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Keeping the Data-Breach Headlines In Perspective
From the Sony Pictures settlement, to the Ashley Madison debacle, data breaches are making big headlines of late. And when it comes to one case in particular ' the data breach at luxury retailer Neiman Marcus (Remijas v. Neiman Marcus, No. 14-3122 (7th Cir. July 20, 2015)) ' some would-be experts are spinning a misleading, black-and-white storyline. As you may remember, the 2013 data breach exposed the credit card data of 350,000 Neiman Marcus customers. This led to fraudulent charges occurring in 9,200 of those customer accounts. In short order, a class-action lawsuit followed in which customers sought $5 million in damages. While a district court dismissed the case ' in part because customers had been reimbursed for the false charges in question ' the U.S. appeals court reversed that dismissal in late July.
This ruling, according to the pundits, represented a tipping point toward victims of cyber fraud, and one that, as they saw it, may lead to a wave of successful class-action lawsuits filed across the country. To be sure, data breaches are a significant problem and certainly represent a liability risk. However, let's take a closer look at the precise meaning and context of the Neiman Marcus ruling. Do the pundits truly appreciate the procedural context in which the court reviewed the case? Are they accounting for the most important part of any class-action lawsuit ' class certification?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.