Expert Analysis

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  NY Banking Brief: All The Notable Legal Updates In Q3

  

  Several developments from New York financial services regulators in the third quarter reflect a common theme — regulators are increasingly seeking to apply established supervisory expectations to newer market participants and emerging financial products, say attorneys at Blank Rome.

• AG Watch: Texas Takes A Lone State Stand Against Tech Cos.

  

  A look at Texas Attorney General Ken Paxton's recent actions against Meta Platforms and Amazon.com illustrates how Texas is distancing itself from multistate coordination, offering practitioners a crucial perspective on navigating individual state actions amid coordinated attorney general litigation, say attorneys at Kelley Drye.

• Meta Smart Glasses Suit Will Test Privacy Law For Bystanders

  

  In a consolidated suit over how Ray-Ban Meta AI smart glasses handle personal video footage, a recently proposed class of unwittingly recorded bystanders highlights questions over whether privacy laws and product disclosures adequately address the risks wearable recording devices pose to nonusers, say attorneys at Barnes & Thornburg.

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  Mich. Banking Brief: All The Notable Legal Updates In Q3

  

  We are at an inflection point for Michigan financial services law, with a state Supreme Court decision recently overruling more than 25 years of precedent on the Michigan Consumer Protection Act, and pending legislation that could significantly shift the regulatory landscape, say attorneys and advisers at Dykema.

• FTC Proposal Puts Personalized Pricing On Notice

  

  The Federal Trade Commission’s recent proposed policy statement on undisclosed personalized pricing signals the potential for harm when business practices diverge from consumer expectations, indicating a need to disclose not only data usage, but also how it influences the prices consumers see, says Linda Goldstein at CM Law.

• FinCEN Exemption Raises Statutory, Administrative Questions

  

  The Financial Crimes Enforcement Network's recently rolled-out broad exemption for U.S. companies from Corporate Transparency Act reporting may face administrative law and statutory challenges, so businesses should still preserve ownership records and monitor litigation and congressional action, says David McCarville at Fennemore.

• What Anthropic Security Ruling Means For Gov't Contractors

  

  In light of the D.C. Circuit ruling backing the U.S. Department of Defense's decision to remove Anthropic's Claude artificial intelligence models from its supply chain, there are a few steps contractors can take in response, including assessing whether to eliminate use of Anthropic products entirely, say attorneys at Blank Rome.

• Testing AI's Promise For Large-Scale Document Review

  

  Our document-review comparison of attorneys' responsiveness and issue coding decisions versus predictions generated by artificial intelligence across 1,600 documents suggests that these tools can offer a reasonable and reliable basis for improved discovery workflows, provided lawyers understand where guardrails are needed, say attorneys at Redgrave.

• AI Meeting Recaps Pose New Discovery And Privilege Risks

  

  The New York City Bar Association’s recent ethics opinion, cautioning attorneys not to record nonclient conversations with artificial intelligence tools, reflects an emerging view that AI meeting recaps are now a distinct business record category, meaning counsel should set meeting-level controls and apply framework-level updates, says William Wright at Faegre Drinker.

• HPE-Juniper Settlement Teaches Key Tunney Act Lessons

  

  A California federal court's recent approval of the U.S. Department of Justice's settlement with Hewlett Packard over its Juniper Networks acquisition offers legal practitioners some crucial lessons, including on unique tech-sector remedies for mergers and acquisitions and the continued viability of the Tunney Act, says Shubha Ghosh at Syracuse University College of Law.

• Elder Fraud Risk And Pleading Lessons From Meta Cases

  

  Michael Gilfix and Benjamin Gicqueau at Gilfix & La Poll discuss how a recent Meta youth settlement and an April decision involving social media harms to children may point to a broader pleading framework in cases of elder fraud, and offer practical measures for platforms and consumers seeking to reduce elder fraud risk.

• Hugging Face Attack Is A Warning To The Securities Markets

  

  The recent Hugging Face cyberattack, in which OpenAI's artificial intelligence agents hacked a third party without human instruction, raises questions about how regulators could respond to a similar incident in the securities markets and whether there's a substitute for scienter if no person is behind a financial crime, says Joseph A. Hall at Davis Polk.

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  Playing Bid Whist Makes Me A Better Lawyer

  

  As a child, I viewed bid whist as a family tradition and a source of friendly card game competition, but as a lawyer, I see it as a tool that has helped me cultivate skills like communication, teamwork, risk assessment and composure, says Keyonn Pope at Riley Safer.

• FCC Robotics Restrictions Raise AI Compliance Risks

  

  A recent "covered list" update from the Federal Communications Commission places restrictions on foreign-produced advanced robotic devices’ ability to obtain new authorizations, creating a framework that is poorly suited to continuous artificial intelligence updates, and raising several transactional and contractual challenges, says Kim Larsen at Stinson.

• What Greek Tragedy Teaches About Mediating AI Disputes

  

  While ancient Greek writers could not have anticipated modern arbitration, their tragic plays illustrate new and familiar questions for mediators dealing with artificial intelligence disputes, including the functional differences between adjudication and resolution, says Giuseppe De Palo at JAMS.