Making Cents of Your Cash Management Agreements
As part of implementing a robust cybersecurity standard, we must understand how bad actors are intentionally targeting our older colleagues and loved ones. On April 30, 2024, the U.S. Department of Justice (DOJ) announced...more
OFAC is capable of extending a long-arm of enforcement, reaching sometimes non-U.S. companies that may “cause” another company to violate U.S. Sanctions laws. If you need to find an example of this long reach, look no...more
In an increasingly digitized world, law firms are prime targets for sophisticated cyber threats that can result in substantial financial losses and reputational damage. Recently, a prominent law firm, esteemed for its...more
The facts are an oft-told business email compromise horror story: a hacker interjects themselves into an email discussion of a business deal, changes the wire instructions to their own account, and disappears with the...more
In this episode of Decision Dive, Balch’s Jason Tompkins, Chair of Balch & Bingham’s Issues & Appeals Practice, is joined by Conrad Anderson IV, partner in the firm’s Litigation Practice, to explore the Alabama Court of Civil...more
While at your place of business, you receive an email from a trusted source with an established vendor, notifying you that the vendor’s bank account information has changed. Do you note the change in your business records and...more
In this month’s Privacy & Cybersecurity Update, we look at Washington state’s passage of the first-ever state-level health data privacy law and the finalized California Consumer Privacy Act regulations. We also examine a...more
On April 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $508 million settlement with one of the world’s largest tobacco companies to resolve potential civil liabilities stemming from...more
The Arizona Court of Appeals affirmed a jury verdict that imposed 100% liability on an escrow agent for a wire transfer it sent to a cybercriminal/imposter and attributed no fault to the imposter or the party whose systems...more
On March 10, 2023, the US Federal Deposit Insurance Corporation took control of the assets of Silicon Valley Bank (SVB). In light of SVB’s closure, many venture firms and emerging companies are establishing new accounts with...more
As previously reported, on November 3, 2022, the federal district court for Minnesota, applying Minnesota substantive law, ruled that an insured was entitled to coverage under a Cyber Business Interruption clause for money...more
Join Warner Norcross + Judd LLP attorneys Madelaine Lane, Kelly Hollingsworth and Nate Steed for a webinar focused on preventing and mitigating wire transfer fraud. Cyber criminals are utilizing phishing emails and other...more
In Star Title Partners of Palm Harbor LLC v. Illinois Union Insurance Co., the Eleventh Circuit Court of Appeals affirmed judgment for the insurer and held that coverage did not exist under the plain language of a...more
Disputes over allegedly fraudulent conveyances have become more common in bankruptcy cases. Fraudulent transfer allegations are also common in transactions such as leveraged buy-outs and recapitalizations. Analysts are...more
A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million...more
Cybercriminals exploited remote work during the COVID-19 pandemic. In 2020, the FBI’s Internet Crime Complaint Center (IC3) saw a record 70% increase in the number of reported internet scams and losses exceeding $4.2...more
Wire fraud can result in significant loss, and it is permeating all types of transactions, including leasing. With tenants more frequently wiring funds to pay for security deposits and rents, it is important to take...more
Real Property Update - Bert Harris Act: Certifying question whether the 2021 amendment to the Bert J. Harris Jr. Private Property Rights Protection Act clarifies the existing law so that plaintiff may maintain an action...more
Business email compromise threats trick unsuspecting targets into sending money to the perpetrators, often through use of fraudulent wire or ACH transfer instructions. Entities should take steps to protect themselves from...more
In Helms v. Hanover Insurance Group Inc., the U.S. District Court for the District of Arizona weighed in on the issue whether a professional liability policy provided insurance for a fraudulent wire transfer. This decision is...more
Business email compromise (BEC) threats are soaring. Huge amounts of money are at risk. We share some practical tips to reduce the chances of being swindled -- and to try to recover amounts if you are....more
PT Bukit Muria Jaya (BMJ), a global supplier of cigarette paper based in Indonesia, agreed to pay $1,561,570 for conspiracy to commit bank fraud as part of a scheme to deceive various banks in order to collect payments for...more
Threat actors have recently and significantly increased efforts to defraud organizations and individuals through business email compromise (BEC). In BEC and related scams, the threat actors trick unsuspecting targets into...more
The McAfee & Taft Aviation Group has recently seen an increase in the number of phishing schemes relating to aviation escrow matters. Phishing is the fraudulent attempt to obtain sensitive information or data, such as...more
DOJ announced the arrest of two individuals, Luis Martinelli Linares and Ricardo Martinelli Linares, who are the sons of the former President of Panama, Ricardo Martinelli) for their role in funneling $28 million in bribes to...more