Afternoon Briefs: Steve Bannon charged; more BigLaw firms trim pay cuts
Steve Bannon in 2017. Photo by Gage Skidmore via Wikimedia Commons.
Steve Bannon charged with defrauding donors
President Donald Trump’s former chief strategist Stephen Bannon is among four people charged with defrauding donors to an online crowdfunding campaign called “We Build the Wall.” Bannon is accused of receiving more than $1 million of Build the Wall funds through a nonprofit he controlled, at least some of which was used to cover hundreds of thousands of dollars in personal expenses. (Manhattan U.S. Attorney press release, the New York Times, the Washington Post)
Judge rejects Trump’s subpoena objections
U.S. District Judge Victor Marrero of Manhattan on Thursday rejected President Donald Trump’s objections to a subpoena for financial records. Marrero rejected claims that the probe by Manhattan District Attorney Cyrus Vance was a “fishing expedition” and the subpoena was “wildly overbroad.” The U.S. Supreme Court ruled last month that Trump isn’t automatically immune from subpoenas in Vance’s case. Trump told reporters Thursday that the probe is a witch hunt that would probably go back to the Supreme Court. (The New York Times, the Washington Post, Law.com, Marrero’s decision)
More BigLaw firms trim pay cuts
Three more large law firms are trimming pay cuts implemented in response to the COVID-19 pandemic. They are Fox Rothschild (reducing pay cuts and partner draws by half), Reed Smith (reducing 20% compensation cuts for fixed-share partners and counsels to 15%), and K&L Gates (reducing 20% cuts in equity partner advances to 15%, trimming pay cuts by 33% to 10%, restoring pay for those making $75,000 to $100,000). (Westlaw Today, Bloomberg Law, Law.com, Above the Law)