Fintech

  • November 23, 2020

    Trade Groups Press Case In CFPB Payday Rule Suit

    Two payday lender trade groups told a Texas federal judge that the Consumer Financial Protection Bureau still hasn't shown why it should be allowed to move forward with the remainder of its 2017 payday lending rule, pressing to bring their more than two-year-old court challenge to a close.

  • November 23, 2020

    SEC Urges China-Based Issuers To Beef Up Risk Warnings

    The U.S. Securities and Exchange Commission on Monday urged China-based issuers to fully disclose risks regarding the reliability of their financial statements and related legal matters, marking the latest attempt by regulators to answer concerns that investors may not be getting full information.

  • November 23, 2020

    CFPB Insists Student Loan Biz And Exec Must Cough Up $53M

    The U.S. Consumer Financial Protection Bureau asked a California district judge on Monday — for a second time — to make a business owner and his firm pay more than $53 million for their role in an alleged $11.8 million student debt relief scheme.

  • November 23, 2020

    DOJ Says Visa Pushing 'Infeasible' Merger Trial Timeline

    The U.S. Department of Justice has blasted Visa and Plaid for pushing an "infeasible" timeline for a trial over their proposed $5.3 billion tie-up that is seven months sooner than the agency's preferred September start date.

  • November 23, 2020

    Ex-Fed Chair Yellen Is Biden's Pick For Treasury Secretary

    President-elect Joe Biden is expected to announce former Federal Reserve Chair Janet Yellen as his nominee for Treasury secretary, picking the esteemed economist to become potentially the first woman to serve in the key Cabinet position, according to media reports on Monday.

  • November 23, 2020

    Judge Nixes Suit For Crypto Co. Investor's $728K Atty Fees

    A New York federal judge tossed a lawsuit by an alleged pump-and-dump scheme mastermind asking for his attorney fees to be paid by a cryptocurrency company involved in the alleged scheme, ordering the man to pay the company's fees instead.

  • November 20, 2020

    Fla. Judge Says Attys On 'Thin Ice' After FCRA Claims

    A Florida federal judge issued a stern warning in lieu of sanctions Friday to two attorneys who lender BlueChip Financial and its CEO claimed had pursued frivolous Fair Credit Reporting Act violation claims against them, cautioning the lawyers that they were "on thin ice."

  • November 20, 2020

    Feds Knock Crypto Developer's Bid To Kill Sanctions Charge

    Federal prosecutors asked a New York federal judge to disregard a blockchain platform developer's bid to dismiss the indictment alleging he broke the law by helping North Korea try to circumvent U.S. sanctions using cryptocurrency.

  • November 20, 2020

    OCC Pitches Rule Requiring Banks To Provide 'Fair Access'

    The Office of the Comptroller of the Currency on Friday floated a proposed rule that would limit big banks' ability to turn away fossil fuel companies, gun manufacturers and other "politically controversial" businesses, citing concerns about the banking system being misused to advance ideological agendas.

  • November 20, 2020

    SEC Fights Abramoff Ally's Bid To Nix Bitcoin Fraud Suit

    The U.S. Securities and Exchange Commission told a California federal judge that its case against a Jack Abramoff-connected company and its CEO that allegedly bilked investors out of $5.6 million for a purportedly improved version of bitcoin should be allowed to go forward because the tokens are a security.

  • November 20, 2020

    SEC's Clayton Leaves Behind Market-Friendly Legacy

    Outgoing U.S. Securities and Exchange Commission Chairman Jay Clayton built a record that focused on easing capital formation from day one, a priority welcomed by capital markets attorneys, albeit over objections from investor protection advocates.

  • November 20, 2020

    NY Judge Grants Fiserv Unit's Exit From Pot Credit Card Row

    A New York federal judge on Thursday granted a bid by a unit of financial services provider Fiserv to exit an action over nearly $620,000 that was collected by embattled payment processor Linx Card for cannabis purchases at retailers around the country.

  • November 20, 2020

    E-Commerce Biz Wish Eyes $1B Gunderson, Cooley-Led IPO

    Discount e-commerce platform Wish filed Friday for an up to $1 billion initial public offering guided by Gunderson Dettmer and Cooley as several other privately held companies with billion-dollar valuations have made similar moves this month.

  • November 19, 2020

    9th Circ. Puts Heat On Seila Law In CFPB Ratification Fight

    A Ninth Circuit panel on Thursday appeared reluctant to shoot down a Consumer Financial Protection Bureau administrative subpoena against the California law firm that successfully challenged the agency's constitutionality at the U.S. Supreme Court, struggling with the firm's position that the agency can't be allowed to pick up where it left off after their high court trip.

  • November 19, 2020

    PayPal 'Soft-Pedaled' Data Breach Disclosure, 9th Circ. Told

    PayPal investors urged the Ninth Circuit on Thursday to revive a proposed class action alleging the company hid what it knew about a 2017 data breach, allegedly causing its stock to later drop when the hack was revealed, arguing that PayPal "soft-pedaled" its initial announcement to avoid a strong market reaction.

  • November 19, 2020

    DOJ Keeps Heat On Advisers Despite Quiet End To Bain Case

    The U.S. Department of Justice put deal makers on notice last month with a very public rollout of a lawsuit blasting Bain & Co. for withholding documents regarding Visa Inc.'s latest mega-deal. And the quiet dropping of the case weeks later didn't give deal advisers any comfort as the department moved to challenge the merger itself.

  • November 19, 2020

    Investors Claim 'Madoff Level' Fraud At Bankrupt Crypto Firm

    A pair of customers of bankrupt cryptocurrency investment platform Cred Inc. are asking a Delaware bankruptcy judge to shift its Chapter 11 case to a liquidation, saying "Madoff level" fraud has left it with no viable future and likely more than $120 million in debt.

  • November 19, 2020

    Lender Seeks Sanctions Over 'Shakedown' FCRA Suit

    A Florida woman informed a Tampa federal court Wednesday of a settlement in her Fair Credit Reporting Act suit against lender BlueChip Financial and its CEO, but the judge set a hearing for Friday on the defendants' sanctions motion alleging the suit was "factually and legally frivolous."

  • November 19, 2020

    SEC Hires FINRA Vet, Promotes Another For NY Broker Exams

    The U.S. Securities and Exchange Commission on Thursday named two new associate directors of its Office of Compliance Inspections and Examinations' broker-dealer examination program in New York, including a former executive with the Financial Industry Regulatory Authority.

  • November 19, 2020

    Deals Rumor Mill: Bumble, Deliveroo, Talkspace

    Bumble could be worth $8 billion in an IPO set for early 2021, U.K.-based Deliveroo is seeking a roughly $3 billion valuation in its own planned IPO, and online therapy app Talkspace could sell for about $1 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 19, 2020

    SEC Seeks Default Against Crypto Fraud Conspirators

    The U.S. Securities and Exchange Commission asked a Texas federal judge Wednesday to enter default judgment against a group of people and companies who haven't responded to its lawsuit accusing them of bilking investors out of $9 million for a fraudulent cryptocurrency.

  • November 19, 2020

    3 Firms Forge Nasdaq's $2.75B Deal For Financial Crime Co.

    Nasdaq Inc. has agreed to buy private equity-backed financial crime management software provider Verafin for $2.75 billion, the companies said Thursday, in an agreement etched by Wachtell, Blakes and Osler Hoskin.

  • November 18, 2020

    Binance Sues Forbes For Defamation Over Leaked Doc Story

    Cryptocurrency exchange Binance accused Forbes and two writers of defamation in New Jersey federal court Wednesday, alleging an Oct. 29 story "grossly mischaracterized" the truth and defamed the Cayman Islands-based company by claiming it uses its corporate structure to covertly profit from U.S. cryptocurrency investors and deceive regulators.

  • November 18, 2020

    Virus Sparks Asia Testimony Row In WeWork Chancery Case

    Pandemic risks and oath-taking rules for overseas Chancery Court depositions briefly took center stage Wednesday in a Delaware battle over a collapsed $3 billion SoftBank Group tender offer to WeWork shareholders, with testimony from key witnesses in Japan and China in the balance.

  • November 18, 2020

    SEC's Hinman Offers Parting Words On Corporate Disclosures

    Bill Hinman, head of the U.S. Securities and Exchange Commission's corporate finance unit, offered some parting words of advice as he preps to leave the agency, urging companies Wednesday to provide shareholders and investors with meaningful, principles-based disclosures that go well beyond the "line-item" requirements of securities laws. 

Expert Analysis

  • DOJ's Visa-Plaid Challenge Shows Email Can Imperil A Deal

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    The U.S. Department of Justice used a trove of internal Visa email and other communications to show how the $5.3 billion Plaid merger might limit competition — providing a cautionary tale of how internal documents can endanger a transaction that shows few antitrust concerns on the surface, says Tammy Zhu at Medallia.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

  • Post-Breach Response To Business Email Scams Is Critical

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    Preventative measures do not sufficiently protect against email compromise scams, which have become increasingly prevalent during the pandemic, so businesses, governments and educational institutions should have post-breach investigation processes in place, says Jonathan Osborne at Gunster.

  • What The Biden-Harris Win Means For Securities Regulation

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    In this brief video, Amy Greer and Valerie Mirko at Baker McKenzie examine what a government led by Joe Biden and Kamala Harris could mean for the securities industry, regulatory leadership and financial policy.

  • The Pandemic's Long-Term Impact On Law Firm Operations

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    Brian Burlant at Major Lindsey looks at how pandemic-era remote work has changed the way law firms operate — from shifts in secretarial functions to associate professional development — and explains why some alterations may be here to stay.

  • Treasury Stance On Ransomware Payment Could Hurt Targets

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    Recent statements from two U.S. Department of the Treasury offices indicate that paying off ransomware with cryptocurrency may trigger certain registration requirements and U.S. sanctions scrutiny, placing a significant regulatory burden on cybervictims and their incident response consultants, say attorneys at McDermott.

  • Opinion

    Lack Of Access To Remote Court Proceedings Is Inexcusable

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    Blanket rules that bar recording or dissemination of remote public court proceedings impede presumptive common law and First Amendment right of access, greatly expand courts' powers over nonparties, and likely run afoul of U.S. Supreme Court precedent, says Matthew Schafer at ViacomCBS.

  • OFAC Cyber Ransom Guidance Has Insurance Implications

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    A new advisory from the U.S. Department of the Treasury's Office of Foreign Assets Control will likely cause delay in insurance coverage determinations for ransom payments, but there are steps policyholders can take to secure coverage for restoration costs when a ransom is not paid, say attorneys at Hunton.

  • Opinion

    Why Attacks On Trump's Election Lawyers Are Problematic

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    The vilification of Jones Day and Porter Wright for their involvement in President Donald Trump's election lawsuits is an attack on lawyers' duty to advocate for their clients' causes fearlessly and zealously within the bounds of the law, says Pierce O'Donnell at Greenberg Glusker.

  • Kik Ruling Is A Step Toward Securities Law Clarity For Crypto

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    A New York federal court's recent decision in U.S. Securities and Exchange Commission v. Kik Interactive, in which the SEC successfully argued an initial coin offering was fraudulent, suggests a growing consensus among courts on when securities laws apply to cryptocurrencies, say attorneys at Riley Safer.

  • Avoiding 6 Common E-Discovery Production Pitfalls

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    Vanessa Barsanti and Sarah Mahoney at Redgrave explore how attorneys can prevent collateral discovery disputes by efficiently overseeing the electronic document review process and ensuring the integrity of the information provided to opposing counsel.

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