LIBOR Plus What?
It appears U.S. regulators are looking into whether some major banks have tried to manipulate LIBOR (London Interbank Offered Rate), the global benchmark interest rate, to boost their credit quality. There has been speculation that bank executives formed a cartel to manipulate the rates, which might expose them to cartel claims. For a snippet on the investigation, click here.
Bordering on the Invasive
The Ninth Circuit has held that the government can seize and transport for subsequent search electronic devices that pass with their owners through customs. In this case, a couple came into Arizona from Mexico, and customs officers seized their laptops without any particularized suspicion. After transporting the laptops to a field office 170 miles away, and after several days, the government found evidence of child-pornography offenses. The Ninth Circuit, invoking the border-search doctrine, reversed the district court's order suppressing the evidence.
Homing in Through Twitter
A federal district court denied a motion to vacate an order that Twitter disclose account information under the Stored Communications Act. The act "governs government access to customer records stored by a service provider." After holding that the petitioners did not have standing to bring their motion under the act, the court rejected their claim on the merits.
"Bribery Blights Lives"
With that colorful introduction, the U.K.'s Ministry of Justice promulgated guidance on its new Bribery Act. The ministry offered the following six principles for organizations to avoid harm: (1) proportionate procedures, (2) top-level commitment, (3) risk assessment, (4) due diligence, (5) communication and training, and (6) monitoring and review.
In Honor of Tax Time . . .
The IRS made its first payment under its relatively new whistleblower law. An accountant in Pennsylvania was awarded $4.5 million for reporting to the IRS Whistleblower Office that his employer had cheated the government. Of course, the IRS couldn't resist its 28 percent tax withholding, netting the whistleblower a check for $3.24 million. To get your money's worth, click here.
Petitioning for LCD-Like Clarity
The American Bar Association has filed an amicus brief with the Supreme Court, supporting a cert petition asking it to resolve a three-way circuit split, regarding situations in which a prosecutor's grand-jury subpoena trumps a civil-litigation protective order. The cert petition stems from a DOJ antitrust investigation into some flat-panel-display makers. For the cert petition, click here.
Dina Kapur Sanna and Carl A. Merino co-authored an article, "Long Arm of the Law: The Risk to U.S. Practitioners of Prosecution for Facilitating Foreign Tax Offenses," (subscription required) in the June 2017 issue of Trusts & Estates Magazine.
On June 15, Dina Kapur Sanna and Carl A. Merino moderated a discussion panel at the Cambridge International Wealth Advisors Forum 2.0 held in Lisbon about the role of wealth advisors as "gatekeepers" to the financial system and measures being implemented by different jurisdictions to combat money laundering and tax evasion, including obligations imposed on lawyers and other advisors.
Day Pitney Newsletter
Dan Wenner authored an article, "Inside the 1st Muni Bond Criminal Case," published by Law360.
On May 25, the Federal Bar Council held a CLE, entitled: "Second Circuit Appellate Advocacy Workshop," which was coordinated by Dan Wenner.
Stan Twardy, Elizabeth Latif and Eric Sussman were successful in having a federal judge dismiss a False Claims Act lawsuit against our client Sikorsky Aircraft Corp.
Danielle Corcione was quoted by Law360 in the article titled "Attys Dish on Escobar's FCA Impact One Year Later," in which she commented on the U.S. Supreme Court's decision one year ago in Universal Health Services v. Escobar and its impact on False Claims Act litigation.
Day Pitney Press Release
"Don't Panic, Don't Lie"; Steven Cash is quoted in the National Law Journal discussing how individuals should respond when they find themselves involved in criminal investigations.
Day Pitney Press Release