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In the Courts
Fifth Circuit Reverses Ponzi Funds Ruling
On Jan. 10, 2019, a Fifth Circuit panel held that Gary Magness, a former Stanford International Bank investor, cannot keep the approximately $79 million he received from the bank following the revelation that the bank had conducted a Ponzi scheme that defrauded thousands of investors.
In July 2008, the Securities and Exchange Commission opened an investigation of Stanford's operations, eventually charging founder Allen Stanford and other executives with fraud related to a certificate of deposit investment plan that offered “improbable and high interest rates.” Ultimately, the Ponzi scheme left over 18,000 investors with approximately $7 billion in losses. A U.S. District Court appointed Ralph Janvey as the receiver for the bank.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.