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Issuers of Tokens Beware: Class Action Lawsuits Are Coming

by Polsinelli on

Initial Coin Offerings, or ICOs, were an extremely popular way of raising capital in exchange for crypto tokens in 2017 and have led to class action litigation in 2017 and 2018. While ICOs have been around since 2013, they...more

State-Level Legislation Anticipates Wide-Spread Business Use of Blockchain

On a daily basis, companies are announcing new developments on the adoption of blockchain in core business operations. However, many of these use cases present unique legal issues. In order to provide some clarity on some of...more

Financial Services Weekly News - February 2018

by Goodwin on

Editor's Note - In This Issue. State regulators agreed to a multistate compact to standardize key components of the licensing process for money services businesses (MSBs); the Board of Governors of the Federal Reserve...more

Open Session of the U.S. Senate’s Committee on Banking, Housing and Urban Affairs Hears Joint Testimony from Heads of the SEC,...

by Perkins Coie on

On February 6, 2018, the United States Senate Committee on Banking, Housing and Urban Affairs conducted a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S....more

U.S. Supreme Court Rejects Second Bid for Review in Spokeo

by Ballard Spahr LLP on

The U.S. Supreme Court on Monday denied the petition for certiorari seeking review of the U.S. Court of Appeals for the Ninth Circuit's most recent decision in Spokeo v. Robins (Spokeo II), foregoing an opportunity to clarify...more

Chris Lazarini Comments on Qualifiers of Control Person Liability under Exchange Act §20(a)

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case involving alleged violations of federal and state securities laws and state common law in an alleged scheme to defraud customers and investors in several...more

Patenting the Blockchain

Last year’s spike in the valuation of bitcoin has much of the technology world focused on blockchain, the distributed database ledger technology behind bitcoin and many other cryptocurrencies. Lost behind the scenes,...more

The SEC and Plaintiffs’ Class Action Attorneys Are Targeting Initial Coin Offerings

by Fenwick & West LLP on

Issuers and other professionals participating in Initial Coin Offerings — widely known as ICOs — are facing the increasing threat of both U.S. Securities Exchange Commission enforcement actions and private class action suits...more

MDL Litigation: Class and Complex Cases to Watch in 2018

by Carlton Fields on

The Judicial Panel for Multidistrict Litigation (“MDL Panel” or “Panel”) has transferred 97 putative class actions relating to the Equifax data breach to the Northern District of Georgia, where Equifax is headquartered. Judge...more

Court dismisses NYDFS lawsuit challenging special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

by Ballard Spahr LLP on

Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

Consumer Financial Services Newsletter - Fall 2017

by Hinshaw & Culbertson LLP on

The "Unique Factual Circumstances of Each Individual" in Plantiffs' Proposed Class Prompts Appellate Court to Affirm Denial of Class Certification - The Eleventh Circuit Court of Appeals affirmed a district court's...more

The Lawyers' Lawyer Newsletter - Halloween Issue October 2017

by Hinshaw & Culbertson LLP on

Client Intake — Due Diligence — Liability to Parties Other than Client — Holding Funds in Trust - P&P Property Ltd. V. Owen White & Catlin LLP, et al. 2016 WL 05484797 (English High Ct. of Justice, Chancery Div. 2016)...more

Consumer Data Breach: Equifax and Arbitration

by Pepper Hamilton LLP on

The latest large consumer data breach, this time involving Equifax, has also shed a sharp light on an ongoing controversy about consumers’ access to justice. In taking steps to ameliorate its PR crisis, Equifax found itself...more

Fintech Week in Review – October 2017

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Home Depot Settles Data Breach Class Action Case with Financial Institutions and Counsel for $42.55 million

Following its data breach in 2014, Home Depot was sued by thousands of financial institutions requesting recovery of costs associated with the issuance of new credit and debit cards to 50 million individuals affected by the...more

State and Local Governments Move Swiftly to Sue Equifax.

by Ballard Spahr LLP on

The cities of Chicago and San Francisco and the Massachusetts Attorney General have filed the first enforcement actions against Equifax following the announcement of a data breach affecting an estimated 143 million consumers....more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

Equifax Week Two: Hack Headaches Continue

The barrage of bad news for Equifax Inc. keeps getting worse. Here’s a recap of yesterday’s events: ? Mass AG Files Lawsuit – In the first enforcement action filed against Equifax Inc., the Massachusetts Attorney General...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House announced its intention yesterday to blocked a China-backed investor from buying American semiconductor maker Lattice over national security concerns. The “rare move” could “signal more aggressive scrutiny of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Hack Hangover: The News Keeps Getting Worse for Equifax

Since the massive data breach at Equifax Inc. was disclosed late Thursday, the news has only gotten worse for the Atlanta-based credit monitoring agency. Here’s a brief chronological recap of what we know so far...more

8th Circuit Affirms Standing as Barrier in Data Breach Class Actions

by Hogan Lovells on

The U.S. Court of Appeals for the Eighth Circuit has become the latest appellate court to enter the contested debate over Article III standing in data breach litigation. The Eighth Circuit held that 15 of 16 named plaintiffs...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Vanguard’s not well known for making waves, but the $4.5 trillion mutual-fund manager has quietly increased its corporate engagement activity over the past year—discussing governance, pay, and other issues with nearly a...more

The Ninth Circuit Revives Consumer Class Action, Finding Intangible Harm Sufficient to Confer Article III Standing

by Hogan Lovells on

The six-year fight over the type of harm a plaintiff must allege to satisfy the “injury in fact” requirement for lawsuits alleging false reporting of credit information took its latest turn this week. On Tuesday, August 15,...more

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