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Compliance
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July 08, 2024
FDIC Downgrades Green-Focused Bank On CRA Exam
The Federal Deposit Insurance Corp. has dinged Forbright Bank, a sustainability minded bank started by former Democratic presidential candidate John Delaney, over an allegedly "illegal credit practice" tied to a since-discontinued third-party partnership, lowering its latest community lending exam grade.
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July 08, 2024
Assa Abloy Says No Monitor 'Blank Check' After Merger Deal
Assa Abloy on Monday reasserted its bid to rein in a monitoring trustee installed after the company settled a government merger challenge, arguing ahead of a court hearing that the government is aiming to roll back the parties' deal and carry out a more expansive investigation through the monitor.
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July 08, 2024
Texas Anesthesia Co. Can't Pause Or Appeal Suit, FTC Says
The Federal Trade Commission urged a Texas federal court not to pause its suit accusing U.S. Anesthesia Partners Inc. of a monopolistic "roll-up" of Lone Star State anesthesia practices, arguing the company can't appeal an order refusing to toss the case against it.
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July 08, 2024
Justices Told To Ignore 'Hopeless' Challenge To Antitrust Test
A group of wholesalers who say the makers of 5-Hour Energy illegally favored Costco in distributing the energy drink shots told the U.S. Supreme Court on Monday to reject the drink-maker's certiorari petition, saying it asks the justices to take on the role of fact-finders.
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July 08, 2024
Hyundai, Kia Parent Cos. Escape MDL Over Car-Theft Wave
The South Korean parent companies of Hyundai and Kia do not belong in a multidistrict litigation over a nationwide wave of car thefts following a TikTok trend popularizing tips for breaking into their vehicles, a California federal court said, finding no personal jurisdiction over the foreign entities.
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July 08, 2024
NC Tax On Premiums Lowered For Some Insurance Cos.
North Carolina will reduce its tax on premiums paid in the state to some out-of-state liability insurance groups under a bill signed by Gov. Roy Cooper.
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July 08, 2024
NYU Settles Case Accusing It Of Fostering Antisemitism
New York University has settled a case brought by three Jewish students accusing the institution of fostering an antisemitic environment in a deal under which the school pledged to address discrimination toward Jewish and Israeli students.
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July 08, 2024
Nasdaq Seeks Tighter Listing Rules On Reverse Stock Splits
Nasdaq wants to tighten its rules so companies that raise their share prices through reverse stock splits to avoid being delisted don't obtain more time to regain compliance if the reverse split triggers another violation.
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July 08, 2024
Tribe Says NY Counties Want It To Pay For 911 Access
The Cayuga Nation says two New York counties have been refusing to forward 911 calls happening on the tribal land to the Nation's police department unless it pays, coordination that the tribe says no other law enforcement pays for and that the state says it has to do anyway.
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July 08, 2024
SEC Says Crypto Promoter Should Face Trial Before Appeal
The U.S. Securities and Exchange Commission urged a Texas federal court to move forward with a trial over whether a crypto influencer properly disclosed his promotion of a project, rather than wave through his bid to ask the Fifth Circuit to weigh in on whether securities laws applied to his case.
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July 08, 2024
Archegos Jury To Mull If $100B Flop A Crime Or Just Failure
Archegos founder Bill Hwang's disastrous hedge fund trading was legal, his lawyer argued in closing to a Manhattan federal jury Monday, after prosecutors claimed "undeniable proof" that Hwang and a co-defendant criminally distorted Wall Street to the tune of $100 billion.
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July 08, 2024
PAGA Reforms Mark New Era In Calif. Labor Law, Attys Say
Recently enacted reforms to California's Private Attorneys General Act will likely curb the recent surge in multimillion-dollar PAGA settlements and help employers "stop the bleeding," legal experts told Law360, but the amendments are also likely to spur further litigation over newly created ambiguities in the novel Golden State statute.
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July 08, 2024
Milbank Taps Ex-CFTC Senior Official From Jones Day
A former U.S. Commodity Futures Trading Commission division director has joined Milbank LLP as a partner in the firm's Washington office, where he will focus on regulatory and enforcement matters related to derivatives, financial market infrastructure and digital assets.
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July 08, 2024
Catching Up With Delaware's Chancery Court
Prince's heirs were left standing alone in a cold world last week after Delaware's Court of Chancery found their attempts to gain control of the late musician's estate too demanding. Delaware's court of equity also waved a wand for Walt Disney and slashed nearly $10 million from a damages award for Sears stockholders. In case you missed anything, here's a recap of all the latest news from Delaware's Chancery Court.
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July 08, 2024
Ex-Prosecutor Takes GC Role For Mass. Inspector General
Eugenia M. "Genie" Carris, a veteran federal public corruption prosecutor, has jumped to the Massachusetts inspector general's office as general counsel, the agency announced Monday.
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July 08, 2024
Feds Seize $63M LA Estate Tied To Armenian Bribe Probe
The U.S. Department of Justice said Monday that it will seize a $63 million Los Angeles estate that it claims was bought with bribe payments for the family of a former Armenian government official.
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July 08, 2024
Boeing To Plead Guilty, Pay $243M Fine In DOJ 737 Max Deal
Boeing has agreed to plead guilty to conspiring to defraud safety regulators about the 737 Max 8's development, avoiding a criminal trial over a pair of deadly crashes in 2018 and 2019, according to a U.S. Department of Justice court filing late Sunday.
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July 05, 2024
Calif. Privacy Agency Floats Data Broker Registry Rules
California's privacy agency on Friday kick-started the process for formalizing rules to guide data brokers on how to properly register under a groundbreaking state law that imposes significant new data deletion and disclosure obligations on these companies.
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July 05, 2024
Real Estate Recap: Post-Chevron, Lawyer Leaps, Q&A Recap
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including policy areas to watch in the wake of the U.S. Supreme Court's paradigm-shifting Chevron ruling, recent real estate lawyer moves and some insightful conversations with real estate lawyers you may have missed.
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July 05, 2024
FTC Gears Up For Busy 2024 Merger Summer & Fall
U.S. antitrust enforcers at the Justice Department and the Federal Trade Commission are gearing up for busy months ahead against multibillion-dollar mergers in the grocery and luxury handbags spaces, while also adjusting to a hospital loss turnaround and bracing for an important airlines deal appellate ruling.
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July 05, 2024
How Reshaped Circuit Courts Are Faring At The High Court
Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.
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July 05, 2024
Coinbase Seeks Access To SEC Chair's Private Emails
Coinbase Inc. is pushing for access to the personal email correspondence of U.S. Securities and Exchange Commission Chair Gary Gensler, telling a New York federal judge that the private communications could shed light on the regulator's views of the cryptocurrency industry and downplaying the SEC's objections to the company's allegedly "intrusive" subpoena.
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July 05, 2024
Breaking Down The Vote: The High Court Term In Review
The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.
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July 05, 2024
High Court Flexes Muscle To Limit Administrative State
The U.S. Supreme Court's dismantling of a 40-year-old judicial deference doctrine, coupled with rulings stripping federal agencies of certain enforcement powers and exposing them to additional litigation, has established the October 2023 term as likely the most consequential in administrative law history.
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July 05, 2024
The Sharpest Dissents From The Supreme Court Term
The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.
Expert Analysis
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Contract Disputes Recap: Saying What Needs To Be Said
Edward Arnold and Bret Marfut at Seyfarth Shaw examine three recent decisions that delve into the meaning and effect of contractual releases, and demonstrate the importance of ensuring that releases, as written, do what the parties intend.
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Navigating Title VII Compliance And Litigation Post-Muldrow
The U.S. Supreme Court’s recent ruling in Muldrow v. St. Louis has broadened the scope of Title VII litigation, meaning employers must reassess their practices to ensure compliance across jurisdictions and conduct more detailed factual analyses to defend against claims effectively, say Robert Pepple and Christopher Stevens at Nixon Peabody.
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The Opportunities, Risks And Rewards Of AI Acquisitions
As artificial intelligence acquisitions become an increasing area of focus for investors and technology buyers, entities should pay special attention to target identification, due diligence and more when structuring and executing a transaction with a company that has an AI-centric business model, say attorneys at Foley & Lardner.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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AI And Trade Controls: A Guide To Expanding Restrictions
With restrictions on trade related to commodities, software and technology integral to high-performing artificial intelligence capabilities expected to expand — particularly between the U.S. and China — companies must carefully consider the export classification of the items they design, produce or procure, say attorneys at Hogan Lovells.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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FTC Noncompete Rule's Impact On Healthcare Nonprofits
Healthcare entities that are nonprofit or tax-exempt and thus outside of the pending Federal Trade Commission noncompete rule's reach should evaluate a number of potential risk factors and impacts, starting by assessing their own status, say Ben Shook and Tania Archer at Moore & Van Allen.
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Del. Dispatch: Chancery's Evolving Approach To Caremark
Though Caremark claims are historically the least likely corporate claims to lead to liability, such cases have been met in recent years with increased judicial receptivity — but the Delaware Court of Chancery still expressly discourages the reflexive filing of Caremark claims following corporate mishaps, say attorneys at Fried Frank.
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A GC's Guide To Multijurisdictional Regulatory Compliance
Overlapping cybersecurity regulation has created an increasingly fragmented regulatory landscape with elevated oversight for organizations across the globe, but general counsel can help develop a best-in-class approach to manage these complexities by building a compliance strategy holistically, say David Dunn and Meredith Griffanti at FTI Consulting.
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Why Employers Shouldn't Overreact To Protest Activities
Recent decisions from the First Circuit in Kinzer v. Whole Foods and the National Labor Relations Board in Home Depot hold eye-opening takeaways about which employee conduct is protected as "protest activity" and make a case for fighting knee-jerk reactions that could result in costly legal proceedings, says Frank Shuster at Constangy.
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What To Know About NIGC's Internal Review Process
Excerpt from Practical Guidance
If the National Indian Gaming Commission disapproves of a tribal management contract for gaming operations, it's important to properly go through the commission's internal hearing mechanism before litigating in federal court, or else an action may be dismissed for failure to exhaust administrative remedies, says Rebecca Chapman at the University at Buffalo School of Law.
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Global Bribery Probes Are Complicating FCPA Compliance
The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.