Fintech

  • November 30, 2021

    App Makers Join Epic's Bid To Enforce 'Vital' App Store Order

    App developers including Tile and Match Group are backing Epic Games' call for the Ninth Circuit to force Apple to immediately comply with a federal court order to let app makers steer users to payment methods outside of Apple's system, arguing that the directive is a "vital cure" for Apple's "extremely harmful and anticompetitive" conduct.

  • November 30, 2021

    DC AG Strikes $2.4M Deal With 'Predatory' Fintech Lender

    A Chicago-based firm labeled a "predatory lender" by the Washington, D.C., attorney general's office has agreed to a nearly $2.4 million settlement involving restitution and fines to settle allegations it exploited D.C. residents by charging annual interest rates that were seven times the district's cap, the district's attorney general's office announced Tuesday.

  • November 30, 2021

    Grayscale Calls SEC's Rejection Of Bitcoin ETFs Unfair

    The U.S. Securities and Exchange Commission should change course and greenlight Grayscale's proposed bitcoin exchange-traded fund, attorneys for the fund argued Monday, saying refusal to do so after allowing bitcoin futures ETFs could run afoul of administrative law.

  • November 30, 2021

    Fed's Powell Says He Won't Sideline Supervision Vice Chair

    Federal Reserve Chairman Jerome Powell told senators Tuesday that he won't prevent votes on regulatory proposals he disagrees with if the White House appoints a more progressive vice chair for supervision to the central bank's governing board.

  • November 30, 2021

    CFPB Hatches Deal To Settle Suit Over Trump-Era Task Force

    The Consumer Financial Protection Bureau and consumer advocates that had filed a suit seeking to bar the agency from adopting the recommendations of a Trump-era task force have reached a settlement agreement, with the agency agreeing that it violated federal law.

  • November 30, 2021

    Brazilian Fintech Startup Nubank Cuts IPO Projection To $2.5B

    Brazilian fintech startup Nu Holdings Ltd. on Tuesday lowered pricing expectations for its initial public offering, which could raise $2.5 billion as part of a dual listing in the United States and Brazil, with representation from Davis Polk & Wardwell LLP and underwriters counsel White & Case LLP.

  • November 30, 2021

    Cooley, Herzog Fox Rep As Small Biz Lender Hits $1B Value

    Small business lender Fundbox, guided by Cooley LLP and Herzog Fox & Neeman LLP, said Tuesday it's now valued at $1.1 billion as part of its Series D funding round that included the Healthcare of Ontario Pension Plan, Allianz X and Khosla Ventures.

  • November 30, 2021

    The Bank Of London Opens Its Doors With $1.1B Valuation

    The Bank of London launched Tuesday with a $1.1 billion valuation and an aim to transform settlement and clearing processes and global transactions, which it said are riddled with inefficiencies and risk.

  • November 30, 2021

    Troutman, Covington Lead SPAC Deal For $3.3B Bitcoin Miner

    Environmentally conscious bitcoin miner Griid Infrastructure will go public at a roughly $3.3 billion enterprise valuation by merging with an Adit Ventures-backed special purpose acquisition vehicle, the companies said Tuesday, in an agreement molded by respective legal advisers Troutman Pepper and Covington.

  • November 29, 2021

    Cloud-Based Fintech Thought Machine Worth $1B In Series C

    Thought Machine, a financial technology company providing a cloud-based platform to banks, said Monday it grabbed $200 million in private investments and surpassed a $1 billion valuation, aiming to use the additional capital to bolster its international reach.

  • November 29, 2021

    Judge Tosses PPP Class Action Against Nonbank Lender

    A California federal judge dismissed with prejudice a putative class action Wednesday against nonbank lender Fountainhead Commercial Capital LLC, which had been accused of prioritizing high-dollar applicants for federal Paycheck Protection Program loans.

  • November 29, 2021

    Epic Fights Apple's Bid To Pause App Store Order

    Epic Games has urged the Ninth Circuit to let app developers steer users to payment methods outside of Apple's system until the court resolves the tech giant's appeal of a court order requiring it to allow alternative transaction routes.

  • November 29, 2021

    Hivemind Capital Launches With $1.5B For Crypto Bets

    A former Citi executive announced the launch of a new $1.5 billion investment firm focused on blockchain and digital assets Monday, as big money continues to flow into the cryptocurrency space.

  • November 29, 2021

    Ga. Payment Biz Wants Ex-Sales Exec Barred From New Job

    Atlanta-based Fortune 500 company Global Payments Inc. has asked a Georgia federal court to bar a former sales executive from working at a rival business, claiming she is in breach of noncompete agreements.

  • November 29, 2021

    Blockchain Loses Bid To End Claims In IP Theft, Poaching Suit

    A judge tossed an appeal from fintech giant Blockchain on Monday that sought to ax claims of conspiracy and inducing breach of contract from litigation filed by Crypton Digital Assets that accuses the cryptocurrency wallet provider of stealing its employees and intellectual property.

  • November 24, 2021

    Big Names Could Stack December's IPO Pipeline

    More prospects are lining up initial public offerings as the final month of a banner year for IPOs approaches, with household names like Greek yogurt maker Chobani Inc., plus a mix of business software, e-commerce and fintech startups and restaurateurs filling December's pipeline.

  • November 24, 2021

    3 Key Details To Watch As Congress Mulls Breach Report Law

    Congress is on the verge of passing legislation requiring certain companies to disclose cyberattacks and ransomware payouts, but unresolved details, such as the deadline for reporting incidents, bear watching as lawmakers bid to pass a bill before the end of the year.

  • November 24, 2021

    Plaid's $58 Million Privacy Deal Gets Early Sign-Off

    A $58 million deal settling claims that fintech company Plaid Inc. unlawfully accessed app users' personal banking data without getting consent is a "fair and adequate compromise" given the uncertainty of consumers winning at trial, a California judge said.

  • November 24, 2021

    Pa. Suspends Atty Investigated By SEC For Crypto Fraud

    A Northwestern Pennsylvania attorney accused by the SEC and federal prosecutors of running a cryptocurrency investment fraud scheme with his brother will have his law license temporarily suspended by the state disciplinary board, the board announced.

  • November 24, 2021

    Reed Smith Steers Fintech-Oriented SPAC's $250M IPO Filing

    Athena Technology Acquisition II, a special-purpose acquisition company targeting fintech, enterprise and health-tech industries, filed plans Tuesday for a $250 million initial public offering, with guidance from Reed Smith and underwriters' counsel Shearman & Sterling.

  • November 24, 2021

    Senator Probes Stablecoin Issuers Over Investor, Market Risk

    The chair of the Senate Banking Committee on Wednesday sought information from a range of stablecoin issuers as the digital assets attract increasing interest from lawmakers and regulators.

  • November 24, 2021

    PE Firm Ethos Leads $95M Purchase Of South African Fintech

    A group of investors led by an affiliate of Africa-based private equity firm Ethos has agreed to buy South African financial technology company Crossfin for ZAR 1.5 billion ($94.8 million), the companies said Wednesday.

  • November 23, 2021

    Bitcoin Trial Jurors Mull Claims 'Inventor' Stole, Hid Assets

    Jurors began deliberating Tuesday in the multibillion-dollar dispute between self-professed bitcoin inventor Craig Wright and the estate of computer forensic expert Dave Kleiman over whether the two had a business partnership to mine bitcoin.

  • November 23, 2021

    Olympic Skater Seeks To Ice Claim Of Fraudulent Token Sales

    Retired Olympic speed skater Apolo Ohno asked a California federal court to toss allegations that a cryptocurrency company he co-founded violated U.S. securities laws and defrauded investors after raising close to $50 million in token sales.

  • November 23, 2021

    Barclays Accuses Fintech Rival Plaid Of Stealing 'Rise' TMs

    Banking giant Barclays PLC has sued Plaid Inc. in New York federal court alleging the financial services company infringed its trademarks by launching a financial technology incubator program called FinRise that uses a name "nearly identical" to Barclays' Rise trademarks, which Barclays employs for its own fintech incubator and other services.

Expert Analysis

  • SEC's Proxy Voting Proposal Could Shake Up Private Funds

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    The U.S. Securities and Exchange Commission's recently proposed proxy voting rule would require many private fund managers to disclose their executive compensation votes for the first time, potentially affecting how managers pursue investment strategies, say attorneys at Schulte Roth.

  • Without Leadership Buy-In, Law Firm DEI Efforts Stand To Fail

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    A law firm's diversity, equity and inclusion strategies need the full attention and support of its top leadership to succeed, and requiring the firm's key decision makers to join the DEI committee can make the difference, says Noble Allen at Hinckley Allen.

  • What 2021 Enforcement Results Say About SEC's Agenda

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    The U.S. Securities and Exchange Commission's recently released enforcement results include a number of expedited actions that, in concert with public statements and broader agency initiatives, reveal a focus on cryptocurrency, special purpose acquisition companies, Regulation Best Interest and cybersecurity, say attorneys at Skadden.

  • Series

    Confronting Origination Credit: Self-Advocacy Tips For Attys

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    Female lawyers and lawyers of color have historically not been privy to the rules of the origination credit game, but they can employ various strategies to increase the chances of receiving the credit they are due, such as enlisting allies for support and tracking inequity patterns, says Marianne Trost at The Women Lawyers Coach.

  • SEC's Alleging An Asset Is A Security Does Not Make It So

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    In Audet v. Fraser, a Connecticut federal jury recently disagreed with the U.S. Securities and Exchange Commission's position that so-called hashlets are investment contracts, showing that the SEC's overreach in classifying digital assets, and the complexity of cryptocurrencies, require further guidance and case law to clarify the limits of federal securities law, say Nick Morgan and Ken Herzinger at Paul Hastings.

  • A Real-World Guide To Staying Discovery In Federal Court

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    Pleas for stay of discovery under the Federal Rules of Civil Procedure are often rejected when motions to dismiss are pending due to a tenacious tangle of case law, imposing financial and administrative burdens on parties, but some unambiguous rules of thumb can be gleaned to maximize the chances of a discovery stay, says Amir Shachmurove at Reed Smith.

  • SEC Warning To Crypto Attys Harkens To Prior Crackdowns

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    U.S. Securities and Exchange Commission Chair Gary Gensler recently admonished fintech lawyers who help clients circumvent federal securities laws, which is a throwback to similar warnings to attorneys during the 2018 initial coin offering bonanza and 1990 savings and loan crisis, suggesting those who control access to crypto investors may face increased scrutiny, says cybersecurity consultant John Reed Stark.

  • Mitigating Inflation's Impact On Commercial Contracts

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    As accelerating inflation threatens to turn many commercial contracts unprofitable for sellers, lessors and lenders, prospects of court relief are slim, but certain contract clauses and revisions can help, says Jonathan Hugg at Schnader Harrison.

  • Heading Into 2022, Fintech Antitrust Strategy Isn't Optional

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    With antitrust regulators expected to continue increased scrutiny of the fintech sector in the new year, strategies to grapple with key data privacy, open access and employment issues represent a crucial part of doing business in 2022, say Thomas Panoff and William McElhaney at Mayer Brown.

  • Heed These Rules, Or Risk Your Argument On Appeal

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    Failing to meet the scattered requirements for appellate preservation can have dire consequences, so litigants must understand the relevant briefing rules, the differences between waiver and forfeiture, and the four components of a pressed argument in order to get their case fully considered on appeal and avoid sanctions or dismissal, says Michael Soyfer at Quinn Emanuel.

  • What To Include In Orders Governing Remote Arbitration

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    When conducting remote arbitration, attorneys should negotiate written orders that spell out clear rules on technology accommodations, document handling, witness readiness and other key considerations to ensure parties' rights are protected and the neutral's time is not wasted, say Matthew Williams and Christina Sarchio at Dechert.

  • Series

    Embracing ESG: CBRE GC Talks Effective Compliance Emails

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    Good corporate governance requires communicating expectations for ethical conduct, but compliance emails need not be overly technical — a relatable story told in simple language with humility and respect can create internal communications that drive home the message, says Laurence Midler at CBRE.

  • The Hazards Of Female Lawyers Being 'Office Moms'

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    Female attorneys are frequently credited with being the "office moms" who do critical but undervalued work — from bringing birthday cakes to serving on diversity committees — but as lawyers return to offices, now is a good time for employers to rectify the gender imbalance that disadvantages women, say Ninth Circuit Judge Margaret McKeown and Fine Kaplan partner Roberta Liebenberg.

  • Discovery Immunity For Draft Expert Reports Lacks Clarity

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    Court rulings on whether — and when — drafts of expert reports are immune from discovery have been inconsistent, so the Federal Rules of Civil Procedure should be amended to better distinguish between draft and final expert reports, say attorneys at Lowenstein Sandler.

  • Defense Tips For Navigating SEC's New Admissions Policy

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    The U.S. Securities and Exchange Commission recently announced it will require parties to make admissions in settlements with the agency, a major policy shift, making it wise for defense counsel to take stock of several tips when negotiating government investigations, say Jared Kopel and Ellen London at Alto Litigation.

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