“7th Circuit upholds spoofing conviction despite Sullivan & Cromwell conflict” —
- “The 7th U.S. Circuit Court of Appeals rejected a former high-speed trader’s challenge to his conviction on spoofing charges, saying that while his law firm Sullivan & Cromwell had a conflict of interest in the case, it did not affect the 2015 trial.”
- “Spoofing involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, the tactic can sway prices to benefit the trader’s market positions.”
- “Coscia then filed a civil rights lawsuit seeking to set aside his conviction over Sullivan & Cromwell’s alleged conflict, and sought a new trial based on trade data he had obtained after his conviction.”
- “The court said attorney Kenneth Raisler and his firm’s representation of ICE, ‘and the failure to disclose such conflict, is cause for concern that loyalties may have been divided,’ but said Coscia did not show it adversely affected his defense.”
- “Coscia had argued Sullivan & Cromwell was ineffective for failing to obtain the full ICE data, but the panel said that data would not have changed the trial’s outcome.”
“Pediatrician blasts use of bone scanners as ‘fairness hearing’ begins on Flint settlement” —
- “A Flint pediatrician and former hospital CEO blasted the use of industrial scanners — not designed for use on human beings — to document Flint residents’ exposure to lead-contaminated drinking water, as a federal judge began a multi-day hearing Monday on whether a proposed $641.25 million partial settlement is a fair one.”
- “Also during Tuesday’s daylong hearing, lawyers in the Flint water crisis civil litigation accused one another of unethical behavior and conflicts of interest.”
- “Napoli and another lead attorney, Corey Stern of New York, hit back at Cuker, accusing him of inconsistencies that include questioning the safety of the portable bone scans while at the same time complaining that his clients cannot get access to the scanning, controlled by Napoli’s firm.”
- “Napoli and another lead attorney, Corey Stern of New York, hit back at Cuker, accusing him of inconsistencies that include questioning the safety of the portable bone scans while at the same time complaining that his clients cannot get access to the scanning, controlled by Napoli’s firm.”
- “They also accused Cuker of having a conflict of interest by representing hundreds of clients who want a share of the Flint settlement while at the same time representing a handful of clients who oppose the settlement. That is a conflict because if the settlement gets torpedoed as a result of objections Cuker raises, it will almost certainly hurt his clients who want to settle, they said.”