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White Collar
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May 10, 2024
DC Tax Atty Can't Use Ch. 7 To Ditch Depo In $19M Theft Suit
A corporate D.C. tax attorney accused of bilking a former client out of $19 million via a captive insurance scam will be deposed, despite a stay in the Maryland federal case against him and his firm after both filed for bankruptcy.
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May 10, 2024
DC Circ. Mulls Jeffrey Clark's Removal Bid In Ethics Case
Embattled former Trump administration lawyer Jeffrey Clark brought the fight to save his law license to oral arguments before a federal appeals court on Friday, though members of the D.C. Circuit panel hearing the case said they were struggling at times to follow his attorney's arguments.
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May 10, 2024
Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent
In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.
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May 10, 2024
SEC Targets Fatburger's Parent Co. In $27M Loan Scheme
The restaurant company that owns Fatburger and Fazoli's made illegal loans to its director and former chief executive, who spent $27 million in company money on himself while skirting taxes and leaving the company struggling, the Securities and Exchange Commission told a California federal court Friday.
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May 10, 2024
'Iron Man 2' Actor Guilty Of Wire Fraud In COVID 'Cure' Scam
A bodybuilder and actor from "Iron Man 2" was found guilty Friday of 11 counts of wire fraud by a Los Angeles federal jury, after prosecutors argued he tried to scam investors in March 2020 by falsely claiming he'd found a cure for COVID-19 and that NBA legend Earvin "Magic" Johnson was a major investor.
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May 10, 2024
Feds Seek 20 Mos. For Ex-Baltimore State's Atty
Prosecutors asked a Maryland federal court to sentence former state's attorney Marilyn Mosby to 20 months in prison after she was convicted of lying to obtain money from a retirement fund and conning a lender to obtain a vacation home, saying she "could not be trusted to tell the truth" despite her position of public trust.
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May 10, 2024
Coverage Recap: Day 11 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 Friday, day 11 of the trial.
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May 10, 2024
Ex-Pryor Cashman Securities Chair Joins Alston & Bird
Alston & Bird LLP announced Thursday that it hired an experienced trial attorney who previously chaired Pryor Cashman LLP's securities practice as a partner based in New York.
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May 10, 2024
The Week In Trump: All Eyes On NY As Other Cases Lag
Donald Trump's Manhattan hush money trial took center stage with dramatic testimony from adult film actress Stormy Daniels, while the former president's criminal cases in Georgia and Florida ran into delays that could last through Election Day.
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May 10, 2024
New Evidence, Old Politics To Collide In 2nd Menendez Trial
U.S. Sen. Robert Menendez and the government will face off Monday for the second time before a jury tasked with weighing bribery charges, a courtroom showdown that promises higher stakes — think flashier evidence and a more dramatic defense — than the corruption case the New Jersey Democrat escaped seven years ago.
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May 10, 2024
DC Circ. Upholds Steve Bannon's Contempt Conviction
The D.C. Circuit on Friday upheld former Trump aide Steve Bannon's conviction for contempt of Congress, rejecting Bannon's argument that he did not "willfully" flout a subpoena from the Jan. 6 House select committee because his lawyer advised him not to respond to it.
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May 09, 2024
3rd Circ. Rejects Hunter Biden Gun Appeal, Trial Set For June
The Third Circuit on Thursday refused to consider Hunter Biden's appeal of three Delaware federal court orders declining to dismiss felony firearm charges against him, an order issued the same day the lower court again refused to toss the indictment and scheduled the trial for June.
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May 09, 2024
NC Bribery Jury Hears Insurance Chief's Undercover Convo
Defense attorneys for embattled insurance mogul Greg E. Lindberg on Thursday played recordings to back their assertion that the North Carolina insurance commissioner separated Lindberg from his "trusted advisers" and goaded a bribe, saying he never brought up money until the public official put it on the table.
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May 09, 2024
Daniels Defiant As Trump Atty Attacks Hush Money Account
Adult film star Stormy Daniels was defiant on Thursday in the face of a grueling cross-examination by counsel for Donald Trump in the Manhattan hush money trial, who sought to discredit her account of a 2006 sexual encounter with him at a celebrity golf tournament.
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May 09, 2024
SEC Says Bogus Billion-Dollar Co. Ran Stock Offering Fraud
The U.S. Securities and Exchange Commission on Thursday accused a man previously convicted of wire and tax fraud of conducting a fake stock offering on misrepresentations that he ran a diversified energy, health care, technology and real estate company that would net billions in revenue when in fact it tallied less than $15,000 in sales.
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May 09, 2024
Ex-Minor Leaguer Settles With SEC Over Del Taco Deal Tip Off
A former minor league baseball player has agreed to pay more than $58,000 to resolve U.S. Securities and Exchange Commission insider trading allegations involving burger chain Jack in the Box's $575 million acquisition of its fellow chain Del Taco.
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May 09, 2024
SEC Sues 3 Penny Stock Firms Over Failure To Register
The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.
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May 09, 2024
Oil Trader Sues BakerHostetler, Alleges Fake CIA Program Con
A Swiss-based oil trading company sanctioned last year by the United Kingdom for alleged ties to Russia has sued BakerHostetler in California court, alleging a con man posing as a CIA agent tried to steal control of the company as the law firm vouched for his legitimacy.
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May 09, 2024
7 Fla. Men Indicted In Nationwide Skimming Device Operation
Seven Florida men have been indicted in Virginia federal court on racketeering conspiracy charges in connection to a decadelong operation to clone credit cards that involved placing skimming devices on gas pumps throughout the country, U.S. prosecutors said.
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May 09, 2024
Chinese Tycoon In $500M Debt To Investors To Be Released
A Chinese cinema magnate who owes his investors more than $500 million will no longer be detained on immigration and campaign donor fraud charges, a New York federal court ruled Thursday.
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May 09, 2024
Lawmakers Say Shell, Eni, Nigeria Deals Need Second Look
Two Democratic lawmakers urged the U.S. Department of Justice to reopen a foreign bribery case into an alleged $1.1 billion scheme in Nigeria perpetrated by oil giants Shell and Eni, saying a possible settlement in a related investor-state case could mean more corrupt deals are on the horizon.
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May 09, 2024
Efforts To Enact Savanna's Act Falling Short, Lawmakers Say
Two U.S. senators behind a law aimed at reforming law enforcement protocols to address the crisis of missing and murdered Native American women are pressing the U.S. Department of Justice to step up its efforts to finalize its implementation.
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May 09, 2024
Policies Bar Origis Investor Suit Coverage, Del. Judge Finds
A Delaware Superior Court judge dismissed most insurers from a renewable energy company and its now-former CEO's action seeking coverage for an underlying investor suit over devalued shares, saying Thursday that a "no action" clause in one set of policies and a prior acts exclusion in another preclude coverage.
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May 09, 2024
Musk Fights Latest Subpoena Over $44B Twitter Purchase
Elon Musk's counsel urged a California federal judge on Thursday to undo a magistrate judge's decision requiring the businessman to testify again before the U.S. Securities and Exchange Commission about his $44 billion purchase of the social media platform formerly known as Twitter, calling the subpoena overbroad and unconstitutional.
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May 09, 2024
Biz Owner Admits Hiding $3.4M In Income To Dodge Taxes
A San Francisco Bay Area man has pled guilty to tax evasion in California federal court, admitting he dodged some of the income tax he owed over a four-year period by concealing more than $3.4 million he earned from his businesses.
Expert Analysis
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Opinion
Stronger Attorney Rules Are Needed To Avoid A Jan. 6 Repeat
Given the key role lawyers played in the events leading up to the Jan. 6, 2021, insurrection, the legal profession must shore up its rules before this year’s presidential election to make clear that lawyers who undermine the rule of law will face severe penalties, including disbarment, says Ray Brescia at Albany Law School.
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What One Litigator Learned Serving On A Jury
Kilpatrick attorney April Isaacson shares insights for trial lawyers from her recent experience serving on a jury for the first time, including lessons about the impact of frequent sidebars, considerations for using demonstratives, the importance of clear jury instructions, and the unconscious habits that can drive jurors mad.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Bribery Settlement Gives Insight On DOJ Policies
Chemical company Albemarle’s recent $218 million settlement with the government to resolve foreign bribery claims provides valuable data points for companies on the U.S. Department of Justice’s voluntary self-disclosure policy and its clawback pilot program, say Michael DeBernardis and Tiauna Mathieu at Hughes Hubbard.
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SEC Case May Expand Scope Of Insider Trading Liability
The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What Last Year's Trends Mean For Compliance In 2024
In 2023, compliance teams grappled with questions related to artificial intelligence, data analytics and corporate culture — trends that are likely to become even more prominent in the year to come, says Hui Chen at Ropes & Gray.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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SDNY Ruling Highlights Fed's Broad Master Account Power
In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.
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4 Ways The DOJ Is Changing Its Approach To Insider Trading
The U.S. Department of Justice’s recent increased focus on insider trading cases and the manner in which the DOJ is pursuing prosecutions reflect a break from historical practices and signal that the DOJ is branching into new areas to pursue perceived illicit trading activities, say attorneys at Davis Wright.
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How State AGs Process And Prioritize Consumer Complaints
Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.