the litigation.

  • November 21, 2019

    Ex-BigLaw Atty Guilty In Crypto Money Laundering Trial

    A Manhattan federal jury on Thursday found former Locke Lord LLP corporate partner Mark S. Scott guilty of helping "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, launder $400 million and lie to banks.

  • November 20, 2019

    SEC Initiative Spurs Record Enforcement Against Public Cos.

    Fiscal year 2019 saw markedly more U.S. Securities and Exchange Commission enforcement actions against public companies than any year over the past decade, largely driven by participation in the regulator's Share Class Selection Disclosure Initiative, according to a report released Wednesday.

  • November 20, 2019

    Centra Investors Lose 2nd Bid For Cert. In Crypto Fraud Case

    A Florida federal judge denied certification to a proposed class of Centra Tech investors for the second time in a suit over a fraudulent initial coin offering, saying Wednesday that the investors failed to justify allowing a do-over.

  • November 20, 2019

    Legal Tech Download: Social Media Swagger And Timekeeping

    The world of legal technology is evolving quickly, with new products coming to market in rapid succession. Here, Law360 takes a look at six recent developments.

  • November 20, 2019

    Dueling Fintech Regulatory Initiatives May Work Best Together

    Federal and state banking regulators have locked horns over the legality of the Office of the Comptroller of the Currency's fintech charter, but insiders say a state-backed initiative to standardize payment laws could work in concert with the charter to the benefit of the industry.

  • November 20, 2019

    Digital Currency Not In The Works For Now, Fed Chair Says

    Federal Reserve Chairman Jerome Powell told a member of Congress that the Fed was not currently pursuing the development of its own digital currency, saying that the abundance of digital banking options available to Americans meant there wasn't an immediate need for it to do so.

  • November 20, 2019

    Skadden, Latham Shape PayPal's $4B Bet On Honey

    PayPal, advised by Skadden, said Wednesday it will shell out roughly $4 billion to snap up Latham & Watkins-led Honey, a technology platform for aggregating and applying online coupons.

  • November 20, 2019

    Robbins Geller, Funds Push To Keep Lead In ATM Investor Suit

    Pension funds represented by Robbins Geller Rudman & Dowd LLP and the Kendall Law Group PLLC fought back Tuesday in New York federal court against a motion to reassess their appointment as lead plaintiffs in a case alleging that ATM manufacturer Diebold Nixdorf Inc. misrepresented to shareholders the success of its acquisition of a German competitor.

  • November 20, 2019

    Freddie, Fannie Bond Buyers Seek Cert. In Price-Rigging Suit

    Days after announcing a third settlement in the litigation, buyers of Fannie Mae and Freddie Mac bonds asked a New York federal judge for class certification in their antitrust suit against Bank of America, JPMorgan and other banking behemoths.

  • November 20, 2019

    Ex-Locke Lord Atty Got $50M From 'CryptoQueen,' Jury Told

    Former Locke Lord LLP partner Mark S. Scott was “obsessed” with money and was paid $50 million by "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, for helping her launder $400 million, prosecutors told a Manhattan jury Wednesday.

  • November 20, 2019

    Kirkland Advises Aon's Purchase Of Digital Insurance Platform

    Aon PLC said on Wednesday that it has agreed to buy a digital insurance platform that offers cover for smaller businesses, as the global professional services company seeks to develop more innovative products.

  • November 19, 2019

    Class Action Watchdog Objects To Equifax Data Breach Deal

    A class action watchdog who recently challenged a Google privacy settlement at the U.S. Supreme Court objected Tuesday to Equifax's data breach deal, claiming that class counsel inflated its fee request and stifled consumers' efforts to make monetary claims. 

  • November 19, 2019

    FDIC Unveils Draft Rule In Push To Quell Madden Concerns

    The Federal Deposit Insurance Corp. on Tuesday issued a proposed rule that would clarify that the legal interest rate on a loan originated by a state bank remains legal even after the loan is sold off to a nonbank, the latest move by federal regulators to address fallout from the Second Circuit’s Madden decision.

  • November 19, 2019

    Grayscale Files To Register Bitcoin Trust Shares With SEC

    A digital currency asset manager filed Tuesday to register shares of its Grayscale Bitcoin Trust vehicle with the U.S. Securities and Exchange Commission, hoping to break ground and reach a wider institutional audience for bitcoin-related investments.

  • November 19, 2019

    Coinbase Summons Proper In Income Tax Probe, IRS Says

    The IRS has argued its summons on cryptocurrency trading platform Coinbase in an income tax investigation of a Washington state man is legitimate, telling a California federal court that it didn't already have the information and followed procedures.

  • November 19, 2019

    Small Business Fintech Co. Raises $102.5M In Funding

    BlueVine, a Silicon Valley-based fintech startup focused on small business banking, said Tuesday it had raised $102.5 million in Series F funding to further develop its banking platform.

  • November 19, 2019

    De Minimis Exception Could Hinder Crypto Tax Administration

    While providing an exemption from taxation and reporting requirements for small-value cryptocurrency transactions could help simplify disclosures for holders, it might thwart IRS compliance efforts by encouraging cryptocurrency holders to game the system while increasing administrative burdens.

  • November 19, 2019

    Two Sigma's PE Arm Clinches Debut Fund With $1.2B In Tow

    The private equity arm of New York hedge fund Two Sigma Investments LLC said Tuesday it has completed fundraising for its first fund after securing $1.2 billion from limited partners, with plans to target sectors like energy, fintech, real estate and transportation.

  • November 19, 2019

    House OKs SEC Disgorgement Power Up To 14 Years

    The House has easily passed a bipartisan bill that would give securities regulators 14 years to pursue the profits from illegal investment schemes, voting just weeks after the U.S. Supreme Court agreed to hear a case over the legality of disgorgement, which the justices previously said faces a five-year time limit.

  • November 19, 2019

    Competition Watchdog To Probe Fintech Merger

    Britain’s antitrust watchdog is probing whether the completed merger of two companies that provide technology platforms to wealth managers will reduce competition in U.K. markets.

Expert Analysis

  • Top Takeaways From The SEC's Banner Enforcement Year

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    The U.S. Securities and Exchange Commission's fiscal year 2019 enforcement report demonstrates the Division of Enforcement's focus on protecting Main Street; that self-reporting initiatives and sweeps are working; and several emerging settlement trends from a record year for penalties and disgorgement, says Kurt Wolfe at Troutman Sanders.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • High Court's Pass On 1 SEC Case Offers Insight Into Another

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    The U.S. Supreme Court effectively recognized the U.S. Securities and Exchange Commission's extraterritorial reach in denying certiorari in Scoville v. SEC. The move may foreshadow the high court's eventual ruling in Liu v. SEC, which will determine the regulator's authority to seek disgorgement, say Adam Schwartz and Russell Koonin at Homer Bonner.

  • SEC Relief For Digital Custody Co. Takes Guarded Approach

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    The U.S. Securities and Exchange Commission recently granted Paxos Trust Company limited no-action relief to settle securities using blockchain technology without registering as a clearing agency, demonstrating the regulator wants to better understand digital asset custody before allowing for broad adoption, say attorneys at Norton Rose.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • Digitalizing The Mining And Metals Global Supply Chain

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    More businesses in the mining and metals sector are considering blockchain to address challenges associated with mineral provenance and supply chain transparency, but it remains to be seen whether the technology can be harnessed to track performance standards related to human rights, labor practices and other factors, say attorneys at White & Case.

  • What Challenges To OCC Charter Mean For Fintech Cos.

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    As cases challenging the Office of the Comptroller of the Currency's proposed national bank charter for fintech companies play out in the Southern District of New York and the District of Columbia, businesses may consider alternative options to access the U.S. banking system, say Pratin Vallabhaneni and Margaux Curie at White & Case.

  • Where A Litigator's Advice Can Improve Agreement Drafting

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    Transactional attorneys should consider consulting with litigation counsel when drafting certain contractual provisions — choice of law, choice of forum, attorney fees and others — that could come into play in a broad range of substantive disputes, says Adrienne Koch at Katsky Korins.

  • Opinion

    Flat-Fee Legal Billing Can Liberate Attorneys

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    Replacing hourly billing with flat-fee arrangements, especially for appellate work, will leave attorneys feeling free to spend as much time as necessary to produce their highest quality work, says Lawrence Ebner of Capital Appellate Advocacy.

  • Spoliation Rule Remains Ambiguous Despite Amendments

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    Although the Federal Rules of Civil Procedure were amended to provide a uniform standard of culpability for spoliation, cases with similar facts are still reaching differing results because the rule does not specify how a court should evaluate a party's intent, say attorneys at Pepper Hamilton.

  • SEC's Fraud Enforcement Shows Quality, If Not Quantity

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    Over the course of the U.S. Securities and Exchange Commission's recently ended fiscal year, the regulator's Division of Enforcement fulfilled its promise to emphasize quality over quantity in cases alleging misrepresentations of financial performance by covering a wide swath of accounting, disclosure, internal control and auditor independence issues, say attorneys at Perkins Coie.

  • 5 Trends Influencing RFPs For Law Firms

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    Requests for proposals, the standard tool of companies evaluating law firms, are becoming better suited to the legal industry, says Matthew Prinn of RFP Advisory Group.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.

  • SEC's Crypto Actions Reinforce Hard Line On Digital Assets

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    Recent cryptocurrency regulatory activity from the U.S. Securities and Exchange Commission — including an enforcement action, a joint regulatory statement and a fund launch rejection — is the latest example of the regulator's ascendance as an effective and outspoken cryptocurrency overseer, says cybersecurity consultant John Reed Stark.