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Compliance
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August 01, 2024
BNY's Pershing Hit With $1.4M FINRA Recordkeeping Fine
BNY subsidiary Pershing will pay the Financial Industry Regulatory Authority a $1.4 million fine to resolve claims that it misstated interest rates for variable rate securities on millions of account statements for more than 12 years.
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August 01, 2024
DOD Defends Designating Tech Firm As Chinese Military Co.
The U.S. Department of Defense defended its decision to designate light section and ranging technology firm Hesai Technology Co. Ltd. as a Chinese military company, telling a District of Columbia federal judge that there exists "substantial evidence" that the company is affiliated with the Chinese Ministry of Industry and Information Technology.
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August 01, 2024
Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed
Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."
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August 01, 2024
Apple Says DOJ Is Looking For 'Judicial Redesign' Of IPhone
Apple Inc. urged a New Jersey federal judge Thursday to throw out the U.S. Department of Justice's antitrust lawsuit, calling claims of restricted app access meant to lock users into the iPhone as a government effort to control protocols the company contends are needed to ensure security and reliability.
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August 01, 2024
Boeing, Spirit Aerosystems Escape Calif. Door Blowout Suit
A California federal judge on Wednesday tossed Boeing and supplier Spirit AeroSystems from a product liability lawsuit brought by passengers aboard the Alaska Airlines flight that experienced a midair door plug blowout in January, finding that the Golden State court lacks jurisdictional authority over two of the three defendants.
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August 01, 2024
Pirate Broadcaster Hit With Max Fine For Ignoring FCC
If the FCC could have fined the pirate radio station that it says has been operating out of the Bronx for years a penny more, it would have, but the agency ended up levying the maximum fine of just over $2.3 million against the operator of the station.
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August 01, 2024
6th Circ. Puts Net Neutrality Rule On Ice During Appeals
The Sixth Circuit on Thursday granted industry groups' bid to put a hold on the Federal Communications Commission's net neutrality rules while appellate court challenges play out, saying there is a strong chance that internet service providers will eventually prevail.
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August 01, 2024
EU Approves $18B Grain Deal With Asset Sales
European enforcers on Thursday approved grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, conditioned on the sale of Viterra's oilseed businesses in Hungary and Poland.
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August 01, 2024
Novo Nordisk Loses Challenge To Medicare Drug Price Talks
Another challenge to a Medicare drug price negotiation program has failed after a New Jersey federal judge ruled once again that the program is voluntary and rejected claims that it violates the constitutional rights of pharmaceutical giant Novo Nordisk.
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August 01, 2024
Monthly Merger Review Snapshot
The Federal Trade Commission brought its latest case contesting a vertical merger, Tempur Sealy's bid for Mattress Firm, while continuing to battle Microsoft's purchase of Activision and Kroger's purchase of Albertsons, even as the agency allowed several oil deals to move forward without challenge.
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August 01, 2024
EPA Objects To Colorado Air Permit For Oil And Gas Site
The U.S. Environmental Protection Agency is directing Colorado officials to revisit an operating permit issued for an oil and gas well site north of Denver, in response to concerns raised by a conservation group.
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August 01, 2024
Court Won't Stop FTC Judges In H&R Block False Ad Fight
The Federal Trade Commission can proceed with its hearing against H&R Block accusing the tax preparation firm of false advertising, a Missouri federal judge ruled Thursday, rejecting the company's argument that the agency's administrative law judges lack constitutional authority to preside.
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August 01, 2024
The Top In-House Hires Of July
Legal department hires over the last month included high-profile appointments at Roku, JetBlue and Harvard University. Here, Law360 Pulse looks at some of the top in-house announcements from July.
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August 01, 2024
Senate Panel OKs NLRB Nominees, Setting Up Floor Fight
A Senate committee on Thursday voted to advance the nomination of National Labor Relations Board Chairman Lauren McFerran and a Seyfarth Shaw LLP partner nominated to fill a Republican vacancy on the board, setting up a high-stakes floor fight over key spots at the agency.
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August 01, 2024
5th Circ. Backs Louisiana's Block Of EPA Chemical Rule
The Fifth Circuit on Wednesday refused to overturn a Louisiana agency's move to block the U.S. Environmental Protection Agency from enforcing a chemical rule that a neoprene maker says would force it to shut down.
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August 01, 2024
Locke Lord Adds Insurance, Privacy Partners In Chicago
Locke Lord LLP announced on Wednesday that two partners formerly of Sidley Austin LLP and Thompson Coburn LLP have joined the firm's insurance and cybersecurity practices out of Chicago.
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August 01, 2024
GOP Senators Slam 'Burdensome' FDIC Bank Board Proposal
Republicans on the U.S. Senate Committee on Banking, Housing and Urban Affairs asked the Federal Deposit Insurance Corp. to withdraw proposed rulemaking on corporate governance, contending Wednesday that the proposal would "harm the safety and soundness" of the U.S. banking system.
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August 01, 2024
Bipartisan Senator Team Reintroduces Anti-Deepfake Bill
Four senators introduced an updated version of the Nurture Originals, Foster Art, and Keep Entertainment Safe Act of 2024, or the NO FAKES Act, to combat the creation and distribution of fake replicas of people without their consent, drawing major industry support and some backlash.
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August 01, 2024
RTX Didn't Tell Jobseekers Of Lie Detector Ban, Suit Says
Raytheon Technologies Corp., now RTX Corporation, failed to advise job applicants that Massachusetts bans the use of lie detector tests in hiring decisions, as required by a nearly 40-year-old law, a proposed class action filed in state court alleges.
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August 01, 2024
Senate Energy Panel Advances Permitting Overhaul Bill
The Senate Committee on Energy and Natural Resources advanced bipartisan legislation aimed at expanding and speeding up the permitting process for fossil fuel, renewable energy and transmission projects.
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August 01, 2024
Mass. Could Be New Front In The Battle Over Jury Trial Right
Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.
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July 31, 2024
IRL App Cofounder Hit With SEC Suit Alleging $170M Fraud
The U.S. Securities and Exchange Commission sued the cofounder of media app In Real Life in California federal court on Wednesday, alleging a scheme to sell $170 million in company stock to investors while omitting that the app's growth was fueled by bot-generated traffic, and using company credit cards on personal expenses.
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July 31, 2024
Live Nation Says In-House Attys Can't Access DOJ Docs
As it warned would be the case, Live Nation is telling a New York federal judge that it has no in-house counsel that will be able to meet his rules on counsel access to highly confidential material in the U.S. Department of Justice's antitrust suit against the live events company.
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July 31, 2024
Discover Could Pay $200M In Card 'Misclassification' Fines
Discover Financial Services told investors on Wednesday that it could face $200 million in potential regulatory penalties over its past "misclassification" of certain credit card accounts, an issue that's also led to class action litigation and other scrutiny for the card giant.
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July 31, 2024
GoDaddy Asks To Have Tech Co.'s Antitrust Suit Culled
Domain registrar GoDaddy is asking a Virginia federal court to knock out half of a lawsuit accusing it of blackballing a tech company from its platform, saying that after failing to secure a licensing deal, the suing company "has now turned to antitrust law to try to compel a result it could not obtain through arms-length negotiation."
Expert Analysis
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Unpacking NY's Revised Hospital Cybersecurity Rule Proposal
The New York State Department of Health's recently revised hospital cybersecurity rule proposal highlights increased expectations and scrutiny around cybersecurity in the healthcare sector, while adapting to both recent industry developments and public comments, say Christine Moundas and Gideon Zvi Palte at Ropes & Gray.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Unlocking Blockchain Opportunities Amid Legal Uncertainty
Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Managing Legal Risks After University Gaza Protests
Following the protests sparked by the war in Gaza, colleges and universities should expect a long investigative tail and take steps to mitigate risks associated with compliance issues under various legal frameworks and institutional policies, say Wiley's Diana Shaw and Colin Cloherty.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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5 Steps For Gov't Contractor Affirmative Action Verification
As the federal contractor affirmative action program certification deadline approaches, government contractors and subcontractors should take steps to determine their program obligations, and ensure any required plans are properly implemented and timely registered, say Christopher Wilkinson at Perkins Coie and Joanna Colosimo at DCI Consulting.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Debate Over CFPB Definition Of Credit Is Just Beginning
The Consumer Financial Protection Bureau has recently worked to expand the meaning of credit, so anyone operating on the edges of the credit markets, or even those who assumed they were safely outside the scope of this regulatory perimeter, should pay close attention as legal challenges to broad interpretations of the definition unfold, says John Coleman at Orrick.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.