Fintech

  • February 24, 2020

    CFPB's Structure Still Likely To Give Way In High Court Fight

    With just one week until the U.S. Supreme Court hears debate on the constitutionality of the Consumer Financial Protection Bureau's leadership structure, financial services attorneys say the case for leaving the agency's single-director design alone has been given a boost in briefing but is still a long shot.

  • February 24, 2020

    Crypto-Focused Bank Looks To Wyoming Charter To Launch

    Avanti Financial Group announced Monday its intention to introduce a Wyoming-based bank to provide services focused on digital assets with support from Bitcoin and blockchain infrastructure company Blockstream.

  • February 24, 2020

    Visa, Mastercard Antitrust MDL Opt-Outs File Separate Suit

    A group of companies — including casino operator Boyd Gaming Corp., restaurant chain TGI Friday’s Inc. and the Seminole Tribe of Florida — that opted out of a $6.2 billion settlement with Visa and Mastercard over excessive swipe fees filed their own suit Monday in Florida federal court accusing the credit card companies of anti-competitive behavior.

  • February 24, 2020

    Ex-Chainalysis Counsel To Oversee FinCEN Digital Innovation

    A former Financial Crimes Enforcement Network executive is returning to oversee the agency's engagement with emerging technology and financial innovation as its deputy director and first digital innovation officer, the bureau said.

  • February 24, 2020

    Justices Turn Down Forex Market Maker's Defamation Suit

    The U.S. Supreme Court said Monday it won't revive foreign exchange market maker Effex Capital LLC's defamation suit against the National Futures Association, leaving a Seventh Circuit ruling dismissing the case intact.

  • February 24, 2020

    3 Firms Guide $7.1B Intuit-Credit Karma Deal

    The maker of software titles Turbotax and QuickBooks has agreed to buy personal finance technology company Credit Karma for roughly $7.1 billion in cash and stock, the companies said Monday, in a deal shaped by Latham, Skadden and Wilson Sonsini.

  • February 24, 2020

    G20 Wants Countries To Implement Strict Crypto Rules

    The G20 on Monday urged more countries to adopt regulations that would compel cryptocurrency exchanges to collect customer information as a means of combating money laundering and terrorist financing, plus other potential macroeconomic problems.

  • February 24, 2020

    Investors Seek Cert. In Action Over GreenSky IPO

    Investors in GreenSky Inc. have asked a New York federal judge to certify their proposed class action accusing the financial technology startup of making misleading statements ahead of its initial public offering, telling the court there is "no question" the action should be certified.

  • February 21, 2020

    Ind. Man Indicted In $2M EBay, PayPal Scam

    An Indiana man illicitly reaped $2 million in an elaborate scam involving stolen personal data and myriad fraudulent eBay and PayPal accounts, U.S. Department of Justice officials said Friday.

  • February 21, 2020

    Shopify Joins Facebook-Led Libra Association

    E-commerce software provider Shopify Inc. announced Friday it has joined the Libra Association, noting that it will work as a member of the Facebook-led digital currency project to make commerce smoother across the world.

  • February 21, 2020

    Mass. Securities Chief Sets Up State Rules, Blasting SEC Regs

    Massachusetts' top securities cop sharply criticized U.S. Securities and Exchange Commission broker standards as he announced Friday that the Bay State will implement its own conduct rules that are stricter than those set forth by the federal government.

  • February 21, 2020

    Cboe Investors Push For Appeal In VIX Manipulation Case

    Investors in the Chicago Board Options Exchange urged an Illinois federal judge to immediately enter final, and therefore appealable, judgment on an order ending claims over the alleged manipulation of the exchange's volatility index.

  • February 21, 2020

    Wells Fargo Tries To End Breach Claims In Mortgage Action

    Wells Fargo pushed for a swift end to part of a class action accusing it of wrongfully denying loan modifications to mortgage borrowers, telling a California federal court Thursday that it had no obligation to notify struggling borrowers about modification options.

  • February 21, 2020

    Iran Blacklisted By Global Money-Laundering Watchdog

    A global anti-money laundering watchdog told countries on Friday to protect their financial systems from dealing with Iran, as it blacklisted the country for failing to improve its safeguards against terrorist financing.

  • February 20, 2020

    Paxos Starts Blockchain Settlement Service For US Equities

    New York-regulated Paxos Trust Company announced Thursday that it has partnered with Credit Suisse Group AG and Nomura’s Instinet LLC, the first two broker-dealers to use its blockchain-based settlement service, which will settle select equity trades based in the U.S.

  • February 20, 2020

    CSBS Deploys Fintech, Nonbank Exam Platform Across US

    The Conference of State Bank Supervisors announced the expansion of its State Examination System platform to regulators across the country, in an effort to streamline the examination process for state regulators overseeing fintech and nonbank financial institutions.

  • February 20, 2020

    Carlton Fields Expands In NY With Ex-Stroock Fintech Expert

    Carlton Fields is expanding its fintech and property and casualty insurance regulatory and transactional practice group with a new shareholder in the New York office who joins from Stroock & Stroock & Lavan LLP, the firm announced Thursday.

  • February 20, 2020

    Deals Rumor Mill: Speedway, ThyssenKrupp, Univision

    The Japanese owner of 7-Eleven is in talks to buy Speedway for about $22 billion, ThyssenKrupp is nearing a roughly €16 billion sale of its elevator business, and a front-runner has emerged in the battle to buy Univision. Here, Law360 breaks down these and other rumors from the past week that you need to be aware of.

  • February 20, 2020

    Blank-Check Co. East Stone's Upsized IPO Raises $120M

    East Stone Acquisition Corp., a private equity-affiliated blank-check company focused on acquiring a fintech business, debuted in public markets Thursday after raising $120 million in an upsized initial public offering steered by Ellenoff Grossman & Schole LLP and underwriters counsel Schiff Hardin LLP.

  • February 20, 2020

    Davis Polk, Skadden Guide $13B Morgan Stanley-E-Trade Deal

    Morgan Stanley, counseled by Davis Polk, has agreed to buy Skadden-advised financial services company E-Trade for roughly $13 billion, the companies said Thursday, in a deal that stands to fortify Morgan Stanley’s position as a leading wealth management business.

  • February 19, 2020

    Telegram's $1.7B Grams Offering Remains On Pause

    The cryptocurrency world will have to wait for an adjudication as to whether Telegram's digital assets, Grams, are securities after a New York federal judge extended an existing stipulated injunction against Telegram at the conclusion of a Wednesday hearing and declined to rule on the merits of the case.

  • February 19, 2020

    Calif. Man To Plead Guilty In $147M Gem-Backed Crypto Scam

    A California man will plead guilty in a scam that conned 70,000 people into buying $147 million worth of a sham digital currency that he falsely claimed was backed by amber and  gems, the U.S. Department of Justice said Wednesday.

  • February 19, 2020

    'Crypto Oracle' Ordered To Stop Parroting Oracle Corp. TM

    A California federal magistrate judge on Tuesday ordered a cryptocurrency consulting company registered as "Crypto Oracle" to immediately cease advertising goods or services that bear reproductions of tech titan Oracle Corp.'s trademarks.

  • February 19, 2020

    Capital One Tries To Nix Investor Suit In Data Breach MDL

    Capital One Financial Corp. has urged a Virginia federal judge to toss an investor’s proposed securities class action over last year's massive data breach that affected more than 100 million customers, arguing that the suit “seeks to manufacture claims” that ultimately fall flat.

  • February 19, 2020

    Blockchain Startup Settles SEC Claims Over $45M ICO

    Data encryption startup Enigma MPC on Wednesday settled charges from the U.S. Securities and Exchange Commission that its $45 million initial coin offering from 2017 violated registration requirements.

Expert Analysis

  • Courts May Clash With Litigants Over Document Review Tech

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    As courts increasingly accept technology-assisted document review, some are bordering on forcing parties to employ TAR, in which case attorneys may need to step in if their clients prefer other processes, say Donna Fisher and Matthew Hamilton at Pepper Hamilton.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • Lawyers Can Build Trust Through The Spoken Word

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    As attorneys, we may prefer the precision of written communication, but a phone call or an in-person conversation builds trust by letting others see and hear our authentic selves, rather than something constructed or scripted, says mediator Sidney Kanazawa of ARC.

  • Crypto Bill Offers Basic Definitions The Industry Needs

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    The U.S. House of Representatives' pending Crypto-Currency Act seeks to define today’s myriad digital assets and assign them to specific regulatory bodies, laying some of the requisite groundwork for industry oversight that has so far been lacking, says Fabio Canesin of Nash.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • The Deal Maker's Guide To The New CFIUS Framework

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    Now that new national security regulations governing cross-border investment and acquisitions are in effect, attorneys at MoFo identify the key questions deal makers should be asking to assess whether they must, or should, notify the Committee on Foreign Investment in the United States of a transaction.

  • SEC Exam Priorities Highlight Flexible, Holistic Compliance

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    The U.S. Securities and Exchange Commission's recently released exam priorities encourage firms to emphasize investor protection and consider compliance in light of evolving business and market demands, say attorneys at Lowenstein Sandler.

  • Effective AML, Anti-Bribery Programs Hinge On Collaboration

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    Amid increasing risk exposure from financial services companies' partners, clients and affiliates, opportunities exist to leverage processes across firms' anti-money laundering and anti-bribery and corruption programs, says Michelle Goodsir at K2 Intelligence.

  • SEC Faces Several Hurdles In Telegram ICO Case

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    A New York federal court scheduled to hear U.S. Securities and Exchange Commission v. Telegram next week could hand the securities regulator its first loss related to initial coin offerings because the facts are so different from earlier ICO cases, says John Berry at Munger Tolles.

  • Malpractice Landscape Is Becoming Riskier For BigLaw

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    A recent survey of lawyers’ professional liability insurers revealed an increase in malpractice claims against law firms, suggesting clients will demand more accountability in the coming decade, say Gerald Klein and Amy Nguyen at Klein & Wilson.

  • Perspectives

    Book Review: A Lawyer Reflects On Defending Guilty People

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    In her new book, "Guilty People," Abbe Smith successfully conveys that seeing ourselves in people who commit crime may be the first step to exacting change in our justice system, says U.S. District Judge Diane Humetewa of the District of Arizona.

  • Alphabet's Missteps Offer Crisis Management Case Study

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    Corporate strategy and communications surrounding the recent resignation of Alphabet's chief legal officer provide a remarkable example of what companies should not do in a crisis, says Jolie Balido at NewStar Media.

  • How Emotional Intelligence Can Benefit Transactional Attys

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    By investing in self- and social-awareness skills, transactional lawyers can make the negotiation process more productive and pleasant while also increasing post-deal stability, say Frank Williamson at Oaklyn Consulting and Mike Harrell at Latitude Advisors.

  • Despite New Policy, CFPB Seems Uncertain On Abusive Acts

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    A recent policy statement from the Consumer Financial Protection Bureau explains the agency’s plans for prohibiting abusive acts and practices, but fails to resolve other important issues — including what the abusive standard actually means, says Eric Mogilnicki at Covington.

  • Series

    Why I Became A Lawyer: Following A Serendipitous Path

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    I went to law school intending to pursue a career in politics, inspired by Ted Sorensen and Gary Hart — but learning to solve problems in a new and exciting way drew me to litigation, says David Goodman of Goodman Law Group Chicago.

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