Fintech

  • April 12, 2021

    Regulators Warn That SPAC Accounting Errors Require Fixes

    The U.S. Securities and Exchange Commission on Monday cautioned that special purpose acquisition companies may need to refile regulatory documents to correct accounting errors involving the classification of warrants, potentially generating uncertainty for the red-hot SPAC market.

  • April 12, 2021

    Three Firms Tapped To Lead Robinhood Order Flow Suits

    A California federal judge Monday consolidated five putative class actions from Robinhood users over the alleged failure to disclose the processes of payment for order flow, appointing Ahdoot & Wolfson PC, Bursor & Fisher PA and Liddle & Dubin PC as lead counsel.

  • April 12, 2021

    Sen. Wants To Ban 'Dominant' Tech, $100B Cos. From All M&A

    Online platforms designated as "dominant digital firms" and any company with a market capitalization of more than $100 billion would be all but banned from any mergers and acquisitions activity under a new bill Sen. Josh Hawley, R-Mo., unveiled Monday in a sweeping antitrust broadside against "woke mega-corporations."

  • April 12, 2021

    Seila Law Says Full 9th Circ. Should Reject CFPB Ratification

    California law firm Seila Law LLC has urged the full Ninth Circuit to step in and "correct" a panel decision from late last year that upheld a Consumer Financial Protection Bureau civil investigative demand against the firm after the U.S. Supreme Court ruled the agency was unconstitutionally structured.

  • April 12, 2021

    Latham-Led Cybersecurity Biz Darktrace Floats London IPO

    Cybersecurity giant Darktrace, working with Latham & Watkins LLP, unveiled plans Monday to launch a public offering and list on the London Stock Exchange.

  • April 12, 2021

    7 Cos. Restock Pipeline With IPOs That Could Exceed $2.1B

    Automation software company UiPath on Monday launched plans for an initial public offering estimated to raise nearly $1 billion, joined by six more companies that set price ranges on offerings that could net another $1.1 billion combined, replenishing the IPO pipeline through late April.

  • April 12, 2021

    SEC Loses Bid For Ripple Labs Execs' Personal Financial Info

    The U.S. Securities and Exchange Commission will not be able to access eight years of personal financial information for the two top executives of Ripple Labs, marking the regulator's second major discovery defeat in the closely watched cryptocurrency fight.

  • April 12, 2021

    Apple Says Not Naming Third-Party Witnesses Was Epic Fail

    Apple has urged a California federal judge to block Epic Games from calling three witnesses in an upcoming antitrust trial unless they hand over troves of documents, saying Epic caused a "procedural Catch-22" by not disclosing their names in earlier discovery.

  • April 09, 2021

    Feds Drop Criminal Charges In Alleged Fintech Fraud Scheme

    Federal prosecutors on Friday sought to drop wire fraud and securities fraud charges against a former financial planner, noting that his alleged co-conspirator had been pardoned by former President Donald Trump.

  • April 09, 2021

    Pa. Inks $3M Deal With Ex-Fintech CEO Over Payday Loans

    The former head of since-dissolved lender Think Finance has reached a $3 million deal with the state of Pennsylvania to end claims that he helped the company get around limits on interest rates in order to dole out illegal payday loans.

  • April 09, 2021

    SEC's ESG Unit Chief Says Existing Regs Key To Enforcement

    The head of the U.S. Securities and Exchange Commission's new Climate and ESG Task Force tells Law360 her unit’s work will be business as usual for the enforcement division, which will continue to base its priorities on the evolution of investor demands while operating off of existing rules and guidance.

  • April 09, 2021

    Fed Asks Banks For Input On AML Risk Models

    The Federal Reserve Board and a group of U.S. banking agencies asked the nation's banks on Friday for input on how they use risk models to comply with Bank Secrecy Act regulations, including models used to track and report suspicious activities.

  • April 09, 2021

    Investor Says Bitcoin Mining Co. Misused Offering Proceeds

    A manufacturer of bitcoin mining machines misled investors about its use of proceeds from public stock offerings and inflated its sales reports by selling defective units, investors told a New York federal court.

  • April 09, 2021

    Bitcoin Cash Received From Hard Fork Is Taxable, IRS Says

    Cryptocurrency received from a so-called hard fork that altered Bitcoin's underlying ledger to result in a split that generated bitcoin cash is considered taxable gross income, the IRS said in a memorandum from the Office of Chief Counsel released Friday.

  • April 09, 2021

    Ulbricht Floats Theory That 2nd Silk Road Plea Offer Existed

    A federal judge on Friday directed the Manhattan U.S. attorney's office to check if there was a second plea deal offered to Ross Ulbricht, besides one he famously rejected, after the former Silk Road operator's lawyer cited a published report and said it suggests another offer existed.

  • April 08, 2021

    Ex-Signac Exec Gets 2nd Arbitration Try In Credit Suisse Fight

    A New York federal judge said that an arbitrator, not the court, should decide if the new arbitration bid from the former leader of Credit Suisse AG's failed tech venture Signac LLC over allegedly misappropriated technology is a "classic do-over" of previous arbitration on the matter.

  • April 08, 2021

    Bitcoin Mining Co. Riot Bets $651M On Hosting Facility Owner

    Bitcoin mining business Riot Blockchain said Thursday that it's agreed to purchase a Bitcoin hosting facility operator from German rival Northern Data in a roughly $651 million deal directed by Sidley Austin and Sullivan & Cromwell.

  • April 08, 2021

    NY Investment Firm Nabs $100M To Grow Bitcoin In Insurance

    New York Digital Investment Group, an asset manager focused on bitcoin investments, says it plans to expand the use of bitcoin in insurance products after raising another $100 million from investors Thursday, just a month after announcing $200 million in new financing.

  • April 08, 2021

    SEC Official Warns That SPACs Offer No Legal Shortcuts

    A U.S. Securities and Exchange Commission official on Thursday warned of legal liabilities and investor risks associated with special purpose acquisition companies, which are funding vehicles that have exploded as alternate means of taking companies public.

  • April 08, 2021

    Corporate Spend Biz Ramp Hits $1.6B Valuation In Series B

    Corporate spend management and credit card business Ramp said Thursday it's now valued at $1.6 billion following its Series B round that included Stripe and D1 Capital Partners.

  • April 08, 2021

    SEC's Whistleblower Chief To Depart After Record-Setting Run

    Jane Norberg, the head of the U.S. Securities and Exchange Commission's Whistleblower Office who presided over dramatic yearslong upticks in the number and dollar size of awards issued to whistleblowers, will leave the agency this month, according to an announcement Thursday.

  • April 08, 2021

    CFPB's QM Rule Delay Plan Gets Industry, Advocate Pushback

    The Consumer Financial Protection Bureau's plan to delay and potentially reconsider the qualified mortgage rule overhaul completed under former agency Director Kathleen Kraninger is drawing strong opposition from industry heavyweights and dividing consumer advocates in comment letters filed this past week.

  • April 07, 2021

    2nd Circ. OKs Plaintiff Swap, Revives Post-Scandal Libor Suit

    Bank of America, UBS and a slew of other major banks will have to keep fighting claims that they took part in a sequel Libor-rigging conspiracy after the Second Circuit said Tuesday that another party could tap in after the remaining plaintiffs dropped out.

  • April 07, 2021

    Texas Atty Tags $15K Chancery Sanction As Free Speech Hit

    Counsel for a Texas attorney whose allegedly threatening out-of-court email to a Chancery Court opponent earned a nearly $15,000 legal fee sanction last year told Delaware's Supreme Court on Wednesday that the penalty crossed a free speech line without justification or due process.

  • April 07, 2021

    A Breakdown Of The PTAB Backlog Arthrex Caused

    While the U.S. Supreme Court mulls whether Patent Trial and Appeal Board judges are properly appointed, the board is sitting on a backlog of just under 100 remanded cases, some of which are already a decade old. Here, Law360 takes a close look at those cases.

Expert Analysis

  • What Associates Should Consider Before Switching Practices

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    The current high demand for midlevel associates provides them a rare opportunity to potentially explore new practice areas, but associates should first ask themselves six questions to begin figuring out why a change sounds appealing, says Stephanie Biderman at Major Lindsey.

  • 4 Effective Ways To Prioritize Client Advocacy

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    To truly support a client going through a complicated lawsuit or a painful experience, lawyers must think beyond interpreting legal guidelines and navigating court proceedings, says attorney Scott Corwin.

  • Remote Law Firm Culture Should Prioritize Associate Training

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    Due to the pandemic, the gap between law school and the first day on the job has never been wider, but law firms can leverage training to bridge that intimidating gap and convey the unique value of their culture in a virtual environment, say Melissa Schwind at Ward and Smith, and William Kenney and Jaron Luttich at Element Standard.

  • Opinion

    Why CFPB's Disposal Of Supervisory Tool Is Problematic

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    The Consumer Financial Protection Bureau’s recent elimination of supervisory recommendations that provide financial institutions feedback on compliance deficiencies is concerning and suggests the CFPB is clearing away obstacles to its discretion to invent, as well as enforce, the law, say Eric Mogilnicki and Jeremy Newell at Covington.

  • Virtual Litigation May Unravel The Narcissistic Lawyer

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    The virtual courtroom limits a narcissistic lawyer's ability to intimidate witnesses and opposing counsel, boast to clients or engage in grandstanding — an unexpected benefit of the global pandemic as some aspects of remote litigation are likely here to stay, says Jennifer Gibbs at Zelle.

  • ABA Remote Work Guide Raises Bar For Atty Tech Know-How

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    A recent American Bar Association opinion on lawyers' ethical duties of competence and confidentiality when working remotely should be viewed as part of a larger movement by which attorneys are being exhorted to develop competence in 21st century technology, say Jennifer Goldsmith at Ironshore and Barry Temkin at Mound Cotton.

  • Antitrust Risk Considerations In Light Of FTC Merger Focus

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    Recent Federal Trade Commission distribution merger challenges are consistent with its focus on nascent competition, highlighting essential antitrust issues merger parties should assess to avoid a costly investigation, say attorneys at Wilson Sonsini.

  • Lateral Hire Conflict Screening Lessons From DLA Piper Case

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    While a Texas federal court recently denied a motion to disqualify DLA Piper from representing Apple in a patent dispute after the law firm hired an attorney who formerly represented opponent Maxwell, the case is a reminder that robust conflict checks during lateral hiring can save firms the time and expense of defending disqualification motions, says Hope Comisky at Griesing Law.

  • 3 Cybersecurity Questions To Ask Before A Remote Mediation

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    Lawyers preparing to mediate or arbitrate a case through videoconference should take steps to ensure they and their alternative dispute resolution providers are employing reasonable security precautions to protect digital client data and conform to confidentiality obligations, say F. Keith Brown and Michael Koss at ADR Systems.

  • What Cos. Need To Know Before Entering Nascent NFT Market

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    In light of the ill-defined legal and regulatory landscape surrounding nonfungible tokens, companies considering an entrance into the fledgling market should carefully consider the implications with respect to trading, platform operations, consumer protection and portfolio management, say attorneys at Crowell & Moring.

  • A Uniform Mediation Act Primer As States Continue Adoption

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    With Georgia expected to soon become the 13th jurisdiction to adopt the Uniform Mediation Act and with more states likely to follow suit amid widespread trial delays, practitioners should familiarize themselves with the act's conflict disclosure requirements and the boundaries of its confidentiality provisions, says Richard Mason at MasonADR.

  • Safeguarding Privileged Communications In A Remote World

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    With the pandemic ushering in remote collaboration tools, counsel must revisit fundamentals of the attorney-client privilege and the work-product doctrine, study cases involving email and other recent technologies, and follow 10 best practices to protect confidentiality, say attorneys at DLA Piper.

  • 4 Areas Of Cyberattack Vulnerability For Law Firms

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    Recent data breaches involving Goodwin and Jones Day show that cyberattacks are very real threats to the legal profession, especially in the era of remote work, so law firms should revisit common business practices that expose them to unnecessary risks, says Ara Aslanian at Inverselogic.

  • Capital-Raising Strategy After SEC's Private Offering Rules

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    Emerging companies and investors stand to benefit from expanded investment opportunities provided by the U.S. Securities and Exchange Commission's amended private securities offering rules, but the framework also warrants new considerations for formulating and implementing private capital-raising plans, says Scott Jablonski at Berger Singerman.

  • What CFPB Policy Shift Means For Scrutiny Of Abusive Acts

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    The Consumer Financial Protection Bureau's new plan to more aggressively deploy its rulemaking, supervisory and enforcement authority — coupled with its recent rescission of a policy calling for restraint in policing abusive acts and practices — could lead to more frequently cited abusiveness violations and expansion of the standard for identifying them, say attorneys at Paul Weiss.

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