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Compliance
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August 09, 2024
Gemini Seeks Quick 2nd Circ. Appeal In CFTC Fight
Gemini Trust Co. has asked a New York federal judge for permission to quickly appeal to the Second Circuit a June ruling denying the Winklevoss-led crypto exchange a win in the U.S. Commodity Futures Trading Commission's lawsuit alleging Gemini illegally downplayed known risks of its proposed bitcoin futures contract.
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August 09, 2024
Top 4 Gov't Contracting Policies Of 2024: Midyear Report
Federal agencies have made several prominent policy moves affecting contractors this year, headlined by programs incentivizing whistleblowers to come forward with information about contracting fraud, tweaks to a wide-ranging cybersecurity standard, and guidance for how agencies should purchase generative tools. Here, Law360 examines four significant policy changes from the first half of 2024 that will affect government contractors.
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August 09, 2024
Valeant's Legal Gripe A Total 'Nothingburger,' Justices Told
A lawyer who assembled a whistleblower lawsuit against a major pharmaceutical company using publicly available patent board filings says the larger legal question of whether he can do that is way too niche for the U.S. Supreme Court to bother thinking about.
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August 09, 2024
Trump Again Appeals Merchan's Gag Order To NY High Court
Former President Donald Trump is again seeking dismissal of a gag order in his criminal hush money case barring him from threatening court and district attorney staff, telling New York's highest court on Thursday that he disagreed with "each and every part" of a recent intermediate appellate court ruling that found threats remained imminent.
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August 09, 2024
SVB's $1.9B FDIC Suit Won't Open 'Floodgates,' Judge Says
A California federal judge trimmed claims from the parent of Silicon Valley Bank's lawsuit against the Federal Deposit Insurance Corp. seeking $1.93 billion, but rejected the agency's arguments that allowing some claims to move forward will "open the floodgates" for every failed bank's uninsured depositors to bring a claim.
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August 09, 2024
Conn. AG Knocks Altice's Bid To Rewrite Consumer Fee Case
The state of Connecticut says it should not be forced to redraft a lawsuit accusing Altice USA of improperly charging consumers a $6 "network enhancement fee" and pushing misleading internet speed advertisements, saying the telecommunications provider has gone so far as to seek "clarification" of "commonly understood words of phrases."
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August 09, 2024
Employment Authority: Sex Work Boosted By Calif. Law
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on how erotic dancers have gained more professional respect from a new worker classification law in California, an Eighth Circuit ruling's worker-friendly effect on a law barring arbitration of sex misconduct claims and a run-down on the progressive employment record of Vice President Kamala Harris' running mate.
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August 09, 2024
Bond Denied For Ex-Ecuador Official Convicted In Bribery Plot
A Florida federal judge denied bond to Ecuador's ex-comptroller Friday after a jury convicted him earlier this year of laundering more than $12 million in bribes received in a construction scandal, saying the record would not support releasing him from custody before he is sentenced.
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August 09, 2024
6th Circ. Partially Revives Crypto IRS Reporting Challenge
The Sixth Circuit issued a mixed ruling Friday in a suit brought by a group of cryptocurrency users challenging the IRS' pending mandate to report large crypto transactions, reversing the dismissal of the suit's Fourth and First Amendment violation claims but affirming that some of the case's claims are not ripe.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Biz Groups Urge Keeping CFPB's $8 Late Fee Cap On Ice
The U.S. Chamber of Commerce, the American Bankers Association and other trade group plaintiffs have urged a Texas federal judge to leave in place an injunction staying the Consumer Financial Protection Bureau's rule capping most credit card late fees at $8, saying the lowered fee would not serve as a sufficient deterrent for consumers.
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August 09, 2024
DC Circ. Revives EPA Worker's Allergy Accommodation Suit
The D.C. Circuit on Friday revived a U.S. Environmental Protection Agency employee's lawsuit alleging the agency mishandled his complaint about being seated next to a co-worker whose perfume triggered his severe allergies.
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August 09, 2024
Dem Lawmakers Ask OpenAI To Disclose Safety Processes
Two members of Massachusetts' congressional delegation are calling on OpenAI to provide information about its safety processes and how it handles whistleblowers and conflicts of interest, in a letter to the company.
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August 09, 2024
Colony Ridge Mortgage Co. Says It Was 'Office Geek' For Site
A Texas mortgage company pushed Friday to be released from a lawsuit accusing a Houston-area real estate developer and lender of predatory lending practices, telling a federal judge that it never met with the Hispanic consumers allegedly preyed on through the scheme and that the company was "just doing paperwork."
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August 09, 2024
DC Circ. Says Animal Group Can't File Perdue False Ad Suit
The Animal Legal Defense Fund doesn't have standing to sue the U.S. Department of Agriculture over labels the agency approved for Perdue poultry products that the advocacy group says mislead customers into believing the animals have access to the outdoors, the D.C. Circuit ruled Friday.
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August 09, 2024
Meta Urges Justices To Ax Investors' Risk Disclosure Suit
Meta Platforms Inc. filed its opening brief Friday urging the U.S. Supreme Court to reverse a Ninth Circuit decision that kept alive a class action stemming from the Cambridge Analytica data abuse scandal, arguing that decision would create unnecessary disclosure obligations and encourage "fraud by hindsight" lawsuits.
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August 09, 2024
'Outrageous': Dems Grill JPMorgan Over Potential New Fees
Two Senate Banking Committee Democrats have ripped into JPMorgan Chase & Co. over an executive's recent warning that it may hike some costs for customers in response to pending fee rules from the Consumer Financial Protection Bureau, calling it an "outrageous" threat and demanding more details from the megabank.
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August 09, 2024
Marketer Seeking Dismissal Of Mass. Data Privacy Suit
Texas-based online marketing company InMarket Media LLC is asking a Massachusetts federal judge to toss a proposed class action by two women who say the company secretly collected and sold location data through its apps, arguing in a motion to dismiss that the court lacks jurisdiction over the company.
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August 09, 2024
Kraft-Heinz Investor Can't Revive Del. Insider Trading Suit
Attorneys for a Kraft Heinz stockholder lost a bid to convince Delaware's Court of Chancery that new evidence justified reopening a dismissed suit alleging that company insiders with ties to a controlling investor, Brazilian private equity firm 3G Capital Inc., sold $1.2 billion worth of shares on nonpublic information.
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August 09, 2024
Virtu Financial Can't Cut Down SEC's Information Security Suit
A Manhattan federal judge declined Friday to trim a U.S. Securities and Exchange Commission lawsuit over Virtu Financial Inc.'s protection of customer investment data, saying discovery is needed to determine whether the platform designed reasonable safeguards to wall this information off from its own in-house traders.
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August 09, 2024
Wash. AG Says Kroger Refusing To Delay Merger For Ruling
The Washington Attorney General's Office told a state court that Kroger will not agree to put off closing its planned merger with Albertsons until after a final ruling in the state's merger challenge, but the companies say they've already agreed not to finalize the deal until litigation plays out in another state.
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August 09, 2024
CFTC's Proposed Election Trading Ban Garners Mixed Feedback
The Commodity Futures Trading Commission has fielded a range of comments on its proposed rule to ban trading on the outcome of elections, with certain politicians and advocacy groups throwing their weight behind the measure and others accusing the agency of overstepping its authority.
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August 09, 2024
Frat House Ponzi Schemer Must Pay $65K In SEC Suit
A University of Georgia graduate who ran a Ponzi scheme from his fraternity house and defrauded classmates must pay an additional $65,000 in judgment interest after already having paid more than $509,000 to the U.S. Securities and Exchange Commision.
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August 09, 2024
DC Circ. Makes Case For Restarting FERC Gas Policy Revamp
The D.C. Circuit's recent wipeout of Federal Energy Regulatory Commission approvals of gas infrastructure projects is a sign that the agency should restart a stalled effort to update its decades-old pipeline approval policy, FERC watchers say.
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August 09, 2024
Highway Contractor, Exec Charged With $100M Price-Fixing
Federal prosecutors announced the indictment of an Oklahoma highway runoff contracting business and two of its employees for their involvement in a price-fixing, bid-rigging and market allocation conspiracy that impacted over $100 million in publicly funded construction contracts in the state.
Expert Analysis
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Despite Calif. Delays, Climate Disclosure Rules Are Coming
Progress continues on state, federal and international climate disclosure regimes, making compliance a key concern for companies — but the timeline for implementation of California's disclosure laws remains unclear due to funding and timing disputes, says David Smith at Manatt Phelps.
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How To Comply With Chicago's New Paid Leave Ordinance
Chicago's new Paid Leave and Paid Sick and Safe Leave Ordinance went into effect earlier this month, so employers subject to the new rules should update leave policies, train supervisors and deliver notice as they seek compliance, say Alison Crane and Sarah Gasperini at Jackson Lewis.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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Expect CFPB To Enforce Warning Against 'Coercive' Fine Print
The recent Consumer Financial Protection Bureau warning against unenforceable terms "deceptively" slipped into the fine print of contracts will likely be challenged in court, but until then, companies should expect the agency to treat its guidance as law and must carefully scrutinize their consumer contracts, say attorneys at Ballard Spahr.
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Loss Causation Ruling Departs From Usual Securities Cases
A California federal court recently dismissed Ramos v. Comerica, finding that the allegations failed to establish loss causation, but the reasoning is in tension with the pleading-stage approaches generally followed by both courts and economists in securities fraud litigation, say Jesse Jensen and Aasiya Glover at Bernstein Litowitz.
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PAGA Reforms Encourage Proactive Employer Compliance
Recently enacted reforms to California's Private Attorneys General Act should make litigation under the law less burdensome for employers, presenting a valuable opportunity to streamline compliance and reduce litigation risks by proactively addressing many of the issues that have historically attracted PAGA claims, say attorneys at Mintz.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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How Tech Trackers May Implicate HIPAA After Hospital Ruling
A recent Texas federal court order in American Hospital Association v. Becerra adds a legal protection on key data, clarifying when tracking technologies implicate the Health Insurance Portability and Accountability Act, so organizations should ensure all technology used is known and accounted for, say John Howard and Myriah Jaworski at Clark Hill.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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A Checklist For Lenders Preparing For CRE Loan Defaults
Considering the recent interest rate environment, lenders should brush up on the proper steps that they should take when preparing to respond to a borrower's default on a commercial real estate loan, and borrowers should understand what lenders will be reviewing, says attorney Norma Williams.
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Mitigating Risks Amid 10-Year Sanctions Enforcement Window
In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.