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February 2013 Archives

Contract between city of Hartford and Bank of America

The length of a contract with the Bank of America had become an issue of contention for the city of Hartford. Though Hartford's mayor wanted to commit to a 3 year contract with Bank of America, city council members opposed any contract with the bank that would exceed more than one year.

Court Finds Crime Insurance Covers Data Losses

data thief-thumb-200x136-17101.jpgA data breach resulting in the theft and use of customer credit card numbers results in significant expenses and penalties for the victim company. Many companies still do not have specific cyber liability coverage and thus can be on the hook for all expenses related to such a breach. The Sixth Circuit Court of Appeals recently held that such losses resulting from the cyber theft of customer data were recoverable under a commercial crime policy. Retail Ventures, Inc. v. Nat'l Union Fire Ins. Co., 691 F. 3d 821 (6th Cir. 2012).

Shareholders object to buyout at Dell, Inc.

Shareholder derivative suits are often filed when certain investors in a company feel that decisions made by officers or executives will ultimately be detrimental to the firm. Such a lawsuit was recently filed by shareholders for Dell, Inc., a personal computer manufacturer, with regards to a proposed buyout by the founder of the company.

Questions raised concerning executive compensation

Americans have been particularly sensitive about the salaries of executives during the past five years. Recently, the U.S. Treasury Department was criticized for approving salary pay-raise requests for 18 executives that worked at American International Group, Inc., General Motors Corp., and Ally Financial, Inc. - all companies that are receiving taxpayer-funded bailouts.

Trade Secret Misappropriation: When An Insider Takes Your Trade Secrets With Them

While companies are often focused on outsider risks such as breach of their systems through a stolen laptop or hacking, often the biggest risk is from insiders themselves. Such problems of access management with existing employees, independent contractors and other persons are as much a threat to proprietary information as threats from outside sources.

FTC Spanks Social Network Path 800k for Privacy Violations - Issues Staff Report on Mobile Privacy Disclosures

spank-thumb-175x220-16627-thumb-160x201-16628.jpgToday the FTC announced a $800,000 settlement with Path, a social media network to settle allegations that it violated its own privacy policy and also illegally collected information on children under 13 in violation of COPPA(Children's Online Privacy Protection Act).
According to the complaint Path represented that personal information from the user's mobile device contacts would be collected only if the user clicked on "Add Friends" and then chose the "Find friends from your contacts" option. But despite that promise, Path automatically collected and stored personal data the first time the user launched the app and, if they signed out, each time they signed back in again. That, says the FTC, made Path's statement false.

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