Supreme Court

Justices skeptical about Facebook’s data breach disclosure to investors

Justices skeptical about Facebook’s data breach disclosure to investors

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The justices heard arguments Wednesday in Facebook v. Amalgamated Bank, their first securities case of the year. The case involves the 2015 Cambridge Analytica-Facebook data breach, and considers whether Facebook’s disclosures to investors before the breach was public improperly downplayed the risks that data breaches posed to the company and its stock price.

Shareholders sued Facebook in 2018 after they learned that Cambridge Analytica had obtained the personal data of 30 million Facebook users. The shareholders conted that … Read the rest

Civil Law

No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations

On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the Financial Conduct Authority, for breaching Regulation 12 of The Russia (Sanctions) (EU Exit) Regulations 2019 by making funds available to a company owned or controlled by a designated person.

Continue reading the full GT Alert.

LexBlog… Read the rest

Civil Law

FTC Releases New Health Breach Notification Rule Guidance, Targets Health Apps and Connected Devices

In a new post on the Covington Digital Health blog, our colleagues discuss recently announced Federal Trade Commission (“FTC”) guidance meant to help companies determine their obligations under the Health Breach Notification Rule (the “Rule”).  The guidance follows the FTC’s September 2021 Policy Statement, which expanded the Rule’s application to the developers of health apps, connected devices, and similar products, and similarly emphasize the FTC’s continued scrutiny of health technology.  The post walks through the new guidance documents, which, notably, … Read the rest