- Key insight: A private credit fund formerly part of UBS Asset Management is suing the law firm Pillsbury and partner Riaz Karamali, arguing they helped defraud it of $145 million — an unusual bid to hold a borrower’s lawyer liable.
- What’s at stake: A win for Clover could expose law firms to liability when partners vouch for clients in financings, and sharpen scrutiny of how private credit underwrites its loans.
- Supporting data: The complaint says a falsified Fidelity statement claimed Ibrahim AlHusseini held more than $199 million in securities when his accounts held about $2,694.
Overview bullets generated by AI with editorial review.
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A former UBS private credit fund is suing a major law firm it says helped defraud it of $145 million.
Clover Private Credit Opportunities Origination filed the complaint on Tuesday in New York County Supreme Court against Pillsbury…
IT & DATA SECURITY (MITIGATING THE “INSIDER THREAT”)
As seen in the TD Bank case, an employee with too much “access” can sell your customer data to syndicates.
- Principle of Least Privilege (PoLP): Employees should only have access to the specific folders and databases required for their current task.
- Access Revocation: Have a “Termination Checklist” that ensures all digital access (Email, VPN, Banking) is revoked within 60 minutes of an employee resigning or being dismissed.
- System Logs & Audit Trails: Enable “Read/Write Logging” on your server. If a customer’s data is leaked, you need to know exactly which login accessed that record and at what time.
- Encryption at Rest: Ensure that sensitive files (like your customer ID numbers or payroll spreadsheets) are encrypted so that if a staff member copies them to a USB, they cannot be read.