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Compliance
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July 25, 2024
GOP States Win Reprieve From Title IX Gender Identity Rule
The U.S. Department of Education can't enforce its new interpretation of Title IX expanding LGBTQ+ rights against six states challenging the regulations, a Missouri federal judge ruled, saying the federal agency's interpretation of the statute isn't owed any deference under recent U.S. Supreme Court precedent.
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July 25, 2024
Dems' Bill Looks To Prevent Collusion With OPEC
A pair of Democrats in the House and Senate on environmental committees introduced a bill Wednesday to punish fossil fuel companies that collude with OPEC to increase prices.
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July 25, 2024
Ackman Sets $4B IPO Target For New Pershing Square Fund
Hedge-fund giant Bill Ackman expects the initial public offering of his new closed-end fund to raise $2.5 billion to $4 billion as he seeks to shore up investor support just days before the IPO's anticipated pricing, according to a securities filing Thursday.
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July 25, 2024
Hedge Fund Manager Ordered To Disgorge $67M In Profits
A hedge fund manager who copped to running a $100 million securities fraud scheme has been ordered by a New Jersey federal court to pay back the $67 million in profits she earned through misleading 40 investors about the fund's performance.
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July 25, 2024
CFPB Wary Of 'Junk Fees' As Lunch Money Goes Digital
The Consumer Financial Protection Bureau on Thursday flagged concerns about "junk fees" that school-contracted payment processors are charging parents to put money on their children's cafeteria accounts, casting it as part of a broader trend toward more digital payments in school settings.
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July 25, 2024
EPA OIG Says Texas, Calif. Pollution Sources Need Oversight
The U.S. Environmental Protection Agency has, since at least 2006, failed to keep tabs on air pollution sources in California and Texas that might require more stringent control measures, the EPA's internal watchdog said Wednesday.
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July 25, 2024
IRS, Zaxby's Co-Founder To Settle $43M Easement Suit
The Internal Revenue Service agreed to settle a $43 million valuation dispute over a conservation easement donated by the co-founder of the Zaxby's restaurant chain and his wife, prompting a Georgia federal court Thursday to cancel next month's anticipated jury trial.
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July 25, 2024
Celeb Video Platform Cameo Fined $100K Over Paid Promos
Celebrity video platform Cameo will pay $100,000 as part of a 30-state settlement over claims it failed to inform customers that its advertising service for businesses involved paid promotions.
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July 25, 2024
Calif. Justices Rule Prop 22 Is Constitutional
The California Supreme Court on Thursday upheld the Proposition 22 statewide ballot measure from 2020 that exempts certain app-based drivers from the state's independent contractor classification law, a ruling that could have widespread consequences for the gig economy and driver litigation.
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July 24, 2024
Boeing, DOJ Finalize 737 Max Plea Deal
The Boeing Co. has finalized its agreement to plead guilty to conspiring to defraud safety regulators about the 737 Max 8's development, avoiding a criminal trial over a pair of deadly crashes in 2018 and 2019, according to a U.S. Department of Justice court filing Wednesday evening.
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July 24, 2024
FTC Chair Wary AI Tools Can Be Used For Corporate Collusion
Federal Trade Commission Chair Lina Khan weighed in on a host of topics during a discussion Wednesday at the Ninth Circuit Judicial Conference, expressing concerns about the agency's high legal bills for expert witnesses and describing AI price-setting tools as a potential loophole for collusion.
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July 24, 2024
SEC Unlikely To Relitigate Loss On Hedge Fund Regs
The U.S. Securities and Exchange Commission appears ready to accept defeat in its efforts to require more detailed disclosures from private fund managers, with attorneys saying the agency's continued silence since last month's Fifth Circuit loss likely indicates it will not press the issue any further.
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July 24, 2024
FERC Can't Give Pipeline More Time, Green Groups Say
Conservation groups are urging the D.C. Circuit to throw out a three-year deadline extension the Federal Energy Regulatory Commission granted for the completion of a southern extension of the controversial Mountain Valley pipeline.
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July 24, 2024
FDIC's Hill Says Basel Plan Needs New Draft With All Aboard
The Federal Deposit Insurance Corp.'s second-in-command called Wednesday for federal regulators to move in unison as they revise their controversial Basel III endgame plan for tougher big-bank capital requirements, saying any next draft should be comprehensive and backed by all the agencies involved.
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July 24, 2024
DOJ Says NY Judge Muffed Standing In DirecTV Price-Fix Case
Paying inflated prices isn't the only way someone can be injured by price-fixing, and a New York federal court was wrong to rule that it was in a case brought by DirecTV over retransmission fees, the U.S. Department of Justice has told the Second Circuit.
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July 24, 2024
PE Firm Ran $37M Ponzi-Like Cannabis Scheme, SEC Says
A California private equity fund ran a Ponzi-like scheme, using much of $37 million raised from investors to pay other shareholders instead of putting the money into cannabis companies, the U.S. Securities and Exchange Commission told a California federal court this week.
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July 24, 2024
Judge Sets Up 2-Tier Counsel Access In DOJ Live Nation Suit
A New York federal judge on Tuesday set up a two-tiered system for document access in the U.S. Department of Justice's antitrust lawsuit against Live Nation and Ticketmaster, limiting sensitive information from other market participants from Live Nation in-house counsel.
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July 24, 2024
Ex-SAP Exec Settles Whistleblowing Retaliation Suit
A former executive of software giant SAP has settled his retaliation and age discrimination claims, according to a Wednesday order by a Pennsylvania federal court.
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July 24, 2024
22% Of FINRA Member Firms Join Remote Inspection Program
The Financial Industry Regulatory Authority said Wednesday that 741 firms have opted to participate in a new pilot program for remote inspections of broker-dealers, representing a 22% share of the regulator's member firms.
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July 24, 2024
Coal Ash Crusade An Ongoing Battle For The EPA
The U.S. Environmental Protection Agency has put coal ash enforcement at the forefront of its agenda by making it one of the agency's top enforcement and compliance priorities for the next four years, but some experts say there's still work to be done given that the EPA itself has said the industry has yet to change its ways.
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July 24, 2024
Atty Can't Deduct Car Racing Costs As Ads, US Tells 10th Circ.
A personal injury lawyer who also races cars shouldn't be allowed to deduct about $300,000 for racing-related costs as ordinary business advertising expenses because they're unrelated to his law practice, the U.S. government told the Tenth Circuit on Wednesday.
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July 24, 2024
Navajo Coal Co. Appeals FINRA Arbitration Order In $11M Fight
A Navajo coal-mining company has wasted no time in appealing a Pennsylvania federal judge's order refusing to grant the tribe-owned business's bid to halt arbitration proceedings against a private equity firm in an $11 million dispute over their financing agreement.
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July 24, 2024
CFPB Warns Of Anti-Whistleblower Risk In NDAs That 'Muzzle'
The Consumer Financial Protection Bureau cautioned Wednesday that banks and other financial firms risk violating federal law if they require their employees to sign broad nondisclosure agreements that don't clearly allow them to talk freely with regulators or law enforcement.
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July 24, 2024
Digital Info Not Covered By Smuggling Law, Ky. Court Holds
A Kentucky federal judge has ruled that digital information isn't covered by the federal smuggling statute and dismissed a charge against a magnetics manufacturer and two executives accused of emailing magnet schematics to Chinese companies.
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July 24, 2024
CFIUS Reviews Slumped In 2023, Penalties Increased
The Committee on Foreign Investment in the United States experienced a significant drop in the number of cases it reviewed in 2023, but levied a record number of penalties last year, according to an annual report to Congress.
Expert Analysis
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Class Actions At The Circuit Courts: June Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers two recent decisions from the Third and Tenth Circuits, and identifies practice tips around class action settlements and standing in securities litigation.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Compliance Countdown To New Calif. Workplace Safety Rules
Nearly all California employers should be taking steps to prepare for the July 1 deadline to comply with a Labor Code update that will introduce the first general industry workplace violence prevention safety requirements in the U.S., say attorneys at Littler.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.