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White Collar
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July 26, 2024
RTX Earmarks $1.2B For Anticipated Deals With DOJ, SEC
RTX Corp., formerly known as Raytheon, said it has set aside more than $1.2 billion for anticipated deferred prosecution agreements and other deals with U.S. regulators stemming from investigations that include allegations of improper payments tied to contracts in the Middle East.
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July 26, 2024
Biz Groups Call Corp. Transparency Act Unconstitutional
The U.S. government has failed to show how the Corporate Transparency Act meets narrow exceptions to the Fourth Amendment's search warrant requirements, a group of small businesses told a Michigan federal court Friday in contending that the statute is unconstitutional.
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July 26, 2024
One Prosecutor's Quest To Carve Up Crypto's 'Pig Butchers'
A Silicon Valley-based prosecutor who's made it her mission to fight what are known as pig butchering cryptocurrency scams says it is time to start taking a closer look at the role financial institutions and social platforms should play in identifying and blocking bad actors.
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July 26, 2024
Feds Want Mogul To Forfeit $1.5M In NC Bribery Case
Convicted insurance mogul Greg Lindberg should forfeit nearly $1.5 million he allegedly used to bribe North Carolina's insurance regulation chief in exchange for more friendly oversight of his companies, the U.S. government told a North Carolina federal court Friday.
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July 26, 2024
'Terrible Decisions': Ex-McElroy Deutsch CFO Gets 5 Years
McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer was sentenced Friday in a New Jersey state court to five years in prison and ordered to pay restitution for embezzling more than $1.5 million from the firm and failing to pay income tax.
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July 26, 2024
Two Admit Trying To Bribe IRS Official On China's Behalf
Two people admitted to secretly acting on behalf of the Chinese government and bribing an undercover agent in connection with a scheme to revoke the tax-exempt status of U.S. participants in a spiritual practice banned in China, according to New York federal court filings.
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July 26, 2024
Activist Short Seller Accused Of $16M Securities Fraud
Federal prosecutors in California announced the indictment Friday of the founder of popular trading advice website Citron Research, accusing Andrew Left of exploiting his platform to manipulate stock prices and earn $16 million through securities fraud.
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July 26, 2024
Hunter Biden's Attys Made 'False Statements,' Judge Says
The California federal judge overseeing Hunter Biden's criminal tax trial threatened to sanction the presidential son's lawyers Wednesday, saying they made "false statements" in a motion to dismiss that cited a Florida federal judge's order disqualifying the special prosecutor in Donald Trump's classified documents case.
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July 26, 2024
Cuomo Harassment Document Fight Heads To NY Appeals Court
A Manhattan judge on Friday allowed both the New York attorney general and former Gov. Andrew Cuomo to appeal parts of a decision requiring the state to produce unredacted transcripts of some witness interviews in the sexual harassment investigation that led to Cuomo's resignation.
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July 26, 2024
Wait For Depositions May Delay Cognizant Bribe Trial Again
Trial in a five-year-old case alleging two former Cognizant executives authorized a bribe to a government official in India could be delayed again after New Jersey federal prosecutors said on Friday that the current Sept. 9 date is too soon to complete necessary depositions in that country.
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July 26, 2024
Illinois Cases To Watch In 2024: Midyear Report
Illinois attorneys say they are considering the path forward for Springfield corruption prosecutions following a recent U.S. Supreme Court ruling, as well as paying attention to what comes next in Motorola Solutions' trade secret contempt fight and potential new guidelines for music copyright cases. Here are the cases to watch in Illinois for the rest of 2024.
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July 25, 2024
DOJ Watchdog Criticizes Barr But Clears Him Of Wrongdoing
The U.S. Department of Justice's watchdog on Thursday chided former Attorney General William Barr for violating DOJ policies via his handling of information regarding an election fraud investigation in Pennsylvania during the 2020 presidential election, though it said he didn't technically commit misconduct.
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July 25, 2024
Nike Brass Overhyped Sales Strategy, Shareholder Alleges
More than a dozen members of Nike Inc.'s top brass have been sued by a shareholder alleging they misled the public about the financial prospects of the athletic shoe and apparel company's consumer direct strategy, leading to several stock drops in recent years and a class action lawsuit.
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July 25, 2024
Boeing's 737 Max Plea Deal: Monitorship, Gov't Contracts
Boeing will be branded with a felony criminal conviction after pleading guilty to conspiring to defraud U.S. regulators over the 737 Max 8's development, an ignominious distinction with fresh complications for the embattled American aerospace titan as it overhauls its corporate culture under a compliance monitorship.
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July 25, 2024
NY Jury Convicts Int'l Bank Safe Deposit Box Scammer
Following a seven-day trial, a New York federal jury in Brooklyn found a member of an alleged organized crime group guilty of stealing millions in cash and goods from European banks.
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July 25, 2024
Girardi Can't Block Firm's Chapter 7 Evidence In Fraud Trial
Tom Girardi can't exclude evidence from his upcoming trial that he claims prosecutors illegally obtained from his firm's bankruptcy trustee, after a California federal judge said Thursday no constitutional rights were violated since the evidence was the bankruptcy estate's property and in the trustee's possession.
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July 25, 2024
Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter
The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.
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July 25, 2024
Ninth Circ. Vacates, Remands BIA Sexual Misconduct Dispute
The Ninth Circuit vacated and remanded a lower court's ruling that the Bureau of Indian Affairs isn't liable for the actions of one of its officers who sexually assaulted a Northern Cheyenne woman, saying conflicting statements create a factual dispute regarding whether the officer was acting within the scope of his employment.
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July 25, 2024
Feds Unseal Indictment Against Fla. IT Worker in Spying Case
The U.S. Department of Justice has unsealed an indictment charging a Chinese-born American citizen with conspiring to act as an agent of the People's Republic of China, saying the PRC used the Florida information technology worker as a "cooperative contact" to support its intelligence goals.
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July 25, 2024
11th Circ. Asked To Toss Execs' Dinar Fraud Convictions
Three executives of an Atlanta-based dinar exchange convicted of fraud after an advertising partner hyped the Iraqi currency by claiming its price could soar urged the Eleventh Circuit to toss their convictions Thursday, arguing jurors should have been told the difference between fraud and deceit.
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July 25, 2024
Defense Teams' Solidarity Key In Hawaii DA's Acquittal
California federal prosecutors' bribery case against a prosecutor, a businessman and an outside counsel collapsed after no defendant turned state's evidence and one even testified for the defense, showing the value of presenting a unified front, the winning lawyers said.
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July 25, 2024
'AntiVaxMomma' Gets Jail Time, Despite Duress Claim
A Manhattan judge sentenced a woman to at least 1½ years in jail Thursday for selling fake COVID-19 immunization credentials under the Instagram handle "AntiVaxMomma," rejecting the defendant's claim that she didn't have enough time to weigh a plea offer before admitting her guilt.
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July 25, 2024
Shkreli Says He Has Right To Use Wu-Tang Clan Album Copies
Martin Shkreli pushed back on a crypto project's bid to force him to hand over copies of the one-of-a-kind Wu-Tang Clan album he once owned, saying his original purchase agreement of the album entitled him to make the copies and the album's current crypto owner hasn't shown how Shkreli's duplicates irreparably harm the value of the original.
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July 25, 2024
4th Man Gets Jail In NYC Public Housing Anti-Bribery Sweep
A Manhattan federal judge on Thursday sentenced a former New York City public housing superintendent to 19 months in prison for accepting $95,000 in bribes, bringing to four the number of people sentenced to time behind bars in the 70-defendant anti-corruption sweep.
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July 25, 2024
DA Says Trump Immunity Ruling Doesn't Affect NY Convictions
Manhattan District Attorney Alvin Bragg told a New York judge Thursday that the U.S. Supreme Court's presidential immunity ruling has no bearing on Donald Trump's conviction in his hush-money case since the charges relate to unofficial acts.
Expert Analysis
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Opinion
Trump Immunity Ruling Upends Our Constitutional Scheme
The U.S. Supreme Court’s Trump v. U.S. decision elevates the president to imperial status and paves the way for nearly absolute presidential immunity from potential criminal prosecutions — with no constitutional textual support, says Paul Berman at the George Washington University Law School.
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High Court Paves Middle Ground For Proceedings Obstruction
The U.S. Supreme Court's ruling in Fischer sensibly leaves the door open for prosecutors to make more nuanced assessments as to whether defendants' actions directly or tangentially impair the availability or integrity of anything used in an official proceeding, without criminalizing acts such as peaceful demonstrations, say attorneys at Perry Law.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Key Takeaways From High Court's Substitute Expert Decision
The U.S. Supreme Court’s recent Smith v. Arizona decision, holding that the confrontation clause generally bars prosecutors’ use of a substitute expert witness at trial, will have the most impact in narcotics and violent crime cases, but creative defense lawyers may find it useful in white collar cases, too, say Joshua Naftalis and Melissa Kelley at Pallas Partners.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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Perspectives
High Court Ruling Leaves Chance For Civil Forfeiture Reform
Though advocates for civil forfeiture reform did not prevail in Culley v. Marshall last month, concerns voiced by a majority of the U.S. Supreme Court justices potentially leave the door open to consider stricter limits in future cases, say attorneys at Dykema.