Fintech

  • August 06, 2019

    Investors Want Centra Tech Sanctioned For Arbitration Push

    Centra Tech investors asked a Florida federal court Tuesday to sanction the now-defunct cryptocurrency company, saying it has continued to lean on "patently frivolous" arguments in its efforts to compel arbitration over claims it fraudulently raised $32 million in its initial coin offering.

  • August 06, 2019

    Snoop Dogg-Backed Fintech Co. Reaches $5.5B Valuation

    Swedish banking and payments startup Klarna, which counts Snoop Dogg as a minority shareholder and advertising partner, said Tuesday it has reached a $5.5 billion valuation, making it one of the largest private fintech companies in the world.

  • August 06, 2019

    Mastercard Swipes Processor's Corporate Biz For $3.2B

    Mastercard on Tuesday said it has cut a €2.9 billion (approximately $3.2 billion) deal with European payment processor Nets to acquire its corporate services business, allowing the financial services behemoth to expand its footprint in the region.

  • August 06, 2019

    UK Data Regulator Warns Over Facebook's Currency Plan

    Britain’s data protection watchdog has added its voice to concerns about Facebook's plans to launch a digital currency and infrastructure, as global regulators warn about risks to privacy and call for greater openness.

  • August 05, 2019

    Bitcoin 'Creator' Rebuts Expert's Forgery Finding In $10B Suit

    Facing possible sanctions from a Florida federal court, the Australian computer scientist who claims to have invented bitcoin sought to poke holes in a forensic expert's testimony Monday that he filed doctored documents in a $10.2 billion lawsuit alleging he stole from his late business partner.

  • August 05, 2019

    Kessler Topaz Wants Back On Top Of VIX Manipulation MDL

    Kessler Topaz has told an Illinois federal court it wants to be bumped back up to co-lead counsel in multidistrict litigation over the alleged manipulation of the Chicago Board Options Exchange's volatility index.

  • August 05, 2019

    Fed Plans To Develop Its Own Real-Time Payment System

    The Federal Reserve said Monday that it has decided to build its own real-time payment system to help facilitate nationwide access to faster retail payments, moving ahead with plans for a service that would compete with an already-up-and-running offering backed by big banks.

  • August 05, 2019

    Nvidia Tries to Nix Stock-Drop Suit Over Crypto Sales

    Nvidia Corp. urged a California federal court to toss a proposed class action accusing it of misleading investors about its ability to keep up with a boom in cryptocurrency mining, arguing that securities fraud claims can't be based on previously disclosed inventory build-ups in its distribution channel.

  • August 05, 2019

    Class Alleging 'Massive' $4B Crypto Fraud Moves Forward

    A class of former investors in cryptocurrency marketing company OneCoin and their new lead plaintiff reiterated claims that the Bulgarian firm engaged in a "massive" $4 billion Ponzi scheme, having defrauded millions of customers, according to an amended complaint filed in New York federal court Friday.

  • August 05, 2019

    ProShares Says 'Volpocalypse' Risks Were Fully Disclosed

    A ProShares trust told a New York federal court Friday that the investors suing it over a volatility flare-up known as the "Volpocalypse" were fully informed of the risks inherent to the fund manager's popular inverse volatility exchange-traded fund.

  • August 05, 2019

    Fox Inks $265M Deal For Fintech Co. Credible Labs

    Fox Corp. will snap up Credible Labs in a $265 million deal steered by Kirkland, DLA Piper and Akin Gump, valuing the consumer finance marketplace at roughly AU$585 million ($396.4 million), Credible said Monday.

  • August 05, 2019

    Skadden Steers Hong Kong Investment Firm’s $174M IPO

    Hong Kong-based AMTD International started trading on the New York Stock Exchange on Monday following a Skadden-led IPO that brought in $173.9 million, according to the investment banking firm’s regulatory filings.

  • August 02, 2019

    Walmart Applies For Digital Currency Patent

    The company that owns the trademark for Walmart.com recently submitted a patent application for a Walmart currency that would be backed one-to-one by the U.S. dollar, according to documents filed with the U.S. Patent and Trademark Office.

  • August 02, 2019

    CFTC Fintech Chief Set For August Private Sector Jump

    The U.S. Commodity Futures Trading Commission's chief innovation officer, who has led several fintech and cryptocurrency initiatives, will be leaving in mid-August to return to the private sector, the agency said on Friday.

  • August 02, 2019

    Nasdaq's 'Disagreement' No Basis For Rehearing, PTAB Says

    In a pair of decisions, the Patent Trial and Appeal Board said Thursday that “mere disagreement” with a prior decision barring Nasdaq Inc. from fixing two mistakes in motions to amend is not enough to warrant reconsideration.

  • August 02, 2019

    Global 2019 Fintech Investment Hits $37.9B Amid Slowdown

    The total value of financial technology deals in the first half of 2019 posted a sluggish $37.9 billion when compared to 2018, while the U.S. share hit $18.3 billion and accounted for almost half the worldwide deals, according to a KPMG report.

  • August 02, 2019

    CME Spoofing Claims Should Not Be Arbitrated, Investors Say

    Investors accusing Tower Research Capital LLC and three of its ex-traders of manipulating futures contract prices on the Chicago Mercantile Exchange urged an Illinois federal judge Thursday to keep their claims in court, arguing that not all parties are members of the CME, precluding arbitration.

  • August 02, 2019

    SEC Gets Backing In Exchange Fee Spat At DC Circ.

    The U.S. Securities and Exchange Commission has received backing from five different entities in its bid to fight off a challenge before the D.C. Circuit to its two-year pilot program that could cap the fees major exchanges receive.

  • August 02, 2019

    Lloyd's Builds On Insurtech Booster With 11 New Start-Ups

    Lloyd’s of London has said it will work with 11 new insurance technology start-ups working on projects that include new ways of gauging climate and catastrophe risk.

  • August 01, 2019

    PTAB Skeptical Reward Points Patent Can Clear Alice Bar

    The Patent Trial and Appeal Board appeared skeptical Thursday that a patent for a reward points program offers a practical application or inventive concept that would be enough to make it eligible under the U.S. Supreme Court’s Alice ruling.

  • August 01, 2019

    Chase Can't Ditch Cardholder Suit Over Crypto Switch

    A New York federal judge ruled Thursday that Chase Bank can't fully shake a proposed class action alleging it ambushed customers last year by suddenly billing their credit card cryptocurrency purchases as expensive cash advances, finding that ambiguity over whether such purchases are "cash-like transactions" means some of the suit's claims can survive.

  • August 01, 2019

    Data Could Be Achilles Heel For $27B LSE-Refinitiv Deal

    The London Stock Exchange and Refinitiv will have to convince numerous authorities to allow their $27 billion tie-up, and although the agreement might not present significant antitrust issues, there are other potential hurdles that could trip the transaction up, including concerns related to the merged entity's vast trove of financial data.

  • August 01, 2019

    Davis & Gilbert Lands VC, Fintech Pro From Hand Baldachin

    Davis & Gilbert has snagged an attorney from Hand Baldachin with experience advising on venture capital financing transactions in the fintech and blockchain industries, among others.

  • August 01, 2019

    SEC's Peirce Says Global Crypto Rules Not The Answer

    Cooperation between financial regulators around the globe is crucial to policing cryptocurrency, but a worldwide regulatory framework is not the answer, the U.S. Securities and Exchange Commission's Hester Peirce said in a recent speech. 

  • August 01, 2019

    London Stock Exchange Inks $27B Deal For Refinitiv

    The London Stock Exchange said Thursday it will buy private equity-backed Refinitiv for $27 billion, including debt, after confirming media speculation last week that deal talks were underway. 

Expert Analysis

  • The Privacy Questions Raised By Blockchain

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    It is important to establish a framework for understanding the privacy and security challenges of blockchain so that the industry can address them, says Steve Snyder of Bradley Arant Boult Cummings LLP.

  • Handling Corporate Congressional Probes In The Trump Era

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    President Donald Trump’s approach to crisis communications has changed the game enough to demand companies' consideration of a whole new set of options. John Hellerman of Hellerman Communications and Bill Pittard of KaiserDillon PLLC discuss whether corporations can successfully use similar tactics.

  • Shutdown's Messy Impact On Consumer Protection Activities

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    As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.

  • The Top Blockchain Patents Of 2018

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    Of the 200 blockchain patents that were issued in the United States last year, 10 stand out as being particularly interesting and provide insight into the future direction of the technology, says William Zac Duffy of Munsch Hardt Kopf & Harr PC.

  • Opinion

    A Call To Permit Judicial Substitution In MDL Proceedings

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    While several proposed changes to multidistrict litigation procedures may be warranted and appropriate, consideration should be given to a modest modification of the judicial selection process, says Doug Smith of Kirkland & Ellis LLP.

  • What To Expect From Technology-Assisted Review In 2019

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    2018 will be remembered as a transition year for technology-assisted review, and 2019 will likely see a continued focus on how we use TAR, with refinement and expansion across the board, says Thomas Gricks of Catalyst Repository Systems LLC.

  • Receiverships May Be Particularly Useful For New Industries

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    Now more than ever, receiverships can help troubled enterprises when bankruptcy is not an option. In addition to Ponzi schemes and securities and real estate fraud, receiverships are increasingly used in cryptocurrency matters and cases of EB-5 immigrant investor program fraud, say Ira Bodenstein of Fox Rothschild LLP and Brian Soper of BMS.

  • A Series Of 1st-Time Crypto Actions For The SEC

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    November was an especially aggressive month for the U.S. Securities and Exchange Commission in terms of cracking down on unauthorized digital activities. Three enforcement actions described as "firsts" demonstrate that the SEC will be using all of the tools in its toolkit, say attorneys with Baker McKenzie.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 2

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    By interacting with a cryptocurrency institution for tax payments, Ohio is exposing its operations to a potential cyberattack. In addition, the noxious mix of federal and state regulatory requirements creates a foggy compliance labyrinth, even for a U.S. state, says John Reed Stark of John Reed Stark Consulting LLC.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 1

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    Last month, cryptocurrency hit yet another milestone when Ohio began accepting bitcoin payments for taxes. However, Ohio’s treasury, or any other state or federal government entity, should be the very last institutions to even consider accepting this dubious form of payment, says John Reed Stark of John Reed Stark Consulting LLC.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

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    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Opening Comments: A Key Strategic Decision In Mediation

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    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • 2018 In Review: Significant White Collar Developments At DOJ

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    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Blockvest Ruling Reminds Token Issuers To Push Back

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    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Assessing A New Path To Compliance For ICO Issuers

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    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.

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