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Compliance
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October 18, 2024
Conn. Brother Wants No Jail Time In Brazilian Oil Scheme
A Connecticut man who pled guilty to laundering money in a Brazilian oil bribery scheme that also ensnared his brother says he should not be sentenced to jail time because he needs cancer treatments and has been "devastated financially."
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October 18, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
General counsel have 180 days to get their online companies to comply with a new federal law that says customers must be able to simply click to cancel their subscriptions. And a federal judge in Florida, citing the First Amendment, has told the state to stop threatening broadcast stations over running an abortion rights ad — threats that led the state's Department of Health general counsel to resign.
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October 18, 2024
Expect Mental Health Parity Data Guidance, DOL Official Says
The U.S. Department of Labor's employee benefits arm is working on guidance to help employer health plans comply with data collection and analysis requirements tied to recently finalized mental health and substance use disorder treatment coverage rules, an agency official told attorneys Friday.
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October 18, 2024
Class Sues Fisher-Price Over Swing Linked To 5 Deaths
A proposed class of parents is suing Fisher-Price Inc. and its parent company Mattel Inc. over an infant swing recalled last week after five infants died while using it to sleep, alleging that the recall is inadequate and that the company failed to disclose the risks.
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October 18, 2024
Podcast Co. Hit With Class Action Over Unwanted Texts
Financial advice podcast network Earn Your Leisure was hit with a proposed class action Thursday by a Georgia woman who says the company harassed her and other members of the National Do Not Call Registry with soliciting text messages.
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October 18, 2024
Fantasy Sports Sites Crossed Line Into Betting, Suit Says
Yahoo Fantasy Sports, PrizePicks and Underdog Fantasy have been hit with a lawsuit seeking to recover potentially millions of dollars in "pick 'em" bets and other wagers placed by Massachusetts players directly with the platforms, which are not licensed to offer sports betting in the state.
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October 18, 2024
FTC Faces More Pressure To Block $16.5B Novo-Catalent Deal
A dozen advocacy groups are pushing the Federal Trade Commission to block Novo Holdings' planned $16.5 billion purchase of Catalent, arguing that the deal would stifle competition for certain obesity and gene therapy drugs — and that no remedy can fix that.
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October 18, 2024
Tesla Car's Pedestrian Crash Opens NHTSA Death Probe
The National Highway Traffic Safety Administration on Friday said that it is investigating Tesla's self-driving systems after several accidents, including one that struck and killed a pedestrian.
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October 18, 2024
NCAA's $2.78B NIL Deal Still Faces Long Road To Final OK
The absence of noticeable change to address concerns flagged by a California federal judge about the NCAA's $2.78 billion name, image and likeness compensation settlement made that same judge's preliminary approval of the deal last week surprising, and experts say those same problematic provisions likely will make final approval an uphill battle.
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October 17, 2024
SEC Fines Broker-Dealer PHX, Sues Rep Over Reg BI Claims
The U.S. Securities and Exchange Commission has fined broker-dealer PHX Financial Inc. and sued one of its registered representatives over claims that the representative improperly advised a handful of retail clients to engage in a trading strategy that caused them massive losses but generated significant fees and commissions for the firm and the representative.
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October 17, 2024
Trump Media Investors Get Prison For Insider Trading
A New York federal judge on Thursday sentenced a Florida venture capitalist to over two years in prison for insider trading on confidential plans to take the media company behind former President Donald Trump's Truth Social network public, a scheme that netted the investor and his brother nearly $23 million.
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October 17, 2024
CFPB Sues Vocational School Lender Climb Credit, VC Backer
The Consumer Financial Protection Bureau on Thursday sued an online private student lender and its venture capital backer in New York federal court, alleging borrowers have been duped into taking out loans for coding school and other vocational programs with false claims about their educational "return-on-investment."
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October 17, 2024
CEO Fled Deadly Hurricane But Made Workers Stay, Suit Says
The CEO of a Tennessee plastics company chose profits over lives when he snuck out the back door while refusing to send factory workers home, as floodwaters began sweeping through the area after Hurricane Helene made landfall, leading to the deaths of six employees, according to a wrongful death lawsuit.
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October 17, 2024
CFTC Says Court 'Erred At Every Turn' In Election Betting Suit
The U.S. Commodity Futures Trading Commission told the D.C. Circuit that the district court "erred at every turn" when it allowed trading platform KalshiEx LLC to offer event contracts based on the outcome of U.S. elections.
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October 17, 2024
DOL, Red States Spar Over Loper Bright Impact On ESG Rule
Conservative-led states suing the U.S. Department of Labor have told a Texas federal court that the end of the Chevron doctrine boosts their bid to end a rule allowing retirement plan advisers to consider environmental, social and governance factors in investment choices, while the DOL argued that it deserves another summary judgment win.
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October 17, 2024
Supreme Court Signals Skepticism On Staying Federal Rules
A recent string of refusals to block major Biden administration energy and climate change rules suggests that the U.S. Supreme Court is setting limits on its willingness to elbow aside lower courts that are considering challenges to such rules, legal experts say.
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October 17, 2024
DC Circ. Scrutinizes New TSA Worker Screening Rule
D.C. Circuit judges on Thursday sought an explanation from municipal airport operators challenging new federal screening rules as a costly burden that saddles them with unconstitutional liabilities, questioning them on how the new rules differ from other requirements for airports.
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October 17, 2024
Treasury Unit Says Booze Maker Violated N. Korea Sanctions
The U.S. Department of the Treasury's Office of Foreign Assets Control said Thursday that it has reached an $860,000 settlement with a Vietnam-based alcoholic beverage company over its alleged role in allowing U.S. financial institutions to process $1.1 million in payments to North Korea, violating sanctions regulations.
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October 17, 2024
Consumer Groups Back DOT In Airline Fees Rule Fight
Consumer advocates have told the Fifth Circuit that a U.S. Department of Transportation rule requiring airlines to more clearly disclose add-on fees upfront would curtail the industry's trickery in airfare marketing, foster competition and save individual travelers frustration, time and money.
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October 17, 2024
Groups Challenge Utah Permit For Green River Lithium Project
Conservation groups hit the Utah state engineer and an Anson Resources subsidiary with a suit challenging a water permit issued last month for a lithium extraction project along the Green River, the Colorado River's largest tributary.
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October 17, 2024
Brothers Get Prison For Ga. Concrete Bid-Rigging Scheme
A Georgia federal judge on Thursday sentenced brothers Gregory Hall Melton and John David Melton to serve time in prison for their roles in a scheme to fix prices and rig bids for the ready-mix concrete market in the greater Savannah area.
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October 17, 2024
DOJ Defends States' Right To Recoup Live Nation Overcharges
The federal government and 40 states are urging a New York federal court not to trim their antitrust case against Live Nation, arguing that states have the right to go after overcharges customers allegedly paid for concert tickets and also defending a tying claim based on venues and promotion services.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
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October 17, 2024
FCC OKs New Rules Mandating Georouting For 988 Calls
Calls that come into the 988 suicide and crisis hotline will now be routed to centers based on where the call is coming from, following the Federal Communications Commission's decision to adopt rules requiring georouting on Thursday.
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October 17, 2024
DHL Supply Chain Hit With Disability Bias Suit
Logistics giant DHL Supply Chain was hit with a disability discrimination lawsuit Wednesday from a worker who says she was forced out of her job after DHL demanded she see a company physician to verify her debilitating medical condition.
Expert Analysis
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Workday AI Bias Suit Suggests Hiring Lessons For Employers
As state laws and a federal agency increasingly focus on employment bias introduced by artificial intelligence systems, a California federal court's recent decision to allow a discrimination suit to proceed against Workday's AI-driven recruitment software, shows companies should promptly assess these tools' risks, say attorneys at Williams & Connolly.
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6 Considerations To Determine If A Cyber Incident Is Material
The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.
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Opinion
Proposed Law Would Harm NYC Hospitality Industry
A recently proposed New York City Law that would update hotel licensing and staff coverage requirements could give the city commissioner and unions undue control over the city's hospitality industry, and harm smaller hotels that cannot afford full-time employees, says Stuart Saft at Holland & Knight.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Regulators Are Revamping Use Of Bank Service Company Act
Excerpt from Practical Guidance
Though the Bank Service Company Act was written six decades ago, banks and service providers should be alert to the evolving ways financial regulators are using the law as a tool for scrutinizing bank-fintech partnerships and third-party service providers that could put consumers at risk, say James Bergin and Paul Lim at Arnold & Porter.
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Playing The Odds: Tackling Athlete Gambling Investigations
The rapid rise of sports gambling presents new and unique challenges, so it's important for attorneys to be able to navigate a dynamic web of complex, high-stakes relationships between athletes, the betting public, athletic organizations, sportsbooks and law enforcement — all while under intense public scrutiny, say attorneys at Steptoe.
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Series
After Chevron: What To Expect In Consumer Protection At FTC
Although the Federal Trade Commission's bread-and-butter consumer protection law enforcement actions are unlikely to be affected, the Loper Bright decision may curb the FTC's bolder interpretations of the statutes it enforces, says Mary Engle at BBB National Programs.
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The Ethics of Using Generative AI In Environmental Law
The rapid emergence of generative artificial intelligence tools is challenging environmental lawyers, consultants and government agencies to determine when and how these tools can be responsibly, ethically and productively integrated into their practices to streamline research, predictive analytics and regulatory compliance, say Ahlia Bethea and Pamela Esterman at Sive Paget.
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Managing Credit Card Rewards Programs Amid Scrutiny
Renewed New York and federal interest in consumer protection issues associated with credit card rewards programs presages future regulatory enforcement and attention from plaintiffs attorneys, so issuers should focus on certain categories of consumer complaints and some compliance ambiguities, say Rich Zukowsky and Ella Beres at Davis Wright.
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Carbon Offset Case A Win For CFTC Enviro Fraud Task Force
An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.
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RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny
The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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The Licensure Landscape For Psychedelics Manufacturers
As the need for bulk manufacturing of psychedelic substances grows, organizations aiming to support clinical trials or become commercial suppliers must navigate a rigorous and multifaceted journey to obtaining a license from the U.S. Drug Enforcement Administration, say Kimberly Chew at Husch Blackwell and Jaime Dwight at Promega Corp.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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CrowdStrike Incident Highlights Third-Party Risk For Banks
The global business disruptions caused by CrowdStrike's faulty software update last month serves as a reminder that banks should assess operational and compliance risks associated with third-party service providers and create resiliency plans extending down to fourth- and fifth-level providers, says Craig Landrum at Jones Walker.