New Jersey has establishing itself as a privacy trailblazer. On January 16th, Governor Phil Murphy signed the state’s first comprehensive consumer data privacy law into effect. With this new Act, New Jersey becomes the 13th state with an omnibus privacy statute and the first to pass such a law in 2024. The New Jersey privacy … Read more
The U.S. Department of Justice and a coalition of over a dozen states have filed a major antitrust lawsuit against Apple, accusing the tech giant of illegally maintaining a monopoly in the smartphone market. The legal battle will serve as a high-stakes test case for how U.S. antitrust laws drafted over a century ago can … Read more
On March 28, 2024, the White House moved to ensure the responsible development and use of artificial intelligence across the federal government. Vice President Kamala Harris announced the Office of Management and Budget issuance of the first-ever government-wide policy framework to mitigate the risks and harness the benefits of AI systems deployed by federal agencies. … Read more
Transactional lawyers can leverage AI in several ways to enhance their practice and deliver more efficient and effective services to clients. AI can be a powerful tool for transactional lawyers, but it’s important that AI be used as an aid and not a replacement for human expertise and judgment. AI systems need to be carefully … Read more
When it comes to purchases and financial transactions, you’ve likely heard the terms “warranty” and “guaranty” thrown around. While they both provide a form of protection or assurance, there are distinct differences between the two. What is a Warranty? A warranty is essentially a promise made by a manufacturer or seller about the performance, quality, … Read more
Artificial intelligence (AI) has been making inroads into various industries and the legal field is no exception. With the advent of powerful language models like ChatGPT, the prospect of using AI to assist in drafting legal briefs is a tantalizing possibility. However, as with any new technology, there are significant risks associated with the use … Read more
Earnouts serve a valuable role in bridging valuation gaps that frequently arise when buyers and sellers negotiate the pricing for an acquisition. Buyers typically apply conservative projections and valuations to limit overpaying, while sellers push for valuations based on their more optimistic future performance expectations. Earnouts allow a portion of the purchase price to be … Read more
AI systems can take on many tasks that human assistants traditionally perform, but they certainly won’t replace human assistants anytime soon. AI excels at automating routine, repetitive tasks like data entry, scheduling, and information lookup. Hence, AI can augment and assist human assistants by handling the more mundane aspects of their jobs. However, human assistants … Read more
The Corporate Transparency Act (CTA) was signed into law as part of the National Defense Authorization Act. The goal of this legislation is to make information about who really owns or controls certain corporations and limited liability companies more readily available to law enforcement. Why? To crack down on the use of shell companies in … Read more
The Securities and Exchange Commission is taking aim at investment advisory firms that mislead investors about their use of artificial intelligence. In an enforcement action announced today, the SEC charged two firms – Delphia (USA) Inc. and Global Predictions Inc. – with making false and misleading statements about incorporating AI into their investment processes. From … Read more
AI can play a crucial role in managing and organizing NFT portfolios and collections. As the NFT market grows, many investors and collectors may find themselves holding NFTs across different platforms and blockchains. Keeping track of all these assets, their values, ownership details and other relevant information can become increasingly challenging without the aid of … Read more
A letter of intent or LOI is a document that’s often used to outline the preliminary understanding between parties before entering into a formal contract or agreement. Below, I outline the common mistakes in LOIs and how to avoid them. Parties should address these common mistakes and taking proactive steps to draft clear, comprehensive, and … Read more
A federal judge harshly criticized a law firm’s attempt to use ChatGPT to help estimate its legal fees in a case against New York City. The Cuddy Law Firm, which specializes in special education cases, cited ChatGPT’s feedback as a “cross-check” to support its request for over $113,000 in fees after successfully representing a student … Read more
Generative AI refers to artificial intelligence systems that are capable of generating new data, such as text, images, audio, or other multimedia content. Unlike traditional AI models that are trained to analyze and make predictions based on existing data, generative AI models can create entirely new and original outputs. Generative AI models are trained on … Read more
The use of AI can provide significant benefits for the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in managing the Corporate Transparency Act (CTA). However, there are potential dangers and risks that need to be carefully addressed. AI models can perpetuate or amplify existing biases in the training data, leading to discriminatory outcomes or … Read more
The best and worst uses by private equity firms of AI depend on how effectively the firms leverage AI technologies to achieve their goals while considering potential risks and—I am hopeful—ethical considerations. Best Use Worst Use The best use of AI by private equity firms involves leveraging AI technologies to enhance investment decision-making, operational efficiency, … Read more
A Federal District Court in Alabama just issued a decision finding the Corporate Transparency Act (CTA) unconstitutional in the case of National Small Business United v. Yellen. The court ruled that in enacting the CTA, Congress exceeded its Constitutional powers, including its authority to regulate interstate commerce. Specifically, the court agreed with plaintiffs that while … Read more
Innodata Inc. is an American company, headquartered in New Jersey, that provides business process, technology and consulting services. A class action lawsuit has been brought against Innodata alleging securities fraud related to misrepresentation of the company’s AI technology and business prospects. The plaintiffs claim that between May 9, 2019, and February 14, 2024, the defendants … Read more
AI can automate various aspects of the due diligence process, such as document review, redlining, and contract summarization. By automating routine tasks, AI frees up M&A professionals to focus on higher-value activities, such as strategic analysis and negotiation. I give more particulars below after the video. By automating routine tasks and leveraging AI-driven analytics, M&A … Read more
I asked ChatGPT to write 10 original legal jokes. I don’t think Dave Chapelle has got anything to worry about.