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Compliance
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October 24, 2024
Broadcasters Doubt Legality Of FCC Blackout Reporting Regs
TV broadcasters questioned a Federal Communications Commission plan to require cable and satellite companies to report programming "blackouts" caused by carriage disputes to a central database, saying the agency appears to lack legal authority to impose such a requirement.
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October 24, 2024
FINRA Fines Broker Over Securities Lending Algorithm Issues
Interactive Brokers LLC has agreed to a $475,000 fine from the Financial Industry Regulatory Authority to resolve alleged issues with its securities lending algorithm that resulted in the firm returning borrowed shares to customers when it should not have and for allegedly allowing an unregistered person to work on the algorithm's software development.
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October 24, 2024
PBMs Want Separate FTC Hearings Over Insulin Prices
Caremark Rx LLC, Express Scripts Inc. and OptumRx Inc. are calling for separate proceedings in the Federal Trade Commission's case accusing the pharmacy benefit managers of artificially inflating insulin prices through unfair rebate schemes.
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October 24, 2024
Nigeria Frees Binance Exec Detained Over Money Laundering
Nigeria's government released a top executive at cryptocurrency exchange Binance whom the government had been holding liable for money laundering charges against the company, the U.S. government and the exchange's CEO said Thursday.
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October 24, 2024
Texas Says ATF 'Flouts' Its Function With Loophole Rule
A Texas-led group of states has asked an Amarillo federal judge for a pretrial win in its lawsuit challenging a Biden administration rule that would close what's known as the "gun show loophole," writing that the Bureau of Alcohol, Tobacco, Firearms and Explosives "flout[ed] its limited function" by attempting to rewrite federal gun laws.
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October 24, 2024
State Farm Agrees To Settle Immigration Bias Row With DOJ
The U.S. Department of Justice said Thursday that State Farm Mutual Automobile Insurance Co. will pay $30,000 in back pay and penalties to settle claims that one of its Texas corporate offices fired a worker for flagging citizenship discrimination.
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October 24, 2024
Dems Urge HHS To Better Protect Wheelchair Users From PE
A pair of Democratic senators is pressing the U.S. Department of Health and Human Services to do more to protect the approximately 5.5 million wheelchair users in the country from private equity "abuses."
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October 24, 2024
EPA Can't Rush Truck Electrification, DC Circ. Hears
The U.S. Chamber of Commerce and a trucking industry group have thrown their support behind challengers' attempts to upend the U.S. Environmental Protection Agency's greenhouse gas emission standards for heavy-duty vehicles, telling the D.C. Circuit that the agency is trying to accomplish too much too soon.
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October 24, 2024
Court Pauses $8.5B Handbag Merger For FTC Challenge
A New York federal judge on Thursday paused the planned $8.5 billion merger between the owners of Michael Kors and Coach while the Federal Trade Commission challenges the deal over concerns about "accessible luxury" handbags.
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October 24, 2024
Biden Issues Guidelines For National Security Uses Of AI
President Joe Biden issued a memo Thursday on the development and use of artificial intelligence for national security, directing actions such as shoring up the security of computer chip supply chains and ensuring AI is not used to commit human rights violations.
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October 24, 2024
Pot Processor Can't Get Reversal Of Ohio License Denial
An Ohio state appeals court won't let a would-be cannabis processor undo the denial of its bid for a provisional processing license, saying there's no indication that the state regulators abused their discretion in scoring the company low regarding security and contamination risks.
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October 24, 2024
Feds Want Leniency For Key Witness At Bankman-Fried Trial
Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.
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October 24, 2024
Huawei Trade Secrets Trial Pushed Back To 2026
A Washington federal judge on Thursday approved a request from Huawei and the government to delay a trial until October 2026 in a case alleging the company stole T-Mobile's trade secrets.
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October 24, 2024
EPA Finalizes New Standards For Lead Paint Dust
The U.S. Environmental Protection Agency on Thursday said it's finalizing standards to better protect people from lead paint dust exposure, reducing the level considered hazardous and the levels that can remain after abatement work.
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October 24, 2024
Ex-Moody's GC Gets Prison For Tax-Filing Fail On $54M In Pay
The former general counsel for Moody's Corp. was sentenced Thursday to eight months in prison for willfully failing to file federal income tax returns for four years in which he collected $54 million in income.
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October 24, 2024
Mining Eligible In Final Regs For Energy Manufacturing Credit
The U.S. Treasury Department's final rules released Thursday on a valuable tax credit for manufacturing key components and materials used in clean energy technologies allow producers to take into account the costs to mine and extract critical minerals.
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October 24, 2024
State Dept. Counterterrorism Expert Joins Jenner In DC
A former U.S. Department of State counterterrorism expert and National Security Council director has left public service for his first-ever role in private practice, joining Jenner & Block LLP's team in Washington, D.C., as special counsel, the firm announced Thursday.
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October 23, 2024
SEC Says Kraken Can't Get Quick Appeal Of Dismissal Denial
The U.S. Securities and Exchange Commission said cryptocurrency exchange Kraken shouldn't get a quick review of its failed bid to dismiss the regulator's registration suit because the firm's "reinterpretation" of how securities laws apply to digital assets has been broadly rejected by district courts.
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October 23, 2024
Common Ownership Dooms Bids For 9 Low-Power Stations
The Federal Communications Commission said it is not approving nine applications for new low-power FM stations because the entities that applied for them appear to actually all be part of the same organization, which violates the agency's rules on owning multiple stations.
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October 23, 2024
EPA's GHG Power Plant Rule Is Achievable, Scientists Say
A half-dozen prominent scientists and engineers have told the D.C. Circuit that the U.S. Environmental Protection Agency's plan to tap carbon capture and sequestration technology to reduce power plants' greenhouse gas pollution is on point and readily achievable.
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October 23, 2024
CFPB's Chopra Touts Open Banking Rule After Industry Rips It
Consumer Financial Protection Bureau Director Rohit Chopra on Wednesday promoted his agency's new open banking rule to a fintech audience amid stiff opposition from banks, saying "incumbents" can't be allowed to box out the competition that expanded financial data-sharing will enable.
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October 23, 2024
CFPB, Chicago-Area Lender Say Redlining Suit Deal Is 'Likely'
The Consumer Financial Protection Bureau and a Chicago-area mortgage lender have said in a filing that they could be close to settling claims that the lender illegally disparaged majority-Black neighborhoods.
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October 23, 2024
Tribes Want Magistrate Judge To Drop Out Of $12M Award Suit
Two Native American tribes have told a Wyoming federal court that a magistrate judge should recuse himself from an oil and gas company's lawsuit attempting to stop them from using their tribal judicial system to vacate a more than $12 million arbitration award.
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October 23, 2024
Feds, Huawei Ask To Delay 'Complex' Trade Secret Theft Trial
Washington federal prosecutors and Huawei have both asked to delay until 2026 a trial in a case accusing the company of stealing T-Mobile's trade secrets, noting the complexity of the case and difficulties the attorneys for the Chinese chipmaker have had communicating with witnesses.
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October 23, 2024
TD Bank Faces Investor Suit Over $3B AML Failures Fine
TD Bank and four of its executives have been hit with a shareholder class action suit over stock price drops the Canadian bank suffered after U.S. authorities announced a $3 billion settlement over vast compliance failures in TD's anti-money laundering controls.
Expert Analysis
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Employer Tips For PUMP Act Compliance As Law Turns 2
Enacted in December 2022, the Providing Urgent Maternal Protections for Nursing Mothers Act requires employers to provide reasonable break time and a private space for employees to express breast milk, but some companies may still be struggling with how to comply, say attorneys at Alston & Bird.
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4 Takeaways From The FDIC's Proposed Recordkeeping Rule
The Federal Deposit Insurance Corp.'s new proposed rule would impose recordkeeping and other compliance requirements on custodial deposit accounts with transactional features, and practitioners should be aware of four important factors, including who is affected and who is exempt, say attorneys at Covington.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Dealmaker Lessons From CFIUS' New Enforcement Webpage
The Committee on Foreign Investment in the United States’ recently launched webpage, which details the actions — and inactions — that led to enforcement activity, provides important insights for dealmakers about filing requirements, mitigation commitments and the cost of noncompliance, say attorneys at Dechert.
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SEC Settlement Holds Important Pay-To-Play Lessons
The U.S. Securities and Exchange Commission’s recent fine of an investment adviser, whose new hire made a campaign contribution within a crucial lookback period, is a seasonable reminder for public fund managers to ensure their processes thoroughly screen all associates for even minor violations of the SEC’s strict pay-to-play rule, say attorneys at Lowenstein Sandler.
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What's In Colorado's 1st-Of-Its-Kind Neural Privacy Law
Colorado recently became the first U.S. state to directly regulate neurotechnology with new legislation amending the Colorado Privacy Act to specifically protect biological and neural data, offering an example of how lawmakers can tackle the perceived regulation gaps in this area, say attorneys at Goodwin.
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7 Takeaways For Companies After Justices' Bribery Ruling
The U.S. Supreme Court’s Snyder v. U.S. decision this summer, holding that a federal law does not criminalize after-the-fact gratuities made to public officials, raises some key considerations for companies that engage with state, local and tribal governments, say attorneys at BakerHostetler.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Reassessing Lease Provisions To Account For ESG Initiatives
As companies seek to build ESG considerations into their businesses, it's crucial to understand how such initiatives can quickly become significant enough to compel reassessment of lease agreement provisions, and how best to modify leases accordingly, say Julian Freeman and Gabe Pitassi at Cox Castle.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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Integrating ESG Into Risk Management Programs
Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
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Exploring Practical Employer Alternatives To Noncompetes
With the Federal Trade Commission likely to appeal a federal court’s recent rejection of its noncompete ban, and more states limiting the enforceability of these agreements, employers should consider back-to-basics methods for protecting their business interests and safeguarding sensitive information, says Brendan Horgan at FordHarrison.
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How Increased Sanctions Scrutiny Is Affecting Debt Markets
U.S. sanctions and export control regulators have recently taken several steps that broaden financial sector oversight, and banks, lenders and borrowers must adapt their syndication and risk assessment processes in different ways or risk incurring substantial penalties, say Cristina Brayton-Lewis and Kerrick Seay at White & Case.
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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.