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Compliance
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December 04, 2024
Outgoing FCC Chief Lacerates With A Grin At 'Telecom Prom'
Lawyers who gathered for the telecom bar's marquee yearly dinner Tuesday were treated to the traditional night of sardonic wit as the outgoing head of the Federal Communications Commission took aim at the new power structure looming in Washington, D.C.
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December 04, 2024
Wells Fargo Wants Suits Over $300M Scheme Tossed
Wells Fargo Bank NA urged a Florida federal judge on Wednesday to toss both a proposed class action and a receiver's lawsuit claiming the bank aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, arguing that neither pleading sufficiently shows that Wells Fargo knew about the fraud.
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December 04, 2024
EPA Finalizes Changes To Chemical Review Process
The U.S. Environmental Protection Agency on Wednesday finalized a rule to improve the efficiency of its new chemical review process that also makes per- and polyfluoroalkyl substances, also known as "forever chemicals," ineligible for exemptions that allow for shorter, less robust chemical reviews.
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December 04, 2024
Pitt, UPMC Say Fired Doctor Didn't State How DEI Broke Law
A fired University of Pittsburgh medical school program director's article criticizing diversity, equity and inclusion initiatives isn't protected activity, since he did not specify in suing that Pitt or the University of Pittsburgh Medical Center used DEI initiatives to discriminate, the institutions' lawyers told a federal judge Wednesday.
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December 04, 2024
Treasury Finalizes Broad Energy Investment Tax Credit Regs
The U.S. Treasury Department released final regulations Wednesday for the clean energy investment tax credit, which includes notable changes to the proposed energy property definition to include functional components in calculating the incentive's value, such as a biogas facility's upgrading equipment.
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December 04, 2024
Crypto Groups Hail Trump's SEC Pick Paul Atkins
President-elect Donald Trump on Wednesday said he will nominate former U.S. Securities and Exchange Commission member Paul Atkins to lead the agency next year, a decision that cryptocurrency advocates praised as opening a path for greater acceptance of an industry that has faced a slew of lawsuits under the current SEC.
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December 04, 2024
Trump Names Slater To DOJ Antitrust Against 'Wild' Big Tech
President-elect Donald Trump signaled a full steam ahead approach to reining in major technology platforms with the announced nomination Wednesday of former Federal Trade Commission staffer and Trump administration economic adviser Gail Slater to run the U.S. Department of Justice's Antitrust Division.
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December 03, 2024
Equipment Co. Inks $14.5M OFAC Deal Over Iran Sanctions
The U.S. Department of the Treasury's Office of Foreign Assets Control on Tuesday said a German industrial equipment company has inked a $14.5 million settlement to end claims that it violated Iran sanctions by supplying the country with a polypropylene plant, though a majority of the penalties will be suspended if the company meets certain compliance commitments set out by the deal.
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December 03, 2024
Ex-Apple Workers Accused Of Swiping Charity Match Funds
A Northern California district attorney's office on Tuesday unveiled charges against six former Apple Inc. workers accused of scheming to convince their employer to match thousands of dollars in nonexistent donations to children's charities, according to an announcement from the office.
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December 03, 2024
FTC Secures Location Data Sale Bans In Pair Of New Actions
The Federal Trade Commission on Tuesday doubled down on its efforts to safeguard consumers' sensitive location information, announcing a pair of settlements against a data broker and an analytics provider that the commission claims unlawfully collected and sold data that could track individuals to health clinics and other sensitive places.
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December 03, 2024
Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law
A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.
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December 03, 2024
Mich. AG Deal, NIH 4th Circ. Win And X Corp Bid In HIPAA Row
Michigan's attorney general has agreed not to hold a Christian healthcare provider accountable to certain antidiscrimination protections related to gender and sexuality while the provider challenges them in court. Meanwhile, a New York federal judge decided to keep the largest anesthesiology provider in the U.S. on the hook for antitrust claims over its noncompete agreements with clinicians.
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December 03, 2024
Top Ex-SEC Officials Warn Of Enforcement Upheaval
Former top U.S. Securities and Exchange Commission officials on Tuesday predicted a sea change in the agency's enforcement approach in the coming second administration of President-elect Donald Trump, with a lighter touch for corporate wrongdoers and a whole new ballgame with respect to cryptocurrency.
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December 03, 2024
Feds, Nuke Storage Co. Ask Justices To Nix Bar On Waste Site
The U.S. Nuclear Regulatory Commission and Interim Storage Partners LLC are urging the U.S. Supreme Court to reverse a Fifth Circuit ruling barring a license for the company to temporarily store spent nuclear fuel at a site in Texas's Permian Basin.
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December 03, 2024
Coinbase Says It Won't Use Firms That Hire Crypto Enforcers
Cryptocurrency exchange Coinbase made clear that it won't work with law firms that employ former U.S. Securities and Exchange Commission attorneys who led the charge on crypto enforcement suits, singling out Milbank LLP for its hiring of ex-SEC enforcement director Gurbir Grewal.
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December 03, 2024
Antitrust Judge Rips Apple's 'Meritless' Doc Privilege Claims
Apple fought uphill Tuesday to convince a California federal magistrate judge that it properly withheld 57,000 documents from Epic Games due to attorney-client privilege in their antitrust fight, with the judge eventually telling its lawyer, "I disagree with everything you're saying, and the fact you're making these meritless arguments causes me concern."
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December 03, 2024
Unit Of World's Largest Bank Avoids SEC Penalty In Cyber Case
A broker-dealer subsidiary of the Industrial and Commercial Bank of China will escape civil penalties in a settlement with the U.S. Securities and Exchange Commission over its books and records because of the firm's remediation and cooperation, the agency says.
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December 03, 2024
Trump-Era Rule On Genetically Engineered Crops Tossed
A California federal judge on Monday vacated a 2020 Trump-era rule that a group of agricultural and environmental organizations alleged significantly reduced government oversight over genetically engineered crops, grasses and trees, granting the groups a partial summary judgment win due to the U.S. Department of Agriculture's inadequate explanations for the rule.
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December 03, 2024
SEC Says Biopharma's Cooperation Helped It Avoid Penalty
A Houston biopharmaceutical company accused of misleading investors about the regulatory status of two cancer drugs agreed to settle the U.S. Securities and Exchange Commission's action against it on Tuesday without paying a dime, in recognition of what the SEC said was the company's self-reporting and cooperation with investigators.
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December 03, 2024
Former Officials Target DOJ, FTC Position In Epic V. Google
The U.S. Department of Justice and Federal Trade Commission drew criticism Tuesday from former officials who targeted the agencies' stance on Google's Ninth Circuit fight against the mandated opening of the Android Play Store, with the officials warning in an amicus brief against "compulsory sharing obligations."
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December 03, 2024
Judge Won't Strike AECOM's 'New' Claims In Army Billing Suit
A New York federal judge rejected a whistleblower's attempt to strike AECOM's purportedly new arguments in litigation accusing it of falsely billing the U.S. Army on a $1.9 billion support deal, writing "denied" in the margin of the whistleblower's request.
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December 03, 2024
$1B Sandoz Placeholder Bid Needs More Support, Judge Says
A Connecticut federal judge on Tuesday said he cannot force Novartis spinoff Sandoz Inc. to set aside a $1 billion litigation placeholder in a generic drug pricing lawsuit without hearing whether the state attorney general can enforce possible orders in other states where the pharmaceutical company keeps assets.
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December 03, 2024
Ex-Lender Agrees To $1M FDIC Order After Enforcement Battle
A retired small business financier has agreed to pay $1 million in restitution to end administrative Federal Deposit Insurance Corp. allegations of a fraudulent bridge loan scheme, with the agreement coming after his most recent constitutional challenges to the agency's structure fell flat in October.
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December 03, 2024
Deaf Patient Drops Henry Ford Health System Bias Suit
A deaf patient has resolved claims that Detroit's Henry Ford Health System discriminated against her when the hospital failed to provide her with American Sign Language interpreters, according to a Monday order.
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December 03, 2024
Monthly Merger Review Snapshot
The U.S. Department of Justice moved to block a $3 billion UnitedHealth Group deal, a pair of fashion brand companies abandoned their planned tie-up and the Federal Trade Commission pushed its bid to pause Tempur Sealy's $4 billion purchase of retailer Mattress Firm.
Expert Analysis
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Tobacco Surcharge Suits Spotlight Wellness Reg Compliance
A mounting wave of tobacco-user surcharge litigation against employee benefit plans highlights compliance challenges associated with the Health Insurance Portability and Accountability Act wellness regulations, and reminds plan sponsors to ask existential questions about the utility of their wellness programs, say Finn Pressly and Lesley Wolf at Ballard Spahr.
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6 Tips For Cos. Facing Service Provider Cyber Incidents
When a third-party service provider experiences a cybersecurity incident, businesses may wonder if their information is compromised and if their systems are safe, but there are certain steps that can help businesses prepare for and respond to targeted attacks on vendors, say attorneys at Troutman Pepper.
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SEC Fine Shows Risks Of Nonpublic Info In X, LinkedIn Posts
The U.S. Securities and Exchange Commission recently announced a settlement with DraftKings over charges arising from posting material nonpublic information on the CEO's social media accounts, highlighting that information posted to company websites and social media sites does not automatically qualify as "publicly disclosed" for purposes of Regulation FD, say attorneys at O'Melveny.
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What To Know About New Employment Laws In Fla.
Florida employers should familiarize themselves with recent state laws, and also federal legislation, on retirement benefits, teen labor and heat exposure, with special attention to prohibitions against minors performing dangerous tasks, as outlined in the Fair Labor Standards Act, say Katie Molloy and Cayla Page at Greenberg Traurig.
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Anticipating Jarkesy's Effect On Bank Agency Enforcement
Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.
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CFTC Anti-Fraud Blitz Is A Warning To Carbon Credit Sellers
With its recent enforcement actions against a carbon offset project developer and its senior executives for reporting false information about the energy savings of the company's projects, the Commodity Futures Trading Commission is staking out its position as a primary regulator in the voluntary carbon credit market, say attorneys at Morgan Lewis.
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Unpacking State AG Approaches To Digital Asset Enforcement
Attorneys at Cozen O'Connor survey recent digital asset enforcement by attorneys general nationwide driven by concerns over regulatory gaps where technological developments and market changes have outpaced legislation.
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3 Takeaways From Navy Shipbuilder's Fraud Guilty Plea
Austal USA’s recent plea agreement over accounting fraud charges highlights for other companies the benefits of cooperating with government investigations, the challenges posed by senior executives’ involvement in misconduct, and the high stakes for defense contractors, say Michael DeBernardis and Shayda Vance at Hughes Hubbard.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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Peeling Back The Layers Of SEC's Equity Trading Reforms
The U.S. Securities and Exchange Commission's recently adopted amendments lowering the tick sizes for stock trading and reducing access fee caps will benefit investors and necessitate broad systems changes — if they can first survive judicial challenges, say attorneys at Sidley.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Insights On NLRB General Counsel's New 'Stay-Or-Pay' Memo
Attorneys at Davis Wright discuss the National Labor Relations Board general counsel's new memorandum on employer “stay-or-pay” policies and noncompete agreements, and explain key takeaways concerning the proposed financial remedies, prosecution framework and more.
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Bristol-Myers Win Offers Lessons For Debt Security Holders
A New York federal judge's recent dismissal of a $6.4 billion lawsuit against Bristol-Myers Squibb, due to plaintiff UMB Bank's lack of standing, serves as an important reminder to debt security holders to obtain depositary proxies before pursuing litigation, say attorneys at Milbank.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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CFPB School Lunch Focus Could Expand E-Payment Scrutiny
The Consumer Financial Protection Bureau's recent spotlight on payment processing systems used to add funds to school lunch accounts shows its continued ambitions to further expand its supervisory power in the payments industry, all the way down to the school lunch market, says Tom Witherspoon at Stinson.