U.S. Attorneys in many jurisdictions are more willingly stepping into the fray between financial services firms and their former employees who have misappropriated trade secret information. In a recently reported case out of the Northern District of Illinois, two former employees of Citadel LLC, a Chicago based premier hedge fund in the high frequency trading space, pled guilty and received three-year sentences for their participation in a scheme to steal source code from Citadel and a prior employer in order to create their own trading strategy for their personal future use. This continues a trend begun in earnest in 2013 after the Department of Justice issued the Administration’s Strategy On Mitigating The Theft Of U.S. Trade Secrets. Since that time, federal criminal enforcement efforts in trade secret matters have been on the upswing in the financial services industry as well as other areas.
Monthly Archives: January 2015
I am bringing you today’s roundup from the Dolomites in Italy! It’s a beautiful crisp day here today, with almost no snow, but our ILNSki-ers are out on the mountainside. I am not a skier, so instead, I’m bringing you the roundup of the top posts from this week on ILNToday!
- Will a Separate Residence Affect Your Spousal Status? from Clark Wilson (Canada)
- Duty of Good Faith and Honest Performance Extended to All Contracts in Canada from Clark Wilson (Canada)
- Sotheby’s wins The Cardsharps case from Fladgate LLP (London)
- With states passing marijuana laws, what does the federal government do? from Howard & Howard (US)
- New restrictions on deduction from wages claims from Miller Samuel (Scotland)
Following the first part of the Viewabill webinar, we headed into the next presentation, “Measuring Up.” Viewabill says:
It may come across as unseemly to acknowledge, but at its core, the practice of law is a business. What are some key performance metrics that firms use to determine whether they consider an engagement to have been “successful” and what is currently being done with those metrics in areas such as employee performance, operational efficiency, and predictive models?”
Clients apply their own set of metrics for determining quality, value, and success. What are some of the metrics they use when selecting outside counsel?”
Shielding Against New York’s ‘Faithless Service Doctrine’: How Fund Managers May Protect Themselves Against a Powerful Legal Weapon for Employers
The article discusses New York’s faithless servant doctrine, a forfeiture law that applies to disloyal employees, and how financial services firms use the doctrine to claw back compensation paid to fund managers who engage in criminal or other wrongful conduct. As courts struggle to apply the doctrine to the compensation structures of fund managers, those managers may seek to protect themselves from the doctrine through their employment contracts. More…
The question of climate change has been a contentious one – at least among politicians – which is why it is surprising whenever you can get a vote on the issue to garner the support of 98 of the Senate’s 100 members. This week, however, during the debate on the Keystone XL pipeline, that’s exactly what happened.
In the first floor vote on the facts of climate science in years, an amendment from Sen. Sheldon Whitehouse (D-RI) that stated that climate change is real and not a hoax passed with an astounding 98-1 tally. Even more shocking was that Jim Inhofe (R-OK), the Environment and Public Works Committee chair who relishes challenging climate scientists at every turn, signed on as a cosponsor.
Kort før jul (den 17. december 2014) fremsatte regeringen lovforslag om forenkling og modernisering af lejelovgivningen.Forslaget indeholder 11 elementer, der skal fremme og modernisere lejelovgivningen uden samlet at forrykke balancen mellem lejer og udlejers interesser.
To understand b.good, the healthy sandwich and salad shop that has taken the northeast by storm, we’re going to need to hop into the DeLorean, and go back to 1987 – when the founders met. b.good’s co-founders, Jon Olinto and Anthony Ackil, met in the sixth grade, and formed a fast friendship. After countless shared burgers – and years later – the duo teamed up to create something that they felt was missing from the marketplace. They set out to create a line of restaurants where the food was made by real people, not factories. In fact, burgers share the menu with kale and quinoa bowls and seasonal salads, and are all made with ingredients sourced from local farmers who use sustainable farming practices.
Current Visa Caps Hold for 2015 but Bills Introduced to Loosen Restrictions on High-Skilled Guest-Workers
Executives from companies with technology components and interests often ask if, and when, meaningful changes will be made to the U.S. immigration laws that apply to high-skilled foreign workers, and in particular, to the much discussed H-1B visa program. While the enactment of such reform is uncertain at the present time, recent developments in the new year suggest that change may be on the way.
Legislators have renewed efforts in this new session of Congress to significantly expand laws for guest-workers in the technology industry against the backdrop of the continued and spirited debate over such immigration issues. Bipartisan bills just introduced in the United States Senate would, among other things, increase the number of visas and green cards available to high-skilled workers and create an “entrepreneur’s visa” to allow individuals who want to start companies to stay in the country. Though versions of these bills have been proposed in previous sessions, only to later languish, observers are more optimistic that the legislation, in some form, can now pass both houses.
As telehealth grows and becomes more mainstream, all kinds of questions often arise. They range from administrative to operational to legal issues. In conjunction with the American Hospital Association, my colleague Amy Lerman and I have co-written two white papers for the American Hospital Association Trendwatch series focusing on telehealth issues. Among other things, the white papers discuss telehealth, operational, legal, regulatory, and policy issues. The first white paper entitled “The Promise of Telehealth for Hospitals, Health Systems and Their Communities,” focuses on the following:
Two Takeaways from the Supreme Court’s Whistleblower Decision in Dep’t of Homeland Security v. MacLean
Yesterday, the Supreme Court decided Department of Homeland Security v. MacLean. MacLean was a Transportation Security Administration (TSA) employee who, without authorization, disclosed to a reporter the otherwise unpublicized termination of missions related to hijack prevention. He claimed he was disclosing a matter related to public safety. He was fired pursuant to regulations promulgated under the Homeland Security Act, 116 Stat. 2135. That Act provides that the TSA “shall prescribe regulations prohibiting the disclosure of information . . . if the Under Secretary decides that disclosur[e] would . . . be detrimental to the security of transportation.” 49 U. S. C. §114(r)(1)(C). Around the same time, the TSA promulgated regulations prohibiting the unauthorized disclosure of “sensitive security information.” MacLean was fired pursuant to that regulation. However, the Supreme Court held that the regulation at issue did not have the force of law.