D.C. CONFIDENTIAL - The SEC sued Covington & Burling last week, demanding it provide identities of clients affected by a 2020 cyberattack. Regulators said the sought-after information is crucial to their investigation into possible securities violations resulting from the attack. But white-collar lawyers Law.com’s Justin Henry spoke to generally agreed that having to disclose client names at regulators’ whim would be detrimental to the attorney-client relationship. While the impact of the subpoena remains to be seen, those familiar with SEC litigation were taken aback by the idea of the regulatory agency targeting such a substantial legal presence. “It’s a big step to switch the focus from the clients to the law firms,” said one lawyer, who asked to remain anonymous to be able to speak freely.
ON THE RADAR - IBM and its top officials were hit with a securities class action Friday in New York Southern District Court. The suit, brought by the Rosen Law Firm and Evangelista Worley LLC, alleges that IBM insiders engaged in a multi-year fraud to shift revenues from its mainframe business to strategic growth areas. Counsel have not yet appeared for the defendants. The case is 7:23-cv-00332, June E. Adams Irrevocable Trust Dated 7/21/14 Fbo Edward Robert Adams, individually and on behalf of all others similarly situated, v. International Business Machines Corporation et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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