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Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares
by Gunnar Larson 21 Jul '24

21 Jul '24

Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares <https://www.law360.com/health/articles/1850008?nl_pk=6422bbc2-a823-4be5-9a9…> In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury. Order attached | Read full article » <https://www.law360.com/health/articles/1850008?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1850008?nl_pk=6422bbc2-a823-4be5-9a9…>

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3 Policyholder Tips After Calif. Ruling Denying D&O Coverage
by Gunnar Larson 21 Jul '24

21 Jul '24

3 Policyholder Tips After Calif. Ruling Denying D&O Coverage <https://www.law360.com/insurance/articles/1855986?nl_pk=59612751-8689-4b1e-…> A California decision from June, Practice Fusion v. Freedom Specialty Insurance, denying a company's claim seeking reimbursement under a directors and officers insurance policy for its settlement with the Justice Department, highlights the importance of coordinating coverage for all operational risks and the danger of broad exclusionary policy language, says Geoffrey Fehling at Hunton. Decision attached | Read full article » <https://www.law360.com/insurance/articles/1855986?nl_pk=59612751-8689-4b1e-…> | Save to favorites » <https://www.law360.com/insurance/articles/1855986?nl_pk=59612751-8689-4b1e-…>

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How Peter Thiel and Silicon Valley funded the sudden rise of JD Vance
by Gunnar Larson 21 Jul '24

21 Jul '24

https://www.ft.com/content/408fb864-5831-4b1d-beef-fd1966b3beed The name of JD Vance’s venture capital firm is a homage to fantasy author JRR Tolkien — and billionaire tech investor Peter Thiel. Co-founded by Vance in 2020, Narya Capital is a reference to one of the “rings of power” in The Lord of the Rings and a nod to Thiel’s penchant for companies with Tolkien-inspired monikers. The PayPal co-founder’s influence has marked Vance’s career, seeding him millions of dollars to launch Narya, before funding a successful campaign to win a US Senate seat in 2022. Donald Trump’s choice of Vance as his vice-presidential running mate this week further extends Thiel’s political reach, who as a Silicon Valley kingmaker has a network of devoted technologists and investors so vast it has been dubbed the “Thielverse”.

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Rumble sues Google over digital advertising practices | Reuters
by Gunnar Larson 21 Jul '24

21 Jul '24

https://www.reuters.com/legal/rumble-sues-google-over-digital-advertising-p… WASHINGTON, May 13 (Reuters) - Video sharing platform Rumble (RUM.O), opens new tab said on Monday it has sued Google (GOOGL.O), opens new tab, arguing the tech giant has engaged in anticompetitive practices across its digital advertising products and sought damages in excess of $1 billion. The suit alleges Google has monopolized the ad stack "by buying companies up and down the chain, concurrently representing both ad buyers and sellers, while also running the exchange that connects those parties." ... Google's advertising business is responsible for about three-quarters of its revenue.

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Ex-FBI Field Boss Asks Judge Not To Extend 4-Year Sentence
by Gunnar Larson 21 Jul '24

21 Jul '24

Ex-FBI Field Boss Asks Judge Not To Extend 4-Year Sentence <https://www.law360.com/newyork/articles/1784337?nl_pk=ac5a3855-e47c-4403-be…> By Elliot Weld A former FBI field office boss who pled guilty to failing to disclose payments he received from a former Albanian intelligence officer said a Washington, D.C., federal judge should not add prison time on top of his more than four-year sentence in a separate case charging him with assisting a Russian oligarch. Memorandum attached | Read full article » <https://www.law360.com/newyork/articles/1784337?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1784337?nl_pk=ac5a3855-e47c-4403-be…>

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FBI agents on Thursday raided two Bronx homes owned by Winnie Greco, a top aide to Mayor Adams, multiple sources confirmed to the Daily News
by Gunnar Larson 21 Jul '24

21 Jul '24

FBI agents on Thursday raided two Bronx homes owned by Winnie Greco, a top aide to Mayor Adams, multiple sources confirmed to the Daily News. Greco <https://tableofsuccess.hellgatenyc.com/winnie-greco/>, Adams’ director of Asian affairs <https://www.nyc.gov/office-of-the-mayor/news/311-22/transcript-mayor-eric-a…>, has for months been the subject of a city Department of Investigation <https://www.nyc.gov/site/doi/index.page> probe examining whether she attempted to milk perks out of her government job. It wasn’t immediately clear if Thursday’s FBI raids, which targeted two homes that Greco owns on Gillespie Avenue in Pelham Bay, are related to the DOI investigation. A law enforcement source described the Thursday action as “court-authorized law enforcement activity.” According to the news outlet The City <https://www.thecity.nyc/2024/02/29/winnie-greco-fbi-raid/>, FBI agents also Thursday raided offices of the New World Mall in Queens, where Greco helped host a series of fundraisers for Adams’ 2021 campaign that generated tens of thousands of dollars in contributions, some of which have raised straw donor concerns <https://www.thecity.nyc/2024/02/29/winnie-greco-fbi-raid/>. An Adams administration official confirmed after the raids that Greco has been placed on leave, but wouldn’t say whether she’s still drawing a salary while away from her post. The official said the mayor’s office hasn’t been contacted by either the FBI or federal prosecutors about the matter. Greco did not return phone calls or text messages. The raids on Gillespie Avenue were first reported <https://bronx.news12.com/fbi-investigates-pelham-bay-home-owned-by-key-mayo…> by News12 The Bronx. Video posted on X <https://twitter.com/ScooterCasterNY/status/1763294630399922438> by freelance journalist Oliya Scootercaster showed FBI agents exiting one of Greco’s homes carrying boxes and bags that they loaded into awaiting SUVs. A next-door neighbor told The News that the FBI agents first arrived at 6 a.m. Thursday. “They have been in and out of the house. The whole road crossing was blocked,” said the neighbor. [image: Mayor Eric Adams and Director of Asian Affairs Winnie Greco are pictured at the 21st Autumn Moon Festival and 12th China Day Festival on Sunday, October 1, 2023. (Violet Mendelsund / Mayoral Photography Office)]Mayor Eric Adams and Director of Asian Affairs Winnie Greco are pictured at the 21st Autumn Moon Festival and 12th China Day Festival on Sunday, October 1, 2023. (Violet Mendelsund / Mayoral Photography Office) Last year, The City <https://www.thecity.nyc/2023/11/30/investigation-inquiry-mayor-adams-aide-w…> first reported Greco was being probed by the city Department of Investigation based on a referral from the mayor’s office, but a DOI spokesperson would not divulge what that investigation’s focus was at the time. A spokesperson for DOI also declined comment Thursday. The DOI probe came on the heels of The City’s reporting that Greco, who has worked for Adams since he was Brooklyn borough president, asked a volunteer for the mayor’s 2021 campaign to renovate her Bronx home for free before getting a job in the Adams administration. That outlet also reported that after that campaign volunteer was hired by the city, Greco continued to demand he perform work on her home while on the city’s time. Additionally, the outlet reported Greco had sought a $10,000 contribution to a nonprofit she founded from a businessman in exchange for admission to a Chinese-themed government event at Gracie Mansion hosted by Adams. [image: FBI agents raded the Bronx home of Mayor Eric Adams' Director of Asian Affairs Winnie Greco on Thursday, Feb. 29, 2024. (Sheetal Banchariya for New York Daily News)]FBI agents carried out “court-authorized law enforcement activity” at the Bronx home of Mayor Eric Adams’ Director of Asian Affairs Winnie Greco on Thursday, Feb. 29, 2024. (Sheetal Banchariya for New York Daily News) When asked about the feds’ activity at Greco’s addresses, Adams spokesman Fabien Levy said that “our administration will always follow the law.” “We always expect all our employees to adhere to the strictest ethical guidelines. As we have repeatedly said, we don’t comment on matters that are under review, but will fully cooperate with any review underway,” Levy added. “The mayor has not been accused of any wrongdoing.” [image: New York City Mayor Eric Adams and Director of Asian Affairs Winnie Greco are pictured at a celebration recognizing the Mid-Autumn Moon Festival at Gracie Mansion on Friday, September 9, 2022. (Michael Appleton / Mayoral Photography Office)]New York City Mayor Eric Adams and Director of Asian Affairs Winnie Greco are pictured at a celebration recognizing the Mid-Autumn Moon Festival at Gracie Mansion on Friday, September 9, 2022. (Michael Appleton / Mayoral Photography Office) Property records show Greco bought one of the raided homes for $850,000 just this past Oct. 16. She holds a $680,000 mortgage on the property, records show. Greco earns $100,000 annually in her city job, according to payroll records. In paperwork for the $680,000 mortgage, Greco identified herself as residing at a second one-family home just across the street. That’s the second property that was targeted by the feds Thursday. Property records show Greco owns the second property with Nickolas Greco, her husband. It’s unclear which of the two buildings Greco permanently resides in. [image: Mayor Eric Adams' Director of Asian Affairs, Winnie Greco, is pictured at a Lunar New Year Celebration at Gracie Mansion on Tuesday, February 8, 2022. (Michael Appleton / Mayoral Photography Office)]Mayor Eric Adams’ Director of Asian Affairs, Winnie Greco, is pictured at a Lunar New Year Celebration at Gracie Mansion on Tuesday, February 8, 2022. (Michael Appleton / Mayoral Photography Office) The feds’ interest in Greco comes as the mayor himself faces a federal probe into his ties to Turkey. As part of that investigation, the FBI raided the homes of Brianna Suggs <https://www.nydailynews.com/2023/11/02/mayor-adams-abruptly-cancels-migrant…>, a top fundraiser for Adams, and City Hall staffer Rana Abbasova <https://www.nydailynews.com/2023/11/20/mayor-adams-aide-rana-abbasova-told-…>. The FBI also seized the mayor’s electronic devices <https://www.nydailynews.com/2023/11/10/fbi-agents-seize-mayor-adams-electro…> as part of their investigation. It’s unclear if the raid in the Bronx is tied to that probe into foreign involvement in local politics. Records show Greco likely has her own connections to a foreign government. It first emerged last year that Greco served as a consultant to multiple local Chinese interest groups <https://nypost.com/2023/09/08/top-eric-adams-aides-company-got-chinese-comm…> that receive funding from Beijing’s Communist government. And in a previously unknown wrinkle, Greco also identified herself in a 2014 letter reviewed by The News as the CEO of the New York Sino Agricultural Organization, a Chinese investment group. Under Greco’s leadership, the Sino organization was in talks in the mid-2010s with the upstate municipality of Warwick about purchasing the shuttered Mid-Orange Correctional Facility in hopes of turning it into an “agricultural education center,” according to a lawsuit filed in Orange County Supreme Court in 2021. In 2013, Warwick Town Supervisor Mike Sweeton told the Times Herald-Record <https://www.recordonline.com/story/entertainment/music/2013/07/01/warwick-c…> that the Chinese government was actually behind the bid to buy the old prison. Citing Sweeton, the local newspaper reported at the time that China’s government was hoping to turn the closed prison into “an agricultural university or a vocational school, where they can learn about American agricultural technology.” Sino’s bid to buy the old prison ultimately never came to fruition.

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US Soccer, MLS Want Review Of NASL Antitrust Case Order
by Gunnar Larson 30 Jun '24

30 Jun '24

US Soccer, MLS Want Review Of NASL Antitrust Case Order <https://www.law360.com/competition/articles/1852200?nl_pk=6416fd97-1dc4-4e0…> By Elaine Briseño Major League Soccer and the sport's U.S. governing body are asking a New York federal court to clarify a decision that leaves them on the hook for the North American Soccer League's antitrust lawsuit, saying the order ignores their request for summary judgment on conspiracy allegations. Memorandum attached | Read full article » <https://www.law360.com/competition/articles/1852200?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1852200?nl_pk=6416fd97-1dc4-4e0…>

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House GOP Mulls Little-Used Inherent Contempt For Garland
by Gunnar Larson 30 Jun '24

30 Jun '24

House GOP Mulls Little-Used Inherent Contempt For Garland <https://www.law360.com/competition/articles/1851576?nl_pk=6416fd97-1dc4-4e0…> By Courtney Bublé A group of House Republicans are giving Attorney General Merrick Garland until Friday morning to comply with their demands for the audio recordings of President Joe Biden and his ghostwriter speaking with special counsel Robert Hur during his investigation into Biden's handling of classified documents before they move forward with a vote to hold him in inherent contempt of Congress. Read full article » <https://www.law360.com/competition/articles/1851576?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1851576?nl_pk=6416fd97-1dc4-4e0…>

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Crypto App Pledges More Refunds In Multistate Settlement
by Gunnar Larson 30 Jun '24

30 Jun '24

Crypto App Pledges More Refunds In Multistate Settlement <https://www.law360.com/capitalmarkets/articles/1851990?nl_pk=abe82add-2a33-…> By Rachel Riley Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead. Order attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1851990?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1851990?nl_pk=abe82add-2a33-…>

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Miami-Dade Cites Animal Harm In Aquarium Eviction Action
by Gunnar Larson 30 Jun '24

30 Jun '24

Miami-Dade Cites Animal Harm In Aquarium Eviction Action <https://www.law360.com/governmentcontracts/articles/1851602?nl_pk=4126fe73-…> By Nate Beck Miami-Dade County has sued to evict an aquarium from a government-owned waterfront site following reports that the operator didn't clean and maintain the 70-year-old facility well enough and repeatedly failed to care for dolphins, manatees and other animals held at the theme park. Complaint attached | Read full article » <https://www.law360.com/governmentcontracts/articles/1851602?nl_pk=4126fe73-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/1851602?nl_pk=4126fe73-…>

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