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e-Mail Scams Targeting Attorneys
Even if you have not seen the warnings broadcast by various national, state, and local bar associations, you probably have seen the e-mails themselves. The ungrammatical messages read something like this:
Dear Counsel,
The management of Sunway Electric Manufacturing Company, Ltd. requires your legal representation for our North American delinquent customers. We are of the opinion that a reputable attorney is required to represent us in North America for us to recover monies due to our organization by overseas customers, and as well follow up with these accounts. In order to achieve these objectives a good and reputable law firm like yours will be required to handle this service. We understand that a proper attorney client agreement must be entered into by both parties. This will be done immediately we receive your letter of acceptance regarding this proposal.
When the attorney responds, an engagement letter is sent and received, and the attorney is advised shortly thereafter that the matter has resolved itself, the delinquent account debtor has agreed to pay, and the attorney will be receiving a settlement check. The attorney is asked to deposit the settlement check in the firm's client trust account and then to wire transfer the settlement funds overseas once the bank has advised that the funds are available. The check, which may be for hundreds of thousands of dollars, is fraudulent.
Losses result from lawyers' frequent misunderstanding of banking regulations, which permit a bank to advise that “funds are available” before a check actually has cleared. So, what happens is that the funds are wired overseas by the law firm when the “funds are available,” and thereafter the check is returned as either “NSF” or as a fraudulent check. The bank reverses the deposit, but the wire-transferred monies cannot be recovered. In all instances, the law firm has now lost its clients' money that it was holding in trust ' some of which may have been retainers to be applied to future fees and some of which may have been funds held pending disbursement to the firm's clients or to others on their behalf. In some instances, where the amount of the wire transfer exceeds the original balance in the account, the bank will claim an overdraft and demand payment to cover the overdraft. To make matters worse, the attorney and the firm may be subject to mandatory reporting requirements and disciplinary proceedings.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.