Fintech

  • August 15, 2019

    Kansas Bank, Chinese Lender Price IPOs Raising $187M

    Kansas bank CrossFirst Bankshares and Chinese online lending platform 9F Inc. made their public market debuts Thursday after pricing initial public offerings that raised a total of $187 million during a quiet week for IPOs.

  • August 15, 2019

    Pivotal, VMWare In Talks For $1.5B Simpson Thacher-Led Deal

    San Francisco-based Pivotal Software said Thursday in a regulatory filing that it is in the midst of negotiating with VMWare to be bought for roughly $1.45 billion in a deal led by Simpson Thacher that would bring the two cloud-based software providers together.

  • August 14, 2019

    Capital One Hacker Hit Dozens Of Other Entities, Feds Say

    The woman charged with stealing the personal data of 106 million Capital One customers and applicants also hacked dozens more companies and other entities, prosecutors claimed in a Wednesday filing in Seattle federal court seeking the alleged hacker's detention.

  • August 14, 2019

    Global VC Fintech Deals Dip In Q2 With $8.3B Tag: Report

    Venture capital-backed fintech companies globally saw $8.3 billion in funding in the second quarter of 2019 bolstered by the most funding rounds over $100 million in one quarter, CB Insights said in a report published Tuesday.

  • August 14, 2019

    Chinese Lending Platform Pulls $80M Shearman-Led IPO

    Chinese online lending platform Samoyed Holding pulled its planned $80 million Shearman & Sterling-led initial public offering on Wednesday citing “unfavorable market conditions.”

  • August 14, 2019

    BitMEX's 'Misleading' Ad Violated UK Code, Watchdog Says

    Cryptocurrency platform BitMEX violated the United Kingdom’s advertising code when it took out a two-page ad in The Times that “exaggerated” the potential return on bitcoin investments and misled readers, the Advertising Standards Authority said Wednesday.

  • August 14, 2019

    Co. Accused Of Pyramid Scheme Says It Was Framed By SEC

    The founder of multilevel marketing company IPro accused the U.S. Securities and Exchange Commission of essentially setting it up to take the fall for an alleged $26.5 million pyramid scheme in a countersuit against the agency filed in California federal court.

  • August 14, 2019

    Anderson Kill Expands Crypto With New Partner Bob Cornish

    Securities veteran Bob Cornish has landed at Anderson Kill in Washington, D.C., where he will be working with the firm's corporate litigation group as well as its growing blockchain and virtual currency group.

  • August 14, 2019

    7th Circ. Won't Revive Forex Market Maker's Defamation Suit

    The Seventh Circuit said Tuesday that foreign exchange market maker Effex Capital LLC should have taken its beef with the National Futures Association to regulators, not the district court.

  • August 13, 2019

    Centra Execs Can't Use Privileged Chats To Skirt Indictment

    A New York federal judge on Tuesday denied the co-founders of a defunct cryptocurrency company's attempt to dismiss a criminal indictment against them over the divulgence of privileged documents to prosecutors.

  • August 13, 2019

    Individual Claim Survives In Suit Over BofA Stop-Payment Fee

    Bank of America escaped a proposed class action accusing it of illegally charging a fee to stop recurring electronic payments from checking accounts after a California federal judge whittled the suit down to one claim made by a lead plaintiff in an individual capacity Tuesday.

  • August 13, 2019

    Lost Crypto Value Surpasses $4.26B Worldwide In 2019

    Over $4.26 billion in cryptocurrency holdings were lost globally in the first half of 2019 despite an uptick in regulatory awareness in the industry, cryptocurrency anti-money laundering intelligence firm CipherTrace said in a report published Tuesday.

  • August 13, 2019

    Game Platform ICO Hype Caused 'Mass Confusion,' Suit Says

    Two cryptocurrency asset managers have filed suit in California federal court against a platform used to trade the virtual goods from video games, accusing the company of running an unregulated gambling site and saying it should have made that business model clear leading up to the platform's initial coin offering.

  • August 13, 2019

    FinCEN Dir. Talks Security At Anti-Money Laundering Meeting

    The director of the Department of the Treasury's Financial Crimes Enforcement Network told casinos and others on Tuesday that diligence on emerging trends and technology, including sports betting and virtual currency, is key to combating money laundering and other financial crimes.

  • August 13, 2019

    Changes To Accredited Investor Rules Take Priority At SEC

    A U.S. Securities and Exchange Commission official said Tuesday that the agency expects to propose revisions to longstanding rules that determine who can invest in private offerings before it moves on to additional questions concerning the regulation of nonpublic offerings.

  • August 13, 2019

    SEC Says Health Care Blockchain Co. Didn't Register Tokens

    The U.S. Securities and Exchange Commission issued a cease-and-desist order Monday that says health care blockchain company SimplyVital Health Inc. failed to register its digital tokens in a presale.

  • August 13, 2019

    Warburg Pincus Pours $200M Into Digital Services Co.

    A Warburg Pincus affiliate has invested about $200 million in technology products and services company Indecomm Digital Services, according to a Tuesday statement. 

  • August 13, 2019

    3rd Circ. Says QR Codes On Debt Letters Violate Law

    The Third Circuit has ruled that debt collection letters which reveal encrypted account numbers such as scannable QR codes violate federal consumer protection law, handing a precedential victory to a Chase Bank credit card holder who filed class claims against the financial giant's collection agent.

  • August 12, 2019

    SEC Says Crypto Wizard Bilked $15M From Investors

    The U.S. Securities and Exchange Commission filed an "emergency action" against self-styled cryptocurrency guru Reginald Middleton and his Veritaseum Inc. on Monday, alleging he stole millions by promising investors he was on the verge of bringing in "quadrillions" of dollars and putting "brokers, banks and hedge funds" out of business for good.

  • August 12, 2019

    Calif. Justices Say Nonpatrons Can Sue Websites Over Bias

    The California Supreme Court ruled Monday that consumers who visit a business' website intending to use its services have standing to sue over allegedly biased policies that exclude them from accessing services, giving a bankruptcy attorney the green light to pursue his proposed discrimination class action against Square Inc.

  • August 12, 2019

    SEC, Canadian Duo Ink $7M Deal To Settle ICO Fraud Claims

    Two Canadians have inked a nearly $7 million deal with the U.S. Securities and Exchange Commission to settle claims they orchestrated a fraudulent $15 million initial coin offering, the first charges filed by the agency's newly created cyber unit, according to a consent judgment filed Friday in New York federal court.

  • August 12, 2019

    Cooley Guides $125M Fundraise For India's Meesho

    Indian small business resale platform Meesho on Monday said investors led by Naspers Ltd. poured $125 million into the Cooley LLP-guided company's latest funding round as it looks to expand its presence across the country.

  • August 12, 2019

    NY Investor Says Man Stole Crypto By Exploiting Escrow Site

    A cryptocurrency investor claims a Palestinian national stole more than $677,000 worth of the digital token Ripple from her by manipulating the records of an unnamed online escrow platform.

  • August 12, 2019

    National Australia Bank Injects $242M Into UK Fintech Co.

    U.K.-based property finance company LendInvest said Monday it received a £200 million ($241.5 million) investment from National Australia Bank.

  • August 12, 2019

    SEC Defends Its Judges' Removal Protections At 5th Circ.

    The U.S. Securities and Exchange Commission defended its in-house judges Friday, telling the Fifth Circuit the U.S. solicitor general has explained the processes for removing the agency’s administrative law judges can be interpreted as constitutional.

Expert Analysis

  • A Road Map For A Cryptocurrency Crackdown: Part 1

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    Following President Donald Trump's anti-cryptocurrency tweets last month, cybersecurity consultant John Reed Stark drills down into some of the best enforcement strategies for a cryptocurrency sweep, including the utilization of gatekeeper theory to focus prosecutorial and regulatory efforts on th​ose who control access to cryptocurrency markets.​

  • Debunking 3 Myths About Contract Attorneys

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    Although contract attorneys represent a quality source of legal work, inaccurate assumptions cause many legal departments and law firms to hesitate when considering them, say Matthew Weaver and Shannon Murphy of Major Lindsey.

  • Opinion

    Facebook And Kik: Similar Products, Disparate SEC Treatment

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    Just as the U.S. Securities and Exchange Commission is willing to wait for Facebook's securities law analysis when it comes to the tech giant's new cryptocurrency, Libra, it should likewise not impose existing regulatory classifications on Kik Interactive's similar innovative product, says Zvi Gabbay of Barnea Jaffa.

  • Compliance Imperatives For Defensible Data Disposal

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    Companies in a host of industries have recently faced steep compliance fines for data breaches from domestic and international regulators. Defensible disposal of corporate data presents an excellent opportunity to mitigate the impact of these data-driven risks, says Julia Brickell of H5.

  • A Litigator’s Reflections From The Arbitrator’s Chair

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    The U.S. Supreme Court's opinions this term in Henry Schein and Lamps Plus remind us of the fundamental difference between arbitration and litigation. Yet, as a commercial litigator who serves as a neutral arbitrator, I have observed that experienced litigators often fail to adapt their approach in arbitration, says Paula Litt at Honigman.

  • Takeaways From Regulators' Digital Asset Custody Statement

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    A statement released by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority this month discusses broker-dealer custody of digital asset securities and sheds light on what aspects of the crypto asset space regulators are most concerned about, says Brian Korn of Manatt Phelps.

  • 5 Hard Phrases Lawyers Should Master

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    While Kelly Corrigan's popular book, "Tell Me More: Stories About the 12 Hardest Things I’m Learning to Say," focuses on simple words or phrases that individuals can use to improve their personal lives, attorneys can utilize Corrigan's advice for professional benefit, says Karen Ross of Tucker Ellis.

  • Kik ICO Showdown May Reverberate Across Crypto Industry

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    The U.S. Securities and Exchange Commission’s recently filed lawsuit against Kik Interactive is the first to bring judicial scrutiny to the SEC’s reliance on the Howey test for determining whether an initial coin offering is a securities offering and may provide much-needed legal clarity, says Amit Singh of Stradling Yocca.

  • E-Discovery Experts Could Increase Fed. Court Efficiency

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    As electronic data demands on federal courts continue to increase, it may be time to consider whether the courts should establish an office that could be staffed with technical experts familiar with electronic discovery issues, says Douglas Smith of Kirkland.

  • Digital Asset Securities Statement May Be Missed Opportunity

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    The long-anticipated joint statement issued earlier this month by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority reminds entities effecting transactions in digital asset securities of broker-dealer compliance requirements with regard to custody, but falls short of providing actionable guidance, say attorneys at Morgan Lewis.

  • Remembering Justice Stevens As A Law Firm Leader

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    Rothschild Barry's John Coffey, who joined Justice John Paul Stevens' law firm in 1965, shares what it was like to watch Justice Stevens practice law, mentor younger lawyers and land a malfunctioning plane.

  • Opinion

    NY Credit Card Securitization Class Action Misuses Madden

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    In Cohen v. Capital One Funding in New York federal court, the plaintiffs' argument — that special purpose trusts charged and collected interest rates in excess of New York's usury limits — relies on a flawed understanding of the Second Circuit's decision in Madden v. Midland Funding, which was itself erroneous and harmful to credit markets, says Walter Zalenski of Buckley.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Federal Agencies Need A Uniform Record-Keeping Process

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    The administrative record is very important to federal agency litigation — as showcased in last month's U.S. Supreme Court decision concerning the addition of a citizenship question to the 2020 census — yet there is no set of consistent principles to guide agencies in compiling these official records, say attorneys at WilmerHale.

  • The Role Of Dictionaries In Last Term's High Court Decisions

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    Since 32 of the 67 decisions issued by the U.S. Supreme Court during its October term cite dictionaries, it’s worth reviewing the opinions to learn which dictionaries the justices consulted and how they used them, say Bruce Wessel and Brian Weissenberg of Irell & Manella.

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