New York Regulator Approves Internal Use of “Permissioned” Blockchain by Commercial Bank—Other Institutions Should Follow

Guest Commentary

thompson_max_web_10262018_7561796858267778162By Maxwell T.S. Thompson, an Associate with Murphy & McGonigle, P.C. in the firm’s New York, NY office. Prior to joining the firm, Mr. Thompson was Assistant General Counsel and Assistant Corporate Secretary with Bank Leumi USA and served in the General Counsel’s office of the New York State Department of Financial Services.

On December 4, 2018 the New York State Department of Financial Services (“NYDFS”) announced that it had approved an application by Signature Bank to offer a new blockchain-supported digital payment platform named “Signet.” Housed entirely within Signature, the Signet platform “will leverage blockchain technology in its architecture, allowing commercial and asset management clients to make payments in U.S. dollars 24-hours-a-day, 7-days-a-week, 365 days a year.”1 Continue reading “New York Regulator Approves Internal Use of “Permissioned” Blockchain by Commercial Bank—Other Institutions Should Follow”

DOJ Modifies Policy on Credit for Cooperation by Corporate Employees

Featured Expert Contributor, White Collar Crime & Corporate Compliance

Gregory A. Brower, a Shareholder with Brownstein Hyatt Farber Schreck, LLP in Las Vegas, NV and Washington, DC, with William E. Moschella, a Shareholder in the firm’s Washington, DC office.

Following an internal review of the Department of Justice’s policy concerning individual accountability in corporate cases, Deputy Attorney General Rod Rosenstein recently announced significant changes to the policy. Under the new policy, DOJ will treat civil cases differently than criminal cases when evaluating a corporation’s cooperation in an investigation. This change is a modification of the 2015 policy memo issued by then-Deputy Attorney General Sally Yates that required DOJ lawyers to investigate any individuals responsible for illegal corporate conduct before settling a case. The modified policy restores the discretion of DOJ attorneys in civil cases to approve settlements without investigating every individual corporate employee who might potentially be responsible for the illegal conduct. Continue reading “DOJ Modifies Policy on Credit for Cooperation by Corporate Employees”

Artificial Intelligence Will Benefit Us Immensely—If We Don’t Get in the Way

IRobotIdeas are becoming more expensive. Larger teams of scientists are taking longer and spending more to discover less. A common theory for these diminishing returns compares exploring the laws of nature to exploring land. Pioneers chart the most accessible areas. Later generations must grope their way across remote and forbidding terrain to find anything new; their expeditions need more preparation, more equipment, and more support. One of the many marks of increasing strain is the advancing age at which Nobel laureates reach their prize-winning breakthroughs. It appears that young scientists need more time to master the growing body of knowledge that lies between them and the frontier of a field.

Scientific discovery drives technological innovation, which in turn drives productivity growth. According to a recent study, the average researcher in the 1930s generated more productivity growth than do 20 researchers today. American spending on research and development has grown ten-fold since the 1950s. American productivity growth, meanwhile, has shrunk. Slowing productivity growth and slowing economic growth go hand in hand. Continue reading “Artificial Intelligence Will Benefit Us Immensely—If We Don’t Get in the Way”

Kimberly-Clark Seeks Supreme Court Review in “Flushable” Wipes Case

roibal_lucia_webGuest Commentary

By Lucía Roibal, an Associate with Morrison & Foerster LLP in the firm’s San Francisco, CA office. This commentary is reposted with permission, originally appearing on November 30, 2018 in the firm’s Class Dismissed  blog.

On September 6, 2018, Kimberly-Clark and affiliates filed a petition for writ of certiorari in Kimberly-Clark, et al. v. Davidson, No. 18-304, following a decision in the Ninth Circuit denying Kimberly-Clark’s motion to dismiss.  As noted in previous posts (here and here), the Ninth Circuit had resolved a split among district courts in the circuit and held that a previously deceived consumer may have standing to seek an injunction against false advertising or labeling if he or she sufficiently alleges intent to repurchase the product in the future.  In Kimberly-Clark’s petition, the companies ask the Supreme Court to resolve the issue of whether a consumer, who after using a product and determining that a representation concerning that product is allegedly misleading, can plausibly allege a “real and immediate threat” that she will be deceived by the same representation in the future so as to establish standing to seek an injunction. Continue reading “Kimberly-Clark Seeks Supreme Court Review in “Flushable” Wipes Case”

Update: Justices Seek Federal Government’s Views on Pending Clean Water Act Suit Petitions

supreme courtIn a November 20 Featured Expert Contributor post, Cert Petitions May Mean Supreme Court Will Clarify Clean Water Act Jurisdiction, Sidley Austin LLP partner Sam Boxerman and his colleague Ben Tannen discussed two related certiorari petitions pending before the U.S. Supreme Court. Both petitions ask the Court to review circuit court decisions that held discharges through groundwater are an addition of a pollutant to “waters of the United States” from a point source.

Today, the Court released an Order calling for the views of the Solicitor General on the petitions in Hawai’i Wildlife Fund v. Cty. of Maui, Case No. 18-260 (Aug. 27, 2018) and Kinder Morgan Energy Partners, L.P. v. Upstate Forever, Case No. 18-268 (Aug. 28, 2018).

The Order asked the Solicitor General to provide his views on the petitions by Friday, January 4, 2019.