Fintech lender Opportunity Financial (“OppFi”) and the Department of Financial Protection and Innovation (“DFPI”), California’s financial-services regulator, filed dueling claims as they battle over state efforts to enjoin the company’s branded loans, which exceed California’s 36% interest-rate cap. This is the latest effort by fintech lenders to cement the True Lender Rule against state opposition.
New York State Department of Financial Services Takes Aim at Blockchain Entities Circumventing Sanctions on Russia
Blockchain regulation continues to be the topic du jour, with increasing scrutiny from government agencies across the board. The latest comes from the New York State Department of Financial Services (DFS), which has been a leader in the space since the 2015 “BitLicense” framework under the New York Financial Services Law. On April 28, 2022, new DFS Superintendent Adrienne A. Harris issued fresh guidance encouraging cryptocurrency companies to adopt blockchain analytics tools as a best practice.
Healthcare & Life Sciences Private Equity Deal Tracker: Carlyle to Acquire NSM Insurance Group for Nearly $1.8 Billion
Carlyle will acquire NSM Insurance Group from White Mountains Insurance Group, according to a news release.
The transaction values NSM at $1.775 billion.
NSM, based in Conshohocken, Pa., is an independent insurance brokerage that underwrites policies for behavioral healthcare and several other sectors. Founded in 1990, NSM typically manages all aspects of the placement…
Healthcare & Life Sciences Private Equity Deal Tracker: Arsenal Capital Invests in OncoHealth
Arsenal Capital Partners has completed a strategic investment in OncoHealth, according to a news release.
OncoHealth, based in Atlanta, is a digital health company that combines data and analytics with oncology experts to provide solutions used by health plans, employers, providers, patients and life sciences researchers to help navigate the physical, mental and…
Roundtable Healthcare Closes Sixth Private Equity Fund With $800 Million
RoundTable Healthcare Partners has announced the closing of its sixth private equity fund with $800 million in capital commitments.
The firm closed its previous fund in 2019 with $700 million.
RoundTable, based in Lake Forest, Ill., is an operating-oriented private equity firm focused exclusively on the healthcare industry. Founded in 2001, the firm targets…
SEC Expands Enforcement Unit Tasked With Protecting Crypto Markets
Reflecting its determination to monitor the crypto markets, the U.S. Securities and Exchange Commission announced today that it was renaming the Cyber Unit the “Crypto Assets and Cyber Unit” and nearly doubling its size, from 30 to 50 members. The additional permanent positions will include investigative staff attorneys, trial lawyers and fraud analysts, who will…
OIG Approves Physician-Owned Medical Device Company With Several Safeguards
On April 20, the U.S. Department of Health and Human Services Office of Inspector General issued a favorable advisory opinion regarding physician ownership of a medical device company that manufactures products ordered by the physician owners and other affiliated physicians.
Read our alert to learn more about the opinion, which offers a path forward for…
Up-and-Coming Women in PE to Know: Caroline Stevens
McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their…
SEC Signals Enhanced Focus on Crypto Assets by Expanding the Enforcement Unit Tasked With Protecting Crypto Markets
Reflecting its determination to monitor the crypto markets, the Security and Exchange Commission has renamed the Cyber Unit the “Crypto Assets and Cyber Unit” and is nearly doubling its size from 30 to 50 members, according to a May 3 press release from the agency. The additional permanent positions will include investigative staff attorneys, trial…
California Court: Fair Market Value Payments May Not Avert Anti-Kickback Liability
In February 2022, the U.S. District Court for the Central District of California denied a defendant’s motion to dismiss a qui tam action alleging that the defendant had violated the federal Anti-Kickback Statute (AKS). In its ruling, the court noted that “even some fair-market value payments will qualify as illegal kickbacks.”
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