On November 4, the Federal Reserve invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve and payment services. These accounts are often referred to as...more
In 2021, Square, Inc. (“Square”) announced that it had commenced banking operations under its independently governed subsidiary industrial bank, Square Financial Services (“Square Financial”). ...more
The European Union has fined four banks nearly $400 million over their alleged roles in “a cartel in the foreign-exchange spot trading market.” Bankers at Barclays, RBS, HSBC, and Credit Suisse (along with UBS, which avoided...more
Your Federal Reserve update based on Chair Powell’s testimony before the Senate Banking Committee on Tuesday, including pushing back against concerns that the “economy is on the cusp of running too hot” ...more
U.S. Developments - CFTC Approves LedgerX to Clear Fully-Collateralized Futures and Options - The Commodity Futures Trading Commission (CFTC) announced that it has approved LedgerX, LLC’s amended order of registration to...more
The pandemic is expected to lead to a significant and sustained increase in remote working. The shift to remote working will have major implications for end user computing solutions and services. CIOs will need to...more
Rising infection rates around the U.S. and the globe are worrying markets, as fear of a second wave of cases linked with the reopening of the economy freaks out traders....more
U.S. Developments - Litigation - Ripple Faces New Litigation Related to XRP Token Sale - On May 1, 2020, Puerto Rico-based company Bitcoin Manipulation Abatement LLC (BMA) filed a lawsuit against Ripple Labs, Inc., XRP II,...more
The Federal Reserve, as long forecast, raised its benchmark interest rate a quarter point on Wednesday. Chair Powell noted that a downturn in financial markets and weakened financial growth “may signal some softening relative...more
Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more
“Direct-to-consumer” offerings enable companies to raise capital directly from their customers, with or without the use of underwriters or other financial intermediaries. Direct-to-consumer offerings have garnered attention...more
In the case of Square, Inc. v. Unwired Planet, LLC (CMB2015-00148), the PTAB held that the grounds raised by Square, Inc. (Petitioner) to challenge the validity of claims 1-4 of Unwired Planet’s U.S. Patent No. 7,711,100...more
Addressing the location of a deposition of patent owner’s declarant, the U.S. Patent and Trademark Office’s (PTO) Patent Trial and Appeal Board (PTAB or Board) concluded that, absent an agreement between the parties to...more
..Is Tumblr trendier? A survey released by Tumblr says the users of that social media platform have higher average incomes than users of Facebook, Twitter, or Pinterest, and a report from Adobe says that this translates into...more
Keith Rabois, COO of Square, left his job last month, citing legal threats from a young colleague with whom he had a two-year relationship, which subsequently threw a spotlight on the risks associated with the freewheeling...more