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This article delves into the complex issue of restitution under an illegal contract, a topic brought into focus by the UK Supreme Court's landmark decision in Patel v. Mirza (2016). It contends that the current trend towards discretion often leads to unclear outcomes, underscoring the limitations of a flexible approach. Drawing from examples in German and Italian law, it argues that these shortcomings arise from a failure to acknowledge the political choice about law's finality one ascribes to law. In proposing a shift from a focus on the purpose of restitution rules to their ultimate finality, the paper suggests empowering civil courts to impose civil fines on claimants seeking restitution under an illegal contract. However, it emphasizes the need for caution and a careful coordination with criminal proceedings, adding that the impact of such fines must not be overestimated. Ultimately, the article concludes that a clear understanding of law's finality and the inherent constraints of private law is essential for achieving coherence in cases of restitution under illegal contracts. [ABSTRACT FROM AUTHOR]

This document is a special state supplement of the Payroll Legal Alert, providing updates on various state laws and regulations that impact payroll operations. It covers a range of topics, including child labor laws, income tax withholding, paid sick leave, and minimum wages, among others. The document provides concise summaries of the changes in each state, such as the repeal of working papers requirement for 14- and 15-year-olds in Alabama, the clarification of overtime pay exemption in Arizona, and the expansion of paid sick leave in Connecticut. It is a valuable resource for library patrons conducting research on payroll-related topics. The given document provides updates on various state laws and regulations related to employment and taxation. It includes information on topics such as income tax withholding, minimum wages, paid family and disability leave, payment of wages, child labor, retirement, independent contractors, and paid prenatal leave. The document provides specific details and effective dates for each state's regulations. This document provides a summary of various state-specific laws and regulations related to employment and taxation. Some key points include the requirement for nursing mothers to be provided with paid break time to express breast milk in New York City, an increase in the maximum civil penalty for violating child labor laws in Oregon, and the introduction of the Washington Saves program in Washington state to encourage retirement savings. It is important for library patrons conducting research on these topics to consult the full text of the document for more detailed information. [Extracted from the article]

Commonwealth Financial Network, an independent wealth management firm, is facing a potential $111.5 million judgment from the Securities and Exchange Commission (SEC) over revenue-sharing practices. The SEC alleges that Commonwealth failed to adequately disclose conflicts of interest from revenue-sharing with a trade-clearing arm of Fidelity Investments, resulting in clients being invested in more expensive mutual funds. Commonwealth has been fighting the case for nearly five years, but after three rulings against the firm, it is now facing potential fines and restitution. The case sheds light on the incentives involved in the relationship between mutual funds, custodians, and wealth management firms. [Extracted from the article]

The article explores the provision for compelled apology in Polish law, specifically in cases of defamation or violation of one's reputation. It explains that Polish law treats an invasion of reputation as an infringement of personality rights and provides a legally enforceable claim for expressing an apology. The historical background of this provision is also discussed, highlighting the influence of Polish law professors and the adoption of various civil codes in different parts of the country. The article concludes by addressing recent reforms that have weakened the enforcement of forced apologies, reducing the level of protection for personal interests. [Extracted from the article]

This article examines the topic of court-ordered apologies in the Italian legal system. While Italy does not currently have explicit laws regarding the publication of apologies as a judicial remedy, there is a debate about their value in resolving disputes and providing healing for non-pecuniary damages. The article explores the concept of non-pecuniary damages in Italy and the potential for court-ordered apologies within the legal system. It also discusses the assessment and reparation of non-pecuniary damages in civil law, including the possibility of using non-monetary relief, such as public apologies or corrective statements. The article concludes that reparation in kind, including court-ordered apologies, can be provided, but if not performed, a monetary equivalent may be required instead. [Extracted from the article]

This article discusses the circumstances in which an insurer can pursue a malpractice claim against defense counsel retained for an insured. It explains that the majority of courts have allowed insurers to bring such claims and outlines the three primary legal vehicles through which insurers can do so. The article also addresses the split of authority regarding how insurers can seek reimbursement of defense costs from the insured if it is later found that the insurer did not owe a duty to defend. It provides practical considerations for insurers pursuing reimbursement and policyholders looking to fend off a demand for recoupment. The article concludes by stating that there is no one-size-fits-all answer for insurers seeking to recover indemnity or defense payments, as these determinations are jurisdiction-specific and fact-driven. [Extracted from the article]

This article provides a summary of recent news in New Zealand's security industry. It begins by remembering Ramandeep Singh, a security officer who was tragically killed, and highlights the risks faced by security personnel. Allied Security announces the opening of its first branch in Vancouver, Canada, while Chubb uncovers hidden treasures in Christchurch. Aotea Security receives awards for its partnership with Gallagher Security and its enterprise customer service. The article also discusses a case of a security guard who failed to wear his identification badge and another case of a security officer who stole items from a site. Lastly, it mentions allegations of worker exploitation by S.E.A.L. Security and requests input for the review and development of skill standards in the electronic security industry. [Extracted from the article]

The Department of Justice (DOJ) has introduced new policies to combat corporate crime. These policies include a voluntary self-disclosure (VSD) policy that incentivizes companies to report their own misconduct to the government, a pilot program on compensation incentives and clawbacks to hold those responsible for corporate malfeasance accountable, and an updated evaluation of corporate compliance programs to address the use of personal devices for company business. Companies that comply with these policies may be eligible for reduced fines and criminal liability. It is important for companies to have clear compliance programs and policies that address the use of messaging platforms and personal devices for business purposes. [Extracted from the article]

The article offers business news briefs related to North Carolina as April 2023. Topics include retirement of Darius Adamczyk, chief executive officer (CEO) of Honeywell International; Piedmont Lithium receiving investment from South Korea-based LG Chem; and state environmental approval to Timbermill Wind to build a wind energy generating facility in Chowan County.

Robert Jamieson's path to the top of the music industry started with counting vinyl discs on a churning production line in a Queens, New York, warehouse. For a small fee For at least 10 years, the SEC has been cracking down on advisors who fail to tell clients they're being steered into fee-bearing mutual funds when no-cost, nearly identical alternatives are available. As part of Reg BI, the SEC banned pure brokers from holding themselves out to the public as "advisors" or "advisers", a spelling that stems from the original 1940 law regulating the industry. In 2019, 79 advisory firms paid $125 million to settle SEC allegations that they hadn't disclosed to clients the fees they'd be paying. [Extracted from the article]

Illinois has adopted the Uniform Money Transmission Modernization Act, replacing the existing Transmitters of Money Act in the state. The new legislation imposes stricter licensing and reporting requirements for money transmitters and establishes a Consumer Protection Fund to provide restitution to consumers affected by regulatory violations. These regulations are set to take effect on January 1, 2026, aiming to enhance consumer protection in the money transmission industry. [Extracted from the article]

The procedures are not always clear for financial advisors seeking to reapply with a securities regulator to sell financial products and services after being barred from the securities industry. Advocates should research and use as illustrative authority SEC decisions on prior Rule 193 applications and court opinions reviewing commission decisions on Rule 193 applications. Understand whether the SEC considers your client's bar order "unqualified", whether your client is applying to associate with a self-regulated organization, and the effects these issues have on the applicant's burden in the eyes of the SEC. [Extracted from the article]

Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation related to the collapse of his $36 billion family office in 2021. The scheme orchestrated by Hwang misled bank counterparties into providing billions of dollars in trading capacity, leading to significant losses for major financial institutions. The case, which captivated Wall Street, highlights the consequences of white-collar crimes and the impact on the financial industry. [Extracted from the article]

The article from Insurance Journal covers various legal cases and incidents involving companies and individuals. It mentions a Missouri mother seeking $6 billion in a case against Abbott and Reckitt's Mead Johnson for causing severe intestinal illness in her child. Additionally, it discusses a pilot program in New York City subway stations using AI-powered weapons scanners, which did not detect any firearms but had false positives and found knives. Lastly, it highlights a Dallas pharmacy owner sentenced to 10 years in federal prison for insurance fraud and a Nevada jury awarding $5.2 billion in a lawsuit against a bottled water company for causing liver damage. [Extracted from the article]

Toronto-Dominion Bank is set to pay approximately $3 billion in penalties and face restrictions on its US growth as part of a settlement with regulators over its failure to detect money laundering. The Office of the Comptroller of the Currency is expected to impose an asset cap on the bank's US retail banking assets. This settlement comes after a series of legal challenges and investigations into alleged failures to catch money laundering and other financial crimes at several branches in the US. Toronto-Dominion has already set aside $3 billion in provisions for the settlement. [Extracted from the article]

According to a report by Eversheds Sutherland, the Financial Industry Regulatory Authority (FINRA) has seen a decline in enforcement actions in recent years, suggesting a more lenient approach towards the industry it regulates. However, fines imposed on firms have increased, indicating that the consequences of breaking the law are still significant. Industry lawyers believe that FINRA may be resolving low-level violations through informal means, which may not be reflected in publicly reported data. The report also highlights the increase in fines for violations of Regulation Best Interest (Reg BI) and the continued enforcement of the suitability standard. Additionally, FINRA has prioritized cases related to spoofing, trade reporting, anti-money laundering measures, and the regulation of cryptocurrencies. [Extracted from the article]

The article focuses on Wai Wai Nu, a Myanmar democracy and women's rights advocate, addressing the United Nations Security Council about the worsening crisis in Myanmar and the impact of Cyclone Mocha. She highlights the atrocities committed by the junta, the ongoing genocide against the Rohingya community, and the urgent need for international action to end impunity, provide aid, and ensure the safe and voluntary repatriation of Rohingya refugees.

Former US Representative George Santos has pleaded guilty to wire fraud and identity theft charges related to his campaign for Congress. Santos admitted to filing false reports with the Federal Election Commission, embezzling campaign funds, and fraudulently obtaining unemployment benefits. He also confessed to tricking donors into giving money to a fake nonprofit and using personal information to manipulate the FEC. Santos will be sentenced in February and faces between two years and 7 1/4 years in jail. He has agreed to pay restitution and is subject to a forfeiture order. Santos' political career began to unravel when it was revealed that he had lied about his resume and life story. He was expelled from Congress in December and his plan to return to politics is now uncertain. [Extracted from the article]

The U.S. Justice Department has recommended that a plea deal reached with Boeing over a criminal charge related to software linked to two fatal 737 MAX crashes should be accepted. Last month, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and pay at least $243.6 million after violating a deferred prosecution agreement. The Justice Department argues that the deal holds Boeing accountable and serves the public interest, and it rejects the families' demand for higher fines. The plea deal also requires Boeing to strengthen its compliance, safety, and quality programs and face oversight from an independent monitor. [Extracted from the article]

This article provides several figures related to lawsuits and settlements. The Jacksonville Jaguars are seeking $66 million in damages from a former employee who stole $22 million from the team's virtual credit card program. Monsanto will pay $160 million to settle a lawsuit by the city of Seattle, which accused the company of polluting the city's drainage system and river with toxic chemicals. Insurer Nationwide plans to reduce its staff by 5% over the next year as part of its modernization journey. Meta Platforms has agreed to pay $1.4 billion to Texas to resolve a lawsuit accusing the Facebook parent of illegally using facial recognition technology to collect biometric data without consent. [Extracted from the article]

A U.S. court has ordered bankrupt cryptocurrency exchange FTX to pay $12.7 billion in relief to its customers, according to the Commodity Futures Trading Commission (CFTC). The CFTC accused FTX of misleading customers and misappropriating their deposits for risky investments. FTX has agreed to a bankruptcy liquidation that will repay customers whose deposits were locked during its collapse in late 2022. The CFTC settlement requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement. FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from customers. FTX is currently seeking approval for its wind-down plan. [Extracted from the article]

A former Pfizer statistician, Amit Dagar, has been sentenced to nine months in prison for insider trading related to the company's Covid-19 treatment, Paxlovid. Dagar made over $200,000 by trading on confidential information before a key announcement about the drug's effectiveness. The case is part of a broader effort by the Manhattan US Attorney to crack down on corporate crime, including insider trading. Dagar's lack of a criminal record, family circumstances, and the possibility of deportation to India were considered in the judge's decision to impose a lower sentence. [Extracted from the article]

A trader in Canada named Nathanael Anthony Aikman has been sentenced to four years in jail for defrauding investors by providing false information about their returns. Aikman, one of the founders of Yonge Street Capital LLC, a hedge fund that claimed to invest in securities and cryptocurrencies, accepted over C$6.2 million from 71 investors over a three-year period. He developed a structure that promised a 25% return on investment but used much of the money for personal purposes. Aikman's partners in the business were convicted of unregistered trading but not fraud. [Extracted from the article]

The article discusses the U.S. Consumer Financial Protection Bureau (CFPB) government agency and its efforts to protect American consumers from deceptive and predatory lenders and practices as of 2015. Problems involving mortgage loan payments are mentioned, along with consumer-complaint services and CFPB-led investigations. Agency penalties and the prevention of consumer exploitation are examined, as well as data regarding restitution and canceled debts in the U.S.

Neil Phillips, co-founder of Glen Point Capital, was sentenced to probation instead of prison for manipulating an exchange rate. The judge cited leniency in part because the victim was Morgan Stanley, stating that the bank could have taken measures to protect against its risk and did not request restitution. While federal prosecutors have pursued cases of fraud against Wall Street banks, the judge emphasized that Morgan Stanley was not an unsuspecting victim. Phillips was also fined $1 million and can spend part of his probation in London and South Africa. [Extracted from the article]

Neil Phillips, co-founder of Glen Point Capital, has avoided a prison sentence for manipulating an exchange rate to trigger a $20 million barrier option. Instead, he has been sentenced to two years of probation and a one-month jail term he already served in Spain. Phillips was convicted of commodities fraud after directing over $700 million in trades in 2017. The judge noted that while the case was serious, the foreign exchange spot market was unregulated, and Phillips did not attempt to conceal his actions. Phillips has been fined $1 million and can spend part of his probation in London and South Africa. [Extracted from the article]

Former Nuveen LLC trader Lawrence Billimek has been ordered to pay more than $38 million in restitution to Nuveen parent TIAA-CREF for his involvement in an insider trading scheme. Billimek and his co-conspirator, Alan Williams, pleaded guilty to engaging in a front-running scheme where they bought shares ahead of planned Nuveen trades. TIAA-CREF claimed that this resulted in poorer execution for Nuveen clients and sought compensation. The judge denied some of the fees TIAA-CREF requested but held Billimek and Williams jointly liable for the restitution. [Extracted from the article]

Former Nuveen equity trader Lawrence Billimek has been sentenced to 70 months in federal prison for his involvement in a $47 million front-running scheme. Billimek admitted to tipping off another individual, Alan Williams, about Nuveen's planned trades as part of a complex plot that spanned six years and involved over 1,000 trades. The scheme was one of the first to be uncovered by the Consolidated Audit Trail, a database launched by the Securities and Exchange Commission to detect market manipulation. Billimek's job at Nuveen gave him access to confidential information, which he used to generate illicit gains. [Extracted from the article]

Former Nuveen LLC trader Lawrence Billimek is facing a potential prison sentence of almost six years for front-running his employer's trades and making $47 million in illegal profits, according to federal prosecutors. Billimek pleaded guilty to passing tips about planned Nuveen stock purchases to retiree Alan Williams, who would then acquire the shares ahead of the asset management giant. The case is one of the first in which the US Securities and Exchange Commission's Consolidated Audit Trail was credited with catching insider traders. Nuveen's parent company, TIAA-CREF, is also seeking $38.4 million in restitution from Billimek. [Extracted from the article]

Donnie Callaway, a mechanic known for his work on vintage Ferraris and Alfa Romeos, has been charged with theft, fraud, forgery, and trafficking stolen property. Callaway, who had gained recognition and praise from influential figures in the automotive industry, was arrested after attempting to sell two Ferraris to a collector who suspected that Callaway did not own the vehicles. Some of Callaway's clients are now left to deal with the aftermath and are scrambling to recover their entrusted vehicles. Callaway has a history of legal troubles, including previous convictions for theft and fraud. [Extracted from the article]

Irina Dilkinska, the former head of legal and compliance for the fraudulent cryptocurrency OneCoin, has been sentenced to four years in prison for her involvement in laundering hundreds of millions of dollars from the scam. She pleaded guilty to wire fraud and money-laundering conspiracy charges and was also ordered to pay $118.4 million in restitution. Dilkinska is the latest person to receive a prison term for their role in the $4 billion international Ponzi scheme. The scheme, which never had a functioning cryptocurrency, offered commissions to members for recruiting others to buy worthless OneCoin packages. [Extracted from the article]

Citigroup has asked a judge to dismiss a lawsuit filed by the State of New York, claiming that the suit is a misguided attempt by Attorney General Letitia James to change federal law. The state alleges that Citibank has not implemented adequate security measures to prevent online fraud, including wire transfers and payment apps like Zelle and Venmo. Citigroup argues that the suit is an effort to modify the Electronic Fund Transfer Act and that wire transfers are covered by a separate law. The bank also states that it has implemented strong countermeasures to combat fraud but acknowledges the difficulty of stopping phishing scams. The state is seeking an order for Citigroup to provide an accounting of customer claims for lost money and is also seeking restitution, damages, and penalties. [Extracted from the article]

The FTC's complaint seeks monetary relief pursuant to both Section 13(b) and the portion of Section 19 of the FTC Act permitting the FTC to obtain monetary remedies in rule violation cases. Representative Frank Pallone (D-NJ) stated that Congress must act to enable the FTC to provide monetary relief under Section 13(b) because alternative FTC powers are "too weak" or would not expeditiously grant relief. 4 FTC v. Ross, 743 F.3d 886, 890-92 (4th Cir. 2014); FTC v. Bronson Partners, LLC, 654 F.3d 359, 365-66 (2d Cir. 2011); FTC v. Magazine Sols., LLC, 432 F. App'x 155, 158 n.2 (3d Cir. 2011) (unpublished); FTC v. Direct Mktg. What Comes Next for the FTC in the Wake of AMG. [Extracted from the article]

Regulation and Compliance The Securities and Exchange Commission has completed three steps a congressional watchdog called on the regulator to carry out to bulk up the agency's reviews of FINRA. The Wall Street regulator adopted those changes after a 2021 report found the SEC's inspections of FINRA lacked "useful information for decision-making.". [Extracted from the article]

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The 5th Circuit Court of Appeals has ruled that Chubb, an insurance company, must cover restitution claims paid to ticket holders of the 2020 South by Southwest (SXSW) film festival, which was cancelled due to COVID-19. The court found that Chubb's policy exclusions did not prevent coverage for SXSW Ltd. in a class action lawsuit brought by festival pass holders. The festival settled the case in February 2022, paying over $1 million, and sought to shift the cost onto its insurer. Chubb initially refused to defend or indemnify SXSW, leading to the lawsuit. The court found that the policy exclusions did not apply to the claims made by the plaintiffs, and remanded the case for further proceedings. [Extracted from the article]

Hermes, the luxury fashion brand, is facing a lawsuit in California claiming that it is breaking US antitrust law by making its Birkin handbags too exclusive. The lawsuit alleges that Hermes requires potential buyers to purchase thousands of dollars worth of other products in order to have a chance at buying a Birkin bag. The bags are not available for purchase on the Hermes website or in their stores, and sales staff only show them to select customers in private rooms. The plaintiffs are seeking restitution, damages, and a change in Hermes' sales practices. [Extracted from the article]

FTX co-founder Sam Bankman-Fried's lawyers have recommended that he serve no more than 6 1/2 years in prison for orchestrating the fraud that led to the collapse of the cryptocurrency exchange. They argue that a sentence in the range of 63 to 78 months would be sufficient, considering Bankman-Fried's charitable works and commitment to others. The lawyers also stated that he should not be ordered to pay restitution or forfeit any assets, as customers and creditors will be reimbursed through FTX's bankruptcy. Bankman-Fried's sentencing could set a precedent for other cryptocurrency executives. [Extracted from the article]

Sam Bankman-Fried, co-founder of FTX, has been recommended by his lawyers to serve no more than 6 1/2 years in prison for orchestrating fraud that led to the collapse of a cryptocurrency exchange. His lawyers argue that his charitable works and commitment to others should be taken into account for a sentence that allows him to return to society promptly. They also recommend that he not be ordered to pay restitution or forfeit any assets, as customers and creditors will be repaid through FTX's bankruptcy. Bankman-Fried's sentencing could set a precedent for other cryptocurrency executives. [Extracted from the article]

California lawmakers are moving closer to issuing an official apology for the harms of slavery, even though slavery was never legal in the state. The apology would address human rights violations, discriminatory laws, and practices that occurred after California became a state in 1850. The apology is part of a larger legislative initiative following a reparations task force's recommendations. While there are no immediate plans for cash reparations, the recommendations aim to address the economic, educational, and health disparities affecting Black Californians. The task force estimated $800 billion in economic and other harms to Black residents as a result of discriminatory practices. Other states have created similar task forces, but implementation remains slow without federal legislation. The California task force did not propose individual cash compensation but provided a methodology for calculating payments in the future. The proposed reparations bills in California also call for investments in health, education, and business development in formerly redlined communities. The bills also include measures for criminal justice reform, restitution for unlawfully seized properties, and the creation of a new state agency to determine eligibility for reparations. A poll found that 60% of California voters agreed that the legacy of slavery affects Black residents, but only 28% supported cash compensation for descendants of enslaved people. Governor Gavin Newsom has indicated his support for an official apology. The lawmakers emphasize the importance of repairing the past and the benefits that these investments will bring to all Californians. [Extracted from the article]

Prison laborers are working on farms that supply major grocery stores and restaurants across the country. These workers often do not receive any pay or benefits, but this practice is legal due to the 13th Amendment of the Constitution, which allows involuntary servitude as a punishment for a crime. The Associated Press investigation found that this business generates hundreds of millions of dollars' worth of products. While some incarcerated individuals work in restitution centers to pay off fines and fees, others are used by private companies for cheap or unpaid labor. The director of the MacArthur Justice Center at the University of Mississippi, Cliff Johnson, believes that as private companies become more aggressive with these programs, the potential for exploitation and lawsuits increases. The political climate also plays a role in determining whether action will be taken at the federal level. Johnson emphasizes the importance of discussing rehabilitation and productive reintegration into society for the majority of prisoners who will eventually be released. [Extracted from the article]