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Avoid Sanctions by Reading the Rules and Admitting a Mistake

Read the rules.

Let’s say it again: Read. The. Rules.

On February 16, the U.S. Court of Appeals for the Federal Circuit issued a strong reminder to attorneys about the importance of reading the applicable rules of court and admitting a mistake when given the chance.

In Promptu Systems Corp. v. Comcast Cable Communications, LLC, U.S.C.A Fed Cir. No. 2022-1093, counsel for one of the appellees incorporated by reference in a footnote nearly 2,000 words from a prior brief filed in a related case. …

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Recent Agent Breach of Contract Decisions of Note

As part of Goldberg Segalla’s commitment to client-focused service and ensuring you are kept apprised of the latest rulings and trends that could impact your profession, we would like to call your attention to two recent New York Appellate Division decisions relevant to the issue of insurance broker Errors and Omissions (E&O).

The first matter is an Appellate Division, Second Department decision (Ewart v. Allstate Ins. Co., 2023 BL 477206 (N.Y. App. Div., 2nd Dep’t, Nov. 29, 2023) affirming dismissal of a breach …

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Businessman holding files against his suit

Representation without Representation?

The Pennsylvania Office of Disciplinary Counsel has accused a Philadelphia attorney of initiating a high-profile lawsuit without client authorization.

Reportedly, the attorney filed suit on behalf of the father of a deceased boy who was killed by a Philadelphia police officer. However, according to the Disciplinary Board, counsel was never engaged for that purpose.

In the petition [HERE], the board alleges that counsel never met, nor spoke, with his purported client prior to filing. It is an uncomfortable situation that brings up some …

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ETF digital concept

Brokers Better Be Ready for Bitcoin ETFs

KEY TAKEAWAYS:

  • The U.S. Securities and Exchange Commission (SEC) has approved the first spot Bitcoin ETFs, also known as an exchange-traded product (ETP).
  • With the SEC now permitting spot Bitcoin ETFs, brokers must become deeply familiar with the various cryptocurrencies to minimize the risks.
  • Clients will rely upon brokers to guide them through these uncharted waters, and being prepared is key.

The theory of an Exchange-Traded Fund (ETF) is not novel. An ETF is a bundle of securities you sell or buy through a brokerage firm …

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Goldberg Segalla Explores Ethics of Attorneys Accepting Cryptocurrency in Law360 Article

Are attorneys ethically permitted to receive advanced fees in cryptocurrency?

Goldberg Segalla attorneys Matthew H. Feinberg and Jeffrey Cunningham of the firm’s Management and Professional Liability practice group address this question in an article for Law360.

Matt and Jeff analyzed ethics opinions on cryptocurrency from the American Bar Association, Nebraska’s Lawyer’s Advisory Committee, New York City Bar Association, Virginia Bar Association, North Carolina State Bar Association, D.C. Bar Association, and Maryland Bar Association.

Based on their analysis, the attorneys conclude that accepting cryptocurrency in …

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Seth Laver Provides Guidance on Properly Closing a File with Attorney Protective

Goldberg Segalla’s Seth L. Laver, in an article written for Attorney Protective, provides insight to attorneys on proper case-closing procedures.

“Best practices mandate that all professionals, notably attorneys, engage in a series of important tasks when closing a file,” said Seth, a partner in the firm’s Management and Professional Liability practice and vice-chair of its Accountants Professional Liability practice.

“Poor practices at the end of an assignment,” he added, “can lead to conflicts issues, document retention woes, client confusion or worse.”

An effective …

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chat gpt concept

Christopher F. Lyon Delves into Risks of ChatGPT in Legal Field for NYLitigator

Christopher F. Lyon, partner in Goldberg Segalla’s Management and Professional Liability practice group, explored the growing risks and repercussions of ChatGPT use by lawyers in NYLitigator, NYSBA’s Commercial & Federal Litigation Section publication.

Chris said staying updated on emerging technologies is often beneficial in the legal field, citing the success of early adopters of online legal research. However, he cautioned that early adoption also comes with risk as one must navigate the limitations and capabilities of any new technology and not assign it …

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Insurance Brokerage Wins Summary Judgment in Lawsuit Triggered by Cyberattack

A lawsuit that included allegations ranging from gross negligence to false and deceptive advertising over nearly three decades, brought against a major international insurance brokerage represented by Goldberg Segalla, has been dismissed by a New York court.

The case stemmed from a cyberattack and social-engineering scheme that resulted in the loss of nearly $3 million sustained by the plaintiffs — a high net-worth couple and the charitable foundation they ran — who after they were targeted realized they had virtually no insurance to cover their …

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Law Firm Cleared in Case that Alleged Scheme to Defraud

A New York law firm sued in connection with a business deal gone awry, and accused of aiding in a scheme to defraud, saw the case against it dismissed thanks to a strategic and fervent defense waged by Goldberg Segalla partner Danielle N. Malaty.

Heard in the Northern District of Illinois, the case stemmed from a complaint by a plaintiff who claimed the target defendant — a wealthy investor — led an alleged racketeering scheme to defraud him and breach fiduciary duties.

The plaintiff …

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Bitcoin graphic illustration

FASB Seeking Comments on Proposed Amendments Regarding Digital Assets

The Financial Accounting Standards Board (FASB) is seeking comments by Tuesday, June 6 on its newly proposed Accounting Standards Update (ASU).

With the world of digital assets moving at lightning speed, the FASB’s proposed amendments are part of its ongoing efforts to update accounting standards for, and disclosure of, certain digital assets.

WHAT IS THE FASB?

The FASB, established in 1973, is an independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally …

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