Fintech

  • October 22, 2021

    Feds Ask For 10 Years For Brit Involved In Bar Works Fraud

    Federal prosecutors asked a New York federal judge to sentence a convicted British fraudster to at least 10 years in prison and pay $57 million in restitution for his role in a $50 million scheme to bolster the Bar Works startup.

  • October 22, 2021

    Ex-Ripple, SEC Atty To Fill Binance.US' Top Legal Role

    Digital-asset exchange Binance.US said Friday it has tapped a cryptocurrency veteran and former U.S. Securities and Exchange Commission attorney as interim general counsel, as its former top lawyer steps back into a part-time role.

  • October 22, 2021

    U.S. Treasury Council Backs SEC's Climate Disclosure Plans

    The Financial Stability Oversight Council has put its weight behind the U.S. Securities and Exchange Commission's efforts to bolster the climate risk-related disclosures required of public companies and investment fund managers.

  • October 22, 2021

    Crypto Buyers Deserve Cert. In Illicit Tokens Suit, Judge Says

    A New York federal magistrate judge has recommended that certification be granted to a narrowed class of investors in a suit against online crypto-asset exchange KuCoin, which has been accused of not registering as a securities exchange and broker-dealer and transacting unregistered securities.

  • October 22, 2021

    GOP Reps. Cry Foul On Postal Service's Paycheck Pilot

    A pair of Republican congressmen raised alarms Friday about a U.S. Postal Service pilot program for cashing paychecks, saying the program hasn't been approved by Congress and is well outside the agency's purview.

  • October 22, 2021

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

    This past week in London has seen the U.K.'s competition watchdog take legal action to force holiday refunds, a pension provider take administration steps amid regulatory scrutiny, and a law firm sue the company behind proposals for a new theme park in southern England. 

  • October 21, 2021

    Bank Regulators Eye Updated Guidance To Fight Bias In AI

    Regulators and legal experts called for collaboration between federal and state entities to address the use of artificial intelligence in financial services on Thursday, as they catch up with the latest advances, weigh potential new industry guidance and seek to prevent discriminatory practices.

  • October 21, 2021

    Coinbase Looks To Arbitrate Claims It Ran Deceptive Contest

    Coinbase has asked a California federal judge to send to arbitration traders' claims that the cryptocurrency exchange's marketing for a contest deceived customers, saying the traders agreed to arbitrate such disputes when they signed up to use the platform.

  • October 21, 2021

    Crypto Exchange FTX Trading Valued At $25B For Series B-1

    Just three months after its last funding round, FTX Trading, the parent company of cryptocurrency exchange FTX.com, said Thursday it's now valued at $25 billion for its Series B-1 financing.

  • October 21, 2021

    Judge Lifts Ban On Ex-Bank Worker In Trade Secret Dispute

    A California federal judge has undone a preliminary injunction barring a former East West Bank employee from using the bank's purported trade secrets, saying he would not have issued it in the first place if he knew about arbitration pacts the ex-worker signed.

  • October 21, 2021

    Deals Rumor Mill: PayPal, ByteDance, Houzz

    PayPal is mulling a $45 billion Pinterest takeover bid, one of the top investors in TikTok’s parent company plans to sell a $500 million stake in the business, and online home remodeling platform provider Houzz is planning a 2022 IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • October 21, 2021

    Sports-Focused NFT Biz Candy Digital Valued At $1.5B

    Sports-focused nonfungible token company Candy Digital said Thursday it's now valued at $1.5 billion after its Series A funding round as it seeks to continue building the official NFT platform for Major League Baseball.

  • October 21, 2021

    CFPB Targets Amazon, Facebook, Others In Payments Probe

    The Consumer Financial Protection Bureau has ordered a group of tech giants including Amazon, Facebook and Google to turn over information related to their payments-related systems and products, giving the companies just under two months to hand over the details as part of a consumer protection sweep announced Thursday.

  • October 21, 2021

    Mayer Brown Adds Ex-Weil Finance Dealmaker In NYC

    A former longtime Weil Gotshal & Manges LLP partner who specializes in financial services transactions and fintech deals has moved to Mayer Brown LLP, making him the firm's 14th partner hire this year in New York City, according to the firm.

  • October 21, 2021

    Sullivan & Cromwell, Skadden Forge Ally's $750M Fintech Buy

    Ally Financial Inc. has agreed to buy private equity-backed credit card company Fair Square Financial LLC for roughly $750 million in cash, the companies said Thursday, in a transaction put together by respective legal advisers Sullivan & Cromwell and Skadden.

  • October 20, 2021

    CFPB Says Consumers Must Know Risks As Libor Nears End

    The Consumer Financial Protection Bureau urged financial institutions on Wednesday to make sure their disclosures around the imminent end of Libor help consumers understand how their interest rates will be calculated in the future.

  • October 20, 2021

    FTC Accuses Loan Underwriter Of Facilitating Bogus Training

    The Federal Trade Commission has sued an underwriter and loan servicer in California federal court that it says aided a separate business that was ripping off consumers with bogus financial markets training.

  • October 20, 2021

    Ally Of Ex-BigLaw Atty To Pay $2.1M After OneCoin Guilty Plea

    A former business partner of Mark Scott, the ex-Locke Lord attorney convicted of aiding the $4 billion OneCoin cryptocurrency scam, agreed on Tuesday to repay nearly $2.1 million as he entered a years-in-the-making guilty plea in New York court.

  • October 20, 2021

    Ex-SEC Director To Advise Digital-Asset Securities Biz

    After a brief stint at Coinbase, former U.S. Securities and Exchange Commission official Brett Redfearn has jumped to digital-asset securities company Securitize Inc., where he will serve as chairman of the advisory board, Securitize said Wednesday.

  • October 20, 2021

    RICO Claim Trimmed In $33M Bitcoin Suit Against Pa. Attys

    A federal judge dismissed Tuesday a Canadian investor's claim that two Pennsylvania attorneys worked together to defraud him of more than $5 million intended for the purchase of Bitcoin.

  • October 20, 2021

    Canada's Coinberry Taps Ex-JPM CCO To Head Compliance

    A former JPMorgan & Chase compliance officer has joined the Canadian crypto-only trading platform Coinberry Ltd. as its new chief compliance officer.

  • October 20, 2021

    V&E Steers Bitcoin Miner's Upsized $127M IPO

    Alternative energy bitcoin miner Stronghold Digital Mining Inc. soared in debut trading Wednesday after it raised $127 million in an initial public offering that priced above range, guided by Vinson & Elkins LLP and underwriters counsel Nelson Mullins Riley & Scarborough LLP

  • October 19, 2021

    CFPB's 1st Case Under Chopra Hits Prison Prepaid Card Co.

    The Consumer Financial Protection Bureau said Tuesday that a leading private-equity-backed provider of financial services to prisons must pay a $2 million fine and refund $4 million in restitution as part of the first enforcement action brought by the agency since Rohit Chopra took over as its director.

  • October 19, 2021

    Gensler Says SEC Has Draft Universal Proxy Proposal In Hand

    The head of the U.S. Securities and Exchange Commission said Tuesday that he and his fellow commissioners received a draft from agency staff this week for a proposed "universal proxy" rule aimed at making ballots in contested board elections more consistent for all shareholders.

  • October 19, 2021

    Regulators Urged To Tighten Guidance On Bank Partnerships

    Consumer advocates and Democratic state attorneys general are urging federal banking regulators to more explicitly frown upon so-called rent-a-bank arrangements in risk management guidance that has been proposed for financial institutions partnering with fintech firms and other third-party providers.

Expert Analysis

  • What Blockchain Means For The Future Of US Health Care

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    As the U.S. plays catchup with other countries that have introduced blockchain into their health care systems, the technology is poised to drastically change the industry's revenue cycles, data management and beyond, which will result in better care for patients and more assurance for provider reimbursements, say Michael Ruggio and Jacob Butz at Ice Miller.

  • Opinion

    State Crypto Lending Concerns Point To SEC Action Ahead

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    A growing mix of states have issued enforcement actions and raised concerns around cryptocurrency lending programs, highlighting the inevitability of a U.S. Securities and Exchange Commission sweep of unregistered crypto platforms offering digital lending products, says cybersecurity consultant John Reed Stark.

  • Financial Planning Tips For Retiring Law Firm Partners

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    As the pandemic accelerates retirement plans for many, Michael Delgass at Wealthspire Advisors outlines some financial considerations unique to law firm partners, including the need for adequate liquidity whether they have capital accounts or pension plans.

  • What FTC's 'Penalty Offense Notices' Mean For Companies

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    In recent weeks, the Federal Trade Commission has resurrected a long-dormant enforcement power by sending hundreds of companies notices of marketing-related offenses — and while the agency may face practical challenges in executing penalties, companies should proceed carefully, say attorneys at Manatt.

  • Opinion

    The Infrastructure Bill Should Not Target Cryptocurrency

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    Congress should excise a provision in the pending infrastructure bill that would require anyone who accepts $10,000 in cryptocurrency for goods or services to report the transferring party's personal information to the Internal Revenue Service — this would be unnecessary, ill-advised and possibly unconstitutional, says James Burnham at Jones Day.

  • Preparing Remote Deposition Defenses For Corporate Entities

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    As remote depositions will remain common for the foreseeable future, attorneys defending a deposition notice or subpoena to a corporation should implement certain strategies to mitigate unique challenges, such as less planning time and increased difficulty of establishing rapport with witnesses, say attorneys at Sidley.

  • Perspectives

    Why Law Schools Should Require Justice Reform Curriculum

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    Criminal defense attorney Donna Mulvihill Fehrmann argues that law schools have an obligation to address widespread racial and economic disparities in the U.S. legal system by mandating first-year coursework on criminal justice reform that educates on prosecutorial misconduct, wrongful convictions, defense 101 and more.

  • What Attorneys Should Know About Blockchain Disputes

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    As blockchain companies on the product supply chain rapidly adopt new technologies, commercial counsel can prepare to assist blockchain clients and consumers in mitigating transactional disputes by becoming familiar with smart contract code, jurisdictional issues and new dispute resolution schemes, says Michael Hewitt at Sideman & Bancroft. 

  • Pandora Papers Reveal Need For Greater Tax Enforcement

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    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

  • How Law Firms Can Rethink Offices In A Post-Pandemic World

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    Based on their own firm's experiences, Kami Quinn and Adam Farra at Gilbert discuss strategies and unique legal industry considerations for law firms planning hybrid models of remote and in-office work in a post-COVID marketplace.

  • Opinion

    Next Fed Supervision Vice Chair Must Restore Bank Oversight

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    President Joe Biden's upcoming pick for vice chair of supervision at the Federal Reserve must undo deregulation of the banking industry carried out since 2017, and address emerging threats with an eye toward racial economic inequality, climate-related risks, fintech, liquidity requirements and more, says Phillip Basil at Better Markets.

  • What To Expect From SEC's Equity Market Recommendations

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    U.S. Securities and Exchange Commission Chair Gary Gensler’s recent comments offer clues as to how the agency's forthcoming report on equity market structure may address issues like payment for order flow, settlement cycle, market data and conflicts of interest, says Justin Chretien at Carlton Fields.

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