Daily Archives: April 26, 2023, 3:48 pm

SEC Recordkeeping v. Privacy: Recent Opinion Stirs Debate | Akin

In 2018, an investment professional sued the firm he co-founded for wrongful termination and federal privacy law violations associated with the former employer’s remote accessing into a desktop computer it had purchased for him. On March 24, 2023, after four-and-a-half years of litigation, a Southern District of New York court substantially eliminated all of the plaintiff’s claims. The one remaining…

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Deutsche Bank Hit With $95 Million Verdict in Florida Ponzi Case

Deutsche Bank AG must pay $95 million over allegations it negligently disregarded warning signs about a high-dollar Ponzi scheme and even aided and abetted it, a jury in Florida determined Tuesday. Representatives of 13 Cayman Islands companies undergoing liquidation brought the suit in the US District Court for the Southern District of Florida. Five of them were allowed to proceed…

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Bitcoin: Crypto Bros Hailing EU Red Tape Are In for a Nasty Surprise – Bloomberg

For all the celebration of Europe’s MiCA — Markets in Crypto-Assets — as validating “the token economy,” appearances can be deceptive: Similar to the way one Meta Platforms Inc. investor described the European Union’s efforts to rein in social media, the new regulations will subject crypto to “being nibbled to death by ducks” — while regulators work out how to bring a hammer to…

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SEC’s Climate-Disclosure Rule Isn’t Here, but It May as Well Be, Many Businesses Say – WSJ

A sweeping U.S. climate-disclosure rule isn’t yet in place, and it is sure to face legal challenges when it is, but many companies have begun assessing greenhouse-gas emissions from parties in their supply chain as if it were. The Securities and Exchange Commission’s rule—which would require public companies to report climate-related risks and emissions data, including so-called Scope 3 emissions…

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First Republic Bank Hit with Banking Crisis-Related Securities Suit    | The D&O Diary

In the immediate aftermath of the banking crisis in mid-March, several of the key banks at the center of the crisis – including Silicon Valley Bank, Signature Bank, and Credit Suisse – were quickly hit with securities class action lawsuits. First Republic, another bank that suffered massive deposit withdrawals in March and that received a $30 billion infusion from J.P.…

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Binance Faces Mounting Pressure as U.S. Crypto Crackdown Intensifies – The New York Times

Changpeng Zhao, Binance’s founder and chief executive, has hired white-collar defense lawyers at the law firm Latham & Watkins to represent him personally, as he and his company face a tightening legal net. Justice Department prosecutors are investigating the exchange for money laundering violations, as the Securities and Exchange Commission is looking into the company’s business practices. Last month, another…

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