Morning Docket

Morning Docket: 07.25.16

* If Republican presidential nominee Donald Trump wins the election, he may be the first president-elect to be standing trial for fraud prior to taking the oath of office. Judge Gonzalo Curiel has tentatively refused to dismiss one of the two pending Trump University cases, saying plaintiffs had met requirements for the case to move forward for a jury to decide whether Trump "participated in a scheme to defraud" students. [San Diego Union-Tribune] * After being served with a class-action suit alleging she rigged the Democratic primaries and the release of emails in the latest Guccifer hack showing her favoritism for Hillary Clinton over Bernie Sanders, Rep. Debbie Wasserman Schultz is resigning as the Democratic National Committee's chair after this week's convention. [CNN; Observer] * Five senators, including Bob Menendez (D-NJ), Elizabeth Warren (D-MA), Ron Wyden (D-OR), Debbie Stabenow (D-MI), and Cory Booker (D-NJ), have introduced the Student Loan Tax Relief Act, which would exempt forgiven loans from being taxed as income. Law school grads on IBR, ICR, or PAYE should pray this bill is passed. [Forbes] * In an announcement made before markets opened, Verizon said it would be purchasing Yahoo for $4.83B. It's rumored that Faiza Saeed, Cravath's incoming presiding partner -- who was appointed to a committee to explore Yahoo's sale -- was the driving force behind the deal, which is expected to close in early 2017. [Reuters; Big Law Business] * Law firms are apparently in a "weak spot" when it comes to the detection of money laundering operations. That may be how Shearman & Sterling got mixed up with an alleged Malaysian plot to siphon funds from its trust account to purchase luxury items in a scheme that's turned into an attempted $1B DOJ asset forfeiture. [WSJ Law Blog]

By Staci Zaretsky on July 25, 2016 8:59 am
Donald Trump (Photo by Richard Ellis/Getty Images)

Donald Trump (Photo by Richard Ellis/Getty)

* If Republican presidential nominee Donald Trump wins the election, he may be the first president-elect to be standing trial for fraud prior to taking the oath of office. Judge Gonzalo Curiel has tentatively refused to dismiss one of the two pending Trump University cases, saying plaintiffs had met requirements for the case to move forward for a jury to decide whether Trump “participated in a scheme to defraud” students. [San Diego Union-Tribune]

* After being served with a class-action suit alleging she rigged the Democratic primaries and the release of emails in the latest Guccifer hack showing her favoritism for Hillary Clinton over Bernie Sanders, Rep. Debbie Wasserman Schultz is resigning as the Democratic National Committee’s chair after this week’s convention. [CNN; Observer]

* Five senators, including Bob Menendez (D-NJ), Elizabeth Warren (D-MA), Ron Wyden (D-OR), Debbie Stabenow (D-MI), and Cory Booker (D-NJ), have introduced the Student Loan Tax Relief Act, which would exempt forgiven loans from being taxed as income. Law school grads on IBR, ICR, or PAYE should pray this bill is passed. [Forbes]

* In an announcement made before markets opened, Verizon said it would be purchasing Yahoo for $4.83B. It’s rumored that Faiza Saeed, Cravath’s incoming presiding partner — who was appointed to a committee to explore Yahoo’s sale — was the driving force behind the deal, which is expected to close in early 2017. [Reuters; Big Law Business]

* Law firms are apparently in a “weak spot” when it comes to the detection of money laundering operations. That may be how Shearman & Sterling got mixed up with an alleged Malaysian plot to siphon funds from its trust account to purchase luxury items in a scheme that’s turned into an attempted $1B DOJ asset forfeiture. [WSJ Law Blog]

Staci Zaretsky is an editor at Above the Law. Feel free to email her with any tips, questions, or comments. Follow her on Twitter or connect with her on LinkedIn.