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Waiting on the Trump civil fraud verdict
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A New York state judge is expected to rule today in a $370 million civil fraud case against former U.S. President Donald Trump, who is accused of inflating his net worth to dupe bankers into giving him better loan terms, reports Jack Queen.
Justice Arthur Engoron’s ruling could deal a major blow to Trump’s real estate empire.
The lawsuit brought by New York Attorney General Letitia James accused Trump and his family businesses of overstating his net worth by as much $3.6 billion a year over a decade. Trump has denied wrongdoing and called the case a political vendetta by James, an elected Democrat.
In addition to monetary penalties, James is seeking to permanently ban Trump from New York’s real estate industry and sharply limit his ability to do business in the state. She is also seeking five-year industry bans for Trump’s two adult sons, Don Jr and Eric, who are also defendants in the case.
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- International law firm Baker McKenzie lost another bid to transfer a lawsuit alleging misconduct by its Russian lawyers out of Illinois’ Cook County Circuit Court after a majority of the Illinois 1st District Appellate Court found that Cook County residents have an interest in hearing litigation involving a law firm that’s been “anchored in Chicago for generations.”
- Delaware’s nationally important Court of Chancery is losing its second-longest-serving judge, Sam Glasscock, who has served since 2011 on the go-to venue for U.S. corporate disputes. Glasscock plans to retire in December.
- Disbarred Forest Hills, New York, attorney Robert Wisnicki has been sentenced to 6 1/2 years in prison for his roles in an $18.8 million Ponzi scheme and a $30 million auto insurance fraud. Wisnicki pleaded guilty in September to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.
- A Texas federal judge ruled that a lawsuit by rocket and satellite maker SpaceX claiming the structure of the National Labor Relations Board is unconstitutional must be transferred to a federal court in Los Angeles. U.S. District Judge Rolando Olvera in Brownsville, Texas, said he agreed with the labor board that the case should instead be heard in California where the events that triggered the lawsuit occurred.
- The former chief financial officer of New Jersey-based law firm McElroy, Deutsch, Mulvaney & Carpenter was charged with embezzling more than $1.5 million from the firm over a five year period. An attorney for ex-CFO John Dunlea declined to comment.
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That’s about how many people have contacted a team at Cleary Gottlieb conducting an independent review of sexual harassment allegations involving the FDIC and its workplace culture, agency officials have said. The bank regulator in November announced the review after The Wall Street Journal cited interviews with more than 20 women who had quit, alleging the FDIC had failed to address a sexualized boys club atmosphere, widespread harassment and misogynist behavior among staff.
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The SEC on Wednesday won an appeal against a penny-stock firm accused of acting as an unregistered securities dealer, fending off investment industry warnings that its expansive definition of a dealer would rope in an array of advisors, pension funds and even insurers. Alison Frankel has the story on the hot dispute over who, exactly, is a securities dealer.
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“I’ll see you on March 25.“
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- Fani Willis, the Georgia prosecutor supervising the election interference case against Donald Trump, is due to testify again after rebuking defense lawyers for suggesting that she improperly benefited from a romantic relationship with a colleague. Fulton County District Attorney Willis is set to face questions from a lawyer from her office as she seeks to repel an effort by Trump and several of his co-defendants to disqualify her from the case.
- A 2nd Circuit panel in New York will hear arguments over a New York law that a group of challengers said unlawfully forces websites and apps “to address online speech that someone, somewhere finds humiliating or vilifying.” The plaintiffs include law professor and blogger Eugene Volokh . James Diaz of the Foundation for Individual Rights and Expression will argue for the plaintiffs. Sarah Coco of the New York attorney general’s office will defend the state law.
- Cryptocurrency entrepreneur Justin Sun faces a deadline to respond to the SEC’s case accusing him of fraud. Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry were accused of scheming to distribute billions of crypto assets known as Tronix and BitTorrent. Lawyers from Fenwick & West represent Sun and the companies. The defense attorneys told the court earlier they anticipated seeking dismissal of the suit if no settlement was reached.
- In San Francisco, U.S. District Judge Vince Chhabria will hold an initial case management conference in a private consumer antitrust suit accusing Apple of stifling crypto technology for digital wallets. Consumers contend Apple’s rules are driving up fees on platforms such as Venmo and Cash App. Apple’s attorneys at Latham call the lawsuit “highly speculative” and have asked the court to dismiss it.
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Court calendars are subject to last-minute docket changes.
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- Two transgender Virginia public school students sued the state over recent guidance that prevents transgender students from competing on sports teams consistent with their gender identities and allows teachers to refuse to use their preferred names and pronouns. One of the cases was filed by a transgender high school girl who said she was “singled out” by a teacher who refused to use her name and pronouns and instead used only her last name. The other case was brought by a transgender middle school girl who said she has been barred from participating in a girls’ sports team.
- Samsung urged the 7th Circuit to reverse a decision allowing thousands of privacy claims to move forward against the company, in case that could help reign in or embolden mass consumer arbitrations. Samsung, represented by Skadden’s Shay Dvoretzky, disputed that all of the consumers had arbitration agreements with the company. Deepak Gupta argued for the consumers.
- Sony Music Entertainment has sued four companies involved in making the 2022 biopic “Whitney Houston: I Wanna Dance With Somebody,” claiming the filmmakers never paid to use the superstar’s music. Sony Music said in the California federal court lawsuit that the companies were infringing its copyrights after they failed to pay for their licenses to 24 Houston classics including “I Wanna Dance With Somebody,” “How Will I Know,” and “I Will Always Love You.”
- Music publishers Universal Music, ABKCO and Concord Music Group told a Tennessee federal court that Anthropic is relying on falsehoods to defend against a lawsuit accusing the artificial intelligence company of misusing hundreds of their song lyrics. The publishers said in a court filing that Anthropic’s chatbot Claude had been programmed to generate their lyrics, firing back at what they called “provably false” arguments that any reproduction of their work was a “bug, not a feature” of the program.
- Facebook must face a collective lawsuit valued at around 3 billion pounds ($3.77 billion) over allegations the social media giant abused its dominant position to monetise users’ personal data, a London tribunal ruled. Legal academic Liza Lovdahl Gormsen, who is bringing the case on behalf of around 45 million Facebook users in the UK, says they were not properly compensated for the value of personal data they had to provide.
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- Proskauer hired New York-based global finance partners Eric Reimer and Gayle Berne from Milbank. (Proskauer)
- Greenberg Traurig added Atlanta-based construction litigation partners Robert Crewdson and John Ducat. They arrive from DLA Piper, where Crewdson was co-chair of the construction group. (Greenberg Traurig)
- Troutman Pepper hired partner Duke Fitch for the firm’s health sciences IP practice group, based out of Pennsylvania. Fitch was previously vice president of pharmaceutical patents in the U.S. for GSK. (Troutman)
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