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Compliance
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September 18, 2024
Loper Bright Undercuts SEC Climate Rule, Fracking Cos. Say
Two fracking companies suing the U.S. Securities and Exchange Commission over its climate disclosure rules have again urged the Eighth Circuit to vacate the measures, offering a diverging interpretation of how the U.S. Supreme Court's decision axing Chevron deference should apply.
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September 18, 2024
Elon Musk Says He'll Sue FAA Over 'Political' SpaceX Fines
Tech billionaire Elon Musk says he'll be suing the Federal Aviation Administration after learning that the agency plans to slap his space company with $633,000 in fines for not following licensing requirements during two launches, calling the proposed penalties "politically-motivated."
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September 18, 2024
5th Circ. Favors Excess Insurer In Marina Coverage Dispute
The Fifth Circuit upheld a ruling in an inter-insurer dispute over coverage responsibilities of a $13.7 million judgment entered against their mutual client, holding Wednesday that while the excess insurer breached its duties, the primary insurer bears the larger financial burden because it failed to properly settle the underlying dispute.
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September 18, 2024
Fed's Powell Sees Final Basel Rule Less Than 1 Year Away
Federal Reserve Chair Jerome Powell said Wednesday that a revamped version of the Basel III endgame capital rules for big banks could be finalized before next summer, adding that the federal banking agencies will be "moving together" as the controversial rulemaking project enters its next phase.
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September 18, 2024
Tax Chiefs Eye Crypto Payment Cos., OTC Traders, IRS Says
Tax investigators in the U.S., U.K., Canada, Australia and the Netherlands are preparing guidance on red flags for cryptocurrency payment providers and over-the-counter trading desks following a joint operation this week, a special agent with the Internal Revenue Service said Wednesday.
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September 18, 2024
Gov't Lifeline Gives Nippon A Fighting Chance On US Steel
The Biden administration has indicated it's poised to block Nippon Steel from proceeding with a controversial $14.9 billion acquisition of U.S. Steel, but the government is reportedly giving the Japanese steelmaker an additional 90 days to prove its case, a development that should give Nippon hope it can get the deal done, attorneys say.
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September 18, 2024
Feds Oppose Bid To Block EPA Mercury Rule At High Court
The U.S. Environmental Protection Agency, several blue states and a coalition of green groups on Monday asked the U.S. Supreme Court to reject an effort to reverse the D.C. Circuit's decision allowing the EPA to implement a mercury air pollution rule.
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September 18, 2024
Vista Rejects MNC's Latest Offer, Recommends Czech Co. Bid
Vista Outdoor Inc. on Wednesday again rejected Dallas-based private equity firm MNC Capital Partners LP's bid to take over the company and instead recommended that its shareholders approve its already-inked deal with Czech defense company Czechoslovak Group AS.
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September 18, 2024
SEC Settles Latest Covington Info Theft Case For $33K
A New Jersey man will pay a $33,000 civil penalty to the U.S. Securities and Exchange Commission for insider trading on confidential merger tips that his cousin stole from a Covington & Burling LLP lawyer, according to a settlement filed in New York federal court on Wednesday.
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September 18, 2024
Altria's Vape As Popular As Kale Juice, Elf Bar Tells Calif. Court
Blocking the Chinese companies behind Elf Bar from importing their flavored vapes won't increase the market share of Altria Group subsidiary NJOY's nicotine e-cigarettes, the foreign companies argued, saying it's just as unlikely as consumers going from grape juice to kale juice.
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September 18, 2024
NJ Steel Co. Says OSHA Review Agency Is Unconstitutional
A New Jersey steel fabrication company has told a New Jersey federal court that an independent federal commission shouldn't decide whether it has to pay nearly $350,000 in proposed penalties from the Occupational Safety and Health Administration, arguing the commission's structure violates the separation of powers clause of the U.S. Constitution.
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September 18, 2024
Groups Seek To Sway FCC's Campaign Ad AI Disclosure Plan
Consumer advocates want the Federal Communications Commission to strengthen its planned rules to require broadcasters to disclose the use of artificial intelligence in political ads, while the effort continues to draw strong conservative opposition.
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September 18, 2024
No Rehearing For 10th Circ. Methane Rule Challenge
A Tenth Circuit panel rejected a request to reconsider its decision to throw out a ruling that partially invalidated an Obama-era rule limiting venting, flaring and leaks from oil and gas wells on federal land.
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September 18, 2024
SEC's Equity Trading Reforms Allow Half-Penny Stock Pricing
The U.S. Securities and Exchange Commission on Wednesday unanimously agreed to allow exchanges to quote stock prices in half-penny increments, part of a wider overhaul purportedly aimed at improving transparency and lowering trading costs.
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September 18, 2024
WillScot, McGrath RentCorp Nix $3.8B Deal Over FTC Scrutiny
Temporary space solutions provider WillScot Holdings Corp. and business-to-business rental company McGrath RentCorp on Wednesday unveiled that they have agreed to nix their $3.8 billion merger because there was "no commercially reasonable path" to clear the regulatory hurdles the deal has bumped into since it was announced.
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September 18, 2024
Treasury Floats Tax Credit Regs For EV Charging Property
The U.S. Treasury Department proposed regulations Wednesday to define which electric vehicle charging ports, hydrogen fueling stations and other infrastructure that businesses, people and tax-exempt entities can build in underserved communities to qualify for a tax credit of up to 30% of installation costs.
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September 18, 2024
Cardinal Health's GC Earns Nearly $4.7M For FY '24
Cardinal Health Inc.'s chief legal and compliance officer earned nearly $4.7 million in total compensation for fiscal year 2024, up from about $4.6 million the year prior, according to a public filing.
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September 18, 2024
Chicago Slams Airline Group's Suit Against Sick Leave Law
Chicago's recently enacted paid sick leave law doesn't clash with federal law because it doesn't affect airlines' prices or routes, the city said, urging an Illinois federal judge to toss a trade group's challenge to the ordinance.
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September 18, 2024
Ga. Justices Rebuke Local GOP For Delays In Ballot Challenge
The Supreme Court of Georgia on Tuesday shot down a county Republican Party's bid to keep several candidates for local office off the ballot for an election that was already held this year, scorning the GOP chapter for its "failure to litigate this appeal with dispatch."
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September 18, 2024
GameStop CEO Pays $1M For Failure To Flag Bank Stock Buy
GameStop CEO Ryan Cohen has agreed to pay nearly $1 million to settle U.S. Department of Justice claims that the Canadian entrepreneur violated the Hart-Scott-Rodino Act when he bought more than $20 million worth of Wells Fargo shares in 2018.
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September 18, 2024
NJ Bank Agrees To $14M Subsidy Fund In DOJ Redlining Deal
A New Jersey regional bank has agreed to provide at least $14 million in loan subsidies as part of a proposed consent order unveiled Wednesday to settle U.S. government claims that it engaged in redlining, a form of illegal lending discrimination, in certain central parts of the state.
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September 17, 2024
CFPB Warns Banks On ATM Overdraft Fees Without Consent
The Consumer Financial Protection Bureau on Tuesday warned banks that charging customers debit card overdraft fees without their consent violates the law, the latest escalation in the regulator's crackdown on so-called junk fees.
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September 17, 2024
FDIC, OCC Cement New Bank-Merger Policy Guidelines
Federal banking regulators on Tuesday approved plans to tighten their oversight of bank mergers, scoping out heightened scrutiny for deals that result in banks with $100 billion in assets among other things.
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September 17, 2024
FDIC Proposes Rule On Bank-Fintech Partnership Risks
The Federal Deposit Insurance Corp.'s rulemaking board on Tuesday proposed new recordkeeping rules aimed at both shoring up consumer protections as more fintech firms enter the banking space, and preventing a repeat of account freezes that have occurred after fintech service provider Synapse entered into bankruptcy earlier this year.
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September 17, 2024
AT&T To Pay $13M Fine Over Vendor's Cloud Data Breach
AT&T has agreed to pay $13 million to resolve a Federal Communications Commission investigation into a January 2023 data breach that exposed information of nearly 9 million AT&T Mobility customers.
Expert Analysis
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Bid Protest Spotlight: Standing, Prejudice, Conflicts
In this month's bid protest roundup, Caitlin Crujido at MoFo examines three recent decisions from the U.S. Government Accountability Office concerning whether a would-be protestor was an interested party with standing, whether an agency adequately investigated potential procurement violations and whether a proposed firewall sufficiently addressed an impaired objectivity organizational conflict of interest.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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How Contractors Can Prep For DOD Cybersecurity Rule
The proverbial clock is ticking for defense contractors and subcontractors to strengthen their compliance posture in preparation for the rollout of the highly anticipated Cybersecurity Maturity Model Certification program, so those affected should analyze their existing security standards and take proactive steps to fill in any significant gaps, say Beth Waller and Patrick Austin at Woods Rogers.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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5 Tips For Solar Cos. Navigating Big Shifts In US Trade Policy
Renewable energy developers can best mitigate new compliance risks from the Office of the U.S. Trade Representative’s increased tariffs on imported solar cells, and simultaneously capitalize on Treasury Department incentives for domestic solar manufacturers, by following five best practices in the changing solar trade landscape, say attorneys at Morgan Lewis.
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Md. Deal Highlights Consumer Finance Program Regulations
Maryland regulators’ recent settlement with the Bank of Missouri and its consumer lending partners, Atlanticus and Fortiva, offers a reminder that it is important to properly structure such partnerships and conduct sufficient due diligence on state licensing requirements, says Tom Witherspoon at Stinson.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Defending Against Aggressive DOL Child Labor Enforcement
The U.S. Department of Labor's recent unsuccessful injunction against an Alabama poultry facility highlights both the DOL's continued focus on child labor violations and the guardrails and defenses that employers can raise, say attorneys at Littler.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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Nat'l Security Considerations For Telecom Products Counsel
An increase in federal national security measures in the telecommunications space, particularly from the Federal Communications Commission, means that products counsel need to broaden their considerations as they advise on new products and services, says Laura Stefani at Venable.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.