• iPhone


    24 Privacy Authorities Worldwide Call For More Mobile App Privacy

    Last week, the increased focus of national data protection authorities on the processing of personal data through mobile apps was again confirmed in an open letter from a group of data protection authorities.

    / Dec 18, 2014 at 1:48 PM
  • Law and money


    How to Aggressively Defend Against Lender Liability Lawsuits

    Following an economic downturn, lenders are inundated with lender liability suits typically based on purported promises to extend the maturity dates of loans, alter the terms of loan agreements, or to forbear from foreclosing on real property collateral.

    / Dec 18, 2014 at 1:13 PM
  • Data RF

    Finance, Technology

    Lawmakers Query Banks About Data Security

    Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a victim of data breach.

    / Dec 18, 2014 at 12:53 PM
  • 432px-Target_logo.svg


    Court Allows Financial Institutions To Proceed With Data Breach Class Action Against Target

    On December 2, 2014, a U.S. District Court in Minnesota ruled that a group of banks and other financial institutions could proceed with a class action against large national retailer Target arising from the data breach Target sustained from a computer hacking…

    / Dec 12, 2014 at 10:00 AM
  • tax-law-taxation

    Bankruptcy, Finance

    Possible Tax Consequences of Debt Settlement

    People want to pay their debts. If there is one thing I have learned over the last 11 years of practicing law is that people generally want to pay the debts that they have incurred. People usually hire me when they simply can’t.

    / Dec 12, 2014 at 9:00 AM
  • internet address


    QVC Sues Shopping App for Web Scraping That Allegedly Triggered Site Outage

    Operators of public-facing websites are typically concerned about the unauthorized, technology-based extraction of large volumes of information from their sites, often by competitors or others in related businesses. The practice, usually referred to as screen scraping, web harvesting, crawling or spidering, has been the subject of many questions and a fair amount of litigation over the last decade.

    / Dec 11, 2014 at 5:01 PM
  • 600px-US-SecuritiesAndExchangeCommission-Seal.svg

    Finance, Securities and Exchange Commission

    SEC Charges Eight Audit Firms Charged With Independence Violations

    The broker windows approach of filing groups of actions together which center on common theme is expanding to auditor independence.

    / Dec 11, 2014 at 4:51 PM
  • Online Password


    Rx for Data Breaches – Planning

    Data breach reports have become a staple of the daily news. Companies of all sizes and across all industries are reporting breaches—whether caused by sophisticated third-party hackers or simple human error…

    / Dec 11, 2014 at 4:13 PM
  • gavel money


    Orrick’s Financial Industry Week in Review

    ‎On December 2, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

    / Dec 11, 2014 at 3:58 PM
  • money in the hands


    Lender-to-thy-Neighbor: P2P Lending in Perspective

    Closely related to the crowdfunding phenomenon has been the evolution of the peer-to-peer (P2P) lending model.1 As the early standard-bearers of P2P prepare to enter the public markets, the model itself is poised for greater industry and regulatory visibility. So what has the undoubtedly impressive growth of P2P revealed thus far and what might it portend for a rapidly shifting and decentralized financial sector?

    / Dec 4, 2014 at 11:23 AM
  • Judges gavel on wooden table on light background

    In-House Counsel

    New Survey Dispels Common Myths About Arbitration

    Did you know that 87% of experienced arbitrators report *always* trying to follow applicable law in rendering an award? That will come as a surprise to many critics who like to complain that arbitrators do not adhere to established law.

    / Dec 4, 2014 at 10:38 AM
  • credit cards


    CFPB Issues Proposed Rules for Prepaid Products

    On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the Truth in Lending Act (Regulation E and Regulation Z, respectively). The proposed rules can be accessed here. The CFPB’s press release regarding the proposed rules can be accessed here. Comments to the proposed rules must be submitted within 90 days of the date the proposed rules are published in the Federal Register. The proposed rules are a follow-up to the advanced notice of proposed rulemaking regarding prepaid cards issued by the CFPB in May 2012.

    / Dec 2, 2014 at 10:59 AM
  • IphoneforArticle


    Bring Your Own Challenges

    From reliable surveys and less dependable anecdotes in most major markets, including the UK and the US, opinions point to the almost inevitable expansion of BYOD – Bring Your Own Device – as a cost-saving model for employers. Mobile device providers assure company decision-makers that direct savings will flow by avoiding the cost of purchasing handsets and absorbing service plan fees.

    / Dec 2, 2014 at 9:58 AM
  • Thinking of money


    Year-End Tax Planning 2014

    Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line-deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70-1/2 or older; and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first year depreciation for most new machinery, equipment, and software; the $500,000 annual expensing limitation; the research tax credit; and the 15-year write-off for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

    / Nov 21, 2014 at 9:57 AM
  • Please come work for Kirkland.


    SEC Scrutiny of Crowdinvesting Sites Not Registered as Broker-Dealers

    On November 10, 2014, the SEC announced a settlement with Eureeca Capital SPC, which is a crowdinvesting portal incorporated in the Cayman Islands. Eureeca’s website seeks to match foreign-based issuers with investors interested in making equity investments. The website provides information about various issuers and their offerings. This information was accessible to U.S. residents, despite the fact that the securities offered through the site were not registered with the SEC. In alleging that Eureeca violated Section 5 of the Securities Act by offering unregistered securities for sale, the SEC noted that Eureeca took no steps to comply with the exemption from registration found in Rule 506(c). Specifically, the SEC alleged that Eureeca took insufficient steps to confirm that the U.S. investors were accredited investors. The SEC also alleged that Eureeca was acting as an unregistered broker-dealer by, among other things, (i) encouraging investments in the offerings on its site, (ii) completing the final legal requirements for the transaction (i.e. accommodating the swap of funds for equity), and (iii) receiving a percentage of the funds from all fully funded offerings as a fee.

    / Nov 19, 2014 at 11:02 AM
  • question mark attorney

    eDiscovery, Technology

    5 Questions You Should Ask About Big Data Security and eDiscovery

    In the era of big data, vetting and asking the right security questions can help your organization save money and have peace of mind when it comes to ediscovery. Below is a general overview of some of the most important questions you should be discussing with your outside law firms and ediscovery service providers. Developing a thorough security RFI created in tandem with your IT/IS department to truly vet these organizations is highly recommended.

    1. How is data stored, secured and monitored? Knowing how and where your data will be stored once you transmit it for ediscovery processing and hosting are some of the most important questions you can ask.

    / Nov 18, 2014 at 10:36 AM
  • The hacker


    Obama Administration the Target of Hackers; Former Administration Official Recipient of Subpoena Related to Cybersecurity

    The Obama Administration’s handling of cyber and data security was recently brought into question due to two distinct security incidents. On the same day that a former Administration official received a subpoena related to the security of a government-run website, it was confirmed that hackers had targeted an unclassified computer network used by senior White House staff.

    On Tuesday, October 28, House Science, Space and Technology Committee Chairman Lamar Smith (R-TX) and Oversight Subcommittee Chairman Paul Broun (R-GA) issued a subpoena to former U.S. Chief Technology Officer Todd Park. The subpoena compels Mr. Park to appear before the Subcommittee on Oversight to answer questions regarding his role in developing and evaluating the operations and security of HealthCare.gov, the website set up for the federal health insurance exchange created by the Affordable Care Act. Recently, it was reported that HealthCare.gov had been hacked back in July 2014. Federal officials confirmed that hackers broke into part of the website and were able to upload malicious software. However, no evidence was found that consumers’ personal data were taken.

    / Nov 17, 2014 at 10:09 AM
  • bankruptcy RF

    Bankruptcy, Finance

    When Things Do Not Go As Planned In A Bankruptcy Sale

    Buying distressed assets is big business. Many distressed assets are acquired through the seller’s Chapter 11 bankruptcy case. In those instances, a buyer will enter into a purchase and sale agreement with the seller/debtor and the agreement is generally subject to notice and opportunity for overbids by third parties and ultimate bankruptcy court approval.

    The somewhat problematic issue is determining what rights or obligations, if any, do the parties have under the agreement between the date of execution and the date the Court enters an order approving the sale? This is precisely the issue the parties encountered in the chapter 11 bankruptcy case of Hot Dog on a Stick, which is pending before the U.S. Bankruptcy Court for the Central District of California.

    / Nov 12, 2014 at 3:23 PM

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