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☆ A 63-year-old peak boomer said she 'can't even think about retiring' despite having a master's degree and working two jobs
▼ + stars: | 2024-05-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.

Persons: Cathy, ALICE, —, Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St

☆ Definely, a London legal tech startup founded by a blind lawyer, just raised $7 million with this 10-slide pitch deck
▼ + stars: | 2024-05-08 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDefinely, a London-based legal tech startup, has raised $7 million in Series A funding, the company said Wednesday. Founded in 2020 by former colleagues at a Magic Circle law firm, Definely is a subscription product that helps lawyers read, edit, and draft legal documents through a plug-in. Currently available through Microsoft Word, Definely uses artificial intelligence, including natural language processing, to make cross-referencing documents easier for legal professionals. Reading legal documents can be a lengthy and complex task with phrases and terminology often scattered between different sections of contracts.

Persons: —, Nnamdi Emelifeonwu, MacDaeid, Emelifeonwu, Definely Organizations: Service, Microsoft, Business, Octopus Ventures, Cornerstone VC, Zrosk Investment, Google, Atlantic Locations: London

☆ Is Your Law Firm Using A.I.? Tell Us How.
▼ + stars: | 2024-05-06 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: 1 min

Law firms are increasingly relying on generative artificial intelligence to produce research and draft documents. We’d like to hear from lawyers working with generative A.I., including contract lawyers who have been brought on for assignments related to A.I. Your answers may help us better understand the use of A.I. We won’t publish your name or any part of your submission without contacting you first. If you prefer to share tips or thoughts confidentially, you can do so here.

☆ Alaska, Delaware, and West Virginia are the only states that still don't have a single billionaire resident
▼ + stars: | 2024-05-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Alaska, Delaware, and West Virginia aren't home to any billionaires, Forbes reported. AdvertisementAlaska, Delaware, and West Virginia are the only states that still don't have a single billionaire resident, according to a new report by Forbes. Forbes estimates that the West Virginia resident, who's also the president of Marshall University, was worth about $900 million as of March. AdvertisementTo be clear, Alaska, Delaware, and West Virginia are among the least-populated states in the US. According to Census Bureau estimates for 2023, Alaska was the fourth-smallest state or district in the US by population, Delaware was seventh-smallest, and West Virginia was 13th-smallest.

Persons: Forbes, —, Elon Musk, Mark Zuckerberg, Michael Bloomberg, Brad Smith —, who's, Elizabeth Snyder, Jonathan Rubini, Leonard Hyde, Hyde Organizations: Service, Forbes, New, Henley & Partners, Microsoft, Marshall University, Properties, Wall, Henley, Partners Locations: Alaska, Delaware, West Virginia, California, Alaska , Delaware, Texas, New York, Tex, Florida, . California, Austin, Scottsdale , Arizona, Palm Beach , Florida

☆ Britney Spears and Her Father Settle Legal Dispute Over Conservatorship
▼ + stars: | 2024-04-26 | by ( Liz Day | Lauren Herstik | ) www.nytimes.com time to read: +1 min

More than two years after a judge ended the conservatorship that had given James P. Spears control of his pop star daughter’s life, Britney Spears and her father have settled their outstanding legal dispute over the payment of his legal fees and his management of her finances. The terms of the settlement were not disclosed in court filings made by both parties in Los Angeles Superior Court on Thursday. But the two sides had been at odds over the size of Mr. Spears’s legal fees and questions about his oversight of her money as conservator. Ms. Spears’s 13-year-long conservatorship, which began in 2008 after a series of public breakdowns, was terminated in 2021. Mr. Rosengart argued that, in particular, his client should not have to pay her father’s current legal bills, asserting in court papers that Mr. Spears had paid himself $6 million, improperly surveilled his daughter and engaged in financial misconduct during his tenure.

Persons: James P, Britney Spears, Spears’s, Mathew S, Rosengart, Spears Organizations: Los Angeles Superior Court Locations: Los Angeles

☆ A millennial with side hustles as a startup founder booking 6 figures and a professional dancer shares her tips for balancing both
▼ + stars: | 2024-04-14 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

Danielle Shultz is a professional dancer and runs her own corporate wellness business. Her business, Triangle Sessions, has landed contracts with Google, Meta, and Deloitte. She also runs her startup Triangle Sessions, which offers corporate wellness and team-building events. When she's not at dance rehearsal, Shultz teaches Triangle Sessions classes on topics like relaxation and terrarium building. Danielle Shultz, 36, is a dancer with The Metropolitan Opera and runs her own corporate wellness business.

Persons: Danielle Shultz, Shultz, —, Zers, Bankrate —, she's, I've, Robert Nickelsberg, It's, Schulz Organizations: Triangle, Google, Deloitte, Service, Metropolitan Opera, YouGov, Triangle Sessions, The, Sessions Locations: Philadelphia, New York City, York

☆ Globe Life shares rebound about 20% after plummeting over 50% Thursday
▼ + stars: | 2024-04-12 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Shares of Globe Life rebounded about 20% Friday morning after sinking 53% Thursday following a short-seller report alleging multiple instances of insurance fraud. Fuzzy Panda Research disclosed a short position in the Texas-based insurance company after it uncovered "extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times." The short-seller claims that Globe Life had insurance policies written for fictitious and deceased individuals, forged signatures and had funds withdrawn from bank accounts without customer approval. They also allege that fictitious bank accounts were used to fund fake insurance policies so employees met their bonuses. In a statement Thursday, Globe Life refuted the allegations and said they are "driven solely by short-term profit."

Organizations: Globe, Panda Research, CNBC Locations: Texas

☆ GOP leaders pursue new lawsuits over 2024 election rules – including attacking methods of voting they want supporters to use
▼ + stars: | 2024-04-11 | by ( Fredreka Schouten | Tierney Sneed | ) edition.cnn.com time to read: +11 min

“What he has said is that we would like ultimately there to only be voting on Election Day. Republican attorneys have filed an assortment of lawsuits across the county that vary in both what types of election rules they target and how seriously election law experts believe the case should be taken. The legal fight against mail voting has taken GOP lawyers to states beyond the typical presidential battlegrounds. In addition to the case targeting Mississippi’s post-election day mail ballot receipt deadline, Republicans filed a lawsuit challenging the major expansion of mail voting enacted by New York lawmakers last year. To arrive at the claim that the states’ voter rolls are bloated, Republicans are using a formula that has previously been rebuked in federal court.

Persons: Donald Trump, baselessly, Trump, Mike Johnson, “, ” Michael Whatley, that’s, ” Whatley, Whatley –, –, Rick Hasen, don’t, ” Hasen, Derek Muller, ” Muller, litigators don’t, ”, Justin Levitt, Muller, CNN’s Ariel Edwards, Levy, David Wright Organizations: CNN, Republican, Republican National Committee, Mississippi Republican Party, Magnolia, GOP, Republicans, Democrats, Trump, Trump’s, Fox News, Republican Party, RNC, University of Notre Dame, Fox, New, National Conference of State Legislatures, Pew Research Center, Democratic, Pew, The New, The New York City Council, Vermont, Loyola Law School, Biden White Locations: Magnolia State, Pennsylvania, Ohio , Georgia, Florida, North Carolina, Wisconsin, “, California, Colorado, Hawaii , Nevada , Oregon , Utah , Vermont, Washington, Mississippi, New York, Michigan , Wisconsin , Ohio, Arizona, New York City, United States, The New York, – Nevada, Michigan, Nevada

☆ How a Case Against Fox News Tore Apart a Media-Fighting Law Firm
▼ + stars: | 2024-04-10 | by ( David Enrich | ) www.nytimes.com time to read: +1 min

Last April, dozens of lawyers and their guests gathered at the Columbus Inn in Wilmington, Del. Hours earlier, the lawyers and their client, Dominion Voting Systems, had negotiated an extraordinary $787 million settlement with Fox News. Susman Godfrey would pocket a thick slice of the settlement that Fox had just wired over. Clare Locke, a smaller firm that specializes in the niche field of defamation law, wouldn’t get a cut of the settlement. But Dominion had already paid it millions of dollars in fees, and the victory offered the firm the potential for something even greater.

Persons: Buffalo Bill, Fox, Dominion, Donald J, Trump, Susman Godfrey, Clare Locke, wouldn’t Organizations: Buffalo, Voting Systems, Fox News, Fox, Dominion Locations: Wilmington, Del

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Biden administration to accuse Chinese hackers of targeting US companies in espionage campaign
▼ + stars: | 2024-03-25 | by ( Sean Lyngaas | Evan Perez | ) edition.cnn.com time to read: +3 min

The Biden administration is preparing to publicly accuse several Chinese hackers of conducting sweeping hacks against US companies on behalf of China’s civilian intelligence service, three people familiar with the matter told CNN. An announcement identifying the hackers with names and photos is expected as soon as Monday, the sources said. The hackers have been using a Chinese technology company as a front to cover their hacking activity, one of the sources said. The British government is also preparing to accuse the hacking group of targeting UK organizations, the sources said. The cybersecurity industry knows the hacking group as APT31 or Judgement Panda, and researchers have found the hackers targeting everything from US law firms to European industrial organizations to international apparel companies.

Persons: Biden, Christopher Wray, Xi Jinping, Joe Biden, Wray Organizations: CNN, of State Security, Embassy, The, Microsoft Locations: Washington ,, China, Beijing, Wuhan, Tibet, Hong Kong

☆ Trump is fundraising to keep NY AG's 'filthy hands' off Trump Tower — but using donor cash this way may be illegal
▼ + stars: | 2024-03-21 | by ( Natalie Musumeci | Laura Italiano | ) www.businessinsider.com time to read: +7 min

In the frenzied fundraising message blasted out to MAGA voters on Wednesday, Trump's campaign called on one million "Pro-Trump patriots to chip in and say, STOP THE WITCH HUNT AGAINST PRESIDENT TRUMP!" AdvertisementIt called for supporters to donate to the Trump Save America Joint Fundraising Committee, Trump's main campaign PAC. But it suggested the money would somehow back his battle cry of "KEEP YOUR FILTHY HANDS OFF OF TRUMP TOWER!" Kathy Willens/Associated PressRepresentatives for Trump's campaign did not immediately respond to a request for comment by BI on Thursday. Trump once again railed against his massive civil fraud judgment in a post Thursday to his social media platform, Truth Social, and insisted he did "nothing wrong."

Persons: —, Donald Trump's, there's, Robert Maguire, Trump, Maguire, MAGA, HUNT, PRESIDENT TRUMP, Letitia James —, James, Joe Biden, Letitia James, Kathy Willens, CREW's Maguire, hasn't, Daniels, Michael Cohen, Donald Trump, Sue Ogrocki Trump, Trump's, Arthur Engoron Organizations: Service, Business, Citizens, Republicans, Federal, Commission, Trump, New York, Bloomberg, Trump Save America, York, Associated Press, BI, FEC, AP Locations: York, Washington, Manhattan, Westchester County, Tulsa, Okla, New York

☆ Creditors demand Rudy Giuliani sell his $3.5 million Florida condo to pay debts
▼ + stars: | 2024-03-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Creditors want to force Rudy Giuliani to sell his $3.5 million Florida condo to help pay his significant debts, according to a court document filed on Friday. For example, Giuliani spends tens of thousands of dollars a month to maintain his Florida condo. However, the document said, Giuliani spends "approximately 20-30% of his time in Florida" and therefore creditors claimed the $3.5 million condo must be sold. "It is merely a matter of when, not if, the Debtor will have to sell the Florida Condo in order to distribute the proceeds thereof to creditors," the filing said. Giuliani has claimed he cannot afford the insurance, the court document said.

Persons: Rudy Giuliani, Donald Trump, Barrett Prettyman, Giuliani Organizations: Washington , D.C, New, New York City, Netflix, Florida, Trump Locations: Washington ,, Florida, New York, Georgia, New York City

☆ Five Takeaways From Nikole Hannah-Jones’s Essay on the ‘Colorblindness’ Trap
▼ + stars: | 2024-03-13 | by ( Nikole Hannah-Jones | ) www.nytimes.com time to read: +3 min

Conservatives are interpreting the court’s ruling broadly, and since last summer, they have used it to attack racial-justice programs outside the field of higher education. These challenges to racial-justice programs will have a lasting impact on the nation’s ability to address the vast disparities that Black people experience. Though the civil rights movement is celebrated and commemorated as a proud period in American history, it faced an immediate backlash. The progressive activists who advanced civil rights for Black Americans argued that in a society that used race against Black Americans for most of our history, colorblindness is a goal. In the affirmative-action decision, Chief Justice John G. Roberts Jr., writing for the majority, embraced this idea of colorblindness, saying: “Eliminating racial discrimination means eliminating all of it.”

Persons: colorblindness, John G, Roberts, ” Organizations: Times, Howard University, Black Locations: ’

☆ Robert De Niro calls Donald Trump 'stupid' and 'dangerous' after the former president mocked him on social media
▼ + stars: | 2024-03-12 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +4 min

Trump and De Niro have been feuding since 2016 when the actor said he wanted to punch him in the face. AdvertisementRobert De Niro called Donald Trump a "fucking moron" in his latest comments amid their public feud. De Niro responded to two of Trump's social media posts about him, where the former president said De Niro had a "low IQ" and his acting had "greatly diminished." AdvertisementDe Niro encouraged the audience to vote to make sure Trump is not re-elected as president later this year. Kevin Winter/Getty Images; Alexi J. Rosenfeld/Getty ImagesNear the end of the ceremony, Kimmel read Trump's post and said: "Thank you, President Trump.

Persons: Robert De Niro, Jimmy Kimmel, Trump, De Niro, —, Donald Trump, Trump's, Niro, don't, Kimmel, Donald Trump's, Kevin Winter, Alexi J . Rosenfeld, I'm, Arthur Engoron Organizations: Service, Trump, Republican Party, Hollywood, Truth, Business Locations: New York, York

☆ I gave my son a common name — I have no regrets
▼ + stars: | 2024-03-08 | by ( Hannah Nwoko | ) www.businessinsider.com time to read: +4 min

Read previewIt took a while for me to realize a common name was the best type of name for my son. On one hand, my son could stand out immediately like a rockstar — memorable, fun, free-spirited; on the other, he could seamlessly slot into society, a Daniel among Daniels. While unique names reflect a shift in our society toward a culture of individualism, they also have drawbacks that I was keen to avoid. And ironically, in a sea of unconventional names, Daniel stands out in an understated way. Firstly, my son has never been the only Daniel in school, so when someone calls his name, every Daniel within earshot turns around.

Persons: —, Daniel, Daniels, Daniel Kaluuya, Daniel Radcliffe, Daniel Day Lewis, Daniel Craig, It's, Nameberry, I'm, insinuates, callbacks, Hannah, earshot, isn't Organizations: Service, rockstar, Business

☆ Inside hedge funds' big Lincoln Center bash: caviar, acrobats, and a professed love for New York 'even if we move to Florida'
▼ + stars: | 2024-03-07 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The alternatives industry's annual fundraiser for Lincoln Center had David Geffen Hall stuffed with acrobats, dancers, jugglers, and magicians — to say nothing of the billionaires sipping cocktails and noshing on hors d'oeuvres such as a potato bite topped with caviar and crème fraîche. The event pulled in hundreds of traders, bankers, and lawyers despite a rainy, windy night on Manhattan's Upper West Side. It was a celebration of New York, according to one of the gala's chairs, Ilana Weinstein, a longtime hedge-fund recruiter born in the city. Steve Tananbaum, Ilana Weinstein, and Steve Cohen. Guests at Lincoln Center's Alternative Investment Industry Gala were entertained by dancers, musicians, jugglers, and acrobats.

Persons: David Geffen, —, Ilana Weinstein, Point72, Steve Cohen, Steve Tananbaum, Dave Kotinsky, Ken Griffin, Steves, Weinstein, Hunter Point's Bennett Goodman, York, Jamie Dinan, Axel Capital's Anna Nikolayevsky, Lincoln, partygoer Organizations: Lincoln Center, David Geffen Hall, Business, Lincoln Center In, Sunshine State, Citadel Securities, Citadel, Lincoln, Alternative, Industry Locations: New York, Florida, Lincoln Center In Florida, Miami, West Palm, Chicago, Balyasny

He has encouraged the team to make a concerted effort to host his events at smaller, less costly venues, according to conversations with multiple Trump advisers. Mismatched and functional is the decor of the Trump campaigns’ offices,” a senior Trump adviser told CNN. And those figures don’t even include his mounting legal bills as he faces 91 charges in four criminal indictments. This fund, which reported raising $1.5 million through the end of last year, will continue to be utilized, Trump’s advisers say. One RNC member recently authored a resolution that seeks to ban the RNC from paying Trump’s legal bills.

Persons: Donald Trump, Joe Biden, Susie Wiles, Uber, Susie, Wiles, Chris LaCivita, ” LaCivita, you’re, Trump, that’s, ”, “, Jean Carroll, CNN Trump, Trump’s, —, Michael Whatley, Lara Trump, Brian Snyder, Reuters LaCivita Organizations: CNN, Trump, Save America PAC, Make, Inc, White, Save America, Republican, GOP, Biden, Democratic National Committee, Republican National Committee, America, Patriot Legal Defense, RNC, North Carolina, Reuters Locations: New York, York, Manhattan, America, —, Durham , New Hampshire

☆ Lawyers who voided Elon Musk's pay as excessive want $6 bln fee
▼ + stars: | 2024-03-02 | by ( ) www.cnbc.com time to read: +1 min

The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock. Musk blasted the request as "criminal," posting on his X platform that "the lawyers who did nothing but damage Tesla want $6 billion." The company would pay the lawyers who represented Richard Tornetta, a shareholder who sued Musk in 2018 over the pay package, which a Delaware judge nixed in January. The electric vehicle maker is being asked to pay the fee because it benefited from the return of Musk's pay package, which the legal team said will result in the return to the carmaker of 266 million shares. Judge Kathaleen McCormick, who is overseeing the case and will decide on the fee, called Musk's pay "unfathomable" in her ruling.

Persons: Elon Musk, Tesla, Elon, Musk, Richard Tornetta, nixed, Kathaleen McCormick Organizations: Elon Musk's Locations: Krakow, Poland, Delaware

☆ Task associates and paralegals are some of the loneliest workers in the country
▼ + stars: | 2024-03-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Task associates and paralegals are among the loneliest jobs in the country, a new study shows. Task associates, who stock merchandise in retail stores, reported the highest levels of loneliness, according to a new study from Solitaired. "While that might sound like a job beaming with human interaction with customers, it's not always the case," the study's author, Neal Taparia, told Business Insider. Senior paralegals, in particular, ranked as the second loneliest job, suggesting that the higher up the corporate ladder someone is, the lonelier they might be. And paralegal roles have evolved over the years to include substantive legal work — without the title or pay grade of a full-time lawyer.

Persons: —, it's, Neal Taparia, Taparia, Jasmine Gavigan Organizations: Service

☆ Migrant children in open-air desert camps are suffering from hunger and hypothermia, court documents say
▼ + stars: | 2024-02-29 | by ( Blake Ellis | Melanie Hicken | ) edition.cnn.com time to read: +9 min

The episode was one of many highlighted in a court filing Thursday that takes aim at the living conditions at open-air camps near the U.S.-Mexico border in California. Federal immigration officials have directed migrants to those camps but have failed to provide adequate food, water, shelter and medical services, children’s rights lawyers say. More than 3.3 million immigration court cases remain in the cue, according to according to data from Syracuse University’s Transactional Records Access Clearinghouse, which tracks immigration court data. The declarations also described instances in which aid workers had to orchestrate emergency medical care for children in serious distress. Some alleged that Border Patrol agents saw that children were suffering but did little about it.

Persons: —, Adriana Jasso, Joe Biden, ” Neha Desai, “, Jasso, ” Desai, ” Theresa Cheng, ” Organizations: CNN, Border Patrol, National Center for Youth Law, CBP, Department, Homeland, Civil Rights, Civil Liberties, Security, “ Locations: Colombia, porta, U.S, Mexico, California, Venezuela, China, India, Mauritania, Syracuse, San Diego, Colombian

☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ Corner Offices Are Out; Collaboration Is In. Say Hello to the New Law Firm.
▼ + stars: | 2024-02-27 | by ( Ellen Rosen | Maansi Srivastava | ) www.nytimes.com time to read: +1 min

In January, the law firm Crowell & Moring traded its New York offices in an early 1980s building in Midtown Manhattan for a newly built space on the West Side, with sweeping views of the Hudson River and New York Harbor. The law firm’s previous office layout was “essentially wasted space,” said Philip T. Inglima, the firm’s chairman. Crowell & Moring makes better use of the square footage in its new location, which includes features like sit-to-stand desks, video technology for hybrid meetings and double-pane glass for soundproofing, Mr. Inglima said. Larger law firms nationwide have been shedding space even as they have added lawyers. “We don’t have everybody in the office all the time, and that’s why we don’t necessarily need that larger footprint,” said Sharis A. Pozen, the law firm Clifford Chance’s regional managing partner, for the Americas.

Persons: Crowell, ”, Philip T, Moring, Inglima, Clifford Organizations: Moring, Crowell Locations: New York, Midtown Manhattan, Hudson, Americas

☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

☆ IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
▼ + stars: | 2024-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. The tax gap, or the difference between taxes owed and paid, was an estimated $688 billion for tax year 2021, the IRS reported in October. Instead, profits flow through to the business owners' tax returns. Other 'red flags' for higher earnersIn addition to complex partnerships, the IRS is watching for other "red flags" from higher earners, according to Hylton. Another area of for increased audits could be estate and gift tax returns, particularly those using "aggressive valuation discounts" for assets, Hylton said.

Persons: Daniel Werfel, Chip Somodevilla, Danny Werfel, Werfel, Eric Hylton, Hylton, Colin Walsh, Baker Tilly, Baker Organizations: Senate, IRS, Alliantgroup Locations: U.S, Hylton, Puerto Rico

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