Nate Viebrock Quoted in American Banker on 2023 Fintech Legal Trouble

Bradley attorney Nate Viebrock was quoted in American Banker on the fallout between JPMorgan Chase and Frank in an article covering legal troubles for fintech companies in the past year.

Viebrock viewed the breakdown of JPMorgan’s relationship with Frank, a college financial planning website it acquired in 2021, as one of the most resonant of the year.

"We represented a few banks that ran into some issues with the business practices of a fintech post-merger," he said. That included situations where a business-to-business fintech's clients would have raised red flags for the bank if it had conducted a more thorough due diligence. He recalls one case where a bank purchased a fintech before one of the fintech's major customers went bankrupt. Viebrock hopes to see heightened due diligence among financial institutions buying fintechs going forward, "so they are not dealing with extensive fallout once the deal is done and can't unwind it," he said.

The full article, “5 fintechs that got into legal hot water in 2023,” was published in American Banker on December 29, 2023.