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Compliance
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September 25, 2024
Accountant Used Fake Tax Docs For Mortgage, Feds Say
A managing director at consulting firm Alvarez & Marsal was charged in D.C. federal court with failing to file his personal tax returns for over a decade and falsifying tax documents as part of a mortgage application.
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September 25, 2024
Feds Say 'Wall Of Evidence' Supports Petrobras Bribery Case
A Connecticut oil trader violated the Foreign Corrupt Practices Act by sending millions in bribes to officials at Brazilian state oil giant Petrobras through a shady intermediary, federal prosecutors told a jury during closing arguments Wednesday, arguing that a "wall of evidence" points to the defendant's intent.
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September 25, 2024
EPA Can't Justify Calif. Emissions Ruling, High Court Told
Republican-led states told the U.S. Supreme Court the U.S. Environmental Protection Agency can't justify a D.C. Circuit decision backing its authorization of a Clean Air Act waiver allowing California to set its own greenhouse gas emissions standards for certain vehicles and run a zero-emissions vehicle program.
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September 25, 2024
NC State '83 Basketball Champs Drop TV Networks In NIL Suit
Members of the 1983 North Carolina State University men's basketball team, known as the Cardiac Kids, dropped CBS and TNT from their suit in North Carolina state court accusing the NCAA of exploiting their names, images and likenesses from their national championship run during the annual promotion of March Madness.
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September 25, 2024
US Steel Clears One Hurdle In $14B Nippon Steel Deal
An arbitration board has sided with U.S. Steel amid its union's challenge to a planned $14.9 billion acquisition by Nippon Steel, clearing one hurdle while Nippon continues fighting on another front for approval from the Committee on Foreign Investment in the U.S.
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September 25, 2024
Merrill, Harvest To Pay SEC $9.3M For Ignoring Clients' Limits
The U.S. Securities and Exchange Commission on Wednesday announced that investment advisory firms Harvest Volatility Management LLC and Merrill Lynch Pierce Fenner & Smith Inc. will pay a combined $9.3 million to settle claims that they exceeded clients' designated investment limits over a two-year period, causing those clients to incur higher fees and losses.
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September 25, 2024
FCC Looks To Begin Georouting For Localized 988 Response
The Federal Communications Commission is set to require the georouting of calls to the 988 mental health line so they reach crisis centers within the caller's local area.
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September 25, 2024
Mango Markets Plans $500,000 CFTC Settlement Offer
Members of the governing body behind crypto platform Mango Markets agreed on Wednesday to present the U.S. Commodity Futures Trading Commission with a $500,000 settlement offer to resolve a nonpublic investigation into purported registration and compliance violations.
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September 25, 2024
Expect More R&D Guidance Before Regs, IRS Atty Says
The Internal Revenue Service plans to release more guidance governing the tax treatment of research and development expenses before it formally issues proposed regulations that implement the 2017 federal tax law's changes to the incentive, an agency attorney said Wednesday.
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September 25, 2024
Calif. Judge Says Fluoride In Water Risks Lowering Kids' IQ
A California federal judge on Tuesday agreed with green groups that the U.S. Environmental Protection Agency's current "optimal" level of fluoride in drinking water poses an unreasonable risk of lowering children's IQ and directed the EPA to act.
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September 25, 2024
Penalized Apple Atty Says He Was 'Demoralized' By Co. Culture
Apple Inc.'s former senior director of corporate law, who pled guilty to insider trading in 2022 and was later penalized $1.1 million in a civil case, had mental health disorders and was "demoralized" by the company's culture and executives' misconduct, he said in temporarily unsealed records in New Jersey federal court.
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September 25, 2024
Ogletree Lands Seyfarth Employment Atty In Chicago
Labor and employment firm Ogletree Deakins Nash Smoak & Stewart PC has grown its Chicago office with the addition of a Seyfarth Shaw LLP partner.
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September 25, 2024
Haynes Boone Adds Moore & Van Allen Practice Head In NC
Haynes and Boone LLP is expanding its finance offerings in North Carolina with the addition of an experienced attorney who most recently served as the head of the swaps and derivatives practice at Moore & Van Allen PLLC.
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September 25, 2024
Bloggers In EBay Stalking Case Can't Pinpoint Lost Sources
A Massachusetts couple suing eBay after their blog's critical coverage of the e-commerce giant made them the target of a corporate harassment scheme told a federal judge on Wednesday they aren't able to specifically identify potential sources who were allegedly chilled into silence by the scheme.
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September 25, 2024
NYSE Cancels Proposal To Extend SPAC Merger Deadlines
The New York Stock Exchange has pulled a proposal that would have provided special purpose acquisition companies with more time to complete mergers while remaining listed, several months after it sought regulatory approval for the extension.
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September 25, 2024
US Antitrust Holds Fast: No 'Environmental Justice' Goals
A top Federal Trade Commission official in her latest address to antitrust lawyers offered little comfort to U.S. companies seeking to collaborate on environmental initiatives.
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September 25, 2024
Norfolk Southern Names New CLO After Ouster Of Execs
Norfolk Southern Corp. has promoted an employee who has worked in its legal department since 2010 to serve as its chief legal officer following the firing of the woman who previously held the post over her relationship with the transportation giant's ousted CEO.
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September 24, 2024
Bank Regulators, SEC Face GOP Inquiry Over Crypto Bulletin
House Republicans have called for the Federal Reserve and other agencies to turn over a host of documents for what the lawmakers say is an inquiry into the origins and behind-the-scenes policymaking impact of the U.S. Securities and Exchange Commission's cryptocurrency accounting guidance.
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September 24, 2024
Full 9th Circ. Vaporizes First-To-File Precedent For FCA Suits
The full Ninth Circuit on Tuesday overruled circuit precedent and held that the so-called first-to-file rule governing False Claims Act cases is not jurisdictional, meaning that courts can't toss a whistleblower action on jurisdictional grounds rooted in the first-to-file provision.
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September 24, 2024
'Be Careful What You Wish For' Post-Jarkesy, SEC Atty Says
A trial lawyer for the U.S. Securities and Exchange Commission told the defense bar Tuesday to "be careful what you wish for" after the U.S. Supreme Court dealt a blow to the agency's in-house court system, saying cases against gatekeepers "are not going away."
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September 24, 2024
Cat In The Hat, 'Trashy' Books Mulled In Redo Of Library Row
The full Fifth Circuit on Tuesday pressed a group of library patrons on whether Texas libraries already routinely engage in viewpoint discrimination through the process of weeding out outdated or unpopular library books during a lengthy discussion of hypotheticals surrounding The Cat in the Hat and the books that 19th-century Americans considered "trashy."
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September 24, 2024
SEC Orders Crypto Cos. To Pay $700K Over Stablecoin Offers
The U.S. Securities and Exchange Commission on Tuesday unveiled a $700,000 settlement with stablecoin issuer TrueCoin and affiliated lending business TrustToken over alleged misrepresentations about the stability of the token and failures to register its use in "profit-making opportunities."
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September 24, 2024
Chance Cognizant Didn't Discriminate Is '1 In A Billion,' Jury Told
An attorney for a class of former Cognizant Technology employees alleging the company discriminated against non-South Asian and non-Indian employees told a jury during opening statements of a retrial Tuesday that the probability Cognizant's behavior wasn't racially biased is about one in a billion.
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September 24, 2024
3 Takeaways From Gensler's Big Day Before The House
U.S. Securities and Exchange Commission Chair Gary Gensler appeared before the U.S. House of Representative for potentially the last time on Tuesday, where he stuck up for his agency's actions in the crypto space and hinted at the possible revival of share buyback rules.
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September 24, 2024
SEC Fines Weedmaps' Parent Co. $1.5M Over User Metrics
The U.S. Securities and Exchange Commission on Tuesday fined the parent company of cannabis tech company Weedmaps $1.5 million for allegedly making misleading statements about its monthly active users.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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How 3rd Circ. Raised Bar For Constitutional Case Injunctions
The Third Circuit's decision in Delaware State Sportsmen's Association v. Delaware Department of Safety & Homeland Security, rejecting the relaxed preliminary injunction standards many courts have used when plaintiffs allege constitutional harms, could portend a shift in such cases in at least four ways, say attorneys at Gibson Dunn.
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New Russia Sanctions Law: Bank Compliance Insights
Financial institutions must familiarize themselves with the new reporting obligations imposed by the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, a recent law that authorizes seizures of Russian sovereign assets under U.S. jurisdiction, say attorneys at Seward & Kissel.
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3 Healthcare FCA Deals Provide Self-Disclosure Takeaways
Several civil False Claims Act settlements of alleged healthcare fraud violations over the past year demonstrate that healthcare providers may benefit substantially from voluntarily disclosing potential misconduct to both the U.S. Department of Justice and the U.S. Department of Health and Human Services, say Brian Albritton and Raquel Ramirez Jefferson at Phelps Dunbar.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Shipping Containers As Building Elements Require Diligence
With the shipping container market projected to double between 2020 and 2028, repurposing containers as storage units, office spaces and housing may become more common, but developers must make sure they comply with requirements that can vary by intended use and location, says Steven Otto at Crosbie Gliner.
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7th Circ. Ruling Expands CFPB Power In Post-Chevron Era
The Seventh Circuit’s recent ruling in Consumer Financial Protection Bureau v. Townstone Financial interprets the Equal Credit Opportunity Act broadly, paving the way for increased CFPB enforcement and hinting at how federal courts may approach statutory interpretation in the post-Chevron world, say attorneys at Saul Ewing.
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How Loper Bright Weakens NEPA Enviro Justice Strategy
The National Environmental Policy Act is central to the Biden administration's environmental justice agenda — but the U.S. Supreme Court's recent decision in Loper Bright Enterprises v. Raimondo casts doubt on the government's ability to rely on NEPA for this purpose, and a pending federal case will test the strategy's limits, say attorneys at Perkins Coie.
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Heading Off Officials' Errors When Awarded A Gov't Contract
Government contractors awarded state or local projects funded through federal programs should seek clarification of their compliance obligations, documenting everything, or risk having to defend themselves when they seek reimbursement months later, with only their word for support, says George Petel at Wiley.
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Drip Pricing Exemption Isn't A Free Pass For Calif. Eateries
A new exemption relieves California bars and restaurants from the recently effective law banning prices that don't reflect mandatory fees and charges — but such establishments aren't entirely off the hook for drip pricing, due to uncertainty over disclosure requirements and pending federal junk fee regulations, say Alexandria Ruiz and Amy Lally at Sidley.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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Eye On Compliance: New Pregnancy And Nursing Protections
With New York rolling out paid lactation breaks and extra leave for prenatal care, and recent federal legislative developments enhancing protection for pregnant and nursing workers, employers required to offer these complex new accommodations should take several steps to mitigate their compliance risks, says Madjeen Garcon-Bonneau at Wilson Elser.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.