On Feb. 22, 2023, U.S. Attorneys’ Offices throughout the country adopted a new policy that incentivizes corporate voluntary self-disclosure of misconduct.  Deputy Attorney General Lisa Monaco’s Sept. 15, 2022 memorandum (“Monaco Memo”) instructed all DOJ sections to review their policies incentivizing corporate voluntary self-disclosure or, if no formal written policy existed, to draft and publish such policies.  The U.S. Attorneys’ Offices’ new, uniform policy fulfilled the Monaco Memo’s directive. 

Cyberattacks on corporate networks are on the rise, and the ramifications from such attacks can be financially devastating. Recent benchmarking data shows that the number of material cyber breaches at large businesses increased by 20.5% from 2020 to 2021, with cybersecurity budgets across industries aimed at preventing breaches jumping 51%. And while businesses suffering cyberattacks…

The U.S. Department of Justice recently announced it recovered over $2.2 billion under the False Claims Act in fiscal year 2022 — the lowest annual recovery since 2008. Despite declining recoveries, the number of new matters suggests that investigation activity will remain vigorous and businesses should be prepared for more robust enforcement as promised by…

Earlier this month, the U.S. Department of Justice (DOJ) announced that it recovered over $2.2 billion under the False Claims Act (FCA) in Fiscal Year 2022.[1] That is a steep drop from last year’s near-record $5.7 billion haul and the lowest annual recovery since 2008. That year-over-year decline, though, was exacerbated by a $3 billion mega-settlement with a pharmaceutical company that manufactures opioids (and several key individuals) in FY 2021. The net effect of that large settlement executed in early-FY 2021 was a bump for FY 2021 recoveries and an exaggerated decline in FY 2022 recoveries.[2] Take out that settlement, which accounted for more than half of the FY 2021 recoveries, and the FY 2022 recoveries are only about 15% lower than the FY 2021 numbers. Still, the long-term trends suggest a steady decline in recoveries over the last ten years.

McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that have the potential to influence controlling law on Ponzi-related issues involving financial institutions. This 2022 year-end round up summarizes the cases and opinions analyzed…

McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their…

Cyberattacks on corporate networks are on the rise, and the ramifications from such an attack can be financially devastating. Recent benchmarking data shows that the number of material cyber breaches at large businesses increased by 20.5% from 2020 to 2021, with cybersecurity budgets across various industries aimed at preventing breaches jumping 51%.[1] Although companies…

UPDATE (March 1, 2023): On February 28, 2023, the Department updated the Dear Colleague Letter regarding third-party servicers to expressly state: “the guidance in this Dear Colleague Letter will not become effective until September 1, 2023.” The Department also extended the public comment period on this Dear Colleague Letter to Thursday, March 30, 2023. Finally,…

Key developments in U.S. cross-border enforcement were driven by the year’s most newsworthy developments, from Russia’s invasion of Ukraine and the battery of sanctions that swiftly followed, to the collapse of the cryptocurrency market.

For details, download this inaugural review, which focuses on anti-money laundering, as this issue continued its rise up the enforcement and…