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Cybersecurity & Privacy
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April 17, 2024
Trader's Alleged $110M Mango Markets Fraud In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a cryptocurrency trader accused of illegally squeezing $110 million out of Mango Markets by inflating the finance platform's tokens, then borrowing against them, allegedly taking "supply and demand into his own hands."
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April 17, 2024
Bankman-Fried Appeal May Cite Unusual Preview Testimony
Sam Bankman-Fried's appeal of his conviction and 25-year prison sentence may cite a "rather unprecedented" trial procedure in which the FTX founder gave provisional testimony before officially taking the witness stand last year, one of his attorneys said Wednesday.
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April 17, 2024
IBM Privacy Head Says AI Needs Transparency To Be Trusted
To combat artificial intelligence-generated deepfakes, disinformation and bias requires transparent, open-sourced AI models and swift regulations that protect elections, creators and the public, says IBM's Chief Privacy & Trust Officer Christina Montgomery.
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April 16, 2024
House Panel Takes Aim At Change Healthcare, FTC Over Hack
A House subcommittee exploring ways to boost cybersecurity in the healthcare industry on Tuesday blasted Change Healthcare for failing to take appropriate steps to block a damaging cyberattack that echoed another recent strike on critical infrastructure and the Federal Trade Commission for not stopping the provider from controlling such a large market share.
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April 16, 2024
Corp. Transparency Act A Valid Use Of Powers, 11th Circ. Told
The U.S. Department of Treasury told the Eleventh Circuit that a federal district court erred in finding the Corporate Transparency Act unconstitutional, saying the lower court misunderstood the law's scope and relation to efforts to curb financial crime.
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April 16, 2024
Justices Asked To Review Texas' Online Porn Age Check Law
Texas' law requiring all visitors to adult-oriented websites to prove their age before accessing the content is unconstitutional under the First Amendment, a trade group for the pornography industry told the U.S. Supreme Court, seeking to overturn a split Fifth Circuit decision that allowed the age-verification requirement to go into effect.
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April 16, 2024
White House Opposes Bill To Close Data 'Loophole'
The White House on Tuesday came out against a bipartisan bill that would prevent law enforcement and intelligence agencies from buying Americans' personal information, an issue critics say is a "loophole" to get around the Fourth Amendment of the U.S. Constitution.
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April 16, 2024
SEC Hit With Class Action Over Database Privacy Concerns
A conservative think tank filed a lawsuit in Texas federal court Tuesday hoping to put an end to a U.S. Securities and Exchange Commission market surveillance tool known as the consolidated audit trail, arguing in the proposed class action that the database threatens to subject the personal information of tens of millions of American citizens to a possible data breach.
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April 16, 2024
CIA Says Litigating Assange Spying Suit Would Reveal Secrets
The Central Intelligence Agency has asked a New York federal judge to toss a case accusing it of unlawfully spying on lawyers and journalists who met with WikiLeaks founder Julian Assange, saying it cannot address those allegations without revealing protected state secrets.
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April 16, 2024
BIPA Judge Laments Blown Discovery Deadlines — Again
An Illinois federal judge on Monday scolded Union Pacific and the truck drivers suing it over alleged biometric privacy violations for missing a sixth discovery deadline, saying the results of multiple discovery extensions he's allowed over five years of litigation have been "disappointing, to say the least."
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April 16, 2024
GOP Senators Call IRS' E-File Program Too Costly
Senate Republicans continued to criticize the Internal Revenue Service's free tax filing pilot program during a Finance Committee hearing Tuesday, saying the program has not followed best practices and will be costly to implement long term.
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April 16, 2024
South State Bank Breach Exposed 1 Million People, Suit Says
South State Bank is facing a proposed class action accusing it of negligence following a February data breach that allegedly compromised the personal information of more than a million current and former customers.
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April 16, 2024
DraftKings Workers Say Ex-Boss Tried To Lure Them To Rival
Two DraftKings higher-ups testified Tuesday that their former boss had tried to lure them to join rival sportsbook Fanatics with multimillion-dollar compensation offers, contradicting their former supervisor's claim that he never attempted to get his top lieutenants to help him set up a new office for Fanatics in Los Angeles.
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April 16, 2024
Zuckerberg Dodges Liability In Meta Addiction MDL, For Now
A California federal judge has tossed certain fraud-by-omission claims seeking to hold Meta Platforms CEO Mark Zuckerberg personally liable in sprawling multidistrict litigation over social media platforms' allegedly addictive design, but she allowed the plaintiffs to amend their allegations to assert a new theory of corporate officer liability against Zuckerberg.
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April 16, 2024
Cybersecurity-Focused PE Firm Secures $1.1B For 3rd Fund
Cybersecurity-focused private equity firm Evolution Equity Partners on Tuesday announced that it raised $1.1 billion of capital commitments for its third technology-focused fund, which will be used to back entrepreneurs building cybersecurity companies.
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April 16, 2024
Chancery Tosses Zelle Fraud Suit Against JPMorgan Directors
A JPMorgan Chase & Co. shareholder that sued the bank's board for allegedly ignoring fraud on the payment platform Zelle has not shown the bank failed to respond to the problem, a Delaware Chancery Court judge ruled Tuesday, dismissing the shareholder's case.
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April 16, 2024
Cooley-Led Data Security Firm Rubrik Eyes $679M IPO
Venture-backed data security firm Rubrik Inc. on Tuesday launched plans for an estimated $679 million initial public offering, hoping to capitalize on an upturn in technology listings.
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April 15, 2024
Mental Health Co. Cerebral To Pay $7M Over Data Failures
Mental health service provider Cerebral Inc. will pay more than $7 million to settle claims from the Federal Trade Commission, saying it failed to protect users' sensitive health data and made it difficult for patients to cancel services and stop recurring charges, according to a Monday court filing.
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April 15, 2024
MGM Slams FTC Probe After Cyberattack During Khan Visit
MGM Resorts International on Monday accused the Federal Trade Commission of launching an "unconstitutional" investigation into its data protection practices after FTC Chair Lina Khan stayed at an MGM hotel in Las Vegas during a major cyberattack last year, according to a suit filed in D.C. federal court.
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April 15, 2024
House Rejects Bid To Overturn Spy Bill Authorization
The U.S. House of Representatives on Monday rejected an attempt to overturn legislation reauthorizing a controversial foreign surveillance program after several Republican lawmakers took issue with the exclusion of a warrant requirement for accessing U.S. citizens' information.
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April 15, 2024
Minimize Nat'l Security Regs On Broadband, Verizon Says
Verizon said the Federal Communications Commission should not impose national security reviews that could disrupt existing broadband service when it passes a net neutrality order as expected this month.
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April 15, 2024
L'Occitane Privacy Suit Against Zimmerman Reed Trimmed
A Los Angeles federal court is weighing ending a suit by L'Occitane against Zimmerman Reed LLP and thousands of clients who complained that the company's website tracking tools violated their online privacy, after denying a bid by defendants to compel arbitration and tossing a claim that Zimmerman Reed violated the Computer Fraud and Abuse Act.
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April 15, 2024
Meta, FTC Pause Constitutionality Fight For High Court Ruling
Meta and the Federal Trade Commission agreed Monday to pause Meta's challenge of FTC changes to a 2020 settlement over user privacy until the U.S. Supreme Court issues a ruling on a similar case involving the U.S. Securities and Exchange Commission.
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April 15, 2024
Feds Say $3.5M 'Cryptojacking' Scam Targeted Cloud Services
A Nebraska man defrauded two cloud computing services of $3.5 million and used the proceeds to mine an additional $1 million in cryptocurrency, Brooklyn federal prosecutors said Monday.
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April 15, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware justices mulled whether one Chancery Court vice chancellor properly voided four company bylaws — just as another vice chancellor voided one more. Fights among Truth Social investors continued, and shareholders launched new cases involving Macy's, United Airlines, and Clayton Dubilier & Rice LLC and Stone Point Capital LLC.
Expert Analysis
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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New Tech, Old Tricks: How GCs Can Fight White Collar Crime
As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.
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5 AI Risks For Corporate Boards To Examine
Whether companies are building their own artificial intelligence technology or leveraging third-party tools, their directors should get educated on certain legal issues and business risks to ensure the adoption of policies that foster responsible use of generative AI, say James Gatto and Tiana Garbett at Sheppard Mullin.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Companies Should Beware Greater Scrutiny Of Subscriptions
The New York Attorney General's Office has been utilizing a severe interpretation of the law in enforcement against subscription services, as demonstrated in last month's Sirius XM complaint and Cerebral settlement — and this focus is representative of heightened subscription scrutiny in other states and at the federal level, say attorneys at Venable.
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Uncharted Waters Ahead For FCA Litigation In 2024
Following a year of significant court decisions, settlements, recoveries and proposed amendments, 2024 promises to be a lively year for False Claims Act actions and litigation, and one that will hopefully provide more clarity as FCA jurisprudence evolves, say attorneys at Crowell & Moring.
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Takeaways From FTC Children's Privacy Rule Proposal
The Federal Trade Commission’s recently issued and long-awaited proposed revisions to its Children's Online Privacy Protection Rule are not as seismic as might have been expected under current leadership, and show that the agency's COPPA rulemaking is far from over, says Phyllis Marcus at Hunton.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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3 Key Class Action Trends To Use As Guidance In 2024
Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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How Data Brokers Can Prep For Calif. Delete Act Compliance
As California Delete Act obligations approach in late January, data brokers should proactively assess and scrutinize their compliance with the act, taking proactive measures to mitigate potential risks associated with noncompliance, say Goli Mahdavi and Gabrielle Harwell at BCLP.
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How 4 State AGs Are Shaping Data Privacy Compliance
As the landscape of state data privacy laws continues to grow across the nation, understanding how state attorneys general — such as in California, Colorado, Connecticut and Virginia — are thinking about these laws is critical to begin forecasting how enforcement will play out, say Michelle Kallen and Daniel Echeverri at Jenner & Block.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.