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☆ Coinbase settles with New York regulators for $100 mln -report
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: 1 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Global Inc (COIN.O) has reached a $100 million settlement with New York regulators, the New York Times reported on Wednesday. State financial regulators found the company had allowed customers to "open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws," prompting a $50 million fine, the Times said. Another $50 million will be required to boost compliance efforts aimed at blocking potential criminals from using the exchange, it reported. Reporting by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

☆ California doctor who drove Tesla off cliff to be charged with attempted murder
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

Patel was transported to hospital with serious injuries on Monday, the California Highway Patrol said. The children, who had minor injuries, were the first to be rescued, after which a helicopter hoisted the adults, who had more serious injuries, Pottenger said. "The children were secured properly in proper car seats, and the car seats were secured properly into the vehicle," Pottenger said. "The car seats saved the lives of those two kids, in our opinion." The Tesla driven by Patel was traveling on the main part of the roadway before it veered off the cliff, he said.

☆ Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc (COIN.O) has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity," said New York DFS Superintendent Adrienne Harris. Coinbase, a publicly traded firm and one of the largest global crypto exchanges, will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, the company said.

The government will give documents and evidence to Bankman-Fried’s lawyers in a process known as discovery. Prosecutors said on Tuesday that they have hundreds of thousands of documents with more on the way as they continue gathering evidence. Discovery can take months, particularly if disputes arise over what evidence the defense is entitled to see ahead of trial. Manhattan U.S. Attorney Damian Williams has said his office will continue to make announcements as its probe widens. Criminal defendants can change their plea at any time, and their lawyers often negotiate with prosecutors over a possible plea deal.

The exact contours of the Democrats' majority is in flux after Senator Kyrsten Sinema switched her party affiliation from Democrat to independent. But either she caucuses with Democrats and gives the party a 51-49 majority or she does not, leaving Democrats with a 50-49 edge. But in a 50-50 Senate where Democrats and Republicans had an even number of seats on the Senate Judiciary Committee, several civil rights lawyers and nominees supported by progressive advocates stalled with deadlocked votes. And in a 50-50 Senate, occasionally Vice President Kamala Harris was needed to cast a tie-breaking vote. Assuming they are renominated, their path to confirmation could be smoothed, as the Judiciary Committee under Durbin's leadership will now have a majority of Democrats.

☆ Ex-CFO pleads guilty to stealing from SPACs to trade meme stocks, cryptocurrencies
▼ + stars: | 2023-01-03 | by ( Jonathan Stempel | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +2 min

Companies African Gold Acquisition Corp FollowNEW YORK, Jan 3 (Reuters) - A former chief financial officer of multiple special purpose acquisition companies (SPACs) has pleaded guilty to embezzling more than $5 million from them, and losing almost all of it trading meme stocks and cryptocurrencies. Cooper Morgenthau, 35, of Fernandina Beach, Florida, pleaded guilty to one count of wire fraud on Tuesday before U.S. District Judge Paul Engelmayer in Manhattan federal court. African Gold said at the time it terminated Morgenthau after learning about his "improper withdrawals" and attempts to conceal them. In pleading guilty, Morgenthau "admitted that he breached the trust that he owed to his public and private investors," U.S. Attorney Damian Williams in Manhattan said in a statement. Reporting by Jonathan Stempel in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Judicial security focus of U.S. Chief Justice Roberts' annual report
▼ + stars: | 2022-12-31 | by ( Richard Cowan | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +2 min

[1/2] Chief Justice of the United States John Roberts departs the Trump impeachment trial in Washington, U.S., January 29, 2020. REUTERS/Brendan McDermidWASHINGTON, Dec 31 (Reuters) - U.S. Supreme Court Chief Justice John Roberts on Saturday focused a year-end report on the judiciary on the need for stepped up security for federal judges, amid a surge in threats and as the United States is embroiled in a bitter debate over abortion. Roberts' nine-page annual report came just two weeks after the U.S. Congress approved legislation that aims to bolster security for Supreme Court justices and federal judges by allowing them to shield their personal information from being available online. "I want to thank the members of Congress who are attending to judicial security needs ... essential to run a system of courts," Roberts wrote in his 2022 Year-End Report on the Federal Judiciary. An armed California man was charged last June with attempted murder after being arrested near the home of Justice Brett Kavanaugh.

☆ China gives Hong Kong leader power to bar overseas lawyers in national security cases
▼ + stars: | 2022-12-31 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +3 min

The NPCSC ruling said Hong Kong courts must now obtain approval from the chief executive before admitting any foreign lawyer without local qualifications to work on national security cases. Under the national security law, the decisions made by the committee cannot be challenged by a judicial review. "Beyond national security cases, then they are most welcome, provided that they satisfied the procedure to obtain an ad hoc admission approval by the court," Lee said. The founder of now shut pro-democracy newspaper Apple Daily, Lai is one of the most prominent Hong Kong critics of China's Communist Party leadership, including Xi Jinping. Reporting by Hong Kong newsroom; Editing by Anne Marie Roantree and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. It is not unusual for criminal defendants to initially plead not guilty. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates.

☆ Bankman-Fried set to enter initial not guilty plea in FTX fraud case -source
▼ + stars: | 2022-12-30 | by ( Jack Queen | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +1 min

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. Reporting by Jack Queen; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ First pre-trial hearing in Microsoft-Activision case set for Jan. 3
▼ + stars: | 2022-12-30 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 30 (Reuters) - A judge has set Jan. 3 for the first pre-trial hearing in the Biden administration's case against Microsoft (MSFT.O) over its $69 billion bid to take over "Call of Duty" maker Activision Blizzard (ATVI.O). Microsoft has countered that the deal would benefit gamers and gaming companies alike, offering to sign a legally binding consent decree with the FTC to provide "Call of Duty" games to rivals including Sony (6758.T) for a decade. Microsoft made the argument in a filing aimed at convincing a judge at the FTC to allow the deal to proceed. The case is a sign of the administration of U.S. President Joe Biden taking a muscular approach to anti-trust enforcement. Reporting by Alexandra Alper; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

But in a late Wednesday night court filing, a group of non-U.S. FTX customers who say they are owed $1.9 billion told U.S. Bankruptcy Judge John Dorsey that this case is different. FTX, once led by Sam Bankman-Fried, is also seeking an exception that would keep its customers' names secret. In October, for example, the judge overseeing Celsius Network's bankruptcy ruled that customer names must be revealed, but their addresses and email addresses could be kept secret. He has asked a committee representing all FTX creditors to weigh in. Lawyers for the official FTX creditors committee did not immediately respond to a request for comment on Thursday.

[1/2] A Hershey's chocolate bar is shown in this photo illustration in Encinitas, California January 29, 2015. REUTERS/Mike Blake/File PhotoCompanies Hershey Co FollowNEW YORK, Dec 29 (Reuters) - Hershey Co (HSY.N) has been sued by a consumer who accused the company of selling dark chocolate that contains harmful levels of lead and cadmium. In a proposed class action filed on Wednesday, Christopher Lazazzaro said he would not have bought or would have paid less for Hershey's Special Dark Mildly Sweet Chocolate, Lily's Extra Dark Chocolate 70% Cocoa and Lily's Extreme Dark Chocolate 85% Cocoa had Hershey disclosed their metals content. Some studies suggest that the antioxidants and relatively low levels of sugar in dark chocolate could help prevent cardiovascular disease. Hershey's Special Dark bar and Lily's 70% bar were high in lead, and Lily's 85% bar was high in lead and cadmium, the magazine said.

BOSTON, Dec 28 (Reuters) - Federal prosecutors on Wednesday asked a judge to sentence the mastermind of the largest U.S. college admissions fraud scheme ever uncovered to six years in prison after he helped them secure the convictions of dozens of wealthy parents including Hollywood celebrities. Prosecutors made the recommendation a week before William "Rick" Singer, the college admissions consultant at the center of the "Operation Varsity Blues" investigation, goes before a judge for sentencing after pleading guilty in 2019. Prosecutors said Singer, operating through his California-based college admissions counseling service The Key and a related charity, took in more than $25 million from his clients. They said he paid out more than $7 million to bribe coaches and administrators at schools including Georgetown University, the University of Southern California, Yale University and Stanford University. Singer, who now lives in a Florida trailer park, in his own filing wrote that he lost everything by "ignoring what was morally, ethically, and legally right in favor of winning what I perceived was the college admissions 'game.'"

DePape pled not guilty on Wednesday to all charges and denied all the allegations, San Francisco District Attorney Brooke Jenkins said in a statement. In November, DePape pleaded not guilty to federal criminal charges in relation to the attack on the House speaker's husband. A San Francisco police officer testified earlier in December that he witnessed the October attack. Prosecutors say the suspect, demanding to see the Democratic House speaker, had broken into her home and attacked her husband. After the attack, Paul Pelosi underwent surgery for a skull fracture and injuries to his right arm and hands.

NEW YORK, Dec 28 (Reuters) - Sam Bankman-Fried is expected to enter a plea next week to criminal charges he defrauded investors and looted billions of dollars in customer funds at his failed FTX cryptocurrency exchange. Kaplan was assigned to the case on Tuesday, after the original judge recused herself because her husband's law firm had advised FTX before its collapse. Before his Dec. 12 arrest, Bankman-Fried acknowledged risk-management failures at FTX, but said he did not believe he was criminally liable. Two of his associates, former Alameda chief executive Caroline Ellison and former FTX chief technology officer Gary Wang, have pleaded guilty over their roles in FTX's collapse and agreed to cooperate with prosecutors. Its new chief executive, John Ray, told Congress on Dec. 13 that the exchange lost $8 billion of customer money while being run by "grossly inexperienced, non-sophisticated individuals."

NEW YORK, Dec 27 (Reuters) - U.S. prosecutors have filed criminal charges of commodities fraud and manipulation against a man accused of trying to steal about $110 million in October by rigging the Mango Markets cryptocurrency exchange. Eisenberg was arrested on Monday night in Puerto Rico, U.S. Attorney Damian Williams in Manhattan said in a court filing. Mango is a decentralized cryptocurrency exchange run by Mango DAO that lets investors lend, borrow, swap, and use leverage to trade cryptocurrency assets. Mango soon began negotiations with Eisenberg and reached a settlement to recoup $67 million. The case is U.S. v. Eisenberg, U.S. District Court, Southern District of New York, No.

☆ U.S. probes how $370 million vanished in hack after FTX bankruptcy - Bloomberg News
▼ + stars: | 2022-12-27 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Federal prosecutors are investigating an alleged cybercrime that drained more than $370 million from crypto exchange FTX hours after it filed for bankruptcy, Bloomberg News reported on Tuesday citing a person familiar with the case. The criminal probe into the stolen assets, launched by the Department of Justice is separate from fraud case against FTX co-founder Sam Bankman-Fried, the report added. FTX filed for U.S. bankruptcy last month and Bankman-Fried stepped down as chief executive, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal. The U.S. Department of Justice accused Bankman-Fried of causing billions of dollars of losses related to FTX, which a U.S. prosecutor called a "fraud of epic proportions." The FTX collapse has fanned fears about the future of the crypto industry after the beleaguered exchange outlined a "severe liquidity crisis".

News of the loosening lifted stock markets worldwide, with luxury shares in particular benefiting. Shares in LVMH (LVMH.PA), the world's biggest luxury group and Europe's number 1 company by market capitalisation, were up 2.7% while Cartier-owner Richemont (CFR.S) rose almost 4%. Before the current slowdown, it had for years been the fastest growing region, with young, urban, middle class professionals powering the luxury market by splashing out on Hermes' 10,000 euro-plus ($10,633) Birkin handbags and Gucci's 1,000 euro fur-lined loafers. According to a recent report by the McKinsey consultancy, while non-luxury fashion sales are expected to rise between 2% and 7% in 2023, luxury sales should climb 9% to 14% over the same period. ($1 = 0.9405 euros)Reporting by Silvia Aloisi; Editing by Louise Heavens Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Convicted ringleader in Michigan governor kidnapping plot faces sentencing
▼ + stars: | 2022-12-27 | by ( Steve Gorman | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +3 min

Dec 27 (Reuters) - The convicted leader of a foiled plot by members of right-wing militia groups to kidnap Michigan Governor Gretchen Whitmer faces a possible life term in prison when he is sentenced on Tuesday in U.S. District Court. Co-defendant Barry Croft Jr., another member of the Three Percenters militia group, was convicted of the same charges at the same trial and was scheduled for sentencing on Wednesday. Fox and Croft were among 13 men arrested in October 2020 on state or federal crimes in the kidnapping conspiracy. The same jury failed to reach a verdict for Fox and Croft, resulting in a mistrial for them. Two other men who pleaded guilty to kidnapping conspiracy charges testified for the prosecution at the first federal trial and during the retrial of Fox and Croft about four months later.

☆ France's Safran to pay $17.2 mln to settle China bribery charges in U.S. probe
▼ + stars: | 2022-12-23 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - French jet engine maker Safran SA (SAF.PA) will pay about $17.2 million as part of a settlement with the U.S. Justice Department over bribes its subsidiaries allegedly paid in China, the Department of Justice (DoJ) said in a statement made public on Friday. The Paris-based aerospace supplier will be required to turn over profits from "corruptly obtained" and retained contracts by its U.S.-based subsidiary, Monogram Systems, the DoJ said. Monogram and Safran's German unit, Evac GmbH, allegedly paid bribes to obtain "lucrative" train lavatory contracts with the Chinese government. Safran did not immediately respond to Reuters request for a comment. Reporting by Priyamvada C in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Jan. 6 report adds to Trump's mounting legal problems
▼ + stars: | 2022-12-23 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +8 min

A New York judge ordered that an independent monitor be appointed to oversee the Trump Organization before the case goes to trial in October 2023. Trump asked Raffensperger to "find" enough votes needed to overturn Trump's election loss in Georgia. Legal experts said Trump may have violated at least three Georgia criminal election laws: conspiracy to commit election fraud, criminal solicitation to commit election fraud and intentional interference with performance of election duties. A Trump Organization lawyer has said it would appeal the decision, while Trump has defended his company's operations. Allen Weisselberg, the company's former chief financial officer, pleaded guilty and was required to testify against the Trump Organization as part of his plea agreement.

☆ Alameda's ex-CEO tells judge she hid billions in loans to FTX execs
▼ + stars: | 2022-12-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +1 min

Companies Alameda Research FollowNEW YORK, Dec 23 (Reuters) - Sam Bankman-Fried and other FTX executives received billions of dollars in secret loans from the crypto mogul's Alameda Research, the hedge fund's former chief told a judge in her guilty plea for her role in the exchange's collapse. "We prepared certain quarterly balance sheets that concealed the extent of Alameda’s borrowing and the billions of dollars in loans that Alameda had made to FTX executives and to related parties," Ellison told U.S. District Judge Ronnie Abrams in Manhattan federal court, according to the transcript. Bankman-Fried has been accused of orchestrating an "epic" fraud that led to the loss of billions of dollars of customer and investor funds. He has acknowledged risk-management failures at FTX but said he does not believe he has criminal liability and he has not entered a plea. Reporting by Luc Cohen in New York Writing by Tom Hals in Wilmington, Del.

Companies Meta Platforms Inc FollowDec 23 (Reuters) - Facebook owner Meta Platforms Inc (META.O) has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," Meta said. The users' lawyers alleged that Facebook misled them into thinking they could keep control over personal data, when in fact it let thousands of preferred outsiders gain access. Facebook argued its users have no legitimate privacy interest in information they shared with friends on social media. But U.S. District Judge Vince Chhabria called that view "so wrong" and in 2019 largely allowed the case to move forward.

☆ FTX founder Bankman-Fried to make U.S. court appearance after extradition
▼ + stars: | 2022-12-22 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - FTX founder Sam Bankman-Fried is expected to appear before a U.S. court on Thursday after being extradited from The Bahamas, where he had remained since the collapse of his now-bankrupt cryptocurrency exchange. "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it," Williams said. At his U.S. court appearance, known as an arraignment, Bankman-Fried is expected to be asked to enter a plea. Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. Since his arrest on Monday, Bankman-Fried was detained at the Bahamas Department of Corrections prison, known as Fox Hill.

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