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Fintech

  • June 10, 2019

    Brit Guilty Of Concealing CEO's ID In $50M Bar Works Fraud

    A United Kingdom national already serving an 18-month prison sentence in Florida was convicted in Manhattan federal court of aiding a $50 million scheme by concealing the identity of the man controlling the shared workplace startup Bar Works Inc.

  • June 10, 2019

    UK Co. LendInvest Securitizes £259M In Mortgage Loans

    United Kingdom-based property finance marketplace LendInvest has securitized £259 million ($328.75 million) of its buy-to-let mortgage loans, making it the first such fintech platform in the U.K. to securitize its own assets, the company announced Monday.

  • June 10, 2019

    Deals Rumor Mill: Readerlink, Alibaba, Euroclear

    Readerlink is reportedly laying the groundwork for a Barnes & Noble bid, Alibaba has tapped a pair of banks to help lead a planned offering in Hong Kong, and Euroclear could go public or place shares in a private deal.

  • June 10, 2019

    FCA Lets Fintech Co. TokenMarket Raise Funds In 'Sandbox'

    Investment platform TokenMarket announced Monday that the U.K.'s Financial Conduct Authority has given it the go-ahead to raise funds in a security token offering using the regulator's "sandbox."

  • June 10, 2019

    Manatt Opens Boston Office With Ex-Holland & Knight Partner

    Manatt Phelps & Phillips LLP, which already boasts a strong client presence in Boston, has officially put down roots in the Hub with a new office helmed by a leading privacy and data security partner who came to the firm from Holland & Knight LLP.

  • June 10, 2019

    'Security Tokens' Slow To Take Off Following ICO Collapse

    Following a U.S. regulatory crackdown that chilled the once booming but unregulated market for initial coin offerings, more startups are attempting to structure digital token sales that comply with securities laws, though lawyers say the transition to legitimacy remains a work in progress.

  • June 10, 2019

    Banking Platform Biz Alkami Scores $55M Fundraise

    Cloud-based digital banking platform provider Alkami said Monday that investors handed over $55 million through a recent funding round, giving the Texas-based company the ability to further improve its products and generally grow its business.

  • June 10, 2019

    SEC Nabs $26M From Longfin Affiliates Over Stock Sales

    A New York federal judge has signed off on three settlements between the U.S. Securities and Exchange Commission and affiliates of the shuttered cryptocurrency company Longfin Corp., which agreed to pay roughly $26 million over allegedly illegal stock sales.

  • June 7, 2019

    Western Union To Pay $400K For Biz With Sanctioned Market

    Western Union agreed Friday to pay $400,000 to the U.S. Treasury after self-reporting that the Denver-based bank conducted thousands of transactions at a supermarket in the Gambia subject to counter-terrorism sanctions for ties to Hezbollah.

  • June 7, 2019

    Latham Adds Crowell & Moring Fintech Duo In DC

    Latham & Watkins LLP is building its fintech practice with the addition of two Crowell & Moring LLP attorneys experienced in adapting new and creative technologies to an array of financial services and institutions worldwide, the firm announced Friday.

  • June 7, 2019

    Fintech May Impact Financial Stability, For Better Or Worse

    Decentralized financial technologies may impact global financial stability, the Financial Stability Board said in a report, but it will take some time before the extent and nature of the effects are known.

  • June 7, 2019

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

    The past week has seen administrators for London Capital & Finance sue the trustees of the failed bond firm, the owner of an oil tanker hit dozens of underwriters with insurance claims and a digital banking upstart take on NatWest. Here, Law360 looks at those and other new claims in the U.K.

  • June 7, 2019

    Feds Send Clear Message With Flurry Of Fintech Cases

    The past 12 months have seen the SEC show leniency in its first-ever settlement over an unregistered initial coin offering, FinCEN determine that peer-to-peer cryptocurrency exchangers are money transmitters subject to banking laws, and prosecutors target a massive $4 billion crypto pyramid scheme.

  • June 7, 2019

    Meister Seelig Leads Legal Biz Software Co.’s $50M Fundraise

    Law firm efficiency software provider Litify on Friday said investment firm Tiger Global Management poured in $50 million in a funding round that will help the Meister Seelig & Fein-led company reach a larger audience.

  • June 7, 2019

    Policing Cryptocurrency Ads: 4 Things You Should Know

    The growing consumer interest in cryptocurrency has attracted a fair amount of fraud, inspiring regulators and tech platforms alike to take a stab at cracking down on deceptive advertising and other shady practices in the industry.

  • June 7, 2019

    LendingClub Pushes Back At Investors' Hidden-Fee Suit

    LendingClub hit back at investors seeking to keep alive their proposed class action accusing the peer-to-peer lender of fraudulently advertising “no hidden fees” to borrowers, arguing in California federal court Thursday that fraud claims cannot be based on unproven allegations in a Federal Trade Commission enforcement action.

  • June 7, 2019

    Bankruptcy Tech Co.'s New Owner Kept Up Scam, Client Says

    A New Jersey software consulting company is suing the owners of a bankruptcy software provider, saying they maintained a conspiracy with their competitors to artificially inflate fees for using software and services in Chapter 7 bankruptcy cases.

  • June 6, 2019

    Snoop Dogg-Backed Pot Co. Accused of Conning Credit Cards

    Eaze, a Snoop Dogg-backed cannabis delivery company, has been accused of conning unwitting banks and credit card companies into processing payments for pot products in a lawsuit filed in California state court by a competing delivery company.

  • June 6, 2019

    Fintech Co. Q2 Raises $458M In Upsized Stock, Debt Offerings

    Digital banking solutions company Q2 Holdings Inc. said Thursday it priced two upsized stock and debt offerings, raising $183 million and $275 million, respectively, just days after announcing them.

  • June 6, 2019

    Cryptocurrency In For More Anti-Money Laundering Scrutiny

    Recent guidance from the U.S. Treasury Department has made it clearer than ever that the agency takes a broad view of its authority to regulate cryptocurrency businesses, signaling the potential for more civil anti-money laundering enforcement in the space while prosecutors continue to bring criminal cases.

  • June 6, 2019

    Longfin, CEO Owe $313K Penalty Over Stock Sales, SEC Says

    The U.S. Securities and Exchange Commission urged a New York federal court Wednesday to approve a collective $312,555 in fines against cryptocurrency company Longfin Corp. and CEO Venkata Meenavalli related to an alleged $33 million worth of illegal stock sales.

  • June 6, 2019

    Does The OCC's Sandbox Substitute Have A Fatal Flaw?

    The Office of the Comptroller of the Currency has pitched a plan to create its own sandbox-like program for national banks and federal thrifts interested in testing out new products and services, but the program may be missing a key feature to entice industry participants to come play: regulatory relief.

  • June 6, 2019

    Feds Defend Raids On Ex-Locke Atty In Crypto Scam Case

    Federal prosecutors defended their seizure of evidence from properties belonging to former Locke Lord LLP attorney Mark S. Scott, arguing in New York federal court Wednesday that the warrants were based on ample probable cause and that the trial team never saw material protected by attorney-client privilege.

  • June 6, 2019

    Don't Suppress Our Evidence, Feds Say In Centra Tech Case

    Prosecutors asked a New York federal judge Wednesday to put an end to the crusade by a co-founder of the shuttered cryptocurrency company Centra Tech to suppress evidence seized during his arrest.

  • June 5, 2019

    Calif. Fund Says It Lost $4.6M In Fraudulent Bitcoin Deal

    A San Francisco investment fund claiming con artists snookered it into a deal to buy bitcoins from a supposed Russian oligarch has sued a New York woman who allegedly represented the oligarch, seeking to recover $4.6 million the fund says remains stolen in the scam.

Expert Analysis

  • 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.

  • A Step Toward Consistent State Laws For Crypto Cos.

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    The Conference of State Bank Supervisors' recently announced suggestions to harmonize state law frameworks for nonbank fintech companies could be particularly beneficial to cryptocurrency companies, for whom the applicable regulatory landscape is especially uncertain, say attorneys at Cleary Gottlieb.

  • Ex-Jumio CEO Case Shows SEC Is Watching Private Cos.

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    The U.S. Securities and Exchange Commission recently settled with the founder of Jumio for his misstatement of financial results to inflate the value of his company shares. This case is an example of what may be in store if an economic downturn hits the current stable of unicorns, say Joshua Newville and Brian Hooven at Proskauer.

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