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Little Dab of Fraud Will Do Ya (In)

Client Alert | 1 min read | 09.19.07

In an unusual remand from the en banc court back to the panel for a "do over," the Federal Circuit in Long Island Savings Bank, FSB v. U.S. (Sept. 13, 2007) reversed a $435 million verdict for the bank in this Winstar-type case because the bank, in its application materials, did not disclose that its CEO was violating federal banking regulations by having an interest in the law firm to which the bank sent all its mortgage business, with this common-law fraud making the contract void ab initio. Still unexplained, however, is why the panel felt obliged then to discuss whether the fraud was a prior material breach to the government's when the contract was void and its passing reference that there might be "other theories of recovery."

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Client Alert | 7 min read | 12.17.25

CARB Proposes Regulations Implementing California GHG Emissions and Climate-Related Financial Risk Reporting Laws

After hosting a series of workshops and issuing multiple rounds of materials, including enforcement notices, checklists, templates, and other guidance, the California Air Resources Board (CARB) has proposed regulations to implement the Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261) (both as amended by SB 219), which require large U.S.-based businesses operating in California to disclose greenhouse gas (GHG) emissions and climate-related risks. CARB also published a Notice of Public Hearing and an Initial Statement of Reasons along with the proposed regulations. While CARB’s final rules were statutorily required to be promulgated by July 1, 2025, these are still just proposals. CARB’s proposed rules largely track earlier guidance regarding how CARB intends to define compliance obligations, exemptions, and key deadlines, and establish fee programs to fund regulatory operations....

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