Fintech

  • August 21, 2019

    Market Watchdogs Look Closer At EU Crypto Asset Rules

    Europe’s financial watchdogs have said they will assess how member states plan to monitor "stablecoins" such as Facebook's proposed Libra currency after the European Commission raised questions about regulating crypto assets.

  • August 20, 2019

    Fintech Adoption Poised For Growth In US Despite Lag

    The adoption of fintech products that provide online banking and money transmission services has been uneven across the globe, with U.S. consumers lagging behind those in China and India, but with regulatory clarity potentially on the horizon, some see the potential for a surge in use in the U.S.

  • August 20, 2019

    Russian Crypto Ratings Agency Settles SEC's Promo Claims

    The U.S. Securities and Exchange Commission on Tuesday said Russia-based cryptocurrency ratings company ICO Ratings has agreed to pay hundreds of thousands of dollars to settle claims that it failed to disclose payments from issuers for publicizing their blockchain-based digital assets.

  • August 20, 2019

    NY AG Gets Go-Ahead To Continue Bitfinex Investigation

    A New York state judge said Monday he would not put an end to the state attorney general’s probe into cryptocurrency exchange Bitfinex, finding that he is obligated by law to facilitate the AG’s investigation.

  • August 20, 2019

    Crypto Co. Veritaseum Asks Court To End SEC's Asset Freeze

    Cryptocurrency company Veritaseum Inc. pushed back in New York federal court Monday against an asset freeze won by the U.S. Securities and Exchange Commission as part of its suit accusing the company's owner of bilking investors out of $15 million through its Veri Token offering.

  • August 20, 2019

    Bankruptcy Tech Co. Owner Looks To Duck Antitrust Suit

    The owner of a bankruptcy software provider urged a New Jersey federal court Monday to toss a suit accusing it of maintaining a conspiracy to inflate fees charged in Chapter 7 bankruptcy cases, saying the issue has already been litigated.

  • August 20, 2019

    2nd Ex-JP Morgan Metals Trader Cops To Spoofing

    A former JPMorgan Chase metals trader pled guilty in Brooklyn federal court Tuesday to spoofing commodities transactions for most of his 12-year career, making him the second trader at the bank to admit to such a scheme.

  • August 20, 2019

    Crypto Platform Sets $130M Target In Rare IPO Filing

    Cryptocurrency trading platform INX Ltd. filed plans to raise up to $129.5 million in an initial public offering with the help of McDermott Will & Emery LLP, Horn & Co. Law Offices and Hassans International Law Firm, making it one of a few cryptocurrency companies to pursue a U.S. listing. 

  • August 20, 2019

    Cooley Reps Student Loan Co. In $100M Debt Financing

    MPower, which provides educational loans to international and Deferred Action for Childhood Arrivals program students, said Tuesday it raised $100 million in debt from Goldman Sachs with the help of Cooley.

  • August 19, 2019

    BofA Seeking Patent For 'Multi-Tiered' Crypto Wallet Security

    Bank of America has filed a patent application for a digital wallet security system that can be used to partition cryptocurrency holdings into different tiers with distinct passwords, ostensibly giving wallet holders more control over their digital assets.

  • August 19, 2019

    Binance Eyes Gov't Partnerships With New Crypto Initiative

    Binance, one of the largest cryptocurrency exchanges in the world, on Monday announced its Venus initiative, a blockchain project aimed at developing “localized stablecoins and digital assets” with companies and government partners.

  • August 19, 2019

    Hong Kong Agencies Ink Pact To Combat Financial Crime

    Hong Kong’s Securities and Futures Commission and the Independent Commission Against Corruption on Monday agreed to strengthen their collaboration in order to more effectively combat financial crime.

  • August 19, 2019

    Tower Research Urges Court To Toss CME Spoofing Claims

    Tower Research Capital LLC told an Illinois federal court that after four attempts, investors still haven't shown how they were harmed by an alleged manipulation of futures contract prices on the Chicago Mercantile Exchange.

  • August 19, 2019

    Online Mortgage Lender Better.com Lands $160M In Funding

    Digital mortgage startup Better.com said Monday it had raised $160 million in a Series C funding round, with backers including Activant Capital, Citi and American Express Ventures.

  • August 16, 2019

    Crypto Co. Gets NY Regulator's OK To Launch Bitcoin Futures

    Cryptocurrency infrastructure company Bakkt announced Friday that it received approval from the New York Department of Financial Services to custody bitcoin, paving the way for it to launch its bitcoin futures marketplace on Sept. 23.

  • August 16, 2019

    Oracle Sues Cryptocurrency Consultants Over Similar Name

    Tech titan Oracle Corp. hit a digital currency consulting company and its chief officer with a trademark suit on Thursday in California federal court, alleging they have ignored demands to stop using a business name that infringes Oracle's trademark.

  • August 16, 2019

    Nano Developers Seek Toss Of Cryptocurrency Theft Suit

    The makers of Nano, a cryptocurrency that was stolen in the $170 million hack of an Italian trading exchange, pushed a California federal court Thursday to toss the proposed class action over the theft, arguing that the buyers' claims were brought too late.

  • August 16, 2019

    Curo Says Investors Can't Show It Hid Regulatory Risks

    Online lender Curo urged a Kansas federal judge to throw out a proposed class action accusing it of concealing the impact of regulatory changes on its rollout of new products in Canada, contending that shareholders are pleading “fraud by hindsight.”

  • August 16, 2019

    DC Circ. Won't Review SEC's Paperless Reporting Rule

    The D.C. Circuit on Friday declined to review a U.S. Securities and Exchange Commission rule allowing mutual fund companies to distribute shareholder reports online rather than by mail, taking issue with consumer and paper industry groups’ standing to bring the challenge.

  • August 16, 2019

    Biotech Investors Allege $27M Pump-And-Dump Scheme

    Shareholders of BioZone Pharmaceuticals Inc.'s successor slammed its former executives and high-profile investors with a lawsuit Thursday alleging they ensnared the company in a $27 million pump-and-dump scheme that drove down the value of its stock.

  • August 16, 2019

    TI Says ICO Investor Suit Should Be Dead And Gone

    Rapper T.I. on Thursday looked to escape a lawsuit by investors claiming he and others duped them into participating in an initial coin offering for now-worthless digital tokens, saying the allegations against him do not specifically identify any wrongdoing on his part.

  • August 16, 2019

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

    The past week has seen one of Italy's largest banks sue Venice over a derivatives contract, a U.K. investment manager continue its commission fee dispute with a broker and a U.S.-based fund manager hit Argentina with a securities claim. Here, Law360 looks at those and other new claims in the U.K.

  • August 16, 2019

    Fintech Co. To Mediate £4.7M Row Over Investment Website

    A Dutch financial technology company will have to mediate its £4.7 million ($5.7 million) lawsuit accusing investment fund manager Invesco of dropping a deal to build an online trading platform, after a London judge ruled on Friday that it filed the case prematurely. 

  • August 15, 2019

    Court Nixes Bitcoin Founder's Escape Bid Amid 'Tangled Web'

    A Florida federal court on Thursday rejected a bid by the co-founder of a bitcoin mining company to escape a $10.2 billion suit accusing him of stealing his late business partner's bitcoins, citing the 1808 poem "Marmion" in noting that his inconsistent statements cast doubt on his claims.

  • August 15, 2019

    SEC Encourages Remediation With Gentle ICO Enforcement

    The nation's top securities regulator is defining the limits of legal initial coin offerings with increasing precision, leaning on relatively mild enforcement actions to establish its jurisdiction over the industry.

Expert Analysis

  • Issues To Avoid In Fintech, Consumer Financial Services M&A

    Author Photo

    Fintech-specific considerations and persistent regulatory scrutiny highlight the need to understand the risks involved — and necessary due diligence — before acquiring a consumer financial products and services business, says Jonathan Pompan at Venable.

  • Crisis Messaging To Protect Law Firm Brand And Bottom Line

    Author Photo

    When crises occur, such as data security incidents or gender bias suits, a well-prepared law firm has a thoroughly tested communications plan at the ready, which ensures the firm is the most proactive news source, prevents the crisis from escalating and notifies stakeholders about mitigation efforts, says Zach Olsen at Infinite Global.

  • Calif. Justices Set Low Bar For Website Bias Claims

    Author Photo

    The California Supreme Court’s recent opinion in White v. Square — that plaintiffs need only show they intended to use an online business’ services in order to sue for alleged discrimination — could have far-reaching consequences for e-commerce, initially in California and potentially nationwide, say Katherine Catlos and Aaron Cargain of Kaufman Dolowich.

  • Assessing The Cost, Legal Fallout Of Capital One Data Breach

    Author Photo

    Following Capital One's recent massive data breach, Jack Lu of IPMAP estimates the incremental direct cost incurred for management of the breach and for post-breach legal and regulatory processes, shedding light on the economic and legal uncertainties.

  • Perspectives

    What You Should Know About Courtroom Closures

    Author Photo

    At attorney Greg Craig’s trial in D.C. federal court this week, the courtroom was cleared so prospective jurors could answer sensitive questions. Even seasoned litigators were left wondering about the nature of this subtle, yet significant, issue involving Sixth Amendment public trial rights, says Luke Cass at Quarles & Brady.

  • Series

    Why I Became A Lawyer: A Seaweed Scientist's Odyssey

    Author Photo

    In the early 1980s, I was working on my Ph.D. in marine biology and ecology. As part of an international team of scientists studying oil spill impacts on marine ecosystems, I saw a niche opportunity to combine science and law, says Andrew Davis of Shipman & Goodwin.

  • Blockstack Token Offering Establishes Reg A+ Prototype

    Author Photo

    The market's first-ever regulated digital token offering — from Blockstack in July — outlines the U.S. Securities and Exchange Commission's position on issuing digital securities under Reg A+, but token-specific guidance is still needed to fill in the gaps, says Daniel Payne at Murphy & McGonigle.

  • Opinion

    Insurance Industry Needs To Build Trust In Digital Securities

    Author Photo

    Traditionally, the role of the insurance industry has been to combine technology and reasonable regulation with risk transfer products, and the time has come for insurance to help integrate digital securities into society, says Ty Sagalow at Assurely.

  • How Connected Cars Will Merge With Payment Technology

    Author Photo

    Bringing payment technologies into passenger vehicles will require partnerships between and among automotive, financial and technology companies. It is critical that these companies anticipate issues including fraud, safety, privacy, intellectual property ownership and overlapping regulatory regimes, says Howard Wettan of White & Case.

  • Opinion

    Clients Benefit From Law Firm Expense Growth

    Author Photo

    Although there continue to be corporate clients who are seduced by the idea that cheapest is always best when it comes to outside counsel, there are many negative implications on service delivery that result from myopically focusing only on cost reduction at the expense of quality and innovation, says Keith Maziarek at Katten Muchin.

  • Opinion

    Changing Ethics Rules Is Key To Law Firm Innovation

    Author Photo

    As demonstrated by the California bar proposal to allow nonlawyers to invest in law firms, we can change the legal ethics rules in a way that protects clients while permitting firms to innovate and serve clients better, say Todd Richheimer of ​​​​​​​Lawfty and Peter Joy of Washington University Law School.

  • Decrypting The New IRS Cryptocurrency Compliance Letters

    Author Photo

    Last month the IRS announced it will send over 10,000 taxpayers "educational letters" concerning their cryptocurrency reporting compliance, providing a high-level overview of virtual currency activity that may trigger reporting obligations, say Victor Jaramillo and Zhanna Ziering at Caplin & Drysdale.

  • Series

    Judging A Book: Castillo Reviews 'Raising The Bar'

    Author Photo

    A timely new book, “Raising the Bar: Diversifying Big Law," is one of the first honest assessments of the challenging battleground for people of color at large law firms, and I hope that firm management committee members read it, says U.S. District Judge Rubén Castillo of the Northern District of Illinois.

  • A Road Map For A Cryptocurrency Crackdown: Part 3

    Author Photo

    By supporting a U.S. Securities and Exchange Commission-led sweep of the cryptocurrency arena, President Donald Trump could prevent crypto crime, fortify the capital markets, and reinforce the SEC's mission of investor protection, says cybersecurity consultant John Reed Stark.

  • A Road Map For A Cryptocurrency Crackdown: Part 2

    Author Photo

    As cryptocurrency usage proliferates, proper regulation should include enforcing money transmitter registration for crypto financial intermediaries, prosecuting crypto intermediaries that violate federal trade requirements, and compelling them to identify those who fail to pay crypto-related capital gains taxes, says cybersecurity consultant John Reed Stark.