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Compliance
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August 26, 2024
CFPB Defeats Challenge To Small-Biz Lending Rules
The Consumer Financial Protection Bureau landed an early win Monday in an industry-backed challenge to its reporting requirements for small business lenders, with a Texas federal judge finding the rule "is much more modest than plaintiffs would lead the court to believe."
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August 26, 2024
SEC Claims Crypto Bros. Raised Millions With Lies
The SEC on Monday filed suit against two brothers in Georgia federal court, claiming they ran a Ponzi scheme under the guise of a crypto asset lending pool and misspent millions of dollars of investors' money, including on vehicle purchases and a penthouse condo in Miami.
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August 26, 2024
Crypto Lender Abra Settles SEC's Unregistered Securities Suit
The U.S. Securities and Exchange Commission announced Monday that it's settled with the business entity behind crypto lending platform Abra over alleged failures to register its lending product.
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August 26, 2024
Ariz. Woman Owes $22M After Defrauding State Health System
A Mesa, Arizona, woman has been ordered to pay nearly $22 million in restitution to the state's Health Care Cost Containment System and serve more than five years in federal prison after she admitted to a fraudulent billing practice targeting Native Americans seeking behavioral health treatment.
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August 26, 2024
NC State '83 Basketball Champs Add TV Networks To NIL Suit
Members of the 1983 North Carolina State basketball championship team, known as the Cardiac Pack, have added CBS and TNT to their lawsuit alleging their name, image and likeness were exploited by the National Collegiate Athletic Association and others to garner untold amounts during March Madness without the players seeing a dime.
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August 26, 2024
Pa. Goodwill Qualifies For Charitable Exemption, Court Says
A Goodwill store in Pennsylvania qualifies for a charitable exemption from property tax, the state's Commonwealth Court ruled Monday, finding the store satisfies constitutional requirements for the exemption by providing employee training and driver's training.
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August 26, 2024
Connecticut And NY AGs Reach Terms For Hospital Merger
Two major hospital systems in New York and Connecticut have reached an agreement with their states' attorneys general to resolve an antitrust investigation spurred by the planned merger of Northwell Health and Nuvance Health, bringing the deal first announced in February closer to fruition.
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August 26, 2024
Feds Want 1 Year In Prison For Co. Owner In Bid-Rigging Case
On Friday, federal prosecutors asked a Georgia federal judge to sentence a man who pled guilty to participating in a coastal Georgia concrete bid-rigging and price-fixing scheme to one year and a day in prison.
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August 26, 2024
New $400M Suit Over NBA Jersey Deal Alleges Owner Threats
A beverage company and its founder have accused the NBA's Houston Rockets of defrauding it in a proposed jersey sponsorship and product promotion deal, and claimed that owner Tilman Fertitta sent his lawyers to threaten them, in a suit filed in Florida federal court that seeks more than $400 million in damages.
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August 26, 2024
Telegram CEO Arrested In French Probe Of Messaging App
The founder and CEO of messaging platform Telegram has been arrested in Paris as part of an investigation into allegations the company is complicit in illegal transactions, child pornography and organized fraud, French prosecutors said Monday.
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August 26, 2024
Feds Want Prison For Ex-Atlanta CFO Who Stole City Funds
The former chief financial officer for the city of Atlanta who admitted to stealing city money and obstructing an IRS audit should spend at least about three years in prison, federal prosecutors argued ahead of his sentencing, saying he has been uncooperative since pleading guilty.
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August 26, 2024
FTC Mulls Proposal To Alter Puerto Rican Pharmacy Deal
The Federal Trade Commission is considering a plan to allow Puerto Rico's largest independent pharmacy cooperative to resume collective negotiations with payors, reexamining a 2012 settlement agreement that the cooperative says is now unnecessary because of changes in the commonwealth's law and pharmacy market.
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August 26, 2024
JPMorgan Cash Sweep 'Shortchanged' Customers, Suit Says
JPMorgan Chase has been hit with a proposed class action in New York federal court alleging its securities branch "shortchanged" customers by automatically "sweeping" their uninvested cash balances into deposit accounts at its affiliate, Chase Bank.
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August 26, 2024
NY Nursing Homes Can't Duck AG's $83M Fraud Suit
A New York judge shot down a bid by four nursing homes and their operators to dismiss the state attorney general's claims that they defrauded Medicare and Medicaid and neglected residents.
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August 26, 2024
Globetrotters Parent Co. Shouldn't Duck Bias Suit, Judge Says
The Harlem Globetrotters' parent company and its media arm shouldn't be able to escape a player's suit alleging she was cut from the team after rejecting its general manager's romantic advances, a Georgia federal judge said, rejecting the entities' arguments that they weren't properly notified about the allegations.
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August 26, 2024
Energy Cases To Watch In The 2nd Half Of 2024
Even after an action-packed first half of 2024, plenty of high-stakes energy litigation remains, including a new twist in the prolonged battle over climate change lawsuits against fossil fuel companies, as well as cases that could influence federal climate change policy. Here are several cases energy attorneys will be watching in the second half of the year.
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August 26, 2024
Gov't Contracting Policies To Watch In The 2nd Half Of 2024
An overhaul to the U.S. Department of Defense's cybersecurity requirements and a pending rule requiring many contractors to report their greenhouse gas emissions headline a slate of significant policy initiatives for government contractors to watch for during the second half of this year. Here, Law360 previews four upcoming policy changes with significant potential impacts on government contractors.
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August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking
Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
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August 23, 2024
FDIC Says Ex-Lender Can't Have 3rd Bite At In-House Apple
The Federal Deposit Insurance Corp. on Friday urged a Washington, D.C., federal judge to reject a former small-business financier's bid to immediately halt an agency enforcement proceeding against him, saying a key recent U.S. Supreme Court decision doesn't apply to his case.
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August 23, 2024
Ohio Constitution Dooms 24-Hour Abortion Waiting Period
An Ohio state judge on Friday preliminarily blocked multiple Ohio civil and criminal abortion-related statutes requiring informed consent and a 24-hour waiting period, among other restrictions, finding that the statutes likely run afoul of the recently passed voter-backed state constitutional amendment enshrining the right to abortion.
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August 23, 2024
Kraken Must Face SEC's Crypto Case Over Platform Sales
A California federal judge on Friday denied a bid by cryptocurrency exchange Kraken to ditch a U.S. Securities and Exchange Commission enforcement suit, finding the regulator plausibly alleged that "at least some" of the digital currency transactions on Kraken's online platform constitute investment contracts.
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August 23, 2024
Real Estate Recap: Key Cases, Proptech Pain, RealPage Suit
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including the residential real estate cases to watch in 2024's second half, proptech's recent funding lapse and long-term potential, and a new lawsuit from the U.S. Department of Justice against property management software company RealPage.
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August 23, 2024
SEC Awards Nearly $100M To 2 Whistleblowers
Two whistleblowers will receive more than $98 million for providing information the U.S. Securities and Exchange Commission used to carry out an enforcement action, the agency said Friday.
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August 23, 2024
PE Fund Says SEC Is Overstepping With 'Fishing Expedition'
A large South Carolina private equity fund has sued the U.S. Securities and Exchange Commission for allegedly overstepping its authority by trying to regulate the business' activities through an unconstitutional "fishing expedition" investigation that threatens the building of thousands of housing units.
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August 23, 2024
Crypto Founder Says SEC 'Twists' Claims To Make Suit Stick
The cryptocurrency founder accused by the U.S. Securities and Exchange Commission of misappropriating $12 million in customer assets from an alleged billion dollars in unregistered crypto securities offerings told a Brooklyn federal judge that the regulator "twists its timelines" to tie his conduct to the U.S.
Expert Analysis
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How Orange Book Antitrust Scrutiny Is Intensifying
Pharmaceutical patent holders should be reviewing Orange Book listing practices, as the Federal Trade Commission takes a more aggressive antitrust approach with actions such as the Teva listing probe, and the U.S. Food and Drug Administration calls attention to potentially improper listings, say attorneys at McDermott.
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What To Know As Children's Privacy Law Rapidly Evolves
If your business hasn't been paying attention to growing state and federal efforts to protect children online, now is the time to start — there is no sign of this regulation slowing down, and more aggressive enforcement actions are to be expected in the coming year, says Susan Rohol at Willkie Farr.
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Weight-Loss Drugs May Spur Next Major Mass Tort
With lawsuits concerning Ozempic and similar weight-loss drugs potentially becoming the next major mass tort in the U.S., companies should consider key defense strategies ranging from alternate dispute resolution to enhanced drug safety, say Dino Haloulos and Jarif Khan at Foley & Mansfield.
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Tips For Lenders Offering Texas Home Equity Lines Of Credit
As interest in home equity lines of credit increases, lenders seeking to utilize such products in Texas must be aware of state-specific requirements and limitations that can make it challenging to originate open-end lines of credit on homestead property, says Tye McWhorter at Polunsky Beitel.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Congress Quietly Amends FEPA: What Cos. Should Do Now
Last week, Congress revised the Foreign Extortion Prevention Act — passed last year to criminalize demand-side foreign bribery — to address inconsistencies and better harmonize the law with the Foreign Corrupt Practices Act, and companies should review their compliance programs accordingly, say Mark Mendelsohn and Benjamin Klein at Paul Weiss.
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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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.