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Compliance
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September 26, 2024
Legal Pros Grapple With Best Use Of AI As Clients Divide
BigLaw attorneys and in-house counsel speaking at the annual Berkeley Law AI Institute on Thursday talked about how they've recently grappled with using the tools known as artificial intelligence in representing clients, saying some clients have either demanded or prohibited attorneys from using the tools, and others have taken seemingly contradictory positions.
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September 26, 2024
HHS Flags Ransomware Rise In New Deal With Wash. Provider
A Washington state-based healthcare provider has agreed to pay $250,000 and boost its data security to resolve the U.S. Department of Health and Human Service's enforcement action over a 2017 ransomware attack, amid what the agency said has been a steep rise in reports of such cyberattacks over the past six years.
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September 26, 2024
Tornado Cash Developer Must Face Criminal Case
The founder of cryptocurrency mixing service Tornado Cash can't escape charges he conspired to launder money and violate sanctions, after a Manhattan federal judge ruled in an oral opinion Thursday that his "narrative" of being prosecuted over writing computer code should be put before a jury.
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September 26, 2024
Sen. Warren Presses OCC, Fed For Tighter Leash On NYCB
Sen. Elizabeth Warren, D-Mass., demanded Wednesday that federal regulators slap New York Community Bancorp with a higher minimum capital requirement, calling out what she alleges has been lax oversight of the bank.
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September 26, 2024
SEC Fines Fla. Advisory Firm Over Whistleblower Barriers
Florida-based investment management company GQG Partners LLC has settled U.S. Securities and Exchange Commission claims that the company made it difficult for a former employee and prospective workers to report potential securities law violations, the SEC said on Thursday.
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September 26, 2024
SEC Fines DraftKings $200K Over CEO's Social Media Blasts
DraftKings agreed to pay a $200,000 fine to resolve U.S. Securities and Exchange Commission administrative charges that the online sports betting platform shared nonpublic sales growth information with some of its investors through its CEO's social media without disclosing the information to all investors, the agency said Thursday.
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September 26, 2024
Colo. AG Says He Won't Call 'Ticky Tack' Privacy Fouls
Colorado Attorney General Phil Weiser told an audience of attorneys and privacy professionals Thursday that part of his privacy enforcement strategy is not to needle companies that are trying to comply with the law for minor violations.
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September 26, 2024
FinCEN Withdraws Plan To Bar Now-Defunct Latvian Bank
The U.S. Treasury Department's financial crimes unit indicated Thursday that it intends to withdraw its previous finding flagging Latvian bank ABLV Bank AS for money laundering concerns, in light of its "advanced stage of liquidation" and improvements to Latvia's financial regulatory regime.
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September 26, 2024
Belgian Co. Can't Keep Using Ad Space Rent-Free, ECJ Says
The European Court of Justice on Thursday upheld a 2019 European Commission ruling that a street furniture company's owed rent for Brussels bus shelter advertising space, agreeing with the commission that allowing the company to continue using the ad displays without paying rent or taxes constituted unlawful state aid.
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September 26, 2024
5th Circ. Dusts Off FDIC Challenge In Jarkesy's Wake
The Fifth Circuit moved Wednesday to pick back up with a former bank CEO's challenge to Federal Deposit Insurance Corp. enforcement proceedings, taking the case off pause now that the U.S. Supreme Court has upheld a similar challenge involving the U.S. Securities and Exchange Commission.
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September 26, 2024
3rd Circ. Rules Commerce Fishery Councils Cannot Veto Regs
Government-appointed advisory councils that have the power to veto decisions of federal cabinet-level officials run afoul of the U.S. Constitution, the Third Circuit said, stripping that veto power from "regional fishery management councils" that advise the U.S. secretary of commerce.
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September 26, 2024
FCC Hits Alleged Pirate Radio Operators With $1.8M In Fines
The Federal Communications Commission on Thursday slapped more than $800,000 in fines on three alleged pirate radio operators in the Miami area and proposed $1 million in forfeitures against three others in the New York City area.
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September 26, 2024
Snowflake, AT&T Data Breach Suit Must Be Joined, JPML Told
An attorney for plaintiffs suing cloud provider Snowflake Inc., which counts AT&T Inc. among its clients and suffered a series of high-profile hacks, urged the Judicial Panel on Multidistrict Litigation Thursday to consolidate all related litigation, saying the disputes revolve around common issues.
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September 26, 2024
Feds Rip Railroads' 11th Circ. Bid To Void Train Crew Size Rule
The U.S. Department of Transportation has told the Eleventh Circuit that its new train crew size rule is intended to promote rail safety, yet railroads have misconstrued the requirement and overblown their purported cost burdens in an effort to torpedo the rule.
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September 26, 2024
Visa Case Continues Antitrust Focus On 'Middlemen'
The antitrust case filed by the U.S. Department of Justice against Visa on Tuesday is the administration's latest attack on commercial "middlemen" that enforcers say contribute to high consumer prices by using their dominance to charge inflated fees.
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September 26, 2024
Infighting Plagues SF Leaders With High Court Args Imminent
San Francisco has forged ahead with its effort to convince the U.S. Supreme Court that a federal Clean Water Act permit is too vague for it to comply with, even as a dispute over whether to drop the case has broken out between city leaders.
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September 26, 2024
Senate OKs Bill To Vet Broadband Funding Winners
The U.S. Senate has approved a bill to require screening of broadband providers for their ability to meet obligations under federal funding programs to subsidize deployment of high-speed service.
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September 26, 2024
Judge Certifies COVID-19 Refund Action Against Cedar Fair
An Ohio federal judge certified two classes of 2020 season pass holders with amusement park company Cedar Fair LP — which recently merged with Six Flags Entertainment Corp. — and also added some subclasses for the pass holders' claims that they are entitled to refunds after the amusement parks they bought passes for were shut down during the COVID-19 pandemic.
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September 26, 2024
4th Circ. Judge Thrashes Vets' Argument In Citibank Fee Suit
A Fourth Circuit judge on Thursday ripped military members' argument that they must be allowed under a military-members-lending law to proceed in federal court with a proposed class action alleging Citibank charged illegal fees, with the judge stressing that the statute is silent on forbidding arbitration.
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September 26, 2024
SEC Scores Partial Win In Suit Over Blockchain Co.'s ICO
A New York federal judge has partially granted the U.S. Securities and Exchange Commission's motion for summary judgment in a suit accusing blockchain marketplace company Opporty International Inc. and its Brooklyn-based owner of conducting a fraudulent initial coin offering of unregistered digital asset securities.
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September 26, 2024
Feds Send Message To Adams' City Hall: Buckle Up
The seizure of another of New York City Mayor Eric Adams' phones ahead of his corruption indictment Thursday and a prosecutor's cryptic vow to "hold more people accountable" suggest the landmark case may only just be getting started, experts say.
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September 26, 2024
Nvidia Seeks 'Unworkable' Pleading Standard, Justices Told
Nvidia Corp. shareholders asked the U.S. Supreme Court on Wednesday to reject the company's "unworkable" reading of the pleading standards under the Private Securities Litigation Reform Act, arguing that they've presented plenty of evidence to move forward with claims that the company hid its $1 billion exposure to the volatile cryptocurrency market.
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September 26, 2024
Healthcare Atty Rejoins Polsinelli After Foley Hoag Stint
Polsinelli PC announced on Wednesday that a doctor and former healthcare policy attorney who spent 11 years during a previous stint with the firm has returned to its Washington, D.C., office as a public policy shareholder.
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September 26, 2024
Conn. Jury Finds Oil Trader Guilty In Petrobras Bribery Scheme
A Connecticut federal jury convicted a former oil trader on charges that he sent millions in bribes through an intermediary to officials at Brazilian state oil giant Petroleo Brasileiro, capping a three-week trial on Thursday.
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September 26, 2024
Meet The Quinn Emanuel Atty Defending NYC Mayor Adams
Embattled New York City Mayor Eric Adams has tapped Quinn Emanuel Urquhart & Sullivan LLP partner Alex Spiro to defend him against campaign fraud and bribery charges, putting his fate in the hands of a hotshot attorney known for celebrity clients and courtroom miracles.
Expert Analysis
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What The SEC Liquidity Risk Management Amendments Entail
Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.
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Service Agreement Lessons From July's Global Tech Outage
The worldwide outages recently caused by Crowdstrike Holdings' misconfigured software update highlight the need to evaluate potential IT vendors, negotiate certain service agreement terms, and review existing agreements and diligence forms to help prevent future disruptions and mitigate the fallout should one occur, say attorneys at WilmerHale.
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Vertex Suit Highlights Issues For Pharma Fertility Support
Vertex Pharmaceuticals' recent lawsuit challenging the U.S. Department of Health and Human Services' interpretation of the Anti-Kickback Statute is influenced by a number of reproductive rights and health equity issues that the Office of Inspector General should address more concretely, including in vitro fertilization and fertility preservation programs, says Mary Kohler at Kohler Health Law.
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Calif. Bill, NTIA Report Illustrate Open-Model AI Safety Debate
The National Telecommunications and Information Administration’s balanced recommendations for preventing misuse of open artificial intelligence models, contrasted with a more aggressive California bill, demonstrate an evolving regulatory debate about balancing democratic access to this powerful new technology against potential risks to the public, say Stuart Meyer and Fredrick Tsang at Fenwick.
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5 Lessons From Consulting Firm's Successful DOJ Disclosure
The Boston Consulting Group recently received a rare declination of prosecution from the U.S. Department of Justice after self-disclosing a foreign bribery scheme, and the firm’s series of savvy steps after discovering the misconduct provides useful data points for white collar defense attorneys, says Jonathan Porter at Husch Blackwell.
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What To Know About Ill. Employment Law Changes
Illinois employers should review their policies in light of a number of recent changes to state employment law, including amendments to the state’s Human Rights Act and modifications to the Day and Temporary Labor Services Act, say attorneys at Kilpatrick.
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'Greenhushing': Why Some Cos. Are Keeping Quiet On ESG
A wave of ESG-related litigation and regulations have led some companies to retreat altogether from any public statements about their ESG goals, a trend known as "greenhushing" that was at the center of a recent D.C. court decision involving Coca-Cola, say Gonzalo Mon and Katie Rogers at Kelley Drye.
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Complying With FTC's Final Rule On Sham Online Reviews
The Federal Trade Commission's final rule on deceptive acts and practices in online reviews and testimonials is effective Oct. 21, and some practice tips can help businesses avert noncompliance risks, say Airina Rodrigues and Jonathan Sandler at Brownstein Hyatt.
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7 Takeaways For Investment Advisers From FinCEN AML Rule
With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.
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Basics Of Collective Bargaining Law In Principle And Practice
Excerpt from Practical Guidance
Rebecca Bernhard and Jennifer Service at Barnes & Thornburg discuss the nuts and bolts of what the National Labor Relations Act requires of employers during collective bargaining, and translate these obligations into practical steps that will help companies prepare for, and succeed during, the negotiation process.
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Mich. Whistleblower Ruling Expands Retaliation Remedies
The Michigan Supreme Court's recent Occupational Health and Safety Act decision in Stegall v. Resource Technology is important because it increases the potential exposure for defendants in public policy retaliation cases, providing plaintiffs with additional claims, say Aaron Burrell and Timothy Howlett at Dickinson Wright.
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What VC Fund Settlement Means For DEI Grant Programs
An unexpected settlement in American Alliance for Equal Rights v. Fearless Fund, based on specific details of an Atlanta venture capital fund's challenged minority grant program, leaves the legal landscape wide open for organizations with similar programs supporting diversity, equity and inclusion to chart a path forward, say attorneys at Moore & Van Allen.
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Opinion
A Fuzzy Label With Bite: FTC Must Define Surveillance Pricing
The Federal Trade Commission recently issued orders to eight companies — including Mastercard, McKinsey and Chase — seeking information on "surveillance pricing," but the order doesn't explain the term or make the distinction between legal and illegal practices, leaving any company that uses personalized pricing in the dark, says Chris Wlach at Huge.