Fintech

  • June 29, 2020

    House Approves New Rules For Credit Reporting

    The U.S. House of Representatives on Monday approved a credit reporting bill that would mandate the creation of a combined portal for consumers to review their credit scores, increase federal regulation and boost data security requirements.

  • June 29, 2020

    Bank Compliance Risk 'Elevated' Due To COVID-19, OCC Says

    The negative economic impacts of COVID-19 and the government relief programs meant to mitigate them have resulted in "elevated" compliance and other operational risks for banks, the Office of the Comptroller of the Currency said in a report issued Monday.

  • June 29, 2020

    AT&T Again Seeks To Pare Down $2M Crypto Theft Suit

    Wireless service provider AT&T Mobility LLC has asked for a second time to end some of the claims in a suit alleging it failed to protect a customer who claims he repeatedly fell victim to hackers and lost $1.9 million worth of cryptocurrency as a result.

  • June 29, 2020

    High Court Won't Hear Monex Challenge To $290M CFTC Suit

    The U.S. Commodity Futures Trading Commission's $290 million fraud case against metals brokerage Monex Deposit Co. will go forward after the U.S. Supreme Court declined on Monday to review a Ninth Circuit finding that the company's trading platform is subject to the Commodity Exchange Act.

  • June 29, 2020

    WilmerHale, Cleary Guide Warburg's $400M Fintech Infusion

    Financial technology company WEX said Monday it received a $400 million investment from Warburg Pincus in a deal steered by WilmerHale and Cleary Gottlieb Steen & Hamilton LLP that's intended to help the corporate payments company weather the COVID-19 pandemic.

  • June 29, 2020

    Sullivan & Cromwell, Willkie Steer $1B Wealth Manager Deal

    Empower Retirement has agreed to buy U.S. digital wealth management firm Personal Capital in a transaction that could be worth up to $1 billion and was guided by law firms Sullivan & Cromwell and Willkie Farr & Gallagher, the companies said Monday.

  • June 29, 2020

    Investors Settle $159M 'Cryptocurrency Con' Dispute

    A group of investment companies have reached a settlement in their $159 million lawsuit accusing a Russian businessman living in England of cheating them out of the profits from their investment in a new cryptocurrency.

  • June 29, 2020

    UK Keeps Wirecard Operations On Hold To Protect Customers

    The Financial Conduct Authority said Monday that it will keep restrictions in place against Wirecard AG's U.K. operations until it can prove that its customers' money is safe, putting pressure on the payments company to resolve questions linked to a €1.9 billion ($2.3 billion) accounting scandal.

  • June 29, 2020

    High Court Says CFPB Director Can Be Fired

    The U.S. Supreme Court ruled Monday that the Consumer Financial Protection Bureau's structure unconstitutionally insulates the agency from presidential oversight and must be altered, rejecting a limit that the Dodd-Frank Act placed on the president's ability to fire the head of the agency.

  • June 26, 2020

    Investors Can Grill HSBC On 2018 Forex Deal, Judge Says

    A New York federal judge will allow a proposed class of investors accusing several big banks of rigging benchmark foreign exchange rates to question HSBC about its 2018 deal with the U.S. Department of Justice that resolved similar claims of forex market manipulation.

  • June 26, 2020

    5 Tech And Life Sciences Cos. Raise Nearly $1B Total In IPOs

    Five tech and life sciences companies, spanning from Chinese software and cryptocurrency mining companies to North American drug developers, made their public markets debuts Friday after raising nearly $1 billion in combined initial public offerings, capping a busy week for IPOs.

  • June 26, 2020

    4 Firms Steer 2 Blank-Check Cos.' IPOs Totaling $505M

    A company focused on the financial technology sphere and run by an ex-executive from the world's third largest asset manager led two blank-check companies' initial public offerings totaling $505 million, with units beginning to trade on the stock exchange Friday.

  • June 26, 2020

    Ex-Crypto COO Agrees To Digital Offerings Ban, SEC Says

    The U.S. Securities and Exchange Commission on Thursday asked a federal judge in California to approve a settlement for a one-time principal of a cryptocurrency company accused of playing a role in a fraudulent sales pitch for the company's digital assets.

  • June 26, 2020

    Ex-BigLaw Atty, Others Want Out Of $4B OneCoin Fraud Suit

    A convicted former BigLaw attorney, his former counsel and his former business partner urged a New York federal judge to toss claims that they assisted the $4 billion OneCoin Ltd. cryptocurrency scam, arguing that the court lacks jurisdiction because they have no connection to the Empire State.

  • June 26, 2020

    Confusion On Crypto 'Staking' May Lead To Reporting Woes

    A lack of IRS guidance on cryptocurrency "staking," in which a user receives virtual currency in exchange for holding tokens for a period of time, could sow confusion over when to report the currency as being obtained for tax purposes.

  • June 26, 2020

    Weil, Cadwalader Steer Bid Valuing CoreLogic At $7B

    Weil-led Cannae Holdings and Cadwalader-guided Senator Investment Group on Friday made an unsolicited offer to take CoreLogic private at what they said was a 37% premium in a deal valuing the California-based real estate analytics business at $7 billion.

  • June 26, 2020

    FCA Orders Wirecard To Halt Regulated Activities In UK

    The Financial Conduct Authority said Friday that it has ordered Wirecard to halt all regulated activity in the U.K. after the German payments company filed for insolvency and came under investigation by a regulator in its home country.

  • June 25, 2020

    Capital One Must Divulge Breach Report Despite Protests

    Capital One has been ordered to disclose an analysis of how an alleged cybercriminal was able to steal 106 million applicants' sensitive data last year, despite its claim that doing so would have "unworkable" implications for other banks.

  • June 25, 2020

    CFTC Expands Anonymity Protections On Swaps Trades

    The Commodity Futures Trading Commission on Thursday approved a rule that would expand anonymity protections for counterparties who trade on swap execution facilities, saying it will increase competition, part of a busy agenda that also included a proposal requiring exchanges to rein in automated trading glitches.

  • June 25, 2020

    FBI Probe Can't Freeze SEC's $35M Fraud Suit, Judge Says

    A Colorado federal judge on Thursday said investment adviser Mediatrix Capital Inc. must continue to face U.S. Securities and Exchange Commission claims that it defrauded investors out of $35 million, saying it didn't matter that the FBI was allegedly conducting a separate investigation.

  • June 25, 2020

    Volcker Rule Rollback Opens Up Private Funds To Banks

    Federal banking regulators said Thursday that banks will be allowed to invest in certain private equity and hedge funds beginning Oct. 1, issuing a final rule that will loosen the restrictions that the Volcker Rule instituted as part of the 2010 Dodd-Frank Act.

  • June 25, 2020

    2 Firms Guide Tech-Focused SPAC's Planned $525M IPO

    Guided by Cleary Gottlieb Steen & Hamilton LLP and Maples and Calder, a technology-focused special purpose acquisition company led by veterans of the tech and fintech sectors said Thursday it's planning to raise about $525 million in its initial public offering.

  • June 25, 2020

    Ex-FinCEN Head Faces Compliance Nightmare At Wirecard

    James Freis, an ex-director of the Financial Crimes Enforcement Network and former in-house compliance chief at a German stock exchange, finds himself suddenly at the helm of a compliance disaster as the new interim CEO of embattled German payment processor Wirecard AG.

  • June 25, 2020

    Advocates Sue Over Community Lending Rules Overhaul

    Community advocates are suing to block the Office of the Comptroller of the Currency's recent overhaul of its regulations requiring banks to lend in lower-income and underserved areas, alleging in a complaint filed Thursday that the new rules are a rush job that lack legal, analytical and public support.

  • June 25, 2020

    Abramoff Charged With Conspiracy In Alleged Bitcoin Scheme

    Political lobbyist Jack Abramoff was charged Thursday in California federal court for allegedly defrauding investors out of $5.6 million for what Abramoff, NAC Foundation and its CEO Rowland Marcus Andrade claimed to be a new and improved version of bitcoin.

Expert Analysis

  • Tips For Crafting The Perfect Law Firm Alert

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    As lawyers have had more time to write in recent weeks, the number of law firm alerts has increased massively, but a lot of them fail to capture readers and deliver new business, says Richard Torrenzano at The Torrenzano Group.

  • 5 Takeaways From Capital One Breach Report Dispute

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    The recent debate over a federal magistrate judge's ordering Capital One to produce a forensic data breach report reveals steps companies can take to make abundantly clear that a report was created in anticipation of litigation in order to protect privilege, say attorneys at Squire Patton.

  • Series

    Judging A Book: Elrod Reviews 'Shortlisted'

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    Renee Knake Jefferson and Hannah Brenner Johnson's new book, "Shortlisted: Women in the Shadows of the Supreme Court," is a service to an overlooked group of nine women who were considered for the U.S. Supreme Court before Justice Sandra Day O'Connor was confirmed, and offers constructive tips for women looking to break through the glass ceiling, says Fifth Circuit Judge Jennifer Elrod.

  • Mandatory State Bars Likely To Remain Intact, For Now

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    A Texas federal judge’s recent holding in McDonald v. Sorrels that mandatory bar memberships do not violate members' constitutional rights indicates that such requirements survive the U.S. Supreme Court's 2018 decision in Janus, but it may mean that the Supreme Court will address the issue in the not-too-distant future, say Majed Nachawati and Misty Farris at Fears Nachawati.

  • Libra, Fedcoin Could Competitively Threaten Payment System

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    Libra's apparent decision to move forward with its launch, along with the Federal Reserve's potential development of Fedcoin, might result in a reshaping of the global payments system that could raise possible anti-competitive concerns, says Marc Martos-Vila at Econ One.

  • 11 Keys To Success At Remote Mediation

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    Attorneys should accept that remote mediation may be their only current option for resolving a dispute and take steps to obtain a fantastic outcome for their clients, including making sure the right people attend the remote mediation and beginning the session with an apology, says Eric Meyer at FisherBroyles.

  • Pandemic Could Bring Student Exodus From Legal Profession

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    A recent survey shows that law and prelaw students have serious concerns about the quality and value of remotely provided legal education, and rapid action from the legal community is necessary to prevent promising young people from leaving in favor of other professions, says Mehran Ebadolahi at TestMax.

  • The Privilege Implications Of Using Online Collaboration Tools

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    While few courts have addressed the attorney-client privilege or work-product doctrine in the context of online collaboration tools, existing case law supports five best practices as organizations increasingly use these tools in the COVID-19 era, say Christopher Campbell and Marcus Sandifer at DLA Piper.

  • Emerging Markets Companies Face Increased US Scrutiny

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    Restrictions that Congress and Nasdaq proposed last month are perhaps the most significant steps taken so far to prevent companies seeking to benefit from U.S. capital markets, particularly companies in China, from evading key elements of U.S. market oversight, say attorneys at DLA Piper.

  • Confronting Mental Distress In The Legal Profession

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    Even before the pandemic, troubling data about mental distress among lawyers pointed to a profession in crisis, but addressing the challenge requires a better understanding of the causes, says Jonathan Prokup at Cigna Corp.

  • What's Missing From The PPP Flexibility Act

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    The Paycheck Protection Program Flexibility Act broadens critical exceptions and safe harbors for employers who must balance reopening with workplace safety, but falls short by failing to clarify and correct two important provisions of the program, says Christina Strasser at Williams Parker.

  • Opinion

    Litigation Finance Investments Are Not Risk-Free Loans

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    The Ninth Circuit's certification order last week in Fast Trak v. Sax presents an important opportunity for the New York high court to affirm the consensus among courts — litigation finance transactions are not loans subject to usury laws, say Wendie Childress and William Marra at Validity Finance.

  • Opinion

    How White Privilege Helped Me Succeed In BigLaw

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    The white, male power structure has eased the path for lawyers like me for far too long, and we should now be responsible for dismantling this systemic bias within the legal industry, says Scott McLaughlin at Eversheds Sutherland.

  • Keys To A Thriving Biz Development Culture At Your Law Firm

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    As law firms continue to experience the economic impact of the COVID-19 crisis, it is more important than ever that they reduce reliance on just a few rainmakers and foster a culture that makes business development a way of life for everyone — from junior associates to senior partners, says Elise Holtzman at The Lawyer's Edge.

  • How Video Mediation Can Help Us Serve Clients Better

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    Mediation in recent years has largely devolved into a kind of arbitration without due process — where a mediator reads briefs, decides where the case should settle, and drives parties toward that single-minded result — but online mediation can be steered in a different direction, says mediator Jeff Kichaven.

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