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."
Contacts
Insights
Client Alert | 8 min read | 10.01.25
On September 29, 2025, the U.S. Department of Commerce Bureau of Industry and Security (BIS) announced a sweeping Interim Final Rule (IFR), (the “Affiliates Rule”) expanding which entities qualify as Entity List or Military End-User entities, thereby subjecting those entities to elevated export control restrictions under the Export Administration Regulations (EAR). U.S. export restrictions applicable to entities on the Entity List, Military End-User (MEU) List, and Specially Designated Nationals and Blocked Persons (SDN List) now apply to foreign affiliates that are, in the aggregate, owned 50% or more by one or more of the aforementioned entities. An entity that becomes subject to these restrictions because of its ownership structure will be subject to the most restrictive controls that attach to any of its parent entities, regardless of ownership stakes.
Client Alert | 2 min read | 09.30.25
CARB Issues Preliminary List of Entities Covered by California Climate Disclosure Laws
Client Alert | 10 min read | 09.30.25
Client Alert | 7 min read | 09.29.25
White House Seeks Industry Input on Laws and Rules that Hinder AI Development
