July 30, 2021
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Corporate Spotlight
Amazon says it plans to appeal a fine of about $885 million imposed by Luxembourg's data protection authority over allegations that the company's handling of data runs afoul of the EU General Data Protection Regulation. The fine, which stems from the company's targeting of ads, represents a record high GDPR fine.
Full Story: Politico (7/30),  Bloomberg (7/30),  The Wall Street Journal (7/30) 
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Credit Suisse says it will pursue all avenues, including legal action, to recover $5.5 billion in losses suffered as a result of the collapse of Archegos Capital Management. Archegos probably deceived Credit Suisse and "obfuscated the true extent of its positions," but staffers also disregarded risk, according to a report from law firm Paul Weiss commissioned by the bank.
Full Story: Financial Times (subscription required) (7/29),  The Wall Street Journal (7/29),  Reuters (7/29),  Bloomberg (7/29) 
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Israel-based NSO Group has suspended the use of its spyware by several governmental agencies amid concerns of improper use of the company's Pegasus technology, an NSO employee said, declining to specify which clients are affected by the temporary bans. Reports have emerged that Pegasus has been used to target human rights activists, heads of state, journalists and others.
Full Story: National Public Radio (7/29) 
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National News
The House and Senate have voted in favor of a bill that would provide $2.1 billion for the US Capitol Police, and the measure now advances to President Joe Biden. As the Capitol Police risk depleting their funding next month, the bill would include money for overtime, training and mental health services as well as the relocation of Afghans who assisted the US in their home country.
Full Story: National Public Radio (7/29) 
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Financial and Tax Update
The Securities and Exchange Commission is preparing a proposal that would require public companies to disclose climate change risk when reporting to investors. Chair Gary Gensler says he expects the proposal to be presented before year-end. "Investors today are asking for that ability to compare companies with each other," Gensler says. "Generally, I believe it's with mandatory disclosures that investors can benefit from that consistency and comparability."
Full Story: The Wall Street Journal (7/28),  Bloomberg (7/28),  CNBC (7/28) 
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The House Financial Services Committee has advanced a bill sponsored by Rep. Brad Sherman, D-Calif., that would allow the Federal Reserve to ease the adoption of contracts to the Secured Overnight Financing Rate. The proposed Adjustable Interest Rate (LIBOR) Act of 2021 would set a legal process for automatically switching legacy financial contracts from Libor to SOFR.
Full Story: American Banker (7/29) 
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The New York State Department of Financial Services is asking banks for data regarding the diversity of their senior management and board members. The data would be published in the first quarter of 2022.
Full Story: American Banker (7/29) 
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PLI News
How to avoid ethical traps as an attorney in 2021 -- and what you should do when you can't
Tailored to focus on what is happening today in banking and financial services, PLI's Ethics in Banking and Financial Services 2021 will take an in-depth look at the prevalent legal ethics issues attorneys of all experience levels encounter. On August 10 via live webcast, a faculty of experts from diverse positions in the industry will share their experiences to illustrate common areas of potential ethical risk when working with clients in banking and financial services.
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The general counsel's perspective on emerging markets -- and more
Stream this recent on-demand program to gain a comprehensive overview of the most pressing legal and business issues involved in international deal-making. Doing Business in and with Emerging Markets 2021 is led by a strong, international faculty who draw on decades of combined experience to share best practices regarding anti-corruption, enforcement, compliance, and other topics.
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Supreme Court and Federal Court Watch
The US Court of Appeals for the 4th Circuit has held that the US Marine Corps must face North Carolina's lawsuit over an unpaid $8,000 air pollution fine and $472 in additional fees. The Marine Corps argued that it had sovereign immunity with regard to the fine, which stems from the release of metallic pollutants at an air station in North Carolina.
Full Story: Courthouse News Service (7/29),  Reuters (7/30) 
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Lawyer Life
Breathing exercises may aid relaxation
(Zuzana Gogova/Getty Images)
Breathing exercises that can help people relax and reduce stress include basic deep breathing, alternate nostril breathing, fist pump breaths, skull shining breathing and breath meditation, writes yoga instructor and health coach Stephanie Mansour. "Having a moment of mindfulness with breathwork at the beginning of the day can help add consistency and structure to your routine," Mansour writes.
Full Story: CNN (7/26) 
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A healthful diet can have a big impact on reducing the risk for systemic chronic inflammation, according to registered dietitian Cynthia Sass, and anti-inflammatory foods include berries, leafy greens, nuts, pulses, sardines and even spices like turmeric. Registered dietitian Silvia Carli shares that a great way to avoid inflammatory foods is for people to cook their meals at home, which makes it easier to add more vegetables into their diet.
Full Story: Real Simple (7/28) 
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It is a time in which we will redefine what it means to be human, for this is not just the start of a revolution, it is the start of an evolution.
David A. Sinclair,
biologist, professor of genetics
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