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This past October, Deputy Attorney General Lisa Monaco announced the launch of the Department of Justice’s (DOJ) Civil Cyber-Fraud Initiative targeting entities and individuals that fail to follow government cybersecurity standards. Under the initiative, to be led by the Fraud Section of the Civil Division’s Commercial Litigation Branch, the DOJ announced that it would utilize its powerful enforcement tool — the False Claims Act (FCA) — to pursue cybersecurity-related fraud by government contractors and grant recipients. Shortly after the announcement, in remarks at the Cybersecurity and Infrastructure Security Agency (CISA) 4th Annual National Cybersecurity Summit on Oct. 13, 2021, DOJ Civil Division acting Assistant Attorney General Brian Boynton described three “prime candidates” for potential FCA enforcement under the initiative: 1) providing products or services that fail to comply with cybersecurity standards; 2) misrepresenting security controls and practices; and 3) failing to timely report suspected cybersecurity breaches.
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By Patrick T. Campbell, Jonathan B. New and Francesca A. Rogo
Over the past few years, Congress and law enforcement have notably increased their scrutiny of companies’ anti-money laundering compliance, and it appears that Congress is not yet finished with its drive for additional legislation and regulation.
By Robert J. Anello and Richard F. Albert
Federal courts long have struggled to define the limits of the mail and wire fraud statutes, laws famously characterized as the prosecutor’s true love for their vast breadth and catch-all adaptability. After sidestepping opportunities in the past, the U.S. Supreme Court is now wading into two different and controversial manifestations of that flexibility.
By Andrey Spektor
Despite the FCPA’s breadth and its aggressive enforcement, it has largely escaped judicial scrutiny. Individuals and companies are reluctant to test the bounds of the law and risk federal prison or crippling penalties. But one man has refused to fall in line and has almost single-handedly shaped recent FCPA jurisprudence.
By Ross Todd
Given the recent stock market carnage, one might expect that the courts were flooded with a fresh batch of securities suits. Stock drops, after all, are one necessary ingredient of stock drop suits. But according to Cornerstone Research’s mid-year assessment of new filings, the number of new class action securities cases filed in the first half ticked up only slightly compared to the first half of 2021.