Fintech

  • August 11, 2020

    Split 5th Circ. Tosses Accountant's Suit Against SEC Judges

    A split panel of Fifth Circuit judges on Tuesday threw out a suit brought by an accountant who alleged the U.S. Securities and Exchange Commission's in-house judges are unconstitutionally protected from removal.

  • August 11, 2020

    Accused Crypto Fraudster Denies $35M Trading Scheme

    An Ohio fund manager on Tuesday denied charges brought over a purported scheme to bilk investors out of more than $35 million through a fake cryptocurrency trading operation.

  • August 11, 2020

    New Group Aims To Elevate Voices Of Black Compliance Pros

    A Greenberg Traurig LLP attorney who previously worked at the Consumer Financial Protection Bureau launched an organization this week that seeks to expand opportunities for Black compliance and risk management professionals while changing corporate attitudes toward diversity from the top down.

  • August 11, 2020

    Virtu Sues Insurer For Not Covering $11M Hacking Fraud

    AXIS Insurance Co. breached its contract with Virtu Financial Inc. by failing to cover $11 million lost in an email hacking incident, the financial giant alleged in a new suit filed in New York federal court Monday.

  • August 11, 2020

    Coinbase Breaks With Major Blockchain Industry Group

    Coinbase said Tuesday it is leaving Blockchain Association, an industry group it helped found, citing "recent decisions" the cryptocurrency platform believes could "irreparably impair the credibility of the association."

  • August 11, 2020

    New Latham Partner Says It's 'Back To Biz' For Emerging Cos.

    Latham's latest addition to its emerging companies practice expects the sector to maintain its current rapid pace in 2020 as budding enterprises and their backers find creative ways to navigate the coronavirus pandemic.

  • August 11, 2020

    Biz Analytics Co. To Spend $500M On Bitcoin, Stock Buybacks

    Business analytics group MicroStrategy detailed its new capital allocation strategy Tuesday, announcing that it's making Bitcoin its principal holding in its reserves by buying $250 million worth of the cryptocurrency and that it would spend up to an equal amount of money on a stock buyback.

  • August 10, 2020

    Facebook Builds Group Focused On All Its Payment Initiatives

    Facebook is putting all of its payment initiatives under one roof with the creation of a group called Facebook Financial, or F2, headed by David Marcus, who oversees the Facebook-affiliated digital currency Libra, the social media giant confirmed Monday.

  • August 10, 2020

    Payment Co. Settles Trade Secrets Suit With Ex-Workers

    A payment processing company let several former employees off the hook in California federal court after reaching a "confidential" settlement in its suit accusing them of helping its former CEO steal trade secrets and form a competing payment processing business.

  • August 10, 2020

    Thompson Hine Adds Pair Of Investment Management Attys

    Thompson Hine LLP said Monday it added two attorneys to its corporate transactions and securities practice group from in-house positions to focus on financial technology, broker-dealer regulations and fund governance.

  • August 10, 2020

    Interactive Brokers To Pay $38M To Multiple Regulators

    Interactive Brokers LLC has agreed to pay $38 million in fines to resolve claims that the electronic trading platform failed to file suspicious activity reports for certain securities trades and ran afoul of anti-money laundering rules, regulators said Monday.

  • August 10, 2020

    Tech Giants, AGs Say Trump's Visa Bans Hurt US Economy

    Dozens of states and technology giants, including Apple Inc. and Microsoft Corp., have backed lawsuits challenging President Donald Trump's recent visa suspensions, arguing the president's orders will hinder the U.S.' economic recovery.

  • August 10, 2020

    Expensify Sues Intuit In London To Bar App Name Use

    American financial technology company Expensify has sued Intuit in London to stop the tax and accounting giant from using the same name as its well-known "SmartScan" data gathering software.

  • August 07, 2020

    Fintech-Driven SPAC Leads 2 IPOs Tapping Market For $1.27B

    FTAC Olympus Acquisition, the fourth blank-check company formed by management of financial services business The Bancorp, led a pair of blank-check companies that set terms Friday for initial public offerings aiming to raise a combined $1.27 billion, according to regulatory filings.

  • August 07, 2020

    Crypto Execs' Availability Disputed In Securities Suit

    Counsel in a proposed securities class action claiming Status Research engaged in an unregistered securities offering are at loggerheads over providing alternative service to the company's allegedly untraceable executives, with the parties disagreeing on whether a deal had been reached on service and accusing each other of making false assertions.

  • August 07, 2020

    JPMorgan Fights Class Cert. Bid In Interest Rate Swaps Suit

    JPMorgan Chase & Co. in a letter Friday pointed to two recent decisions in New York federal court and the Third Circuit that it says support the rejection of a class certification bid in an antitrust suit over interest rate swaps trading.

  • August 07, 2020

    Services Firm Claims Client Shut It Out Of $3.75M Deal

    An investment banking services company on Thursday alleged it's owed $187,500 for helping a tech company prepare for a sale, only to be left in the dust when the deal actually closed.

  • August 07, 2020

    White House Seeks 2022 Cutoff In China Listings Crackdown

    A White House task force issued policy proposals on Thursday that would give Chinese companies until 2022 to either comply with U.S. audit requirements or get delisted from U.S. exchanges.

  • August 07, 2020

    Questions Linger Over Coinbase's Potential Public Listing

    Coinbase's potential public listing would mark a breakthrough toward mainstream acceptance for the cryptocurrency industry, experts say, though legal and practical questions swirl around how the U.S.'s best-known crypto exchange will go about its plans.

  • August 07, 2020

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

    The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.

  • August 07, 2020

    Senate Approves Peirce, Crenshaw As SEC Commissioners

    The U.S. Senate confirmed the nominations of Hester Peirce and Caroline A. Crenshaw as commissioners of the SEC by a voice vote on Thursday evening.

  • August 06, 2020

    4 Firms Guide $140M Fintech Merger With Blank Check Co.

    Financial technology group BankMobile Technologies said Thursday it was going public through a merger with special purpose acquisition company Megalith Financial Acquisition Corp. in a deal that values the combined business at $140 million and that was guided by four law firms: Nelson Mullins, Stradley Ronon, Duane Morris and Ellenoff Grossman.

  • August 06, 2020

    5 Firms Assist Intercontinental Exchange's $11B Ellie Mae Buy

    Intercontinental Exchange Inc. has agreed to buy cloud-based mortgage platform Ellie Mae from private equity firm Thoma Bravo for roughly $11 billion, including debt, in a deal guided by five law firms, the companies said on Thursday.

  • August 06, 2020

    Deals Rumor Mill: TikTok, Tencent, Japan Post

    A deal for TikTok could cost Microsoft up to $30 billion, Tencent aims to merge two of China’s top gaming-focused streaming companies, and Japan Post hopes to sell struggling Australian logistics business Toll Holdings. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • August 06, 2020

    OECD To Consider Exemptions For New Tax System In Report

    An international consortium of tax officials negotiating a new global taxing system will consider whether to remove prescription drugs from the scope of taxation, as well as an expanded list of exemptions including fishing and agriculture, financial technology and shipping.

Expert Analysis

  • Lesser-Known Litigation Funding Best Practices For Attorneys

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    Following the American Bar Association's recent publication of third-party litigation funding guidance, Jiamie Chen and Dai Wai Chin Feman at Parabellum Capital outline some additional considerations, including the ethical limitations on single-case funding and the futility of economic prenegotiations between attorneys and their clients.

  • Opinion

    ADA Protects Lawyers With Disabilities, But We Must Do More

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    As an attorney with cerebral palsy, Danielle Liebl at Reed Smith says that while the 30-year-old Americans with Disabilities Act has protected her against discrimination, the legal industry must do more to accommodate lawyers with disabilities and make them more comfortable in self-identifying.

  • Perspectives

    Legal Deserts Threaten Justice In Rural America

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    Many small towns and rural counties have few lawyers or none at all, which threatens the notion of justice for all Americans and demands creative solutions from legislators, bar associations and law schools, says Patricia Refo, president of the American Bar Association.

  • Timing IPRs To Avoid Discretionary Denial Or Damages

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    For patent defendants determining how long they can wait to file parallel inter partes reviews to avoid discretionary denial under the Patent Trial and Appeal Board's recent Apple v. Fintiv ruling, a data-driven approach using recent district court and U.S. International Trade Commission timelines can provide guidance, say Syed Fareed and John Williams at Baker Botts.

  • Using Blockchain To Settle Trades Could Alter Litigation

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    On the heels of Paxos Trust's and the Depository Trust Clearing Corp.’s recent interest in using distributed ledger technology to settle equities trades, analysts at The Brattle Group explore how having a record of every transaction can help answer a thorny damages question in securities class actions.

  • Analyzing Upward And Downward Trends In Legal Tech

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    Advances in legal technology are often accompanied by bombastic overstatements, but it is important to separate the wheat from the chaff by looking at where various technologies stand on the hype curve, says Lance Eliot at Stanford Law School.

  • Opinion

    ABA's New Guidance On Litigation Funding Misses The Mark

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    The American Bar Association should revise its recently approved best practices on third-party litigation funding as they do not reflect how legal finance actually works and could create confusion among lawyers, says Andrew Cohen at Burford Capital.

  • What Firms Should Ask Before Hiring Attorneys From Gov't

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    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

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    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Opinion

    ABA Must Seize Opportunity To Respond To Bar Exam Chaos

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    The challenges of administering bar exams this year have put the future of the profession in jeopardy, but the American Bar Association at its ongoing annual meeting can adopt a resolution that would urge jurisdictions to take emergency actions with respect to licensure of new attorneys, says Nicholas Allard, former president of Brooklyn Law School.

  • How Pandemic Is Affecting The Pace Of Judicial Opinions

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    The COVID-19 pandemic has changed the way judges work, but how has it impacted the volume of work product they generate? Ben Strawn and Omeed Azmoudeh at Davis Graham investigate using data from the PACER federal courts registry.

  • 6 Steps For Law Firms Looking To Improve Their Culture

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    The COVID-19 crisis represents an inflection point for law firm culture, and smart firm leaders will take advantage of this moment to build innovation-welcoming environments that support partners, associates, business services teams and clients alike, say Jennifer Johnson at Calibrate Legal and Kathleen Pearson at Pillsbury.

  • Virtual Courts Amplify Lawyers' Corporate Spokesperson Role

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    Greater access to virtual court proceedings during the pandemic means an increased likelihood that legal arguments will jump from the courtroom to the court of public opinion, so counsel must tailor statements with the client's reputation in mind, says Mike Dolan at Finsbury.

  • Key Financial Data Security Takeaways From FTC Workshop

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    Attorneys at Perkins Coie analyze major issues raised in the Federal Trade Commission's recent virtual workshop on proposed updates to the Gramm-Leach-Bliley Act’s data security requirements for nonbank financial institutions, as well as perspectives that were not addressed but should be considered before issuing a final rule.

  • Don't Expect Banks To Shoulder Embezzlement Liability

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    Although companies may attempt to hold their banks responsible for flagging employee embezzlement, they should implement adequate protections because courts tend to favor financial institutions in these cases, which could increase with COVID-19 reopenings, says Brett Watson at Cozen O'Connor.

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