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Fintech

  • May 17, 2019

    Gov't Must Provide Info In Challenge To 2-For-1 Rule Order

    The D.C. federal judge presiding over public interest groups' challenge to President Donald Trump's executive order requiring that for every new regulation, two rules must be eliminated, said Friday that federal agencies must do a better job complying with discovery.

  • May 17, 2019

    JP Morgan Chase To Buy Medical Payments Co. InstaMed

    J.P. Morgan Chase announced on Friday its intention to purchase health care payments company InstaMed, which features a cloud-based payments platform, bolstering the bank’s investments in payment services and making inroads into the health care industry.

  • May 17, 2019

    Deals Rumor Mill: OneConnect, Starz, Carrefour

    A financial technology unit of Chinese conglomerate Ping An Insurance has tapped advisers related to its plans to go public in Hong Kong, Lions Gate rebuffed a $5 billion offer for its Starz network from CBS Corp, and Carrefour is considering selling a minority stake in its Chinese business.

  • May 17, 2019

    Arizona Fintech Sandbox Doubles With 3 New Participants

    A startup that aims to deliver financial services to the unbanked, an income-sharing agreement provider that's seeking to distinguish itself from consumer lenders, and a company that's testing a tool to evaluate potential renewable energy investments are the latest inductees into Arizona's fintech sandbox.

  • May 17, 2019

    Facebook Launches Swiss Fintech Co. Focused On Payments

    Facebook Global Holdings has put together a Switzerland-based fintech company named Libra Networks to focus on the development of software and infrastructure connected to blockchain, big data, payments and other investments, according to publicly available documents.

  • May 17, 2019

    DOJ Antitrust Chief To Appear For Fed. Circ. Oral Args

    The U.S. Department of Justice's top antitrust official is set to appear for Federal Circuit oral arguments in an appeal by Capital One Financial Corp. on claims accusing Intellectual Ventures I LLC of monopolizing the banking technology market.

  • May 17, 2019

    Cryptocurrency Thief Gets Six Years For $1.8M Heist

    A New York state judge on Thursday sentenced a man to six years in prison for his admitted role in a kidnapping and robbery that drained $1.8 million worth of Ether cryptocurrency from a victim's digital wallet.

  • May 16, 2019

    Bitfinex, Tether Transfers Blocked As NY Judge Narrows Order

    An order enjoining cryptocurrency company Tether Ltd. and trading platform Bitfinex now has a 90-day time limit after being tightened by a New York judge, while core provisions safeguarding document requests and freezing a line of credit between the two companies were left intact.

  • May 16, 2019

    PTAB Says E-Check Patent Not Eligible For CBM Review

    A United Services Automobile Association patent related to mobile check deposits covers a "technological invention," the Patent Trial and Appeal Board said Wednesday, meaning it is not eligible for covered business method review.

  • May 16, 2019

    Regulators Nearing Finish Line On Banking Relief Bill

    Federal banking regulators told House lawmakers Thursday that they’re expecting to finish writing rules implementing last year’s banking regulatory relief bill by the end of 2019, should soon have more updates on Volcker rule reform and could move to address the Second Circuit’s controversial Madden decision.

  • May 16, 2019

    Mizuho Bank Dodges Another Mt. Gox Bitcoin Buyer Suit

    Mizuho Bank Ltd. is no longer facing a Californian's lawsuit over the collapse of the bitcoin exchange Mt. Gox, marking yet another successful escape from claims that it improperly halted international withdrawals from the exchange.

  • May 16, 2019

    Lowenstein-Led Fintech Firm OpenFin Scores $17M Fundraise

    Financial technology firm OpenFin said Thursday a group of high-profile investors spearheaded by Wells Fargo poured $17 million into a recent funding round, giving the Lowenstein Sandler-led company additional resources to improve its finance-focused desktop operating system.

  • May 16, 2019

    Investors Knew Risks Ahead Of $125M Fine, MoneyGram Says

    MoneyGram International Inc. told an Illinois federal court Thursday that it has always been upfront with investors about the costs and challenges of making its anti-fraud and anti-money laundering compliance programs meet the expectations of government regulators, no matter what a securities suit says.

  • May 16, 2019

    Feds Want At Least 2½ Years For ICO Fraudster

    Federal prosecutors told a New York federal judge that a cryptocurrency entrepreneur should serve at least 2½ years in prison for issuing two fraudulent initial coin offerings in what is one of the first criminal cases to consider the applicability of federal securities laws to digital tokens.

  • May 15, 2019

    FTC To Crack Down On Cos. That Buy Data From Scammers

    A high-ranking official at the Federal Trade Commission said Wednesday that the agency is cracking down on companies that purchase consumer data gathered through online scams, funding what he called an ecosystem of deceit on the internet.

  • May 15, 2019

    DLA Piper Announces New Artificial Intelligence Practice

    DLA Piper has launched an international artificial intelligence practice focusing on "emerging and disruptive" technologies and their accompanying legal and compliance risks, the firm announced Tuesday.

  • May 15, 2019

    NY Ruling Could Dampen Fintech Charter Interest, OCC Says

    The Office of the Comptroller of the Currency said Wednesday that interest from potential applicants in its fintech charter may cool now that New York's challenge to the charter has cleared an initial hurdle in federal court.

  • May 15, 2019

    Misconduct Claims Mount Against Fla. Financial Regulator

    The troubles appear to be increasing for Florida's chief financial regulator, as a sexual harassment claim was followed by new allegations that he told a job applicant that Tallahassee has too many "rednecks" and brought up the sex exploits of the "Wolf of Wall Street" stock trader during a staff meeting.

  • May 15, 2019

    1st Convicted Spoofer's New Data Doesn't Secure New Trial

    An Illinois federal court won't allow a retrial for the first person to be convicted of spoofing the commodities markets, finding Wednesday that the former trader's "newly discovered evidence" was unlikely to change the outcome of the case.

  • May 15, 2019

    UAE Fintech Finablr Prices $400M IPO On London Exchange

    Finablr, a United Arab Emirates-based payment processor and foreign exchange provider, said Wednesday it priced an initial public offering that will raise £306 million ($400 million) on the London Stock Exchange.

Expert Analysis

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • 5 Ways To Enhance Patent Strategy With Data Analytics

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    Not long ago, patent practitioners primarily obtained information about a patent examiner’s working style by working with the examiner or hearing reports of colleagues’ experiences with the examiner, but now data analytics offer additional clues, says Eric Snustad of Fredrikson & Byron.

  • A Tool For Budgeting Corporate Innovation Programs

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    How can companies calculate a budget for research and development and innovation programs? One helpful approach is to rank the company among its peer group of competitors, and this score can also serve as a leading indicator of stock price for the investment community, says Stephen Glazier of Akerman.

  • SEC Fine Shows Bad Data Can Put The 'Risk' In Model Risk

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    Prosper Funding's recent $3 million settlement with the U.S. Securities and Exchange Commission suggests that companies may face Securities Act Claims even for inadvertent performance data errors if their code is out of date or poorly understood by staff, say attorneys at Mayer Brown.

  • In SEC's Remediation Model, Hard Choices For ICO Issuers

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    Recent guidance from the U.S. Securities and Exchange Commission may help issuers avoid having their future initial coin offerings categorized as unregistered securities offerings. But for past ICOs, issuers must rely on the SEC's remediation process, and should consider two key questions before proceeding, says Kayvan Sadeghi of Schiff Hardin.

  • A Step Toward Consistent State Laws For Crypto Cos.

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    The Conference of State Bank Supervisors' recently announced suggestions to harmonize state law frameworks for nonbank fintech companies could be particularly beneficial to cryptocurrency companies, for whom the applicable regulatory landscape is especially uncertain, say attorneys at Cleary Gottlieb.

  • Ex-Jumio CEO Case Shows SEC Is Watching Private Cos.

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    The U.S. Securities and Exchange Commission recently settled with the founder of Jumio for his misstatement of financial results to inflate the value of his company shares. This case is an example of what may be in store if an economic downturn hits the current stable of unicorns, say Joshua Newville and Brian Hooven at Proskauer.

  • New FinCEN Action Is A Warning To P2P Crypto Exchangers

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    The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.