Fraud

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
News & Analysis as of

Kardashians Kept Out of Arbitration (and other recent arbitration news)

Just three weeks into the year and already my pile of arbitration cases is a skyscraper! So, I will cover a lot of ground in this update. First, the headline. Kimberly, Kourtney, and Khloe Kardashian moved to compel...more

2016 half-year in review: M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

The Problem of Lender "Inquiry Notice" Status

If a lender is fully secured, can it just ignore suspicions of borrower misconduct? The danger is that a lender could lose its collateral under these circumstances and be treated as an unsecured creditor. This is exactly...more

The International Foreign Bribery Taskforce and the rise of international cooperation among anti-corruption authorities

Recent events have called attention to the increasingly global nature of anti-corruption investigations and the rise in international cooperation among anti-corruption authorities. One such event involves the activities of...more

Court Finds That Enron’s Fraud Does Not Void Contract Entered Into With Enron Subsidiary

A federal appellate court has upheld a district court order enforcing an arbitration award by the ICC against the Republic of Nigeria in favor of Enron Nigeria Power Holdings, Ltd. (“ENPH”), a former subsidiary of Enron...more

Recidivism Under the FCPA: Zimmer Biomet

Last week Zimmer Biomet Holdings, Inc. paid a high price for its and its predecessors failure to comply with the terms and conditions of 2012 Deferred Prosecution Agreement (the “2012 DPA”). Biomet, having originally paid $23...more

FTC Secures $19.4 Million in Judgments Over Mortgage Relief Scheme

On January 11, 2017, the Federal Trade Commission (FTC) announced that it had agreed to two stipulated orders with individuals who participated in an alleged fraudulent mortgage relief scheme. According to the FTC, the...more

2016 Nerve-of-a-Burglar Award

Competition for the 2016 Nerve-of-a-Burglar Award was fierce, with health care providers constantly coming up with new and different ways to scam Medicare and Medicaid. Nevertheless, we have a clear winner: the Michigan...more

Chris Lazarini Analyzes Requirements in FRCP Rule 23 for Class Certification

Bass, Berry & Sims attorney Chris Lazarini analyzed a putative class action case that posed whether common questions of law or fact predominate on the reliance element of Plaintiffs' Section 10(b) claims. The court concluded...more

Corporate Law & Governance Update - January 2017

The following developments from the past month offer guidance on corporate law and governance law as they may be applied to nonprofit health care organizations: HEALTH POLICY INITIATIVES - Perhaps the most...more

California Federal Court Holds that U.S. Securities Laws Apply to Sponsored, Unlisted ADRs

The U.S. District Court for the Northern District of California held on January 4, 2017 that the federal securities laws apply to U.S. transactions in sponsored, but unlisted, American Depositary Receipts (“ADRs”) for a...more

Letters of Credit – Application of Fraudulent Exception

The High Court recently applied the ‘fraud exception’ to prevent payment under a standby letter of credit where the signatory who certified a presentation thereunder was aware that requirements being certified as true were in...more

2016 – A Bad Year For Bad Guys in Energy

Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

I.A.T.S.E. Local No. One Pension Fund v. General Electric Company, C.A. No. 11893-VCG (Del. Ch. Dec. 6, 2016) (Glasscock, V.C.)

In this memorandum opinion, the Court of Chancery rejected defendants’ argument that certain fiduciary duty claims asserted by a pension fund with respect to a squeeze out merger adhered to the stock received as consideration...more

First Circuit Rejects Whistleblower’s Fraud on the FDA FCA Theory

On December 23, 2016, the First Circuit held that a relator under the federal False Claims Act (“FCA”) failed to plausibly plead that defendant medical device manufacturers caused the submission of false claims for...more

Court Upholds SEC on “Backtested” Investment Strategy Illustrations

An investment adviser seeking to show how a particular investment strategy would have performed during specified time periods would be well advised to: use only historical performance data and not a mix of historical...more

Fox News Opinions Get Wide Berth Under Defamation Law

Megyn Kelly and other Fox News commenters did not defame a Wisconsin firefighter when they said it was “not right,” “disgusting,” and a “fraud” that he “exploited [a] supposed injury” to collect disability benefits “for...more

It’s Not Just Actual Fraud: Intent to Hinder, Delay, or Defraud Can Be Present Even with the Best of Intentions

The Bankruptcy Code contemplates several penalties for transfers made by a debtor with an intent to “hinder, delay, or defraud” creditors. Although most situations focus on an “actual intent to defraud,” the Tenth Circuit...more

The 4-Hour Plaintiff: Author/Speaker/Podcaster Tim Ferriss Secures Default Judgment

Order Granting In Part And Denying In Part Plaintiffs’ Motion For Default Judgment, Timothy Ferriss, et al. v. Alliance Publishing, Inc., et al., Case No. 15-cv-05675 (Judge Edward M. Chen) - Tim Ferriss is known for...more

When the Strength of the Facts Cannot be Lifted – SDNY Dismisses Muscle Maker Slack-Fill Class Action

The Southern District of New York recently dismissed a putative class action against Cytosport, the maker of Muscle Milk protein powder. The plaintiff, Orlando Bautista, alleged that he bought a container of Muscle Milk...more

Investor’s Relocation to New York after Structuring a Financing Deal in Hong Kong Does Not Provide a Basis for Suit Against Swiss...

In Ace Decade Holdings Ltd. v. UBS AG, No. 653316/2015, 2016 BL 413780 (N.Y. Sup. Ct. Dec. 7, 2016), Justice Eileen Bransten of the Commercial Division dismissed a $500 million fraud suit brought by an investment holding...more

Privacy Tip #67 – Don’t Fall for Telemarketing Schemes Offering to Fix Your Computer

I received a call last week on my home land line and when I picked it up (hardly anyone I want to actually talk to calls my home telephone number) the caller on the other end informed me that he was from “Microsoft 10,” that...more

Texas Supreme Court Will Determine Whether Texas Recognizes A Tortious Interference With Inheritance Claim

Today, the Texas Supreme Court granted a petition for review in Jackson Walker, LLPO v. Kinsel, No. 07-13-00130-CV, 2015 Tex. App. LEXIS 3586 (Tex. App.—Amarillo April 10, 2015, pet. granted). The Court’s staff attorney...more

Fraud on the FDA Doesn’t Fly Under the FCA Either

Ever since Buckman Co. v. Plaintiffs’ Legal Committee, 531 U.S. 341 (2001), held that state-law claims alleging fraud on the FDA are preempted, plaintiffs have been attempting to find some other way of bringing claims that...more

Preserving or Eliminating Fraud Claims in M&A Transactions (Update)

In this April 2016 post, we addressed preserving or eliminating extra-contractual fraud claims in M&A transactions. In this follow-up, we discuss a recent Delaware Chancery Court decision that further clarifies the framework...more

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