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Compliance
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August 27, 2024
2nd Circ. Urged To Reject Preemption Defense In BofA Row
The Second Circuit should join fellow federal courts in finding that a New York statute requiring all banks to pay at least 2% interest on mortgage-escrow accounts isn't preempted, a former Bank of America mortgage customer has told the appeals court following the U.S. Supreme Court's remand of the matter.
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August 27, 2024
SEC Says Adviser Touted AI Project, Phony IPO To Fleece $6M
The U.S. Securities and Exchange is accusing a China-based asset management firm of absconding with $6 million in client funds after making a rash of false claims about investing the money with the aid of artificial intelligence and after attempting to drum up interest in an initial public offering that never materialized.
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August 27, 2024
CPSC Suit 'Makes A Mockery' Of Standing, SG Tells Justices
The federal government is urging the U.S. Supreme Court to pass on a "highly artificial suit" that seeks to unravel removal protections for commissioners on the Consumer Product Safety Commission, saying the groups behind the suit have no standing to pursue the legal challenge.
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August 27, 2024
NY Fines Nordea Bank $35M In Panama Papers-Linked Action
New York's Department of Financial Services announced Tuesday that Nordea Bank Abp will pay $35 million to settle allegations of "significant" anti-money laundering compliance failures, including helping customers set up offshore accounts for tax-sheltered companies tied to the Panama Papers.
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August 27, 2024
6th Circ. Affirms HHS' Denial Of Title X Funds To Tenn.
The Sixth Circuit has upheld the Biden administration's authority to end a family-planning grant awarded to Tennessee after the state refused to offer abortion referrals, saying the state knew the rules when it accepted the grant.
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August 27, 2024
Treasury Asked To Scrap Stock Buyback Tax's Funding Rule
Business groups urged the U.S. Treasury Department on Tuesday to remove what's known as the funding rule in forthcoming final regulations on the stock buyback tax, saying the provision would go beyond Congress' intentions for the levy, which aims to deter companies from giving outsize rewards to shareholders.
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August 27, 2024
Broadcaster Settles With FCC For $8K Over Stock Transfers
An Arkansas radio broadcaster will pay an $8,000 fine to settle a Federal Communications Commission probe into unauthorized changes in control of the company's stock that occurred over two years.
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August 27, 2024
NFL To Allow PE Ownership, Joining Pro Sports League Peers
The National Football League's status as the last major North American sports league barring private equity investment in team ownership ended on Tuesday, when the owners approved changes in policy to allow such investment for the first time, people familiar with the situation confirmed to Law360.
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August 27, 2024
New Cigna CLO Vows To Help Co. Navigate 'Dynamic' Industry
Cigna has promoted one of its in-house lawyers, who has spent her in-house and private practice career in the healthcare space, to chief legal officer, according to a LinkedIn post.
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August 27, 2024
Return Of Venezuela Sanctions Reignites Criminal Probes
Criminal investigations into Venezuela-related sanctions violations appear to be ramping back up since the U.S. government reimposed crushing trade penalties on the South American country's oil and gas sectors in response to an allegedly sham presidential election, according to experts.
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August 27, 2024
Connecticut Litigation To Watch In 2024
The Connecticut state and federal courts will grapple with a number of closely watched cases during the second half of 2024, including three key lawsuits by state Attorney General William Tong.
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August 27, 2024
Winston & Strawn Hires Morgan Lewis Healthcare Partner
An attorney specializing in healthcare law recently moved to Winston & Strawn LLP's Houston office after practicing for nearly five years at Morgan Lewis & Bockius LLP.
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August 27, 2024
Morgan Stanley Applicant Drops Suit After Pseudonym Order
A Massachusetts woman on Tuesday dropped her proposed class action claiming Morgan Stanley illegally used protected criminal history information to discriminate against applicants, after a federal judge ruled she couldn't advance the lawsuit under a pseudonym.
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August 27, 2024
Duane Morris Hires Ex-Dickinson Wright Fintech Expert
A former financial institutions mergers and acquisitions and regulatory enforcement partner from Dickinson Wright PLLC who also has experience at the Federal Reserve Bank has joined Duane Morris LLP's corporate practice group in Chicago.
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August 27, 2024
Va. Ad Tech Judge Warns Google Over Chat Deletion
Google's defense of its advertising technology could get a little harder after a Virginia federal judge on Tuesday kept the door open to assuming that deleted internal chats hid evidence that would support U.S. Department of Justice monopolization claims bound for a bench trial next month.
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August 27, 2024
Kirkland Adds Energy Regulatory Pro From Vinson & Elkins
Kirkland & Ellis LLP has hired a corporate attorney who worked at Vinson & Elkins LLP for 16 years as a partner in its energy regulatory practice group.
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August 26, 2024
Uber Hit With €290M Dutch Fine For EU Data Transfers To US
The Netherlands' data protection authority has fined Uber €290 million ($324 million) on allegations it failed to use a valid mechanism for sending European drivers' personal data to the U.S. for more than two years, a penalty that the ride-sharing provider has vowed to appeal.
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August 26, 2024
Albertsons Paints Picture Of Dire Future Without Kroger Deal
Albertsons told an Oregon federal judge Monday that if the Federal Trade Commission is able to block a proposed merger with Kroger, it could lead to layoffs and shuttered stores, because a go-it-alone Albertsons doesn't have the wholesale buying power to compete with Walmart and Costco on prices.
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August 26, 2024
SEC Inks $946K Settlement In Unregistered Broker Case
A trust and its co-owners have agreed to pay the U.S. Securities and Exchange Commission civil penalties totaling $946,000 to resolve allegations they operated as unregistered broker-dealers when helping to facilitate more than $1.2 billion in securities transactions by penny stock issuers.
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August 26, 2024
SEC Fines Sound Point $1.8M Over Nonpublic Info Oversight
The U.S. Securities and Exchange Commission announced Monday that private fund adviser Sound Point Capital Management LP will pay $1.8 million to settle charges that it failed to prevent the misuse of nonpublic information in certain collateralized loan trades.
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August 26, 2024
Tetra Tech Accuses Atty Of Mistreating Witness In FCA Row
Tetra Tech EC Inc. claimed that an attorney representing a developer accusing it of fraud had mistreated a witness during a deposition hearing, pressing a California federal court to order the release of recordings capturing the alleged misconduct.
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August 26, 2024
'Jarkesy 2.0': SEC Sees New Attack On In-House Courts
A new lawsuit calling into question the U.S. Securities and Exchange Commission's ability to boot alleged lawbreakers from the securities industry follows a long line of attacks on the regulator's use of its in-house courts, including a recent U.S. Supreme Court ruling that limited the SEC's ability to litigate fraud cases via administrative proceedings.
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August 26, 2024
Care.com To Pay $8.5M To Settle FTC's Deception Claims
Caregiver job website Care.com has agreed to shell out $8.5 million in refunds to put to rest allegations it misled caregivers about wages and job availability and also made it difficult for families to cancel paid memberships, the U.S. Federal Trade Commission announced Monday.
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August 26, 2024
BNY To Pay $5M CFTC Fine Over Swap Reporting Issues
The Commodity Futures Trading Commission and the Bank of New York Mellon reached a $5 million deal on Monday to resolve claims that the bank repeatedly failed to correctly report millions of swap transactions to a registered swap data repository and failed to properly supervise its swap dealer business.
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August 26, 2024
AT&T To Pay $950K To Settle With FCC Over 911 Outage
AT&T has agreed to pay $950,000 to end an enforcement action stemming from an August 2023 outage that affected 911 calls in parts of four states, the Federal Communications Commission said Monday.
Expert Analysis
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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.
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Calif. Ruling Clarifying Paystub Compliance Is Win For Cos.
In rare good news for California employers, the state Supreme Court recently clarified that workers couldn’t win extra penalties in wage and hour cases by claiming their employer intentionally violated state paystub law if the employer believed it had complied in good faith, say Drei Munar and Kirk Hornbeck at Hunton.
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Considering Noncompete Strategies After Blocked FTC Ban
A Texas district court's recent decision in Ryan v. Federal Trade Commission to set aside the new FTC rule banning noncompetes does away with some immediate compliance obligations, but employers should still review strategies, attend to changes to state laws and monitor ongoing challenges, say attorneys at Baker McKenzie.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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How DOJ May Change FARA Exemption In Forthcoming Rule
Any day now, the U.S. Department of Justice is expected to issue proposed revisions to the Foreign Agents Registration Act regulations, and signs suggest that it will likely narrow one of FARA's broadest exemptions, which may compound public confusion about the law's requirements, says Murad Hussain at Arnold & Porter.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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What To Expect From Evolving Wash. Development Plans
The current round of periodic updates to Washington counties' growth and development plans will need to address new requirements from recent legislation, and will also likely bring changes that should please property owners and developers, says Jami Balint at Seyfarth.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.