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Compliance
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September 26, 2024
Google Lacks Power To Dictate Market, Ad Tech Judge Told
Google's lead expert witness described an online advertising placement technology industry rife with competition Thursday, telling a Virginia federal judge that the U.S. Justice Department's monopolization allegations exclude key competitors from an improperly defined market.
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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.
Expert Analysis
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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FTC's Drug Middlemen Probe Highlights Ongoing Scrutiny
The Federal Trade Commission's interim staff report on its inquiry into pharmacy benefit managers suggests that the industry will remain under an enforcement microscope for the foreseeable future due to concerns about how PBMs affect drug costs and accessibility, say attorneys at Arnold & Porter.
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Nuclear Power Can Help Industrial Plants Get To Net-Zero
In the race to fight climate change and achieve net-zero emissions, the industrial sector currently faces immense challenges — but the integration of nuclear energy is a promising solution, so companies should consider the financial and regulatory issues, opportunities, and risk-mitigating factors, say attorneys at Morgan Lewis.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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Opinion
Time To Reimagine The Novation Process For Gov't Contracts
The Federal Acquisition Regulatory Council, which recently extended a long-standing request for public comments on its novation procedures, should heed commenters' suggestions by implementing specific changes in its documentation requirements, thereby creating a more streamlined and practical novation process, say attorneys at Covington.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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NLRB Ruling Highlights Rare Union Deauthorization Process
A recent National Labor Relations Board decision about a guard company's union authorization revocation presents a ripe opportunity for employees to review the particulars of this uncommon process, and employer compliance is critical as well, say Megann McManus and Trecia Moore at Husch Blackwell.
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Cannabis Biz Real Estate Loan Considerations For Lenders
Now that cannabis sales are legal in some states, real estate lenders are interested in financing the land used by cannabis companies, but because cannabis sales are still illegal under federal law, lenders must make adjustments for cannabis-adjacent transactions, say Mark Levenson and Jeffrey Wendler at Sills Cummis.
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New State Carbon Capture Laws: Key Points For Developers
Multiple states have introduced or expanded legal frameworks for carbon capture and sequestration this year, and while there are some common themes, many of these state laws include unique approaches and requirements — which developers and investors should be aware of when considering potential projects and investment risks, say attorneys at Arnold & Porter.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.