According to the Federal Bureau of Investigation’s (FBI) annual Internet Crime Report, released this month, Americans lost $10.3 billion to an array of internet scams during 2022. Although news regarding cyber scams in the financial services, retail, and healthcare industries often make headlines, other industries have seen an increase in fraudulent schemes in recent years. Specifically, a new type of internet-based scam involving phony purchase orders has penetrated the transportation industry. 

In Muslar v. Hall, 2023 NY Slip Op 01063 (1st Dep’t 2023), the Appellate Division, First Department, recently reversed the trial court’s award of summary judgment to a rental company under the Graves Amendment because the affidavits provided were “of no probative value.”

The Russian Elites, Proxies, and Oligarchs (REPO) Task Force, which was established to enforce multi-national sanctions against Russia, issued an advisory on March 9, 2023, identifying common measures used to evade the interdiction efforts of the REPO Task Force. Through these new actions, the REPO Task Force has now moved to crack down on sanctions evasion schemes.

Having failed to quickly find a buyer for the assets and deposits of the newly created Silicon Valley Bank, N.A., Santa Clara, California (SVB), the FDIC has announced that it will expand the bidding process in the hopes of maximizing the value it can obtain from a sale. Now, non-banks will have the unusual opportunity to acquire assets from SVB.

On January 25, 2023, the Financial Crimes Enforcement Network (FinCEN) issued an alert that could significantly impact the acquisition of commercial real estate (CRE) in the U.S. by foreign individuals and entities. The new alert complements ongoing U.S. government efforts to isolate sanctioned Russian elites, oligarchs, and their proxies.

Silicon Valley Bank (SVB), based in Santa Clara, California ($209 billion in assets), and Signature Bank (Signature), based in New York, New York ($110 billion in assets), were closed over the weekend and the FDIC was appointed receiver of both banks. The senior management of both banks has been removed, which is standard procedure. SVB and Signature debt will be sold by the FDIC to other banks in the upcoming weeks.

The Supreme Court of Connecticut recently determined that the opinion letter requirement under Connecticut General Statutes § 52-190(a) – the accidental failure of suit statute – did not implicate a court’s personal jurisdiction. In so holding, Connecticut’s highest court not only reversed the dismissal of the dental malpractice action before it, but also overruled other prior Connecticut decisions.

The United States Department of Justice (DOJ) continues its efforts to seize and forfeit high-profile foreign-based assets owned by Russian companies and individuals in response to Russia’s actions in the Ukraine conflict.

Federal regulators are increasingly scrutinizing inside trading (Rule 10b5-1) plans, which allow corporate insiders to trade securities under a forward looking written plan adopted when they are not aware of material nonpublic information. See SEC Commissioner Allison Herren Lee, Stock Trading Plans Should Prevent – Not Enable – Insider Trading: Statement on Proposed Amendments to Rule 10b5-1 (Dec. 15, 2021).

The Iowa House and Senate have recently proposed companion bills that would limit employer liability in civil actions involving commercial motor vehicles. The proposed bills would place a $2 million damages cap on noneconomic damages for each plaintiff in any personal injury or wrongful death action against the owner or operator of a commercial motor vehicle, regardless of the number of claims, theories of recovery, or defendants in the civil action.