Corporate Compliance

406 ABA Journal Corporate Compliance articles.

Rite Aid can’t recover from imprisoned ex-lawyer because of release in shareholder suit, judge rules

A federal judge in Philadelphia has blocked Rite Aid’s $135 million suit in state court against its convicted former chief counsel and vice chairman because of a release signed by…

Panama firm obscured the trail of US funds to protect clients’ money from scrutiny, says NY Times

While there can be legitimate reasons for moving funds abroad to shell corporations, wealthy clients of the Panama-based law firm Mossack Fonseca wanted to know, as one put it in…

San Francisco mulls fining, prosecuting home-share sites like Airbnb for listing unregistered units

In 2015, a law took effect in San Francisco that requires those who make short-term rentals available on sharing sites such as Airbnb, HomeAway and VRBO to register with local…

Appeals court overturns $1.27 billion penalty for Countrywide’s sale of risky mortgages

A federal appeals court has overturned a $1.27 billion civil penalty against Bank of America for risky loans sold to Fannie Mae and Freddie Mac by its Countrywide unit.

The…

Law firm targets real estate companies for ADA suits over inaccessible websites

A wave of “potentially costly and embarrassing” lawsuits over websites which allegedly fail to comply with the Americans with Disbabilities Act has hit real estate and home construction companies, the…

Another bank settles with DOJ over sales of risky mortgages; did it get a better deal than others?

Goldman Sachs Group has agreed to pay $5.06 billion to settle government claims that it sold risky mortgage securities to investors without disclosing the problems.

The settlement includes $1.8 billion…

GM lawyers won’t face Michigan ethics probe

Michigan won’t open ethics probes against lawyers for General Motors who were fired following an internal probe into the automaker’s handling of faulty ignition-switch issues.

Michigan’s Attorney Grievance Commission refused…

Law firm failure—the good kind

Everything is obvious once you know the answer. Humans excel at recognizing after-the-fact inevitability. We reconstruct a logical chain of causation that seems to suggest the outcome was predictable. Yet,…

Former general counsel will receive $850K for alleged defamation by his onetime employer

A former general counsel will receive $850,000 as a result of a lawsuit that contended his former company defamed him in a statement that wrongly implied he was replaced as…

Will those who led the financial system into crisis ever face charges?

In 2005, when the impending financial crisis was obvious to some and under the radar to many, Bill Black published a book laying out his theory of control fraud, his criminological term for looting a corporation from the inside. Read this ABA Journal feature recently honored by the American Society of Business Publication Editors.

Indicted BigLaw lawyer will vacation in Cancun; his firms launch internal probes

The Kaye Scholer partner accused of conspiring in a drug company CEO’s securities fraud scheme will be in Cancun for the holidays.

U.S. District Judge Kiyo Matsumoto this week…

Attorney-client privilege doesn’t protect businessman’s communications with Mintz Levin, court rules

Documents prepared by a BigLaw firm aren’t protected by the attorney-client privilege because of a reasonable inference that its client intended to use the legal services to foster illegal conduct,…

Chinese companies doing business in the US build barriers to legal remedies
While an increasing number of Chinese companies are doing business in the U.S., China has nevertheless built a legal firewall around its financial services firms by refusing to acknowledge the…
Fired general counsel can target individual directors in whistleblower suit, federal judge rules

A fired general counsel can name directors of the company that formerly employed him as individual defendants in a whistleblower suit, a federal judge has ruled.

However, plaintiff Sanford Wadler…

Supreme Court to consider whether RICO reaches acts committed overseas

R. J. Reynolds has won Supreme Court review of its claim that it can’t be held accountable in U.S. courts for alleged violations of the Racketeer Influenced and Corrupt Organizations…

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