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Compliance
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September 27, 2024
Sen. Bill Would Curb ESG Factors In Retirement Fund Choices
A bill in the Senate would prohibit asset managers from prioritizing environmental, social and governance, or ESG, factors over financial gain when selecting retirement investments.
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September 27, 2024
'No Question' Google Faces Ad Tech Competition, Judge Says
The Virginia federal judge weighing the fate of Google's display advertising placement technology signaled potential trouble for the Justice Department on Friday, during a dramatic last day of the bench trial where she suggested the market is as competitive as the search giant maintains.
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September 27, 2024
EPA, Ohio Refinery Ink $169M Wastewater Cleanup Deal
A Cenovus Energy unit has reached a $169 million deal to resolve the U.S. Environmental Protection Agency's complaint over pollution from a petroleum refinery in Lima, Ohio, the U.S. Department of Justice and the EPA announced Friday.
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September 27, 2024
Medical Equipment Co., Founder Settle FCA Suit For $20M
A Florida-based medical equipment company and its founder will pay $20 million to settle claims under the federal False Claims Act that they improperly billed government healthcare plans for duplicated and unnecessary sales of devices meant to offer pain relief through electrical stimulation, Pennsylvania prosecutors said Friday.
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September 27, 2024
Adams Pleads Not Guilty As Atty Mocks Charges
New York City Mayor Eric Adams pled not guilty to federal corruption charges Friday in a packed courtroom in Lower Manhattan, with his attorney deriding the indictment outside the courthouse as not "a real case" and vowing to file a motion to dismiss.
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September 26, 2024
SEC Fines Cassava $40M Over Alzheimer's Treatment Claims
Neuroscience-focused biopharmaceutical company Cassava Sciences Inc. and two of its former executives agreed to pay over $40 million to resolve U.S. Securities and Exchange Commission claims related to allegedly misleading statements about clinical trial results for a potential Alzheimer's disease therapeutic, the regulator announced on Thursday.
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September 26, 2024
Cognizant's Level Of Indian H-1B Workers 'Unusual,' Jury Told
A Howard University professor testifying as an expert for a class of former Congizant Technologies employees alleging the company has a bias in favor of Indian workers told a California federal jury Thursday the fact that 99% of Cognizant's H-1B visa workers are from India is "unusual" and demonstrates a "cultural preference."
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September 26, 2024
Google Lacks Power To Dictate Market, Ad Tech Judge Told
Google's lead expert witness described an online advertising placement technology industry rife with competition Thursday, telling a Virginia federal judge that the U.S. Justice Department's monopolization allegations exclude key competitors from an improperly defined market.
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September 26, 2024
Legal Pros Grapple With Best Use Of AI As Clients Divide
BigLaw attorneys and in-house counsel speaking at the annual Berkeley Law AI Institute on Thursday talked about how they've recently grappled with using the tools known as artificial intelligence in representing clients, saying some clients have either demanded or prohibited attorneys from using the tools, and others have taken seemingly contradictory positions.
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September 26, 2024
HHS Flags Ransomware Rise In New Deal With Wash. Provider
A Washington state-based healthcare provider has agreed to pay $250,000 and boost its data security to resolve the U.S. Department of Health and Human Service's enforcement action over a 2017 ransomware attack, amid what the agency said has been a steep rise in reports of such cyberattacks over the past six years.
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September 26, 2024
Tornado Cash Developer Must Face Criminal Case
The founder of cryptocurrency mixing service Tornado Cash can't escape charges he conspired to launder money and violate sanctions, after a Manhattan federal judge ruled in an oral opinion Thursday that his "narrative" of being prosecuted over writing computer code should be put before a jury.
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September 26, 2024
Sen. Warren Presses OCC, Fed For Tighter Leash On NYCB
Sen. Elizabeth Warren, D-Mass., demanded Wednesday that federal regulators slap New York Community Bancorp with a higher minimum capital requirement, calling out what she alleges has been lax oversight of the bank.
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September 26, 2024
SEC Fines Fla. Advisory Firm Over Whistleblower Barriers
Florida-based investment management company GQG Partners LLC has settled U.S. Securities and Exchange Commission claims that the company made it difficult for a former employee and prospective workers to report potential securities law violations, the SEC said on Thursday.
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September 26, 2024
SEC Fines DraftKings $200K Over CEO's Social Media Blasts
DraftKings agreed to pay a $200,000 fine to resolve U.S. Securities and Exchange Commission administrative charges that the online sports betting platform shared nonpublic sales growth information with some of its investors through its CEO's social media without disclosing the information to all investors, the agency said Thursday.
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September 26, 2024
Colo. AG Says He Won't Call 'Ticky Tack' Privacy Fouls
Colorado Attorney General Phil Weiser told an audience of attorneys and privacy professionals Thursday that part of his privacy enforcement strategy is not to needle companies that are trying to comply with the law for minor violations.
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September 26, 2024
FinCEN Withdraws Plan To Bar Now-Defunct Latvian Bank
The U.S. Treasury Department's financial crimes unit indicated Thursday that it intends to withdraw its previous finding flagging Latvian bank ABLV Bank AS for money laundering concerns, in light of its "advanced stage of liquidation" and improvements to Latvia's financial regulatory regime.
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September 26, 2024
Belgian Co. Can't Keep Using Ad Space Rent-Free, ECJ Says
The European Court of Justice on Thursday upheld a 2019 European Commission ruling that a street furniture company's owed rent for Brussels bus shelter advertising space, agreeing with the commission that allowing the company to continue using the ad displays without paying rent or taxes constituted unlawful state aid.
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September 26, 2024
5th Circ. Dusts Off FDIC Challenge In Jarkesy's Wake
The Fifth Circuit moved Wednesday to pick back up with a former bank CEO's challenge to Federal Deposit Insurance Corp. enforcement proceedings, taking the case off pause now that the U.S. Supreme Court has upheld a similar challenge involving the U.S. Securities and Exchange Commission.
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September 26, 2024
3rd Circ. Rules Commerce Fishery Councils Cannot Veto Regs
Government-appointed advisory councils that have the power to veto decisions of federal cabinet-level officials run afoul of the U.S. Constitution, the Third Circuit said, stripping that veto power from "regional fishery management councils" that advise the U.S. secretary of commerce.
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September 26, 2024
FCC Hits Alleged Pirate Radio Operators With $1.8M In Fines
The Federal Communications Commission on Thursday slapped more than $800,000 in fines on three alleged pirate radio operators in the Miami area and proposed $1 million in forfeitures against three others in the New York City area.
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September 26, 2024
Snowflake, AT&T Data Breach Suit Must Be Joined, JPML Told
An attorney for plaintiffs suing cloud provider Snowflake Inc., which counts AT&T Inc. among its clients and suffered a series of high-profile hacks, urged the Judicial Panel on Multidistrict Litigation Thursday to consolidate all related litigation, saying the disputes revolve around common issues.
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September 26, 2024
Feds Rip Railroads' 11th Circ. Bid To Void Train Crew Size Rule
The U.S. Department of Transportation has told the Eleventh Circuit that its new train crew size rule is intended to promote rail safety, yet railroads have misconstrued the requirement and overblown their purported cost burdens in an effort to torpedo the rule.
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September 26, 2024
Visa Case Continues Antitrust Focus On 'Middlemen'
The antitrust case filed by the U.S. Department of Justice against Visa on Tuesday is the administration's latest attack on commercial "middlemen" that enforcers say contribute to high consumer prices by using their dominance to charge inflated fees.
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September 26, 2024
Infighting Plagues SF Leaders With High Court Args Imminent
San Francisco has forged ahead with its effort to convince the U.S. Supreme Court that a federal Clean Water Act permit is too vague for it to comply with, even as a dispute over whether to drop the case has broken out between city leaders.
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September 26, 2024
Senate OKs Bill To Vet Broadband Funding Winners
The U.S. Senate has approved a bill to require screening of broadband providers for their ability to meet obligations under federal funding programs to subsidize deployment of high-speed service.
Expert Analysis
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How Gov't AI Protections May Affect Contractors' Data Rights
The U.S. Senate’s proposed National Defense Authorization Act for 2025, which includes provisions to maintain the government's data rights when contracting for artificial intelligence, should prompt contractors to examine how to protect their own rights when the current data rights framework is applied to AI, say Tyler Evans and Caitlin Conroy at Steptoe.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Considerations As State AGs Step Up Privacy Enforcement
As new state privacy laws take effect, businesses are facing an increasingly complex patchwork of compliance obligations and risk of scrutiny by attorneys general, but companies can gain a competitive edge by building consumer trust and staying ahead of regulatory trends, say Ann-Marie Luciano and Meghan Stoppel at Cozen O’Connor.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Viral Layoffs: How Cos. Can Avoid Bad Social Media Exposure
A recent trend of employees using social media to document their experiences with layoffs and disciplinary actions in the workplace should prompt employers to take additional precautions to avoid former workers' negative viral reviews when deciding how, when and what to communicate to employees, say Scott McIntyre and Chrissy Kennedy at BakerHostetler.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Loper Fuels Debate Over Merchant Cash Advances As Credit
The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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FTC's Drug Middlemen Probe Highlights Ongoing Scrutiny
The Federal Trade Commission's interim staff report on its inquiry into pharmacy benefit managers suggests that the industry will remain under an enforcement microscope for the foreseeable future due to concerns about how PBMs affect drug costs and accessibility, say attorneys at Arnold & Porter.
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Nuclear Power Can Help Industrial Plants Get To Net-Zero
In the race to fight climate change and achieve net-zero emissions, the industrial sector currently faces immense challenges — but the integration of nuclear energy is a promising solution, so companies should consider the financial and regulatory issues, opportunities, and risk-mitigating factors, say attorneys at Morgan Lewis.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.