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Art, Entertainment & Sports Finance & Banking

Read need-to-know updates, commentary, and analysis on Art, Entertainment & Sports issues written by leading professionals.

GameStop Currently Investigating Possible Data Breach

by Revision Legal on

GameStop is the most recent potential victim of cyber data breach, and the company recently hired a leading security firm to conduct an investigation into allegations that the company’s website was hacked and that customer...more

Chinese Foreign Investments in Hollywood

After a record-breaking 2016 for Chinese companies’ investments in the film industry, changes to Chinese foreign investment policy have created uncertainty for the future of Hollywood’s relationship with the Middle...more

2016 Year in Review: Money Laundering (Part One)

by Ballard Spahr LLP on

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Saudi Arabia Update - January 2017

by Dentons on

Legal developments - Government's payments of the remaining dues to the private sector - As a result of the crash in oil prices in mid-2014, the Saudi government was forced to cancel projects and delay payments to...more

Japanese Diet Enacts Controversial Laws to legalize Casinos

by White & Case LLP on

The Japanese Diet has passed a so-called "integrated resort promotion bill" that would legalize casinos in Japan. In the midst of contentious nationwide debates about gambling, the Japanese Diet passed the "Bill...more

Privacy Tip #63 – NYC Concertgoers—You May Need to Check Your Bank Records

Madison Square Garden has announced that it has suffered a year-long data breach of debit and credit cards used at concession stands at Madison Square Garden, the Theater at Madison Square Garden, Radio City Music Hall, ...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries...more

Taking a security interest in art

by DLA Piper on

If you have tried to borrow monies and use artwork as collateral, or if you have determined to loan money and take a piece of art as security, you may have encountered some interesting challenges....more

German Prime Minister Conference Reaches Agreement on the Amendments to the German Interstate Treaty on Gambling...

by Reed Smith on

According to a press release of 28 October 2016, the Prime Minister Conference agreed to repeal the limitation to 20 licenses for private sports betting providers. Further, the German gambling regulators are invited to take...more

Don’t Roll the Dice: FinCEN Assesses Significant Penalties on Regulated Entity for Failing to Implement a Comprehensive AML...

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed a civil money penalty of $12 million against a Nevada based casino, CG Technology, L.P. (CGT) for alleged violations of the Bank Secrecy Act...more

Upping the Ante on Casinos’ AML Compliance

FinCEN focus requires major shift in gaming business practices - Which complex, global industry where billions of dollars exchange hands every day, and where high-net-worth customers park significant sums, is facing...more

Fantasy Stock Picking Contest Deemed by SEC to be Illegal Security-based Swaps

The SEC shut down a “fantasy” stock picking game for allegedly violating securities laws. Forcerank LLC ran contests via mobile phone games where players paid a fee and predicted the order in which 10 securities would perform...more

An Esports Slam Dunk: What the NBA’s Investment in Esports Means

by Ifrah PLLC on

On September 26, 2016, the Philadelphia 76ers announced that they had acquired two leading eSports teams, Team Dignitas and Team Apex. Not to be outdone, the next day Team Liquid announced they had sold a controlling share to...more

Cantor Gaming Forced to Pony up Millions for AML Violations: What Lessons Can Be Learned from FinCEN’s Latest Enforcement Action...

by Blank Rome LLP on

Action Item: Licensed gaming and other entities required to comply with the Bank Secrecy Act should be aware of this recent FinCEN enforcement action, and they must ensure that their compliance programs address the lessons...more

Data Breach Class Action Case Dismissed Against Barnes & Noble

A federal judge in Illinois dismissed the class action lawsuit filed against Barnes & Noble stemming from a data breach in 2013. The breach occurred when credit and debit card PIN pads were compromised at 63 Barnes & Noble...more

Is Chinese Investment in the U.S. Film and Entertainment Industry the Next Area of CFIUS Scrutiny?

U.S. lawmakers recently submitted a letter to the Government Accountability Office (GAO) raising concerns about increased Chinese investments in the U.S. film and entertainment industry and questioning whether the Committee...more

To (Dis)Close for Comfort–FTC Workshop Seeks Effective Consumer Disclosures

by Ballard Spahr LLP on

A goal of providing effective disclosures to consumers is to allow consumers to make informed decisions. But what must be done to make disclosures effective? This was the question the Federal Trade Commission (FTC) explored...more

Music and the Blockchain

by Pepper Hamilton LLP on

The promise of blockchain technology for the music industry is its ability to solve the problem of “shared facts” and to provide transparency in real time or near-real time. Advancing digital technology has created new...more

Caesars Back in Bankruptcy Court

by Goodwin on

Caesars Entertainment Operating Co. Inc. (“Caesars”) appeared in bankruptcy court for the third time this year to request that creditors be stayed from seeking an $11 billion dollar judgment against the casino operator’s...more

New AML Licence Conditions and Guidance from the Gambling Commission

by K&L Gates LLP on

Following an extensive consultation in 2015 on changes to the LCCP in relation to the prevention of crimes associated with gambling, and two short consultations in June 2016 on digital adverts and money laundering risks, the...more

New York Issues DFS Permits

Just days after a New York State’s Daily Fantasy Sports law was passed, the New York Gaming Commission announced it has issued temporary permits to 5 DFS operators. The companies are DraftKings, FanDuel, Yahoo, Fantasy Draft...more

A Bank is a Bank

by Ifrah PLLC on

Do you remember when I wrote about how a federal district court had ruled that an online poker account was akin to a bank account and should therefore be subject to FBAR reporting? It seemed nonsense to me at the...more

Pennsylvania Tax Changes and Tax Amnesty Program

by Ballard Spahr LLP on

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

Your daily dose of financial news - The Brief – 7.29.16

by Robins Kaplan LLP on

A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more

9th Circuit: Online Poker Accounts Not Reportable on FBAR

by Blank Rome LLP on

On July 21, 2016, the Ninth Circuit in United States v. Hom, No. 14-16214 D.C. No. 3:13-cv-03721-WHA (9th Cir. 2016), determined that a taxpayer who held an online poker account with PokerStars and PartyPoker was not required...more

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