Law Firm Partners Who Just Learned What The Internet Is Now Learning What ‘Hacking’ Is

A bunch of hackers have figured out that law firms might be a wealth of inside information.

I told you not to put these things so close to the elevator.

It has occurred to some people—the people who work at them, mostly—that law firms are pretty good places to pick up some sweet black edge. This has not always ended well for those people, but it has maybe given the hackingcommunity an idea for some new targets, because they’ve been poking around the systems of some pretty elite firms. Either that or they think, the whiter the shoe, the more susceptible to unsolicited white-power propaganda popping up on their printers. Luckily, Preet Bharara and his buddies at the FBI are on it.

The firms include Cravath Swaine & Moore LLP and Weil Gotshal & Manges LLP, which represent Wall Street banks and Fortune 500 companies in everything from lawsuits to multibillion-dollar merger negotiations….

It isn’t clear what information the hackers stole, if any, but the focus of the investigation is on whether confidential data were taken for the purpose of insider trading, according to a person familiar with the matter.

Hackers Breach Law Firms, Including Cravath and Weil Gotshal [WSJ]


Tiger Asia's Founder Is Happy To Have Learned His Lesson Re: Wire Fraud And Insider Trading

Earlier today, Bill Hwang, the founder of the Tiger Cub's Asia-based branch, Tiger Asia, pleaded guilty to one count of wire fraud and agreed to fork over $44 million to make allegations by the SEC of insider trading in Chinese bank stocks go away. According to Hwang, his firm "regrets the actions for which is accepts responsibility today and is grateful that this matter is now resolved." According to SEC director of enforcement Robert Khuzami, who we would love to consider a side job writing fables for children* about foxes who trade on unreleased information about clinical trials of Alzheimer's drugs and take advantage of innocent hens, Hwang was a very bad boy and should serve as a cautionary tale for anyone thinking about breaking the law.