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White Collar
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May 22, 2024
DLA Piper Beefs Up White Collar Bench With Former SFO Atty
After leaving her government post in March, one of the most senior officials at the U.K.'s Serious Fraud Office, Judy Krieg, has found a home at DLA Piper LLP as a partner in its Washington, D.C. office, the firm announced Wednesday.
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May 22, 2024
Fraud Defendant Strikes Deal To End Ch. 11, Sell House
A corporation owned by the defendant in a $93 million securities fraud case Wednesday told a Florida bankruptcy judge it has reached a deal to end its Chapter 11 case and sell the multimillion-dollar Coral Gables home that is its sole asset.
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May 22, 2024
'Ghost' Prepper, Feds Agree To Shut Down Tax Businesses
A Connecticut businessman accused by the federal government of "ghost preparing" his customers' taxes and inflating their refunds by putting false information on their IRS paperwork has agreed to shut down his businesses in a cashless settlement.
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May 22, 2024
Lead Blood Test Maker To Plead Guilty, Pay $42M Over Defects
Medical device maker Magellan Diagnostics has agreed to pay at least $42 million and plead guilty to hiding a defect in its blood testing devices for lead that caused inaccurately low results for tens of thousands of children and others, Massachusetts federal prosecutors said.
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May 22, 2024
NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach
The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.
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May 21, 2024
Feds Can't Show Autonomy Jury Report Showing Audit Issues
The California federal judge overseeing a criminal trial over claims Autonomy's former CEO conned HP into buying the U.K. company for $11.7 billion denied prosecutors' bid Tuesday to show jurors a British accounting watchdog's findings that Deloitte failed to catch misleading information in Autonomy's books.
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May 21, 2024
Ex-AUSA Blames Inexperience For Outcome Forfeiture Error
Former prosecutors who pursued the $1 billion fraud trial against Outcome Health executives said Tuesday they never suspected their asset restraint efforts were an overreach, noting they lacked the expertise to notice potential mistakes themselves.
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May 21, 2024
Fla. Scientist Fights Contempt Ruling In Data Theft Suit
A Florida Everglades scientist urged a state appeals court Tuesday to reverse a contempt ruling against him over violating an injunction to preserve computer data from his prior job, saying that the order was ambiguous and that the lower court wrongly appointed opposing counsel to prosecute the violation.
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May 21, 2024
SEC Slams Ripple's Bid To 'Hide' Financial Info From Public
The U.S. Securities and Exchange Commission is protesting Ripple Labs' bid to conceal certain financial information from the public as it fights the agency's attempt to impose a $2 billion penalty for unregistered cryptocurrency sales, arguing that the company's call for transparency in the case should extend to itself.
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May 21, 2024
PetroSaudi Says $380M Award Feud Close To Resolution
A PetroSaudi unit and the Biden administration are nearing a settlement to resolve a bitter dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds, which the government has been looking to seize for years, the parties said Monday.
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May 21, 2024
Texas Court Questions Luxottica On 'Playing Favorites' In Sale
A Texas appellate court on Tuesday asked whether an eyewear conglomerate was "playing favorites by not disclosing" alleged fraud by its franchisees in a sale of two stores to other franchisees, questioning Luxottica's assertion it had to keep its hands off the transaction.
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May 21, 2024
More Classified Docs Were Found After Mar-A-Lago Raid
Additional classified documents were found at former President Donald Trump's Mar-a-Lago estate, including in Trump's bedroom, after the FBI's August 2022 search of the Florida property, according to a filing unsealed Tuesday in the criminal case accusing him of mishandling classified documents.
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May 21, 2024
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Circuit, urging it to uphold a ruling that struck down the law.
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May 21, 2024
TotalEnergies Hit With Climate Criminal Complaint In France
Three environmental groups, alongside eight victims of climate change, filed a criminal complaint on Tuesday in Paris against French petroleum company TotalEnergies' board of directors and main shareholders for their alleged contribution to climate change and its impact on humans and the environment.
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May 21, 2024
Tuna Buyers Seeking $1B In July Price-Fixing Trial
Tuna buyers who are taking StarKist, its parent company and a private investment firm that put money into Bumble Bee Foods to trial on allegations of conspiring to hike the price of the tinned fish will be asking for over $1 billion in damages once all is said and done.
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May 21, 2024
Conn. Atty Denies Involvement In $1.4M Transfer Scam
Connecticut attorney Carole W. Briggs has issued a sweeping, albeit untimely, denial of the allegations in a lawsuit filed by a New Jersey real estate developer in Connecticut federal court that accused her of playing a role in a business email compromise scam that stole $1.4 million.
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May 21, 2024
Disbarred Atty Gets 9 Years For $1.4M COVID Relief Fraud
A New York federal judge sentenced former attorney Douglas Arntsen to nine years in prison Tuesday for running a $1.4 million COVID-19 relief scheme, stating that the disbarred lawyer "has not gotten the message" that he should not steal from people despite his prior conviction for grand larceny.
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May 21, 2024
Coverage Recap: Day 16 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 Tuesday, day 16 of the trial.
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May 21, 2024
DOJ, VW Ask 9th Circ. To Void Jones Day Docs Release Order
The U.S. Department of Justice and Volkswagen have told the Ninth Circuit that forcing them to release confidential Volkswagen documents that were part of a Jones Day investigation into the automaker's 2015 emissions-cheating scandal would have far-reaching, chilling implications for federal criminal prosecutions.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 21, 2024
Trump Rests In NY Hush Money Trial, Declining To Testify
Donald Trump rested his defense Tuesday in the Manhattan district attorney's criminal hush money case, closing out the testimony and setting the stage for deliberations next week after the former president opted not to take the witness stand.
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May 20, 2024
Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told
Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.
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May 20, 2024
Ex-IRS Agent, Five Others Sentenced In COVID Fraud Scheme
A former Internal Revenue Service agent, his brother and four other defendants have pled guilty to participating in a scheme that netted more than $3 million in fraudulent COVID-19 pandemic relief loans.
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May 20, 2024
Judge Assails Trump Witness After Manhattan DA Rests Case
The Manhattan district attorney's office on Monday rested its case in the criminal trial of former President Donald Trump on 34 counts of falsifying business records, while a Davidoff Hutcher & Citron LLP attorney and witness found himself on the wrong side of New York Supreme Court Justice Juan Merchan.
Expert Analysis
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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Opinion
Seafarer Detention Under Ship Pollution Law Must Have Limits
The U.S. Coast Guard should reinstate limits on the number of days that foreign crew members may be forced to remain in the country while the U.S. Department of Justice investigates alleged violations of shipping pollution laws, in order to balance legitimate enforcement interests and seafarer welfare, say attorneys at Blank Rome.
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Perspectives
Justices' Forfeiture Ruling Resolves Nonexistent Split
The U.S. Supreme Court’s decision in McIntosh v. U.S., holding that a trial court’s failure to enter a preliminary criminal forfeiture order prior to sentencing doesn’t bar its entry later, is unusual in that it settles an issue on which the lower courts were not divided — but it may apply in certain forfeiture disputes, says Stefan Cassella at Asset Forfeiture Law.
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Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
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IRS Sings New Tune: Whistleblower Form Update Is Welcome
In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.
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Strategies For Challenging A Fla. Grand Jury Report's Release
A Florida grand jury’s recent report on potential wrongdoing related to COVID-19 vaccines should serve as a reminder to attorneys to review the myriad legal mechanisms available to challenge the lawfulness of a grand jury report’s publication and expunge the names of their clients, says Cary Aronovitz at Holland & Knight.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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3 Lessons From Family Dollar's Record $41.7M Guilty Plea
Family Dollar's recent plea deal in connection with a rodent infestation at one of its distribution facilities — resulting in the largest ever monetary criminal penalty in a food safety case — offers key takeaways for those practicing in the interconnected fields of compliance, internal investigations and white collar defense, says Jonathan Porter at Husch Blackwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
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Circumstantial Evidence Requires A Pointillist Approach
Because complex cases with sophisticated defendants are unlikely to reveal much, if any, direct evidence, attorneys must aggregate many pieces of circumstantial evidence into a cohesive narrative — much like the painting technique of pointillism, says Reuben Guttman at Guttman Buschner.
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Discord Stock Case Toss Means Little For Fraud Defendants
A Texas federal court’s recent dismissal of fraud charges related to a "pump and dump" scheme on Discord is an outlier after the U.S. Supreme Court scrapped the right-to-control theory of fraud last year, and ultimately won't deter the government from pursuing routine securities prosecutions, says William Johnston at Bird Marella.
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Strategies For Navigating Compliance Monitorships
As independent compliance monitorships continue to be a favored tool of the government in resolving corporate enforcement matters, counsel should have a firm grasp on best practices for selecting a monitor, preparing the company and ensuring a productive relationship between the parties, say attorneys at WilmerHale.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.