Keep your finger on the legal world's pulse
10th March 2026
 
THE HOT STORY
Canaccord Genuity fined over compliance lapses
The Financial Crimes Enforcement Network (FinCEN) has fined Canaccord Genuity $80m for wilful violations of the Bank Secrecy Act, marking the largest penalty ever issued against a broker-dealer for breaches of the U.S. anti-money laundering law. Investigators said that between 2019 and ⁠2022, Canaccord failed to file at least 160 suspicious activity reports covering thousands of ​questionable transactions, with some activity that deserved "red flags" going un-reviewed for months or years. "Today's action should be a wake-up call to broker-dealers that willfully fail to comply with their obligations to safeguard the financial system from illicit actors," FinCEN Director Andrea Gacki said.
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LAWSUITS
Anthropic sues over 'supply chain risk' designation
Anthropic has filed a lawsuit against the U.S. government after being designated a "supply chain risk" over its refusal to allow unrestricted military use of its AI technology. Anthropic filed two separate lawsuits Monday, one in California federal court and another in the federal appeals court in Washington, D.C., each challenging different aspects of the Pentagon's actions against the company. "The Constitution does not allow the government to wield its enormous power to punish a company for its protected speech", Anthropic wrote. "No federal statute authorizes the actions taken here."
Judge dismisses terror liability lawsuit against Binance
A U.S. federal judge has dismissed a lawsuit against cryptocurrency exchange Binance and its founder Changpeng Zhao which accused them of being liable for facilitating terrorist attacks around the world. U.S. District Judge Jeannette Vargas in Manhattan said ​the 535 plaintiffs, including victims and relatives of victims, did not plausibly allege ​that the defendants "culpably associated themselves with these terrorist attacks, participated in them ⁠as something they wanted to bring about, or sought by their actions to ensure their ​success." The plaintiffs said the attacks occurred between 2017 and 2024, and attributed them to what ​they called foreign terrorist groups (FTOs) including Hamas, Hezbollah, Iran's Revolutionary Guard, Islamic State, and al Qaeda.
EMPLOYMENT LAW
JBS workers plan strike at major U.S. beef plant amid record prices
Around 3,800 workers at JBS’s beef processing plant in Greeley, Colorado, plan to strike from March 16th, potentially disrupting production at one of the largest U.S. beef facilities as consumers face record-high beef prices. The union representing the workers said the strike follows eight months of failed contract negotiations, with employees demanding wages that keep pace with inflation and an end to charges for replacing protective equipment. JBS said it has complied with labor laws and offered a fair contract, while adjusting cattle deliveries and shifting production to other facilities to maintain supply. The strike comes as the U.S. cattle herd has fallen to a 75-year low, pushing beef prices higher and increasing costs for meatpackers, even as companies like JBS benefit from strong retail prices.
LEGAL TECH
Law firms lag in Gen AI adoption
The 2026 Legal Industry Report by 8am highlights a significant gap in generative AI adoption among law firms. While 69% of legal professionals use general-purpose AI tools, only 46% of firms have adopted them. Nicole Black, principal legal insight strategist at 8am, noted that many professionals use these tools "off the books," raising concerns about confidentiality and training. The report indicates that 54% of firms lack plans for training on responsible AI use, and 43% have no formal governance policies.
TECHNOLOGY
Study finds pattern of 'AI brain fry'
A study published in Harvard Business Review suggests that instead of making work easier, AI may be giving some workers what researchers are calling "brain fry." As businesses use more multi-agent systems, employees are finding themselves toggling between more tools, and contrary to the promise of having more time to focus on meaningful work, juggling and multitasking could be set to become the definitive features of working with AI. AI brain fry, defined as "mental fatigue that results from excessive use of, interaction with, and/or oversight of AI tools beyond one's cognitive capacity," was most commonly reported by employees in marketing, HR, operations, engineering, finance and IT in the study.
FIRMS
Cravath partner launches boutique firm in New York
Benjamin Gruenstein is establishing his own boutique law firm in New York after 14 years at Cravath Swaine & Moore. He aims to focus on litigation, investigations, regulatory enforcement, and expand into white-collar criminal defense, trials, and appeals. Gruenstein said: “Opening my own firm is something that's been a dream of mine,” as he highlighted the advantages of a small firm in providing flexible and efficient legal representation.
APPOINTMENTS
A&O Shearman securities litigators join Paul Hastings
Daniel Laguardia and Patrick Hein have joined Paul Hastings as securities litigation partners in San Francisco. Laguardia will co-chair the securities litigation team, representing a diverse clientele including individuals and corporations. Hein specializes in high-stakes civil cases and white-collar investigations. Both partners previously worked at A&O Shearman.
INTERNATIONAL
Dutch ministry pulled report on Amazon cloud service after criticism
The Ministry of Justice and Security in the Netherlands pulled a report assessing the risks of Amazon's European Sovereign Cloud service after critics said it underestimated the service's dangers. The European Sovereign Cloud is a service offered by Amazon Web Services in response to Europe's desire for greater digital independence from the United States. The service is specifically delivered in data centers on European soil with European employees. A legal analysis had been commissioned from law firm Greenberg Traurig, which suggested U.S. access to data is possible but unlikely. A week later, the Ministry republished the research with a memo stressing that it was “not a policy recommendation or compliance assessment,” and “no risk assessment” is made based on the report. 
Spain state-owned London asset can be seized, court says
The U.K. Supreme Court has said Spain cannot claim state immunity in a dispute over a solar facility. Renewable energy investors are seeking to seize a Spanish government property in London to enforce a €120m arbitration award. They claim Madrid owes them millions after removing subsidies for solar projects. The court's decision means Spain's commercial assets in England may be seized if it refuses to pay. Richard Clarke, a lawyer at Kobre & Kim representing the investors, said the decision adds weight to the international consensus that arbitration awards must be complied with and enforced.
OTHER
U.S. Postal Service hires restructuring advisers
​Postmaster General David Steiner has told Reuters that the U.S. Postal Service (USPS) is hiring restructuring advisers as it could run out of money in early 2027. Consulting firm Alvarez & Marsal was hired for a brief ​engagement to help with planning for all scenarios, Steiner said. "We are out of cash in 12 months if ​we don't do anything different," Steiner explained. "I do not want to be in a ⁠position where we're six weeks out from running out of cash, and we say, Oh heck, what are we going ​to do?"

 

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