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May 28, 2024
Christie's CEO Confirms Cyberattack On Auction House's Data
The chief executive officer of Christie's said it has identified the hacking group behind a cyberattack that hit the international auction house's website just as it launched a series of live and online auctions for art and luxury goods this spring.
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May 28, 2024
OCC's Hsu Says More Banks May Need Crisis Playbook Rules
The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.
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May 28, 2024
Ex-NRA CFO Settles NY AG Suit Before Phase-Two Trial
The National Rifle Association's former chief financial officer has reached a settlement with the New York attorney general's office ahead of the second phase of a trial over claims the group and its executives misused donor money, among other alleged misconduct.
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May 28, 2024
Simpson Thacher Hires US Treasury Alum From Blackstone
An experienced fund transactions attorney has moved from an in-house role at Blackstone to private practice at Simpson Thacher & Bartlett LLP, the firm said Tuesday.
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May 28, 2024
Coverage Recap: Day 17 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day 17.
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May 28, 2024
Holland & Knight Adds BCLP Corporate Pro, Marine Veteran
Holland & Knight LLP is continuing its corporate practice growth with the addition of a Bryan Cave Leighton Paisner LLP counsel and U.S. Marine Corps veteran in New York, the firm announced on Tuesday.
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May 28, 2024
High Court Urged To Review NY Rent Law Challenge
Four interested third parties have urged the U.S. Supreme Court to review a suit challenging two 2019 changes to New York rental laws, arguing that high court intervention is needed to protect property rights across the country.
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May 28, 2024
Littler Brings On Ogletree Pay Equity Leader In NYC
Employment and labor law giant Littler Mendelson PC announced Tuesday that it has grown its New York team with the addition of a pay transparency law expert and former pay equity practice group co-chair at Ogletree Deakins Nash Smoak & Stewart PC.
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May 28, 2024
Justices Won't Hear Avenatti Appeal Of Nike Conviction
The U.S. Supreme Court on Tuesday declined to hear an appeal from Michael Avenatti challenging his conviction for trying to extort millions from Nike, with the high court's rejection ending the disbarred attorney's chances at overturning one of his three criminal convictions.
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May 28, 2024
Chinese EV Co. Falsely Touted Vehicle Demand, Suit Claims
China-based electric vehicle maker Li Auto Inc. and three of its executives are facing a proposed class action faulting the company for allegedly hurting investors after it announced it would fall well short of ambitious production goals in early 2024.
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May 28, 2024
Serial Numbers Tie Gold Bars To Menendez, Jury Hears
The executive assistant of a New Jersey real estate developer on trial alongside U.S. Sen. Robert Menendez linked her boss to some of the gold bars found in the congressman's New Jersey home, confirming Tuesday that the serial numbers of her employer's stash of bars matched the ones stamped on the flashy evidence.
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May 28, 2024
FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years
A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.
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May 28, 2024
Baker McKenzie Adds M&A, Private Equity Head From O'Melveny
Baker McKenzie said Tuesday it has hired the head of the mergers and acquisitions and private equity practices from O'Melveny & Myers LLP to serve as the new co-head of its transactional group in New York.
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May 24, 2024
Live Nation Ticket Buyers Follow Feds With Antitrust Suit
Live Nation and Ticketmaster were hit with a consumer antitrust proposed class action Thursday accusing them of monopolizing concert promotion and ticketing for major concert venues following their 2010 merger, which comes on the heels of the U.S. Department of Justice's own lawsuit.
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May 24, 2024
5 Themes That Could Determine Trump's NY Criminal Trial
With closing arguments set for Tuesday morning in Donald Trump's New York hush money case and deliberations on the horizon, here's a look at the themes that have dominated the historic, monthlong trial so far.
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May 24, 2024
Real Estate Authority: Adaptive Reuse, Climate Risk, SFR
Catch up on this week's key developments by state from Law360 Real Estate Authority — including one BigLaw real estate leader's take on adaptive reuse, the enduring risk of climate change for public companies, and the latest industry player perspectives on the single-family rental market.
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May 24, 2024
SEC Hits Back At SolarWinds' 'Distortion' Allegations
The U.S. Securities and Exchange Commission sent a letter to a New York federal judge Friday pushing back on SolarWinds Corp.'s accusations that it was overstating and distorting its case against the government contractor over a data hack, saying its complaint is "well-grounded in facts" uncovered during its investigation.
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May 24, 2024
NY AG Sues Over Illegal Long Island Wetland Construction
New York prosecutors on Friday sued to force a contractor to pay nearly $600,000 and restore a Long Island wetland area the company has been using as a storage site after illegally clearing vegetation and building a parking lot more than a decade ago.
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May 24, 2024
Biden's Judicial Impact And What's Left On The Wish List
President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.
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May 24, 2024
ERISA Arbitration Backers See Hope In 2nd Circ. Dissent
A split Second Circuit panel backed workers — and joined three other circuits — when it rejected an attempt to force a proposed class action Employee Retirement Income Security Act lawsuit into individual arbitration, but employers are seizing on a dissent from the recent ruling to try to turn the tide.
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May 24, 2024
2nd Circ. Wary Of Deloitte Workers' 401(k) Suit Revival Bid
The Second Circuit appeared reluctant Friday to revive a proposed class action against Deloitte alleging workers' employee 401(k) plans were weighed down by excessive recordkeeping fees, with multiple judges on a panel pointing to a lack of specific cost comparisons to other plans in an amended complaint.
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May 24, 2024
Court Upholds Limit To Award In Ecopetrol, Texas Co. Dispute
An arbitration tribunal was within its authority to limit the number of years and the amount that a Houston-based oil company had to reimburse Colombia's state-owned entity, Ecopetrol, for the value-added tax liability of a subsidiary while owned by the company, a New York federal judge determined.
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May 24, 2024
CohnReznick Adds Tax Planning Partner From Mazars
CohnReznick LLP added a top accountant and tax partner from Mazars USA LLP to its roster of tax professionals, the firm announced.
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May 24, 2024
Exiled Chinese Businessman Is No $1B Fraudster, Jury Told
Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.
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May 24, 2024
Coinbase Says Crypto Securities Question Is Ripe For Review
Crypto exchange Coinbase again urged a Manhattan federal judge to send to the Second Circuit the question of whether digital assets meet the definition of investment contracts, saying the question could "shape or distort a multitrillion-dollar industry."
Expert Analysis
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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1869 Case May Pave Off-Ramp For Justices In Trump DQ Fight
In deciding whether former President Donald Trump is disqualified from Colorado's Republican primary ballots, the U.S. Supreme Court could rely on due process principles articulated in a Reconstruction-era case to avert a chaotic or undemocratic outcome, says Gordon Renneisen at Cornerstone Law Group.
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Directors And Officers Face Unique AI-Related Risks
As privacy, intellectual property and discrimination lawsuits focusing on artificial intelligence increase, corporate directors and officers must stay aware of associated risks, including those related to compliance, litigation and cybersecurity, says Jonathan Meer at Wilson Elser.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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NY, Del. May Be Trending Against Noncompete Enforceability
While neither New York nor Delaware has statutory restrictions on noncompete provisions, recent legislative actions and judicial decisions indicate a trend against enforcement of restrictive covenants in both equity award and employment agreements, says Irene Bassock at Cohen Buckmann.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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NY Guidelines Bring Clarity To Prepackaged Chapter 11 Cases
The Southern District of New York’s recently adopted guidelines provide bankruptcy practitioners guidance on practical matters pertaining to prepacks, and facilitate the use of prepacks as a tool that can greatly reduce the time, expense and risks of a Chapter 11 case, say Robert Drain and Moshe Jacob at Skadden.
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NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.
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US Cos. Must Guard Against Russian Diversion Of Goods
Amid allegations that Russia is end-running trade sanctions through the diversion of otherwise innocuous, everyday goods, U.S. industry involved in the manufacture or distribution of electric products must step up its customer and partner due diligence to avoid unwittingly facilitating the weapons proliferation cycle, say attorneys at Arnold & Porter.
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10 Years Of Retail Battles: Unpacking Pricing Litigation Trends
A close look at a decade of pricing class actions against retailers reveals evolving trends, plaintiffs bar strategies, and the effects of significant court decisions across states, say attorneys at Benesch.