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Rule B: Good Riddance to Maritime Pre-judgment Attachments of EFTs
A cottage industry developed in the Southern District of New York after the Second Circuit's 2002 decision in Winter Storm Shipping, Ltd. v. TPI, 310 F. 3d 263 (“Winter Storm“) devoted to securing and maintaining pre-judgment attachments of funds-transfer payment orders (more commonly referred to as electronic funds transfers) (“EFTs”) passing through New York banks. The Second Circuit in Winter Storm held such payment orders to be “property” of the “originator” (the transferor of an EFT) notwithstanding that the originator had no account with the intermediary bank. Rule B attachments have also been routinely issued against beneficiaries (transferees) of an EFT, notwithstanding that the beneficiaries, likewise, have no account with the intermediary bank.
Rule B Attachments
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.