Compliance Hot Spots: Employee Messaging a Focus of White-Collar Enforcers + O'Melveny Lawyer Lands DOJ Post + Cooley Reps Kim Kardashian
As the SEC settled with many of Wall Street's biggest banks over recordkeeping failures, DOJ said it would consider whether companies have adequate policies on the use of personal devices and messaging apps as it evaluates compliance programs.
October 05, 2022 at 03:55 PM
11 minute read
Compliance Hot Spots
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. Today, a look at the growing concern by the DOJ and SEC over white-collar employees' use of personal devices and third-party messaging apps for work. Plus, an O'Melveny lawyer landed a top post in DOJ's criminal division and Cooley is keeping up with Kim Kardashian in a headline-grabbing SEC crypto settlement. Please get in touch with tips and feedback. Contact me at [email protected] and @AGoudsward on Twitter.
WhatsApp messenger notification. Credit: BigTunaOnline/Shutterstock.com DOJ, SEC to Corporate America: Preserve Your Messages
Tucked into Deputy Attorney General Lisa Monaco's new memo on corporate enforcement, is a policy change that ought to get the attention of general counsels and compliance executives.
The Justice Department is focusing on use white-collar employees' use of personal devices and third-party apps like Signal and WhatsApp that allow messages to be encrypted or disappear after a certain period of time. Monaco directed prosecutors to consider, as part of their evaluation of a corporate compliance program, whether a company has "implemented effective policies and procedures governing the use of personal devices and third-party messaging platforms to ensure that business-related electronic data and communications are preserved."
"The ubiquity of personal smartphones, tablets, laptops, and other devices poses significant corporate compliance risks, particularly as to the ability of companies to monitor the use of such devices for misconduct and to recover relevant data from them during a subsequent investigation," Monaco wrote in the memo.
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11 minute readLaw Firms Mentioned
- Gibson, Dunn & Crutcher
- Amarchand & Mangaldas & Suresh A Shroff & Co
- Cooley
- Fried, Frank, Harris, Shriver & Jacobson
- Covington & Burling
- Skadden, Arps, Slate, Meagher & Flom LLP
- Dentons
- Weil, Gotshal & Manges
- Cozen O'Connor
- Latham & Watkins
- King & Spalding
- Jenner & Block
- O'Melveny & Myers
- Wilmer Cutler Pickering Hale and Dorr LLP
- Simpson Thacher & Bartlett
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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