Fintech

  • October 29, 2020

    Davis Polk Steers Asia-Focused Blank-Check Co.'s $175M IPO

    Duddell Street Acquisition Corp., a Hong Kong-based blank-check company looking to acquire an Asian business with growth potential, went public Thursday after raising a $175 million initial public offering, steered by Davis Polk & Wardwell LLP and underwriters counsel White & Case LLP.

  • October 29, 2020

    2 Years 'Too Long' For Google's Epic Fortnite Showdown

    A California federal judge pushed for a sense of urgency Thursday as Epic Games and Google eye trial over the Fortnite maker's monopolization claims against the search giant, asserting that a two-year timetable envisioned by Google is unacceptably slow.

  • October 29, 2020

    Digital Bank To Settle With Customers Over Service Outage

    Digital banking company Chime Financial and its customers on Wednesday got initial approval of a proposed settlement agreement from a California federal judge, which would end claims stemming from disruption of the company's services in October 2019.

  • October 29, 2020

    NY Banks, Financial Firms Urged To Prep For Climate Risks

    New York's Department of Financial Services issued guidance on Thursday saying that banks, cryptocurrency companies and other financial institutions under its oversight need to begin preparing for the financial impacts of climate change, becoming the first banking regulator in the U.S. to lay out such risk management expectations.

  • October 29, 2020

    Marketing Co. Alliance To Buy Online Payment Biz For $450M

    Data-driven marketing company Alliance Data said Thursday that it has inked a deal to buy digital payment company Bread in a $450 million cash and stock deal guided by Davis Polk and Simpson Thacher.

  • October 29, 2020

    Deals Rumor Mill: Dunkin', Las Vegas Sands, Guitar Center

    Dunkin' Brands could be sold for nearly $9 billion, Las Vegas Sands is weighing the potential $6 billion or more sale of its Las Vegas casinos, and Guitar Center may have to file for bankruptcy. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • October 28, 2020

    Orrick-Led PayPal Invests $50M In Black, Latinx-Led VC Funds

    Online payment platform PayPal, working with Orrick Herrington & Sutcliffe LLP, announced Wednesday that it has invested $50 million in eight Black- and Latinx-led venture capital firms as part of its pledge to devote $530 million to supporting underrepresented communities and promoting racial equity.

  • October 28, 2020

    SEC Cyber Chief And Ex-SEC Atty Spar Over Crypto Guidance

    The chief of the U.S. Securities and Exchange Commission's cyber unit and an ex-SEC enforcement attorney offered starkly different assessments regarding the agency's effectiveness in regulating cryptocurrency on Wednesday, highlighting the tension between the agency and the crypto industry.

  • October 28, 2020

    NYSE Exec, Ex-Weil Partner Taking VC Crypto Regulatory Role

    Anthony Albanese, currently the chief regulatory officer of the New York Stock Exchange, is heading to venture capital firm Andreessen Horowitz where he will work on cryptocurrency regulation matters, the company announced on Wednesday.

  • October 28, 2020

    SoFi Clears Initial OCC Hurdle In Quest To Launch Bank

    The Office of the Comptroller of the Currency said Wednesday that it has granted conditional approval to Social Finance Inc.'s application for a full-service national bank charter, moving the online lender one step closer to launching SoFi Bank NA.

  • October 28, 2020

    Cooley-Led Auto Insurer Leads 5 IPOs Raising Nearly $1.2B

    The Cooley-led parent company of a mobile phone-based auto insurance company headed a pack of five companies whose shares began trading on the stock market Wednesday, raising nearly $1.2 billion through initial public offerings steered by eight firms.

  • October 28, 2020

    Split SEC Will Allow Funds To Expand Derivatives Use

    A divided U.S. Securities and Exchange Commission on Wednesday approved a rule that would regulate how mutual funds and other investment companies use risky derivatives to boost returns, seeking to replace a patchwork system with concrete standards.

  • October 28, 2020

    PennyMac Fires Back At Black Knight's 'Needless Litigation'

    PennyMac Loan Services LLC urged a Florida federal judge Tuesday not to give mortgage servicing software provider Black Knight Inc. an early win in a trade secrets suit, which PennyMac called "the epitome of needless litigation."

  • October 27, 2020

    DOJ Sues Bain For More Info In $5.3B Visa-Plaid Deal

    The U.S. Department of Justice asked a Massachusetts federal court Tuesday to enforce its demand for information from Bain & Co. Inc. and Visa Inc. as a part of the Antitrust Division's investigation into Visa's proposed $5.3 billion deal to acquire fintech company Plaid Inc.

  • October 27, 2020

    SEC Corporation Finance Director To Step Down

    Bill Hinman, the director of the U.S. Securities and Exchange Commission's Division of Corporation Finance, on Tuesday announced he will leave his role at the federal regulator before the end of the year.

  • October 27, 2020

    OCC Adopts 'True Lender' Test For Bank Lending Partnerships

    The Office of the Comptroller of the Currency on Tuesday finalized a rule for ascertaining who the "true lender" is in a lending partnership between a federally chartered bank and another party, drawing swift condemnation from consumer advocates who argued the rule is a boon to predatory lending.

  • October 27, 2020

    Payment Co. Repay To Buy Automated Payments Biz For $78M

    Payment methods company Repay, working with Troutman Pepper, revealed plans Tuesday to buy Alston & Bird-guided CPS Payment Services for $78 million in on-hand cash and extend the chance for CPS to earn $15 million more after hitting certain growth milestones.

  • October 27, 2020

    Crypto Co. Can't Trim SEC's $2.5M Offering Fraud Suit

    Cryptocurrency company Dropil Inc. and two of its executives can't shed fraud claims they face in connection with the sale of their digital assets called Drops, a California federal judge has ruled.

  • October 27, 2020

    BoE Official Says UK Still Undecided On Digital Currency

    The U.K. is still considering whether to pursue the creation of a digital currency alongside traditional legal tender, according to Tom Mutton, who is responsible for financial technology at the Bank of England.

  • October 26, 2020

    Atty On Hook For $5.2M Says Bitcoin Investor Froze His Funds

    An aging attorney told a Manhattan federal judge on Friday that as a result of attempts to enforce the $5.2 million judgment he faces, he doesn't have access to money he needs for basic necessities such as food and rent.

  • October 26, 2020

    COVID-19 Drug Developer Joins IPO Pipeline In Packed Week

    COVID-19-focused biotechnology firm Atea Pharmaceuticals Inc. set a price range Monday for an estimated $253 million initial public offering, one of two Latham-led drug developers to join a packed lineup of 15 operating companies planning to go public this week.

  • October 26, 2020

    CFPB Goes To Bat In Texas For Remainder Of Payday Rule

    The Consumer Financial Protection Bureau has urged a Texas federal judge to reject a lawsuit from payday lender trade groups challenging the remainder of the agency's payday rule, saying their complaints about the regulations boils down to "policy disagreements" that aren't enough to carry the day.

  • October 26, 2020

    SEC Counsel Suggests 8th Grade Reading Level On Form CRS

    Roughly four months after the compliance deadline for the U.S. Securities and Exchange Commission's landmark Regulation Best Interest, agency officials on Monday had a message for firms ironing out the language they use in the accompanying Form CRS: Keep it simple.

  • October 26, 2020

    Murphy & McGonigle Expands To Chicago With Securities Pro

    As banks and other financial institutions navigate regulations during the coronavirus pandemic, financial services law firm Murphy & McGonigle has hired a lawyer with financial expertise in Chicago to open the firm's first-ever office in the Windy City — the second office the firm opened this year.

  • October 26, 2020

    Fintech Giant Ant's Record-Smashing IPO Set To Exceed $34B

    Chinese digital finance giant Ant Group said Monday it expects to raise more than $34 billion through a potentially record-setting initial public offering on the Shanghai and Hong Kong stock exchanges, guided by five law firms.

Expert Analysis

  • Volcker Rule's VC Changes Will Support Underserved Regions

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    Expected changes to the Volcker Rule will permit banks to invest in small and emerging venture capital funds, which could close the gap in financing for startups and small businesses outside the major investment hubs, says Lindsay Karas Stencel at Thompson Hine.

  • Persuasion Skills Attys Can Learn From Political Speeches

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    The tools of powerful political speeches — those with soaring rhetoric that convinces and moves listeners — can be equally applicable to oral advocacy, case strategy and brief writing, say Lauren Papenhausen and Julian Canzoneri at White & Case and former presidential speech writer Dave Cavell.

  • Opinion

    Reflections On My 1st Judicial Election Amid Racial Tensions

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    Former Georgia Supreme Court Chief Justice Robert Benham looks back at the racial barriers facing his first judicial campaign in 1984, and explains how those experiences shaped his decades on the bench, why judges should refrain from taking political stances, and why he was an early supporter of therapeutic courts that deal with systemic problems.

  • Weighing Litigation Vs. Arbitration Amid Court Disruptions

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    Parties must determine whether arbitration is better than litigation for their disputes amid pandemic-induced court delays by answering five key questions and understanding the importance of a clearly tailored arbitration clause, say attorneys at Goodwin.

  • How Attys Can Guard Against Rising Settle-And-Sue Claims

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    Certain precautions can help lawyers avoid post-settlement malpractice claims and create a solid evidentiary defense, as settle-and-sue lawsuits rise amid pandemic-induced dispute settlements, say Bethany Kristovich and Jeremy Beecher at Munger Tolles.

  • 5 Areas SEC 'Finders' Proposal Needs More Clarity

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    A recent U.S. Securities and Exchange Commission proposal provides a welcome carveout that allows "finders" to connect issuers with investors without registering as brokers, but questions remain around the exemptive order's scope, and how it would interact with other state and federal securities law requirements, say attorneys at Goodwin.

  • Law Firm Tips For Attracting, Retaining Attys During Pandemic

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    Steps law firms can take to attract and keep the best lawyers amid the pandemic include diversifying expertise to meet anticipated legal demands, prioritizing firm culture, and preparing for prospective partners' pointed questions, says Brian Burlant at Major Lindsey.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • Series

    Lawyering While Parenting: A Day In A Dad's Pandemic Life

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    Christopher Jennison shares a view of his life working from home as a Federal Aviation Administration attorney preparing to first-chair a trial while splitting child care responsibilities with his lawyer wife.

  • Avoiding Smart Contract Conflicts Despite Ambiguity

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    As smart contracts grow in popularity, confusion over their definition, operation and effect requires careful consideration of how they may alter parties' legal rights and obligations, says Andrew Foreman at Porter Wright.

  • Series

    Lawyering While Parenting: A Day In A Mom's Pandemic Life

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    Josephine Bahn shares a view of her life working from home as an attorney at the Federal Deposit Insurance Corporation while splitting child care responsibilities with her lawyer husband.

  • Opinion

    SBA Change-In-Ownership Guidance Highlights PPP Flaws

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    The lack of clarity in the U.S. Small Business Administration's recent guidance on Paycheck Protection Program requirements for borrowers undergoing ownership changes is an example of how changing the pandemic relief program's rules on the fly could leave borrowers confused and potentially economically vulnerable, says Christine Price at Moritt Hock.

  • Brazilian Data Protection Law's Impact On US Financial Firms

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    In this brief video, Flavia Rebello at Trench Rossi and Daniela Fonseca Puggina at Baker McKenzie explain why U.S. financial institutions that do not have a presence in Brazil should still be up to speed with its newly effective General Data Protection Law to avoid potential issues with Brazilian regulators and courts.

  • 5 Cost-Cutting Strategies For Corporate Legal Departments

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    To achieve long-term reduction in their legal expenses, companies must look beyond law firm hourly rates and better distribute their legal work among high-cost premier firms, low-cost practitioners and alternative legal service providers, and their own in-house teams, says Nathan Wenzel at SimpleLegal.

  • Guest Feature

    Preparing The Next Generation Of Female Trial Lawyers

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    To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.

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