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

SEC Files Settled Financial Fraud Action

One of the key products of Monsanto Company is weed killer Roundup, sold to retailers and distributors but not directly to growers. After the product came off patent generics began to erode its profits. ...more

Do Treble Damages Mean Treble Rescission?

North Carolina law awards treble damages for violations of N.C. Gen. Stat. § 75-1.1 “if damages are assessed.” A recent Fourth Circuit decision asks this question: If a plaintiff seeks rescission, and if the defendant’s...more

Hammerin’ Hank and Technological Fraud in Cycling

On this day in 1934, Hammerin’ Hank Aaron was born; who for my money is the greatest home run hitter ever. He began his professional baseball career in 1952 in the Negro League but soon joined the Milwaukee Braves of the...more

Kohl’s Kicks Putative Class Action Suit Alleging Deceptive Sale Prices

On February 1, 2016, the U.S. District Court for the District of Massachusetts dismissed a consumer class action alleging that Kohl’s Department Stores advertises false sale prices. The plaintiff in Mulder v. Kohl’s...more

Kamala Harris Puts Exxon Under Her Microscope: California AG Reportedly Has Launched Review of Oil Giant’s Statements On Climate...

Students of history know that fighting a two front war is a hazard to be avoided. According to the L.A. Times, however, that is precisely the dilemma that now faces Exxon Mobil: dual investigations from attorneys general on...more

Backsies! When Can You Rescind a Real Property Purchase Agreement?

You buy a house and then discover that the seller didn’t disclose a material fact about the property—say, the sewage system you thought was owned by the city was actually owned by 13 different residents in the area, and...more

Scammers Up the Ante With Caller ID Spoofing

Good grief. You can’t even trust your phone’s caller ID feature nowadays. Scam artists have learned to manipulate the caller ID function on your phones as part of a ploy to steal your personal information and/or your money....more

CFTC Alert: 2015 CFTC Year-in-Review, and a Look Forward

CFTC continues to bring high-profile, large-penalty enforcement cases; begins bringing cases to enforce Dodd-Frank Act implementing regulations; and embarks on post-Dodd-Frank Act regulatory initiatives. Please see...more

Data Analysis Week – Part III: Data Analysis to Prevent Employee Fraud

I continue my exploration of the use of data analytics in a best practices compliance program. Today we look at how data analytics can be used to help detect or prevent bribery and corruption where the primary sales force...more

Corporation Owes No Duty To Warn Former Director Of Impending Option Expiration

Does a corporation commit constructive fraud if it fails to warn a former director of the impending expiration of a stock option? That was one question decided earlier this month by Judge Jennifer A. Dorsey in Nelson v....more

Insurance Recovery Law - January 2016

Despite Finding Policy Application Misrepresentation, Jury Rules Against Policy Rescission - Why it matters: A federal jury concluded that Starr Surplus Lines Insurance Company did not have a valid basis to rescind the...more

Taxability of Shipping and Handling Charges in Illinois – Common Sense Prevails in Department's Second Notice of Proposed...

On January 14, 2016, the Illinois Department of Revenue (the “Department”) sent its Second Notice of Proposed Rulemaking to the Joint Committee on Administrative Rules (“JCAR”) regarding its proposed amendments to its...more

"CFTC Aims to Lower the Bar on Proving Manipulation in Pending Cases"

In two separate Commodity Futures Trading Commission (CFTC) enforcement actions before district courts in New York and Chicago, the CFTC has asked each court to adopt holdings that would significantly enhance the CFTC’s...more

Fraud and Bribery: Segregation of Duties

Some things go together. Chocolate chip cookies and milk, Hepburn and Tracy, Lewis and Martin (I know, I am showing my age, but you get the point), and many other favorite combinations. So, you get the point – in the world of...more

Remedies for Corruption – Lessons from the World of Track and Field

One of the great things about being obsessive is… you do not worry about it and enjoy being obsessive. Last night I bought, downloaded from iTunes and then listened to all of the The Eagles 1970s era studio albums. It was...more

SEC Files Complaint Against Former Bank Executives, Alleges Fraudulent Reporting of Loan Losses

On January 13, the SEC filed a complaint against 11 former executives and board members of an Alabama-based federal savings bank and its holding company for allegedly participating in various schemes to mislead investors and...more

ESG Capital Partners v. Passport Special Opportunities Master Fund, C.A. No. 11053-VCL (Del. Ch. Dec. 16, 2015) (Laster, V.C.)

In this memorandum opinion, the Court of Chancery granted in part and denied in part defendants’ motion to dismiss a complaint seeking declaratory relief in which plaintiffs alleged that certain investors in ESG Capital...more

What Happened to my Mortgage?

In 2015, and just before his retirement, Justice Murray of the Ontario Superior Court of Justice left us with a challenging legal decision that, for the time being at least, will matter to mortgage lenders....more

Corporate Divorce Series: Do Fraudulent Credentials Annul Employment Contracts?

If you follow my corporate divorce series, you are familiar with my affinity for the employment-as-marriage metaphor. I’ve already examined how employment relationships end or should end. But I have yet to address an...more

A Good Reminder: State and Federal Wildlife Laws Have Severe Penalties for Harm to Endangered Species

Welcome to the New Year! I have decided to declare 2016 to be the year of the endangered species. Why? We ended 2015 with a bang by seeing how serious the take prohibition in the California Fish and Game Code can be for fully...more

Prairie Capital III, L.P v. Double E Holding Corp., C.A. No. 10127-VCL (Del. Ch. Nov. 24, 2015) (Laster, V.C.)

In this decision, the Delaware Court of Chancery granted in part and denied in part a motion to dismiss claims for fraud, aiding and abetting fraud, and conspiracy to commit fraud arising out of the acquisition of a private...more

The North Carolina Supreme Court Weighs in Again on Reliance

We begin 2016 by studying a new decision on a familiar issue: the degree of reliance required in a claim under N.C. Gen. Stat. § 75-1.1. North Carolina law now holds that a plaintiff who makes a 75-1.1 claim based on a...more

Superior Court Explains Reliance Disclaimer Clauses

A party to a contract may try to limit any future claims of fraudulent inducement by providing an anti-reliance clause in its contracts. As this decision explains, such clauses need to be carefully drafted and particularly...more

Revisiting the Post-Bankruptcy Toolbox: Don’t Forget to Compare the Financials

For better or worse, lenders have become increasingly familiar with the strange dynamic that is the post-bankruptcy minefield created by their borrowers filing a bankruptcy petition. Immediately, lenders begin thinking about...more

Financial Services Quarterly Report - Fourth Quarter 2015: The VW Case and the German Act on Model Case Proceedings in Disputes...

Volkswagen AG (VW) has lost more than one-third of its value following the September issuance by the U.S. Environmental Protection Agency (EPA) of a Notice of Violation (NOV) of the Clean Air Act to VW and certain affiliated...more

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