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Compliance
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January 14, 2025
CFTC To Review Crypto Co.'s Sports Event Contracts
The U.S. Commodity Futures Trading Commission said Tuesday it plans to take a closer look at contracts tied to the outcome of high-profile sporting events trading on digital asset exchange Crypto.com, which self-certified the products in the final days of 2024.
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January 14, 2025
Crypto Co.'s Lax Compliance Enabled Hackers, Suit Says
A proposed class action in California federal court accused digital asset exchange OKX of flouting U.S. laws and allowing criminals to launder stolen funds through its platform, including $725,000 worth of crypto looted from the crypto investor leading the suit.
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January 14, 2025
Prospect Medical Beats Objection To $29M In Ch. 11 Funds
A Texas bankruptcy judge said Tuesday she would allow struggling hospital operator Prospect Medical Holdings Inc. to borrow part of a $100 million financing package that prompted an objection from the company's landlord, saying the money was needed to ensure patients continue to receive care.
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January 14, 2025
Dispute Over Eli Lilly Weight Loss Drug Reignited
Compounding pharmacies have reignited a suit against the U.S. Food and Drug Administration over the removal of a lucrative weight loss drug from the shortage list, with a Texas federal judge ordering both sides to turn in briefing on injunctive relief during a Tuesday hearing.
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January 14, 2025
Texas Porn Law Unlikely To Alter Justices' Free Speech Views
Texas' push before the U.S. Supreme Court for a relaxed standard of judicial review in First Amendment cases is unlikely to come to fruition, as decades of precedent work against the state's law requiring age verification on pornography sites.
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January 14, 2025
Biden Order Outlines Steps For Bolstering AI Infrastructure
President Joe Biden issued an executive order Tuesday that aims to shape the country into an artificial intelligence infrastructure leader by working with the private sector to build data centers.
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January 14, 2025
CDK Cuts Latest Deal In Auto Dealer Data Suit, With App Class
CDK Global LLC inked a new settlement to resolve more claims of monopolizing the market for auto dealership management software, this time with a class of vendors who make apps for dealerships, in a case that had been set for trial Jan. 27 in Wisconsin federal court.
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January 14, 2025
4th Circ. Tosses Constitutional Case Against FINRA
The Fourth Circuit on Tuesday threw out a lawsuit claiming that the Financial Industry Regulatory Authority's in-house disciplinary process is unconstitutional, ruling that it couldn't hear the case until the regulator had finalized its own ruling against the suing broker.
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January 14, 2025
SEC Sues Elon Musk Over Late Twitter Buy-Up Disclosure
Elon Musk violated securities laws by failing to timely disclose his initial buy-up of Twitter stock ahead of his $44 billion acquisition of the company, allowing him to purchase shares at artificially low prices, the U.S. Securities and Exchange Commission alleged in a D.C. federal lawsuit filed Tuesday.
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January 14, 2025
NAACP Says Ala. Law Banning DEI Is Unconstitutional
An Alabama law banning diversity, equity and inclusion from state schools and college campuses is unconstitutional, according to a Tuesday suit brought by a group of professors, students and the Alabama NAACP against the state's governor and its university system.
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January 14, 2025
John Deere Retailer Shirked OT Pay To Sales Staff, Suit Says
Ag-Pro, the self-described largest retailer of John Deere equipment in North America, was hit with a proposed collective action Monday by a sales employee who alleged the company willfully violated federal law by denying overtime pay to its salespeople.
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January 14, 2025
CSX Fired Railway Safety Whistleblower, Suit Says
A former maintenance manager with CSX Transportation hit the company with a lawsuit in Georgia federal court alleging his complaints about lapses in railway safety were met with "screaming, cussing, and hollering" before his eventual firing last year while he was out on medical leave.
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January 14, 2025
Equifax To Pay $725K For Inaccurate Credit Score Reporting
Equifax Information Services LLC has agreed to a $725,000 settlement with the New York Attorney General's Office to resolve claims that the credit reporting agency inaccurately reported tens of thousands of New Yorkers' credit scores to lenders between March and April 2022, causing inflated costs for loans and other products.
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January 14, 2025
DC Circ. Axes Challenge To Grid Project Perk
A coalition of energy consumers has no standing to challenge the Federal Energy Regulatory Commission's grant of an abandonment incentive to the developer of an Iowa transmission project, a D.C. Circuit panel ruled Tuesday.
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January 14, 2025
Nadine Menendez Trial Might Be Longer Than Ex-Senator's
Prosecutors and attorneys for Nadine Menendez told a Manhattan federal judge that her trial might last longer than that of her husband, former U.S. Sen. Robert Menendez, with the parties still at odds over stipulations about evidence.
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January 14, 2025
Ex-Department Of Commerce Trade Pro Joins King & Spalding
King & Spalding LLP announced Tuesday that it has hired an attorney who formerly served as a U.S. Department of Commerce official and assistant general counsel for the Office of the U.S. Trade Representative to bolster its international trade team.
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January 14, 2025
Ex-Cognizant Execs Seek Update On Elusive Gov't Witness
A vital prosecution witness whose unavailability delayed the highly anticipated 2023 trial of two former Cognizant Technology Solutions Corp. executives on foreign bribery charges in New Jersey federal court might again be missing in action as the new trial date of March 3 approaches, according to court filings.
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January 14, 2025
EPA Warns Of Possible Forever Chemical Risk In Fertilizer
The U.S. Environmental Protection Agency on Tuesday said that forever chemicals present in fertilizers could pose a health risk to people living or working on or near farms, a finding that could result in new regulations.
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January 14, 2025
Mass. AG Says Insulin Makers, Middlemen Colluded On Costs
Insulin makers Eli Lilly, Sanofi and Novo Nordisk conspired with pharmacy benefit managers OptumRX, Express Scripts and CVS Caremark to jack up prices by as much as 1,000%, the Massachusetts attorney general alleged in a suit.
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January 14, 2025
DOJ Accuses PE Giant KKR Of Dropping Merger Disclosures
The Justice Department filed an extraordinary lawsuit Tuesday accusing private equity giant KKR & Co. Inc. of repeatedly flouting its merger notification requirements, "altering" or "systematically omitting" documents on some deals and failing entirely to notify enforcers of at least two, including a $6.9 billion transaction, only for KKR to file its own suit in response.
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January 14, 2025
DOL Finalizes ERISA Voluntary Correction Program Changes
The U.S. Department of Labor's employee benefits arm has finalized changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors, according to a notice the agency posted online Tuesday.
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January 14, 2025
CFPB Says Capital One Stiffed Savings Customers Out Of $2B
The Consumer Financial Protection Bureau on Tuesday sued Capital One in Virginia federal court, alleging the bank avoided paying $2 billion in interest to customers by keeping them in a lower-yield savings account product.
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January 13, 2025
CFPB Eyes Rule To Rein In 'Forced' Financial Contract Terms
The Consumer Financial Protection Bureau on Monday floated a new rule that calls for banning financial companies from using contractual fine print to limit consumers' legal rights or restrict their free expression.
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January 13, 2025
Texas AG Sues Allstate In Latest Location Data Privacy Strike
Texas' attorney general is accusing Allstate and a subsidiary of violating the state's new comprehensive data privacy law by unlawfully collecting drivers' location data through tracking software embedded in their mobile apps and then using that information to set car insurance rates.
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January 13, 2025
Robinhood Users Oppose Arbitration Of 'Meme Stock' Claims
Stock trading platform Robinhood has failed to lay the groundwork for sending user disputes to arbitration, seven users of the platform claimed Monday in a bid to keep their claims in federal court over the company's 2021 suspension certain so-called meme stock trades.
Expert Analysis
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Climate Disclosure Spotlight Shifts To 2 Calif. Laws
With Donald Trump's election spelling the all-but-certain demise of the proposed federal climate disclosure rules, new laws in California currently stand as the nation's only broadly applicable climate disclosure requirements — and their brevity is both a blessing and a curse, say attorneys at Davis Polk.
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A Deep Dive Into DOJ's Proposed FARA Shake-Up
The U.S. Department of Justice's recently published and long-awaited proposed amendments to the Foreign Agents Registration Act's implementing regulations, if adopted, would mark dramatic changes to the commercial exemption and new requirements for labeling informational materials, says Tessa Capeloto at Wiley.
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What's Ahead As Transparency Act Comes To A Crossroads
Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
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What 2024 Tells Us About Calif. Health Transaction Reviews
Looking back at the California Office of Health Care Affordability's first year accepting notices for material healthcare transactions reveals critical lessons on what the OHCA's review process may mean for the future of covered transactions in the state, say attorneys at Ropes & Gray.
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Final Hydrogen Tax Credit Regs Add Flexibility For Producers
The recently released final regulations implementing the Inflation Reduction Act's clean hydrogen production tax credit offer taxpayers greater flexibility, reducing risk and creating more certainty for investments in the industry, thus diminishing — but not eliminating — the risk of legal challenges to the regulations, say attorneys at Steptoe.
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Where Payments Law And Regulation Are Headed In 2025
The Trump administration will likely bring significant changes to payments regulations in 2025, but maintaining internal compliance efforts in the absence of robust federal oversight will remain key as state authorities and private plaintiffs step into the breach, say attorneys at Stinson.
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What To Expect From Federal Cybersecurity Policy In 2025
There are 12 cyber policy questions to keep an eye on as the new administration and Republican control of Congress present an opportunity to advance less regulatory approaches and revisit some choices from the prior administration, say attorneys at Wiley.
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Republican Trifecta Amplifies Risks For Cos. In 3 Key Areas
Expected coordination between a Republican Congress and presidential administration may expose companies to simultaneous criminal, civil and congressional investigations, particularly with regard to supply chain risks in certain industries, government contracting and cross-border investment, say attorneys at Morgan Lewis.
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2 Cases May Signal Where FTC Is Headed On Labor Issues
Two recent Federal Trade Commission challenges to no-hire clauses in agreements between building service firms and their customers include comments by future FTC Chair Andrew Ferguson that may offer insight into the direction the FTC is headed on labor issues, says Michael Wise at Squire Patton.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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New Law In NY Places Employee NIL Rights In Spotlight
New York recently became the first state to codify name, image and likeness rights for models, but as such protections seemingly expand for individual employees across industries, employers may want to brush up on related case law, and update their handbooks and policies accordingly, says Timothy Bechen at Woods Rogers.
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Updated HIPAA Rule Is A Necessary Step For Data Protection
The U.S. Department of Health and Human Services' updated rules addressing cybersecurity threats in healthcare will necessitate significant investment in technology, training and compliance infrastructure, but are an essential evolution in safeguarding data in an increasingly digital world, say attorneys at Clark Hill.
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National Trust Bank Charter Can Widen Reach Of Fintech Cos.
U.S. fintech companies that want to expand nationwide are at a competitive disadvantage with foreign companies, which can much more easily branch into the U.S., but setting up a national trust bank charter could offer a path forward, say attorneys at Davis Wright.
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2024 Was A Banner Year For Shareholder Activism
Shareholder activism campaigns in 2024 continued at an elevated pace globally, with activist investors exploiting valuation gaps and pushing aggressively for corporate governance reforms, including the ouster of many companies' chief executives, a trend that could continue once President-elect Donald Trump takes office, say attorneys at Sidley.
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Expect A Big Shake Up At The EEOC Under 2nd Trump Admin
During President-elect Donald Trump’s second term, the U.S. Equal Employment Opportunity Commission is likely to significantly shift its focus and priorities, especially where workplace DEI initiatives, immigration enforcement, LGBTQ+ rights and pregnancy protections are concerned, say attorneys at Stoel Rives.