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Artificial intelligence (AI) is a key emerging technology that is poised to see vastly expanded use in many areas in which white-collar criminal practitioners work. AI currently is playing a growing role in helping white-collar lawyers and their clients analyze vast amounts of data to uncover insights, connections, and patterns that would be impossible to detect through manual reviews. As AI begins playing a more important role in compliance, fraud detection, and governmental investigations, regulators in the United States and around the world are adopting rules for how AI is implemented. Courts also are weighing in on the use of AI in litigation where it is used to analyze large amounts of electronically stored information (ESI). This article provides an introduction to AI technology and discusses the key regulatory developments practitioners should be aware of as they advise their clients on AI.
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By Jacqueline C. Wolff
Since the DOJ announced a new policy under which companies that voluntarily disclosed violations of the Foreign Corrupt Practices Act has attempted to encourage companies to voluntarily disclose all manner of criminal misconduct beyond violations of just the FCPA, while general counsels worldwide have been wrestling with the question of whether and when it is in the company’s best interest to so disclose.
SEC to Continue to Punish Wrongdoers and Deter Misconduct
By Jonathan H. Hecht and Emily S. Unger
The Division of Enforcement will likely continue to use “every tool in its toolkit” and expect that public companies and other market participants will think rigorously about their business and appropriately tailor compliance practices and internal controls and policies to match.
By Stefan Atkinson and Yi Yuan
Historically, federal courts generally agreed that scheme liability under SEC Rule 10b-5(a) and (c) requires something more than a misstatement or omission — with misstatements and omissions typically being litigated under Rule 10b-5(b) instead. However, the SCOTUS in Lorenzo v. SEC held that an individual who disseminates a misstatement, without other fraudulent conduct, is potentially liable under the scheme liability provisions of Rule 10b-5. Subsequently, a circuit split has emerged over the scope of Lorenzo’s holding.
ESG ‘Greenwashing’ Litigation On the Rise
By Shoshana Schiller, Alice Douglas and Brenda Gotanda
Increased attention paid to companies’ public promotion of their environmental and sustainability programs is likely to continue in 2023, with further developments in regulation and litigation pertaining to “greenwashing” — a marketing practice which involves unsubstantiated or exaggerated claims about the environmentally friendly or socially-responsible attributes of an organization’s products or services.
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