Fintech

  • July 30, 2021

    Gov't Google Suits Implicate Trillions Of Pages Of Docs

    A dispute over when Google will produce samples of the journeys taken by search users highlights the enormous amount of raw data implicated in lawsuits brought by the U.S. Department of Justice and state attorneys general accusing the company of monopolizing search advertising.

  • July 30, 2021

    CFPB Scraps Proposal To Delay Debt Collection Rules

    The Consumer Financial Protection Bureau said Friday that it has decided to move forward with implementation of its Trump-era debt collection rules later this year as originally planned, scrapping a proposed delay while not ruling out more substantive changes in the future.

  • July 30, 2021

    SEC Raises The Disclosure Bar For China-Based IPO Seekers

    The U.S. Securities and Exchange Commission on Friday announced a series of new disclosure requirements that will make it harder for Chinese companies to launch IPOs in the U.S., answering calls by lawmakers who say the Chinese government may be intentionally exploiting U.S. investors.

  • July 30, 2021

    Ex-Deutsche Traders Get Bail During Spoofing Appeal

    Two former Deutsche Bank gold and silver traders convicted of spoofing will stay out of jail as they appeal, with a Chicago federal judge ruling Thursday that the men's primary argument over a jury instruction may "very well" be decided in their favor by the Seventh Circuit.

  • July 30, 2021

    BotsForWealth Marketer Seeks $10M After Alleged Ouster

    A businessman who marketed "trading bot" venture BotsForWealth on TikTok has sued the project's developers, claiming he was unfairly cut out of the business and defamed after flagging a bug in the bots' code.

  • July 30, 2021

    CBD Co. Claims Payments Processor Unfairly Blacklisted It

    An online CBD seller is suing companies that briefly handled its credit card payments, accusing the firms of unfairly adding it to a database of merchants that have violated certain payment processing rules.

  • July 30, 2021

    IWeb Inks $3.7B Deal For Nigeria-Based Tingo Mobile

    Technology development company iWeb said Friday it plans to snap up Tingo Mobile in a $3.7 billion deal before combining the Nigeria-based mobile device maker with Coinfield, a crypto exchange it announced plans to buy earlier this week.

  • July 30, 2021

    Exxon Again Seeks Win In Indonesian Human Rights Suit

    Exxon has again asked a D.C. federal court to put a clean end to decades-old litigation seeking to hold the company liable for human rights abuses Indonesians allegedly suffered at the hands of the country's soldiers when they were purportedly providing security for the oil giant, arguing there is no evidence to suggest the company bears any blame for the military's actions.

  • July 30, 2021

    CFPB Can Enforce $50M Order Against Online Lender, CEO

    A Kansas federal judge on Friday granted the Consumer Financial Protection Bureau's bid to enforce an administrative order for more than $50 million in restitution and fines against an online payday lender and its CEO while they fight the order at the Tenth Circuit.

  • July 30, 2021

    Biggest Merger Review Developments Of 2021 So Far

    The year started off with two high-profile deals abandoned in the face of pressure from U.S. enforcers determined to stop so-called killer acquisitions. Now, antitrust practitioners are waiting for decisions on a number of pending merger challenges. Here, Law360 looks at the major developments so far in 2021 as the new administration gears up for a busy second half.

  • July 30, 2021

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

    This past week in London has seen Cantor Fitzgerald & Co. sue an Indian bank, eight insurers go after British construction giant John Wood, and Visa and MasterCard face new competition claims. Here, Law360 looks at those and other new claims filed in the U.K.

  • July 30, 2021

    Binance Crypto-Exchange Winds Down Derivatives In Europe

    Cryptocurrency firm Binance announced on Friday that it is winding down its futures and derivatives product offerings across Europe, where it has been coming under increasing regulatory scrutiny amid concerns about compliance and protection for investors.

  • July 29, 2021

    House Backs Big Boost To FinCEN's Budget In Spending Bill

    The Financial Crimes Enforcement Network would receive tens of millions of dollars in additional funding under the federal spending package approved by the U.S. House on Thursday, which would be the agency's biggest budget boost in years.

  • July 29, 2021

    Crypto Industry Balks At Infrastructure Deal's Tax Measures

    Industry groups are pushing back against proposals to ramp up cryptocurrency reporting and tax enforcement measures to help pay for the White House's $1.2 trillion infrastructure deal, arguing that the measures will have unintended consequences across the digital asset ecosystem.

  • July 29, 2021

    FinCEN's New Adviser Aims To Crack Down On Crypto Crime

    Michele Korver's career has led her into the deepest parts of the criminal underworld, hunting criminals who use digital currencies to finance their misdeeds. But as debate rages over the regulation of digital assets, there are no hard feelings regarding crypto from Korver, who became the Financial Crimes Enforcement Network's first-ever chief digital currency adviser this month.

  • July 29, 2021

    House Gives SEC $73M Boost, Blocks Trump-Era Proxy Rules

    The U.S. House of Representatives voted to approve a bill Thursday giving the U.S. Securities and Exchange Commission a $73 million funding boost over fiscal year 2021, while blocking the agency from using the funds to implement controversial Trump-era proxy voting rules.

  • July 29, 2021

    Senate Dems Push For Federal Consumer Loan Rate Cap

    Senate Democrats are renewing an effort to curb high-cost lending with consumer advocate-backed legislation that would set a national 36% interest rate cap on consumer loans, drawing pushback from Republicans and industry representatives on Thursday.

  • July 29, 2021

    Bank Hapoalim's US Arm Names New GC From RBC Capital

    BHI, Israel-based Bank Hapoalim's U.S. division, said Thursday it has tapped an RBC Capital Markets LLC senior counsel to serve as its new top attorney.

  • July 29, 2021

    Australian Fintech Iress Snubs $2.2B Takeover Bid From EQT

    Iress Ltd. said Thursday that it rejected two unsolicited takeover offers from Swiss private equity firm EQT for being too low, with the most recent bid valuing the Australian financial technology company at about AU$2.96 billion ($2.18 billion).

  • July 29, 2021

    Robinhood Hits The Markets After $2.1B Cravath-Led IPO

    Stock-trading platform Robinhood made its public market debut Thursday after pricing a much-anticipated, $2.1 billion initial public offering guided by Cravath Swaine & Moore LLP.

  • July 28, 2021

    Ex-JPMorgan Compliance Exec Joins Snap Finance As CCO

    Online microlender Snap Finance said it has hired a former JPMorgan Chase compliance executive to be its chief compliance officer as part of a string of additions to its senior leadership team.

  • July 28, 2021

    Crypto Developers Seek $701K Sanctions For 'Baseless' Suit

    The developers of cryptocurrency Nano sought over $701,000 in attorney fees and costs as a sanction after a token buyer dropped his proposed class action, telling a California federal court that some of the claims lobbed against them had been "legally baseless."

  • July 28, 2021

    2 Firms Seek To Rep Investors In Sprawling Robinhood Suit

    The Rosen Law Firm PA and Bursor & Fisher PA have filed lead plaintiff bids in consolidated actions that are part of multidistrict litigation alleging stock-trading app Robinhood caused more than $10 billion in market capitalization losses after its customers were hit in January with trading restrictions on certain stocks.

  • July 28, 2021

    Texas Jury Docks Bitcoin Thief With $40M Verdict

    An Austin, Texas, jury has awarded an El Paso man roughly $40 million in damages after finding his son breached his fiduciary duties by stealing tens of millions of dollars from him and investing it in bitcoin, gold and real property.

  • July 28, 2021

    Blockchain Co. Drops Trade Secrets Suit Against Early Backer

    Canadian fintech BlockCrushr has agreed to dismiss a suit accusing one of its early investors — blockchain software company ConsenSys — of stealing its trade secrets, according to documents filed in New York federal court.

Expert Analysis

  • What To Expect Under New SEC Enforcement Director Grewal

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    Newly appointed U.S. Securities and Exchange Commission Director of Enforcement Gurbir Grewal’s record as a public servant provides insight into the SEC’s likely priorities for the coming year, and firms should expect him to work closely with Chair Gary Gensler in pursuing an aggressive enforcement agenda, say attorneys at Ropes & Gray.

  • Law Firms, Know Who's Responsible For Your Cloud Security

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    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

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    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • A Legal Primer On Social Tokens

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    Social tokens, a new class of blockchain-based assets that celebrities and brands can use to connect with fans and consumers, hold great promise — but their value may be volatile, and issuers must understand the advertising, contractual and intellectual property issues that come with them, says Hannah Taylor at Frankfurt Kurnit.

  • How Wyoming Is Leading On Cryptocurrency

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    This month, Wyoming became the first state to classify decentralized autonomous organizations as a new form of LLC, which could bring new liability principles and chip away at Delaware's dominance as the corporate capital of the U.S., says Emily DiBenedetto at Shaw Keller.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • Ensuring Patent Subject Matter Eligibility For Blockchain Tech

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    In order to survive subject matter eligibility challenges of patent filings for blockchain-related emerging technologies, practitioners should highlight technical features implementing novel applications and avoid drafting applications that could be interpreted as routine and conventional business practices performed via blockchain, says Drew Schulte at Perkins Coie.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • Gov't Contractor Input Vital After Biden Cybersecurity Order

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    The Office of Management and Budget's upcoming recommendations for improving U.S. cybersecurity defenses, following President Joe Biden's recent executive order, could create burdensome obligations for government contractors, so it's important for the government to actively engage with the industry during the rulemaking process, say executives at Leidos.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

  • How UK Binance Ban Is Putting Cryptocurrency On Notice

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    The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.

  • 3 Keys To Winning Your Next Oral Argument

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    To leverage the unique opportunity oral arguments provide to talk directly to judges and contribute to their decision making, attorneys must mind the three hallmarks of persuasiveness: projecting credibility, exuding likability and gaining the listener's trust, says Daniel Karon at Karon LLC.

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