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Warren to regulators: When was the last time you took a Wall Street bank to trial? — MSNBC (Sarah Muller)

Senate freshman Elizabeth Warren has kept relatively low profile during her first month in Washington. She’s still one of the new senators in town, but you couldn’t tell when the Massachusetts Democrat grilled federal regulators Thursday at her first Banking, Housing and Urban Affairs Committee hearing.

Seven banking federal regulators from place like the Security and Exchange Commission and the Commodity Futures Trading Commission testified in front of the group, which oversees Wall Street. Lawmakers pressed the witnesses on their efforts to crack down on these institutions following the financial crisis.

When given the floor, Warren cut straight to the point by asking the one lingering question on many minds. “The question I really want to ask is about how tough you are–about how much leverage you really have,” Warren began. “Tell me a little bit about the last few times you’ve taken the biggest financial institutions on Wall Street all the way to trial.”

The witnesses testifying seemed like they had been given a pop quiz by the former Harvard professor; no regulator could remember the last time they took a Wall Street bank to trial. Their answers, which were under oath, didn’t seem to get a passing grade from the senator.

via Warren to regulators: When was the last time you took a Wall Street bank to trial? — MSNBC.

U.S. said to be target of massive cyber-espionage campaign – The Washington Post (Ellen Nakashima)

A new intelligence assessment has concluded that the United States is the target of a massive, sustained cyber-espionage campaign that is threatening the country’s economic competitiveness, according to individuals familiar with the report.

The National Intelligence Estimate identifies China as the country most aggressively seeking to penetrate the computer systems of American businesses and institutions to gain access to data that could be used for economic gain.

 

In the next decade, defense spending on known medium- and large-size drones will be nearly $40 billion, increasing inventory by 35 percent. Ranging in size from a private aircraft to a commercial jet, nearly 800 of these bigger drones are operating around the world, observing, collecting data and in some cases attacking the enemy. The military also has thousands of mini-drones used for battlefield surveillance. Since 2001, the U.S. government is estimated to have killed more than 2,000 militants and civilians in drone attacks.

The report, which represents the consensus view of the U.S. intelligence community, describes a wide range of sectors that have been the focus of hacking over the past five years, including energy, finance, information technology, aerospace and automotives, according to the individuals familiar with the report, who spoke on the condition of anonymity about the classified document. The assessment does not quantify the financial impact of the espionage, but outside experts have estimated it in the tens of billions of dollars.

Cyber-espionage, which was once viewed as a concern mainly by U.S. intelligence and the military, is increasingly seen as a direct threat to the nation’s economic interests.

via U.S. said to be target of massive cyber-espionage campaign – The Washington Post.

Court Addresses What Constitutes “Bad Faith,” Imposes Adverse Inference & Monetary Sanctions : Electronic Discovery Law

Bozic v. City of Washington, No. 2:11-cv-674, 2012 WL 6050610 (W.D. Pa. Dec. 5, 2012)

Addressing Plaintiff’s accusation of spoliation based on the destruction of the contents of an audio tape, the court considered “the requisite mental state or level of scienter” necessary to establish bad faith, as is required in the Third Circuit, and found that the circumstances surrounding the destruction established sufficient culpability, that it was “highly likely” that Plaintiff was materially prejudiced, and that “no lesser sanction than at least a spoliation adverse inference would avoid substantial unfairness” and ordered an adverse inference and monetary sanctions.

The plaintiff in this case was hired by the City of Washington as a firefighter as part of a settlement after bringing a Title VII charge against the City.  She was later terminated from that position for lying about her residency, following a meeting with several city employees, including the City Solicitor.  That meeting was recorded by the City Solicitor and the tape was subsequently labeled and stored in his possession.

via Court Addresses What Constitutes “Bad Faith,” Imposes Adverse Inference & Monetary Sanctions : Electronic Discovery Law.

Samsung infringed four Apple patents, ITC rules – The Washington Post (Hayley Tsukayama)

The International Trade Commission has ruled that Samsung has infringed on four Apple patents dealing with multitouch, audio and display technologies.

If administrative law judge Thomas Pender’s Wednesday ruling is upheld, the U.S. may ban those products from import. The judge’s decision is subject to review by the full ITC commission.

A customer holds up an Apple iPhone 5 (L) and iPhone 4s (R) during an exclusive sale by Belgian operator Mobistar in Brussels September 28, 2012. (YVES HERMAN – REUTERS)

The ruling is another major point in Apple’s favor as the company battles its top smartphone rival in courts around the world. Apple won more than $1 billion in damages in August after a jury in California found Samsung had infringed on the patents applied to the iPhone. The company has, however, also lost patent cases in courts outside the United States.

In fact, a judge in Amsterdam ruled Wednesday that Samsung had not infringed upon Apple’s multi-touch navigation technology, Bloomberg reported. Apple also recently lost its appeal of a British ruling to apologize publicly for insinuating Samsung had infringed its intellectual property.

via Samsung infringed four Apple patents, ITC rules – Post Tech – The Washington Post.