Projected spending by U.S. financial institutions on financial crime compliance shot up by one-third to $35.2 billion in 2020 compared to the previous year, in part due to "increased due diligence times and costs" brought on by the COVID-19 pandemic, according to a new report that surveyed more than 1,000 compliance professionals globally.
A former Illinois attorney on Tuesday avoided prison time after being accused of a scheme to fraudulently convert corporate debt into stock and falsely inflate the value of a company he secretly controlled through bogus statements involving a gaming company and the National Indoor Football League.
A California federal court has granted a request by the U.S. Securities and Exchange Commission to order the core defendants of an alleged EB-5 visa fraud case to pay back close to $21 million, rejecting the defendants' argument that the agency showed they had no net profit.
Glenmark filed an unusual supplement Monday to a hearing over the U.S. Department of Justice's bid to disqualify Morgan Lewis & Bockius LLP from representing the drugmaker in a price-fixing case, saying a technical glitch prevented a recording of Glenmark's waiver of any conflict of interest.
The Ninth Circuit Tuesday officially vacated its 2018 decision to uphold a $1.3 billion award against pro race car driver Scott Tucker's loan companies after the U.S. Supreme Court sided with Tucker and ruled that the Federal Trade Commission lacked authority to seek the penalty.
Criminal justice reform has been a key battleground in the race to replace outgoing Manhattan District Attorney Cyrus Vance Jr., but many in the crowded Democratic field are also vowing a more robust approach to combating financial crime, placing greater emphasis on offenses such as wage theft and eying changes to the office structure itself.
The U.S. Department of Justice has maintained its defense of Donald Trump in a defamation suit brought by a woman who accused him of rape, the latest in a series of controversial decisions by the DOJ to adhere to the prior administration's positions on cases implicating the former president.
Celebrity attorney Michael Avenatti on Monday renewed an effort to postpone his upcoming embezzlement trial by accusing California federal prosecutors of concealing that a key government witness suffers from PTSD.
A former Slovenian Olympic figure skater on Monday was charged in New York federal court with bilking nearly $1.6 million in COVID-19 relief funds and attempting to cover his tracks by forging government documents.
A Pennsylvania man impersonated then-President Donald Trump's family on social media to raise money for a fake political organization and then pocketed the dough, New York prosecutors charged Tuesday.
At a U.S. Senate hearing Tuesday, the head of Colonial Pipeline Co. defended the company's recent $4.4 million ransomware payment, while acknowledging that the attackers cracked a key password that was not protected by a basic security practice.
A former New York Stock Exchange floor broker accused by federal prosecutors of raising $35 million via a bogus cryptocurrency trading desk is likely to enter into an agreement to plead guilty, lawyers told a Manhattan federal judge Tuesday.
Geeta Malhotra of Sidley Austin LLP has successfully defended an embattled Chicago city contractor against high-profile bribery investigations and guided Neiman Marcus through a data breach probe, earning her a spot among the white collar attorneys under age 40 honored by Law360 Rising Stars.
A self-described "hacktivist" told the First Circuit Tuesday that delays in his case while he sat in prison are enough to throw out his conviction and 10-year sentence for infiltrating a renowned hospital's computer system.
The U.S. Securities and Exchange Commission is working to overhaul the rule that shields corporate executives from insider trading accusations when they buy or sell their company's stock, the regulator's chairman said Monday.
Biotech company CytoDyn Inc. executives have been hit with a derivative suit in a Washington federal court, accusing the company of inflating its stock price by overhyping a purported COVID-19 treatment while executives dumped millions of shares.
The Third Circuit's reversal of fraud convictions for four former Wilmington Trust Corp. executives will stand after judges denied the government's request for a rehearing Monday, cementing a first-impression decision that set a high bar for prosecutors to prove a statement is false.
The Justice Department on Monday said that it has recovered most of the ransom that Colonial Pipeline Co. paid to a criminal hacking syndicate during a cyberattack that led to a temporary shutdown at a critical East Coast supplier of gasoline, diesel and jet fuel.
The city of Vero Beach, Florida, fought a man's class certification bid for a suit accusing the city of unconstitutionally surveilling a massage parlor targeted in a prostitution sting, arguing that he can't show common questions of law that predominate among all proposed class members.
A New York federal judge said Monday that a legally blind woman ensnared in a federal crackdown on racehorse doping can avoid prison due to her poor health, but cautioned against viewing the sentence as a "bellwether" for similar conduct.
Arnold & Porter said Monday it has hired the former criminal litigation director of the U.S. Department of Justice's antitrust division as a partner in its competition practice, making it the latest BigLaw firm to bolster its antitrust bench as enforcement activity ticks upward.
Brian Frey of Alston & Bird defended Assistant U.S. Attorney Sandra Wilkinson against a Bivens action in district court and on appeal before the Fourth Circuit, earning him a spot among the white-collar law practitioners under age 40 honored by Law360 Rising Stars.
Pryor Cashman LLP has scored a former federal prosecutor with a record of high-stake cases involving threats to national security as a partner for its white collar defense and investigations, financial institutions, and litigation groups, the firm announced Monday.
The New Jersey state judiciary has called on a federal court to toss a former state judge's suit seeking back pay for the nearly five years she was suspended while facing later-dismissed criminal charges, saying the case is barred on immunity grounds and the court otherwise lacks jurisdiction over her state constitutional claim.
A former biotech executive who admitted to trading stock based on insider knowledge about a sale of Dimension Therapeutics Inc. will serve six months in prison and another six under house arrest, a Massachusetts federal judge said Monday.
Aggressive investor demands for progress on important social issues are being met by direct responses from both companies and regulators, demonstrating shareholders' significant power to fix a broken corporate culture, says Rebecca Boon at Bernstein Litowitz.
Attorneys at Sullivan & Cromwell highlight key enforcement topics the Commodity Futures Trading Commission may prioritize going forward and areas potentially ripe for policy change as the Biden administration passes its 100-day milestone.
A flexible work environment will be key to recruiting and retention efforts post-pandemic, so law firms must develop comprehensive policies that solidify expectations and boundaries on accommodations such as flextime, remote work and reduced hours, says Manar Morales at the Diversity & Flexibility Alliance.
The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.
A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.
Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.
As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.
Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.
The U.S. Supreme Court's decision in AMG Capital v. Federal Trade Commission, limiting the agency's ability to seek equitable monetary relief under the FTC Act, will likely also restrain the U.S. Food and Drug Administration's authority under the Federal Food, Drug, and Cosmetic Act, due to similarities between the laws, say Joshua Oyster and Jenna McCarthy at Ropes & Gray.
Employers can expect more actions against wage-fixing or no-poach agreements as the U.S. Department of Justice's Antitrust Division cracks down on labor market collusion, so companies should consider tailoring these agreements on their scope, duration and definition of nonsolicitation, say attorneys at Duane Morris.
This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.
The U.S. Supreme Court's recent ruling in AMG Capital Management v. Federal Trade Commission removes the regulator's ability to seek monetary damages that discouraged privacy and cybersecurity breaches, and as a result, companies should reassess their exposure in these areas, say attorneys at Orrick.
Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.
The privacy and anonymity of art and antiquities transactions can enable criminal activity to go undetected — so recent updates to the Anti-Money Laundering Act covering art market participants are an important step forward, says Andrea Perez at Carrington Coleman.
The U.S. Supreme Court's recent decision to roll back the Federal Trade Commission's power to seek monetary relief in AMG Capital will likely be met with legislative action to restore the agency's authority, or efforts to obtain restitution in other ways, say Bruce Hoffman and Nico Banks at Cleary.