In House - The FindLaw Corporate Counsel Blog

Recently in Government Relations Category

3 Reasons Cryptocurrencies Fail

The Northern Trust Company, a 129-year-old financial institution managing over $10 trillion in assets, has dipped its big toe in cryptocurrency.

With rabid speculation going on in the market, Northern Trust had to do something about it. But the trust is not taking cryptocurrency directly just yet; it will work through some hedge funds for now.

That's because digital coins are not real money, and most of the cryptocurrencies have crashed and burned already. Here are the main reasons they fail:

A new report might fall short of explicitly stating that the Trump administration is encouraging white collar and corporate crime, but the report data seems to suggest it rather strongly.

The report, from Public Citizen, explains that in over 90 percent of the federal agencies examined (including the DOJ, SEC, and EPA, to name a few), corporate violators were facing less stringent and fewer penalties. However, given President Trump's campaign promise of massive deregulation, and the efforts and inroads that have been made on that front, these conclusions shouldn't be wholly unexpected.

Do Gas and Oil Need More Oversight Against Cyber Threats?

Who really knows whether the nation's natural gas and oil infrastructure is at heightened risk of cyber attack?

Government officials say the threat is real, and they want to oversee security. Industry leaders, however, are telling the government to back off.

Whether you see the drama or the comedy in the debate, gas and oil are basically saying they don't need any stinking badges.

Theranos Founder Indicted on Fraud Charges

The rest of your life is a long time, no matter how old you are.

That's how long Elizabeth Holmes, 34, could be in jail if convicted of fraud charges for duping investors and others about blood-testing technology. Holmes, who founded Theranos, was once a startup darling in Silicon Valley.

But now she stands indicted on nine counts of wire fraud and two counts of attempted wire fraud. It could have turned out differently -- five years ago.

A ruling handed down recently by SCOTUS may have a select few foreign corporations breathing a little easier moving forward.

The Jensen v. Arab Bank case was on appeal to the High Court over how tied a foreign corporation had to be to the United States in order for it to be held liable under the Alien Tort Statute. The lower courts had found that Arab Bank lacked sufficient activity in the United States related to acts of terrorism that occurred abroad for it to be held liable. SCOTUS not only agreed, it ruled that the Alien Tort Statute could not be applied to a foreign corporation at all.

California Bill Mandates Women Be Included on Corporate Boards

California lawmakers want more women on corporate boards, and if their law passes it would turn corporate boardrooms completely around in the state.

According to studies, California has more boardrooms without women than anywhere else in the United States. Hannah-Beth Jackson, who co-authored the pending legislation, wants to change all that.

"They are operating without the benefit of the experience, perspective, and tools that women bring with them to the boardroom," she told Bloomberg. The bill could become the first law of its kind in the country.

New SEC Rules on Public Companies' Cybersecurity

With companies being hacked virtually every day, the Securities and Exchange Commission released guidelines for them to take more security measures.

The Equifax cyberattack, in particular, pushed the agency to publish the new cybersecurity standards. The credit reporting agency failed to report a cyber breach that exposed about 145 million consumer records, even as some company executives sold off their shares before disclosing the breach.

Marijuana 'Compliance Company' Planned Illegal Pot Party

Capitol Compliance Management offers to help businesses comply with laws that affect the cannabis industry.

So it came as a surprise when city officials shut down the company's "Holiday Budtender Bash" before it started. It was supposed to be an event for attendees to "smoke out with your favorite budtenders" and try out the "dab bar" where people could sample the latest products.

Somehow, the company attorney didn't get the memo because that party was against the law.

Uber Blew Tire With Data Breach Cover-Up

For all of its popularity with urbanites, Uber is losing its luster in the marketplace.

SoftBank is offering to buy the company for about $48 billion, but that is down 30 percent from the company's most recent valuation. What happened to the most popular ride-hailing service on the planet?

This happened: Uber tried to cover up a massive data breach affecting 57 million riders. For corporate counsel, it goes to show that paying for confidentiality is not always a good thing.

This may be the Rolls-Royce of foreign bribery schemes, but only because it involves three former Rolls-Royce employees who pleaded guilty in a foreign bribery scheme. Interestingly, it was the UK company's U.S. subsidiary that was alleged to have bribed officials in Asia in order to secure a gas pipeline construction contract there.

Unfortunately for the U.S. based employees, their actions violated the Foreign Corrupt Practice Act which prohibits U.S. businesses from bribing foreign officials, or foreign government backed businesses for economic advantages.