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White Collar
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November 28, 2023
Soccer Star Ronaldo Hit With $1B Suit Over Binance Promo
Three men have filed a $1 billion proposed class action against soccer player Cristiano Ronaldo in Florida federal court that accuses the star forward of helping lure customers to the legally embattled crypto platform Binance.com.
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November 28, 2023
2nd Circ. Won't Rehear $16.9M Madoff Investor Clawback Case
The Second Circuit on Tuesday said it wouldn't rehear an appeal from an investor who lost a clawback suit and was ordered to pay $16.9 million to the bankruptcy estate of Bernie Madoff's Ponzi investment company.
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November 28, 2023
2nd Circ. Upholds Ex-CEO's Conviction For Manafort Bribe
The Second Circuit on Tuesday upheld former Federal Savings Bank CEO Stephen Calk's conviction for giving former Donald Trump staffer Paul Manafort $16 million in loans in exchange for a chance at a job in the White House, rejecting a series of evidentiary and procedural arguments raised by Calk.
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November 28, 2023
Recovery Firm's Ukraine Contract Beef Too Old, 1st Circ. Says
The First Circuit refused to revive an international asset recovery firm's longstanding dispute with the Ukrainian government over alleged unpaid work the firm did to uncover assets stolen by a former prime minister, saying most of the claims had expired.
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November 28, 2023
Ex-Trader Admits Sharing Nuveen Info In Front-Running Scam
A former Nuveen trader copped to insider trading charges in New York on Tuesday, telling a Manhattan federal judge he fed details about the big asset manager's planned market moves to an accomplice in what prosecutors have called a $47 million front-running conspiracy.
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November 28, 2023
Justices Wary Of Ga. Retrial Law: 'An Acquittal Is An Acquittal'
The U.S. Supreme Court seemed dubious Tuesday that a Georgia law allowing for the re-prosecution of all criminal charges in certain cases with contradictory jury verdicts, including partial acquittals, passes constitutional muster, bombarding the state's solicitor general with questions on how the law fits into the nation's tradition of respecting jury verdicts.
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November 28, 2023
Feds Want No Prison Time For Ex-NY Atty Who Aided Oligarch
The government asked a New York federal judge this week to allow a former real estate attorney, who admitted to participating in a money laundering scheme to help a Russian oligarch evade U.S. sanctions, to receive no prison time, despite the guidelines calling for 37 to 46 months.
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November 28, 2023
Murdaugh Gets 27 Years For Financial Crimes
Disgraced lawyer and convicted murderer Alex Murdaugh was sentenced Tuesday to 27 years in prison by a South Carolina state judge for stealing $12.4 million from his law partners and clients and evading taxes, a white collar punishment that prosecutors said was "more than Enron, more than WorldCom."
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November 28, 2023
Bannon Ally Says He Won't Flee If Released In $1B Fraud Case
Accused fraudster Ho Wan Kwok, who faces charges over an alleged $1 billion fraud, said his status as a political refugee means he is not a flight risk and that he needs to be let out of a Brooklyn federal prison for the sake of his health.
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November 28, 2023
Law Firm Leaders Cautiously Optimistic Heading Into 2024
Major U.S. law firms are steadfast in their commitment to the pursuit of further growth despite ongoing economic uncertainty. Here’s what the leaders of four Leaderboard firms have to say about how the legal industry is preparing for next year.
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November 28, 2023
The 2023 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which first-in-class firms made the list this year.
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November 28, 2023
Mich. Con Artist Gets 17 Years For Trucking Ponzi Scheme
A Manhattan federal judge sentenced a Michigan man who previously served time for fraud to over 17 years in prison Tuesday after he admitted taking $40 million from investors who thought they were backing a lucrative e-commerce trucking business.
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November 28, 2023
COVERAGE RECAP: Day 35 Of Trump's NY Civil Fraud Trial
Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 35.
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November 27, 2023
Trump Can't Subpoena Jan. 6 Docs In Election Criminal Case
The D.C. federal judge overseeing Donald Trump's criminal election-interference case denied the former president's bid to subpoena records from the investigation into the Jan. 6 attack on the U.S. Capitol Building, saying Monday that Trump's "vague" motion resembled a "fishing expedition."
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November 27, 2023
Feds Accountable For BIA Officials' Actions, 9th Circ. Hears
Two Native American advocacy groups are urging a Ninth Circuit panel to overturn a Montana district court's ruling that the federal government isn't responsible for the actions of its Bureau of Indian Affairs officers, saying the prospect that the case is not suitable for torts litigation undermines the safety of Native American women.
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November 27, 2023
Judge In Del. Asks DOJ To Look Into IP Edge Patent Litigation
The top federal judge in Delaware concluded Monday that the Texas attorneys behind prolific patent litigation funding outfit IP Edge might have broken the law — and their ethical obligations as lawyers — by litigating ferociously for settlements from tech companies while operating behind a shadowy network of "relatively unsophisticated individuals."
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November 27, 2023
Celsius Creditors Balk At $281K In Bidder's Ch. 11 Fees
The official committee of unsecured creditors in the Chapter 11 case of cryptocurrency lending platform Celsius Network opposed the payment of $281,000 in fees requested by a bidder that lost an auction for the reorganized debtor's assets, saying the code doesn't cover such expenses from a debtor's estate.
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November 27, 2023
5th Circ. Says Evidence Backs EB-5 Fraud Conviction
The Fifth Circuit on Monday refused to set aside fraud convictions against a businessman who ran a post-Hurricane Katrina immigration investment scheme, saying the jury's findings were backed by an "overwhelming" body of evidence.
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November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals
A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
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November 27, 2023
Ex-JPMorgan Traders Want CFTC Spoofing Case Kept On Ice
A convicted pair of former JPMorgan Chase precious metals traders have asked an Illinois federal judge to continue a stay on a parallel Commodity Futures Trading Commission action against them, arguing that the CFTC is trying to rush judgments before appeals on their criminal convictions can be heard.
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November 27, 2023
2nd Circ. Lowers Bar For Prisoners' First Amendment Claims
A Second Circuit panel ruled Monday that prisoners do not have to prove they suffered a "substantial burden" on their religious freedom in order to bring a First Amendment claim, finding that legal standard improperly opens the door to courts determining the importance of religious events and practices.
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November 27, 2023
Fla. Oncologist Avoids Prison In Scheme To Limit Competition
A Florida federal judge sentenced the former president and managing partner of an oncology group to three years of probation and to pay a $50,000 fine for conspiring with executives at a competing oncology group to split the southwest Florida cancer treatment market.
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November 27, 2023
What's Next For Labor Enforcement After DOJ Punts Case?
The future of U.S. Department of Justice criminal prosecutions against "no-poach" deals between rival employers appears troubled after the DOJ dropped its last still-pending public case following a series of high-profile losses, in one of two cases Antitrust Division prosecutors quietly abandoned in a single week.
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August 10, 2023
Investor Attys Want $19.2M For $74M Libor-Rigging Deals
Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.
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November 27, 2023
Sentencing Guidelines Boosted For Atty In Pot Bribe Case
An attorney convicted in a marijuana licensing bribery scheme faces a potentially stiff sentence after a Boston federal judge on Monday rejected the defendant's math, showing he only gained $15,000 from the crime, but stopped short of adopting prosecutors' calculations pegging the gain at $100,000 or more.
Expert Analysis
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5 Steps To Meet CFTC Remediation Expectations
After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Why Criminal No-Poach Cases Can Be Deceptively Complex
Mark Rosman at Wilson Sonsini discusses the reasons many criminal no-poach cases that appear simple are actually more complicated than they seem, following several jury trial acquittals and two dismissed cases.
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Key Takeaways From DOJ's Recent FARA Advisory Opinions
The U.S. Department of Justice recently published several redacted advisory opinions on the Foreign Agents Registration Act, clarifying its current thinking on when a person or entity is required to register as a foreign agent under the statute, and when they may qualify for an exemption, says Tessa Capeloto at Wiley Rein.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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What SEC Retreat In Ripple Case Means For Crypto Regulation
The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.
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Seized Art Ownership Row Highlights Importance Of Vetting
The Cleveland Museum of Art's recent suit against the Manhattan District Attorney's Office to block a seizure order and contest its rightful ownership of a headless statue worth $20 million presents an uncommon challenge that underscores the criticality of due diligence prior to acquiring artworks, especially older pieces, say Robert Darwell and Zach Dai at Sheppard Mullin.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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In Culley, Justices Unlikely To Set New Forfeiture Standards
As the U.S. Supreme Court considers Culley v. Marshall — a case with the potential to reshape civil asset forfeiture practices — the justices' recent comments at oral argument suggest that, while some of them may be concerned about civil forfeiture abuse, they are unlikely to significantly change the status quo, say attorneys at Jackson Walker.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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A Closer Look At The Sen. Menendez Indictment
Attorneys at Dowd Bennett analyze the latest charges filed against Sen. Bob Menendez, D-N.J., and four co-defendants — from bribery to acting as a foreign agent — potential defenses that may be mounted, and broader lessons for white collar attorneys.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SEC Fines Mean Cos. Should Review Anti-Whistleblower Docs
The Securities and Exchange Commission’s expanding focus on violations of whistleblower protection laws — as seen in recent settlements where company contracts forbade workers from reporting securities misconduct — means companies should review their employment and separation agreements for language that may discourage reporting, says Caroline Henry at Maynard Nexsen.
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SolarWinds Ushers In New Era Of SEC Cyber Enforcement
The U.S. Securities and Exchange Commission's recent lawsuit against software company SolarWinds Corp. and its chief information security officer is the first time the SEC has ever filed suit over scienter-based fraud involving cybersecurity failures, illustrating that both companies and CISOs need to be extra cautious in how they describe their cybersecurity practices, say attorneys at Jenner & Block.