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CNN
3 days ago
- Business
- CNN
Federal courts go old school to paper filings after hack to key system
Digital securityFacebookTweetLink Follow Federal district courts are beginning to implement new approaches to guard confidential information in cases following a breach of the electronic databases used in the judiciary. The policy changes move an already vulnerable and antiquated record-keeping system to paper-only filings in some instances after a major cyber security breach of federal court records this summer that may have been perpetrated by a foreign government. Federal courts that have announced changes to how attorneys make sealed filings include are in Washington state, Florida, New York, Maryland and Virginia, representing only a small portion of the business of the federal judiciary across the country. Stanley Bastian, the chief judge of the Eastern District of Washington federal court, which includes the cities of Spokane and Yakima, ordered that as of this week, all documents being filed in that court under seal or for a judge's review only were to be filed only on paper, as 'the best way to secure sensitive case documents while ensuring continued access to all public court records.' In the Southern District of Florida, including Miami and West Palm Beach, Chief Judge Cecilia Altonaga ordered that attorneys send in confidential filings in an even more specific way: by delivering pages to the clerk's office in a plain envelope marked 'SEALED DOCUMENT.' Chief Judge Mark Davis of the Eastern District of Virginia, which presides over Northern Virginia, the Tidewater area and Richmond, also directed his courthouse to only accept sensitive filings on paper. 'In response to recent cyberattacks directed at public and private sector computer systems, including attacks directed at the judiciary, information technology specialists have advised this Court of the need to take additional steps to better secure our case management system,' Davis wrote in an order late last month. 'Public users enjoy direct access to this Court's electronic filing system through PACER and CM/ECF, and while this access creates cybersecurity vulnerabilities, there is a vital need to preserve the integrity of this critical public resource.' In Maryland, attorneys can submit sealed filings on paper in person or via US mail, Chief Judge George Russell III said in an order this week. The chief judge in Brooklyn's federal court also changed filing procedures for the Eastern District of New York, setting up a submission process online outside of the case management/electronic filing system (also known as CM/ECF) that the court uses. While sealed filings can be submitted by attorneys electronically to a court, generally aren't able to be viewed by the public in the federal court records database online, called Pacer. They are often used in criminal cases to protect sensitive information about defendants, victims or others under investigation. The Administrative Office of the US Courts, which is the central administrator for the judicial branch of government, said last week it was working to further enhance security to prevent future attacks and protect sensitive documents. But it is up to each court to set their own policies for intaking filings. Officials working in the courts have long warned the systems could be vulnerable to cyber attacks. The New York Times reported that investigators have found evidence the Kremlin was 'at least partly responsible' in the recent breach of the federal case management system. CNN has not independently confirmed this report. However, President Donald Trump on Wednesday reacted to the alleged Russian involvement, saying, 'Are you surprised?' 'That's what they do. They're good at it. We're good at it. We're actually better at it,' the president told reporters at the Kennedy Center in Washington, DC. Asked whether he would raise the incident with Russian President Vladimir Putin when he meets with him in Alaska on Friday, Trump said: 'I guess I could.' CNN's John Fritze contributed to this report.
Yahoo
24-04-2025
- Business
- Yahoo
Symetra Investment Management Closes Inaugural CLO with $408 Million
FARMINGTON, Conn., April 24, 2025--(BUSINESS WIRE)--Symetra Investment Management Company ("SIM" or the "Firm") today announced the closing of its inaugural Symetra CLO 2025-1, Ltd., a $408 million collateralized loan obligation (CLO) transaction. As of December 31, 2024, SIM manages approximately $79 billion in total assets. The launch of SIM's CLO platform is a key strategic initiative for the Firm and received strong third-party investor demand from a diverse group of leading global institutions across the rated notes. Mark Hunt, President, CEO, and CIO of SIM, said "SIM has been focused on the CLO market for years, and we are very pleased to have issued our first CLO with strong institutional support and an excellent investment management team. We expect to be a regular issuer in the CLO market going forward." "We greatly appreciate the strong support of investors and other institutional partners in the successful launch of our inaugural CLO," said Ken Yang, Senior Managing Director, Head of High Yield, Bank Loans and Structured Products. "This is a transitional time for markets where we see huge opportunities in bank loans, and we seek to construct portfolios that protect our investors through the CLO structure, from debt to equity." Symetra CLO 2025-1, Ltd. is backed by a portfolio of primarily senior secured loans, features a two-year non-call period and five-year reinvestment period, and was arranged by Morgan Stanley. SIM has significant experience and expertise in corporate and structured credit. The Firm's Senior Leadership team is highly experienced with an average of approximately 29 years of experience. The High Yield and Bank Loan team is currently comprised of 10 seasoned investment professionals and leverages the expertise and scale of SIM's dedicated CLO tranche investing platform. As of December 31, 2024, SIM's liquid fixed income business manages approximately $64 billion across corporate credit, ABS/RMBS/CMBS, CLOs, US and Foreign Government Bonds, Corporate Hybrids, Cash and other Short-Term Investments. Each fixed income investment strategy is led by an experienced sector head that is supported by portfolio managers, credit analysts, traders, portfolio specialist and other quantitative analysts. About Symetra Investment Management Founded in 2019, SIM is a registered investment advisor with approximately 150 employees. The Firm is headquartered in Farmington, Conn., and is solely owned by Symetra Financial Corporation. As of December 31, 2024, SIM manages approximately $79 billion in assets across Investment Grade Corporate Credit, High Yield, Bank Loans, Commercial Mortgage Loans, Private Placements, Structured Credit, and Alternatives. For more information, visit View source version on Contacts John Flynn, CFASenior Managing Sign in to access your portfolio
