Fintech

On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

On October 7, 2024, Iris Financial, a Euronext Amsterdam-listed company focused on the financial services sector, and Younited S.A. (“Younited”), a leading European consumer credit business, announced they have signed a business combination agreement. Iris Financial will inject between €150 and €200 million of capital into Younited in consideration for newly-issued shares of Younited. At completion of the Combination (prior to the share capital increase), Iris Financial will own at least 95% of Younited, with any remaining Younited shares to be acquired by Iris after completion pursuant to drag-along provisions contained in Younited’s existing shareholder agreement and upon the exercise of put-call rights by Iris or certain historical Younited shareholders. Iris Financial will be renamed “Younited Financial” and will remain listed on Euronext Amsterdam while applying for an additional listing on Euronext Paris. Cravath is representing Iris Financial as U.S. counsel in connection with the transaction.

On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.

On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).

Cravath represented the administrative agent, joint lead arranger and joint bookrunner, in connection with $2.085 billion of credit facilities made available to NCR Atleos Corporation and $700 million of credit facilities made available to NCR Voyix Corporation (formerly known as NCR Corporation). The proceeds were used to partially finance the spin‑off of NCR Atleos Corporation, an industry‑leading financial technology company providing self‑directed banking solutions to a global customer base including financial institutions, retailers and consumers, from NCR Voyix Corporation, a leading global provider of digital commerce solutions for the retail, restaurant and digital banking industries. The credit facilities made available to NCR Atleos Corporation consisted of a $500 million revolving credit facility, a $750 million term loan “A” facility and a $835 million term loan “B” facility. The credit facilities made available to NCR Voyix Corporation consisted of a $500 million revolving credit facility and a $200 million term loan “A” facility. The facilities closed on October 16, 2023.

Cravath partner Jelena McWilliams participated in FinRegLab’s 2024 AI Symposium, which was held on November 21, 2024, in Washington, D.C. The event convened leaders in financial services, technology and public policy to engage with key topics surrounding the risks and opportunities created by AI in the financial services landscape. Jelena moderated a panel entitled “Beyond Innovation for Innovation’s Sake: Building with and For People’s Financial Lives,” in which panelists discussed the potential they see with AI, how to place appropriate safeguards and design around consumer well-being and the challenges policymakers face in guiding the technology.

On November 19, 2024, Cravath partner Jelena McWilliams participated in the American Fintech Council’s 2024 Policy Summit in Washington, D.C. The event convened industry leaders, academics, consumer groups and policymakers to discuss emerging trends and the future of financial technology. Jelena was featured in a keynote fireside chat entitled “An Update on Responsible Regulation for Smart Innovation.”

On November 18, 2024, Cravath partner Benjamin Gruenstein participated in the American Conference Institute’s 3rd Annual Forum on Digital Assets: Compliance, Enforcement & Regulatory Oversight, which was held from November 18‑19 in New York. The event convened government officials, crypto companies and legal and regulatory experts to address pressing developments in the regulation of digital assets. Ben moderated a panel entitled “What Keeps You Up at Night? Senior Executives Discuss Their Top Priorities and Post-Election Predictions,” during which panelists discussed their views on the current regulatory environment, how they are revisiting risk and their thoughts for the future of the industry.

On November 8, 2024, Cravath partner Elad Roisman participated in the third annual Web3 Founder Summit, which was hosted by Bloccelerate VC in New York. Elad moderated a panel entitled “Crypto Regulatory Outlook for 2025 & Beyond.”

On November 5, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the third quarter of 2024. This edition also examines several recent litigation decisions and restructuring developments, as well as a variety of SEC rulemaking, comment and enforcement updates.