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Compliance
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February 07, 2025
SafeMoon CEO Says Crypto Policy Shifts Warrant Trial Delay
The crypto executive behind the alleged SafeMoon fraud is fighting to delay his trial by a month in the hopes that a new approach to cryptocurrency by the Trump administration could ax the securities fraud charge from the counts against him.
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February 07, 2025
CFPB Will Mull Axing Google Payment Oversight Order
The Consumer Financial Protection Bureau has told a Washington, D.C., federal judge that its acting director will review and could rescind the agency's recent order subjecting Google's payment arm to supervision, securing a pause of the tech giant's lawsuit against the order.
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February 07, 2025
John Deere Tractor Rivals Seek Info Safeguards In FTC Case
A trio of tractor manufacturers asked an Illinois federal judge Friday to impose stringent safeguards for sensitive business information they turned over to the Federal Trade Commission in the run-up to its right-to-repair lawsuit against their "primary competitor," John Deere.
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February 07, 2025
SolarWinds Accepts $4.4B Sale To PE Firm Turn/River Capital
SolarWinds said Friday it has agreed to be sold to Turn/River Capital for $4.4 billion, marking a notable turnaround for a company that came back from a consequential 2020 data breach to become what its CEO told Law360 is now "one of the most secure software companies."
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February 07, 2025
Ex-Broker Seeks Court Win In Bid To Dismantle FINRA
A former stockbroker who is fighting a lifetime industry ban has urged a North Carolina federal judge to grant him a win in his suit attempting to unravel the power of the Financial Industry Regulatory Authority, saying the organization is unconstitutionally structured because it deprives him of his right to a jury trial and due process, among other things.
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February 07, 2025
Virginia Senate Looks To Ban Sale Of People's Location Data
Virginia is on its way to banning the sale of data that can pinpoint a person's location, even if they consented to it, after the state's Senate voted 35-5 to tweak its privacy statute to outlaw the purchase of precise location data.
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February 07, 2025
Texas Wants 3M, Dupont 'Forever Chemical' Suit In State Court
Texas has asked a federal judge to send its litigation against 3M, DuPont and others over so-called forever chemicals back to state court, writing that the companies are misguided in their "desperate" attempt to send the case to federal court.
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February 07, 2025
CFPB's Medical Debt Rule Halted For 90 Days By Texas Judge
A Texas federal judge has issued a 90-day halt on an approaching effective day for a Consumer Financial Protection Bureau rule banning medical debt from credit reports, a day after the agency's new leadership said it needed time to consider the rule trade groups have sued to end.
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February 07, 2025
9th Circ. Backs Ex-Bank Auditor's $1.5M Retaliation Suit Win
The Ninth Circuit upheld a $1.5 million jury verdict in favor of a former bank auditor who claimed he was fired for flagging evidence of wrongdoing, finding evidence suggesting he was treated differently from other workers was enough to back up the jurors' decision.
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February 07, 2025
Del.'s Quiet Ambition To Tweak Chancery, Stem Feared DExit
Anxious over claims that stockholder-tilted decisions by Delaware's Court of Chancery will trigger more companies to follow Tesla, SpaceX, Meta and Dropbox to other states, Delaware policymakers are taking a hard look at the venerable business court's processes, hoping to slow a feared rush to DExit.
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February 07, 2025
Texas Judge Ends Fund's SEC Suit Over 'Fishing Expedition'
A North Texas judge has tossed a South Carolina private equity fund's lawsuit accusing the U.S. Securities and Exchange Commission of an unconstitutional "fishing expedition" investigation, hours after the fund accused the commission of trying to gut it through a Florida lawsuit.
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February 07, 2025
Judge Won't Block DOGE Access To Labor Dept. Data
A Washington, D.C., federal judge declined Friday to block Elon Musk's Department of Government Efficiency from accessing sensitive U.S. Department of Labor data, saying that while he "harbors concerns" about privacy risks, the suing labor unions haven't established standing.
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February 07, 2025
Off The Bench: Trump Bans Trans Athletes, NCAA Falls In Line
In this week's Off The Bench, the NCAA changes course to accommodate a presidential ban on transgender women athletes, Shohei Ohtani's former interpreter is sentenced for his gambling-driven embezzlement, and women's soccer players get restitution for abuse at the hands of their coaches and teams.
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February 07, 2025
Insurers Say Meta MDL Row Should Be In Del. State Court
Coverage litigation with Meta over underlying claims that it deliberately designed its platforms to be addictive to adolescents ought to take place in Delaware state court, units of Chubb and Hartford told a Delaware federal court, arguing the court need only examine the fact that Meta is a Delaware citizen.
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February 07, 2025
Trump Drops High Court Opposition To Transgender Care Ban
The federal government on Friday changed course in a U.S. Supreme Court case challenging a Tennessee ban on transgender care for minors, telling the court that the Trump administration's position is that the statute does not deny equal protection on the basis of sex.
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February 07, 2025
Ex-Credit Union Regulator Tapped For Acting OCC Chief
The Trump administration on Friday tapped Rodney Hood, a former top federal credit union regulator, to lead the Office of the Comptroller of the Currency on an acting basis, replacing former President Joe Biden's principal national bank regulator Michael Hsu.
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February 07, 2025
Gov't Told Higher Power Devices Can Squeeze Into CBRS
Federated Wireless has upped the pressure on the Federal Communications Commission to give the go-ahead to higher power devices in the Citizens Broadband Radio Service, pushing back on claims that the move could harm incumbents.
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February 07, 2025
Judge Blocks USAID From Putting 2,200 Workers On Leave
A D.C. federal judge on Friday issued a "limited" temporary restraining order blocking the U.S. Agency for International Development from putting 2,200 employees on paid administrative leave and ordering the agency to reinstate 500 employees already on leave.
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February 07, 2025
GC Cheat Sheet: The Hottest Corporate News Of The Week
General counsel will be scrutinizing their companies' DEI policies after U.S. Attorney General Pam Bondi directed the U.S. Department of Justice to probe and penalize illegal diversity policies in the private and public sectors. Outside the DOJ, legal professionals, including in-house attorneys, reported high job satisfaction in a recent survey, likely leading to lower turnover. These are some of the stories in corporate legal news you may have missed in the past week.
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February 07, 2025
Horseracing Platform Slams Mich. Gaming Chief's Tactics
A Churchill Downs-owned online betting platform has accused Michigan's gaming regulator of making a "clandestine" bid for a state court to shut down the platform in an effort to get out ahead of a parallel dispute in federal court.
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February 07, 2025
Justices Deny Trump DOJ's Bid To Delay Three Energy Cases
The U.S. Supreme Court denied the Trump administration's request to pause three cases so the U.S. Environmental Protection Agency can review Biden-era regulatory decisions that may alter the government's legal positions.
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February 07, 2025
Trump Admin Freezing EV Charging Station Funds
The Federal Highway Administration told state transportation department directors it is freezing a $5 billion initiative aimed at helping states deploy electric vehicle charging stations — a move the Sierra Club called both "illegal and terrible."
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February 07, 2025
NJ Supreme Court Snapshot: Paterson Police, Immigrant Pay
The New Jersey attorney general's takeover of the embattled Paterson police department and a dispute over how undocumented migrants are treated under the state's wage law are among the matters the Garden State high court recently agreed to tackle.
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February 06, 2025
State AGs To Sue Over DOGE Access To Payment Systems
Over a dozen state attorneys general are set to file suit challenging Elon Musk and Department of Government Efficiency staffers' access to people's sensitive personal information through government payment systems, New York Attorney General Letitia James' office announced Thursday.
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February 06, 2025
Block's Dorsey, Others Face Derivative Suit Over AML Woes
Officers and directors of Square and Cash App parent company Block Inc. face a shareholder derivative complaint over alleged anti-money laundering compliance failures weeks after the company reached an $80 million settlement of related claims with state banking regulators.
Expert Analysis
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Considering European-Style Lockboxes For US M&A In 2025
The lockbox mechanism, commonly used in Europe, offers an attractive alternative to the postclosing price adjustments that dominate U.S. merger and acquisition transactions in private equity, particularly with the market's demand for transparency likely to remain steadfast under Trump, says Laurent Campo at Potomac Law.
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Compliance Lessons From Raytheon's FCPA Settlement
A recent Foreign Corrupt Practices Act action involving aerospace and defense company Raytheon underscores the importance of risk management related to retaining and overseeing third parties — especially in higher-risk jurisdictions — and the promotion of a companywide culture of compliance, say attorneys at Debevoise.
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Ledbetter's Legacy Shines In 2024 Equal Pay Law Updates
The federal Lilly Ledbetter Fair Pay Act turned 15 this year, and its namesake's legacy is likely to endure in 2025 and beyond, as demonstrated by 2024's state- and local-level progress on pay equity, as well as several rulings from federal appellate courts, say attorneys at Fisher Phillips.
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The Future Of GLP-1 Policy After Drug Shortage Ends
If and when the U.S. Food and Drug Administration determines that GLP-1 RA drugs are no longer in short supply, regulators will face questions of how to balance access to GLP-1 RAs with statutory and policy considerations applicable to compounded drugs, say attorneys at Skadden.
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Conducting A 'Reasonably Expected Market Area' Analysis
Regardless of whether the incoming administration scales back on redlining examinations and investigations, lenders should take steps to understand how regulators define "reasonably expected market areas," and how to conduct analyses of such areas, say attorneys at Mitchell Sandler.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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2024 Regulatory Developments For Bank-Fintech Partnerships
Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.
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2025's Midmarket M&A Terrain May Hold A Few Bright Spots
Attorneys at Stoel Rives assess middle-market merger and acquisition trends, and explain why many dealmakers have turned cautiously optimistic about the sector's 2025 prospects, despite potential inflation and new Federal Trade Commission rules.
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Top 10 Whistleblowing And Retaliation Events Of 2024
From a Florida federal court’s ruling that the False Claims Act’s qui tam provision is unconstitutional to a record-breaking number of whistleblower tips filed with the U.S. Commodity Futures Trading Commission, employers saw significant developments in the federal and state whistleblower landscapes this year, say attorneys at Proskauer.
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The Implications Of 2024's AI Rules And Regs For Patent Attys
Christina Huang, John Smith and Devin Stein at Faegre Drinker review this year's new rules and regulations on the development and use of artificial intelligence — from the Biden administration, the U.S. Patent and Trademark Office, the American Bar Association and various states — as they apply to patent attorneys.
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Green Card Sponsorship Expectations Reset In 2024
In 2024, adjudication times for employment-based green card applications increased to about 13 months, prompting more employers to implement varied strategies to avoid losing talent and minimize business disruptions, a trend that is likely to continue in the new year, says Jennifer Cory at FisherBroyles.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Ring In The New Year With An Updated Employee Handbook
One of the best New Year's resolutions employers can make is to update their employee handbooks, given that a handbook can mitigate, or even prevent, costly litigation as long as it accounts for recent changes in laws, court rulings and agency decisions, say attorneys at Kutak Rock.