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Compliance
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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.
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July 24, 2024
IRS Sets Criteria For Carbon Capture Credit Life Cycle Report
The Internal Revenue Service detailed standards and procedures Wednesday for a written report on a carbon sequestration facility's greenhouse gas emissions that project owners must submit and get agency approval on before claiming the carbon oxide tax credit.
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July 24, 2024
ICE Contractor Hit With Class Action Over Family Separations
A father and son who were separated for six years under the Trump administration's policy of "zero tolerance" for unlawful border crossings have brought a proposed class action against the private contractor responsible for transporting children, seeking to make it pay for the emotional trauma families have endured.
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July 24, 2024
EPA Moving Toward New Regulations For 5 Chemicals
The U.S. Environmental Protection Agency on Wednesday kicked off the process to fast-track new health risk evaluations for five chemicals, including vinyl chloride, a substance that raised alarm after the Norfolk Southern train wreck in East Palestine, Ohio, last year.
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July 24, 2024
Ex-Boeing VP Joins Perkins Coie As Litigation Partner
Perkins Coie LLP has hired a corporate executive from The Boeing Co. as a partner in its Seattle office to focus on critical litigation and arbitration, the firm announced Tuesday.
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July 23, 2024
Knives Out For Another Pro-Agency Landmark After Chevron
Only weeks after U.S. Supreme Court conservatives took a hatchet to the judicial deference shown to federal agencies, right-leaning lawyers are imploring the justices to rock the administrative law realm again by gutting a New Deal-era precedent at the heart of the modern regulatory system.
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July 23, 2024
'Not Doing Enough': Banks Grilled Over Zelle Fraud, Scams
Senate Democrats on Tuesday confronted bank executives over a new staff report that found three of the nation's largest banks have declined to reimburse customers in recent years for close to $900 million in payments reported as fraudulent or scam-related that were sent on Zelle, the largest U.S. peer-to-peer payment platform.
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July 23, 2024
FTC Won't Delay Challenge To Handbag Merger Either
The Federal Trade Commission has declined to pause its administrative challenge to the $8.5 billion handbag merger between the owners of Coach and Michael Koors, saying that even a district court refusal to temporarily enjoin the merger might not end the FTC's in-house case.
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July 23, 2024
EPA Must Ban PFAS In Pesticides, Environmental Groups Say
Farmer advocacy groups and environmentalists urged the U.S. Environmental Protection Agency to flex its regulatory muscles and prohibit the use of pesticide formulas and containers made with so-called forever chemicals, according to a petition that says the agency is doing little to address the issue.
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July 23, 2024
Nigeria Fines Meta $220M Over WhatsApp Privacy Policy
Nigerian regulators have hit Meta with a $220 million fine over alleged privacy and antitrust violations and ordered the company to stop sharing WhatsApp users' data with advertisers without express permission, the culmination of a nearly three-year-long investigative process.
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July 23, 2024
US, UK, EU Antitrust Enforcers Outline AI Principles
The top antitrust officials from the U.S. Justice Department, the Federal Trade Commission, the European Commission and the U.K.'s Competition and Markets Authority presented a unified international commitment Tuesday to closely monitor artificial intelligence technology and the companies that they warned could wield AI anticompetitively.
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July 23, 2024
FTC Attys On Kroger Case Get Extensions After IT Outage
The administrative law judge overseeing the Federal Trade Commission's in-house challenge to Kroger and Albertsons' $25 billion merger has given the agency and the grocery behemoths two extra days on a couple of filing deadlines after the FTC said the worldwide Microsoft outage left several counsel laptops unusable.
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July 23, 2024
EPA Tells 5th Circ. Louisiana Can't Stall Chemical Regulation
The U.S. Environmental Protection Agency says the Fifth Circuit cannot decide whether a Louisiana regulator can give a neoprene maker an extra two years to comply with a federal chemical rule because the issue is already before the D.C. Circuit.
Expert Analysis
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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Series
After Chevron: FTC's 'Unfair Competition' Actions In Jeopardy
While the U.S. Supreme Court's decision ending Chevron deference will have limited effect on the Federal Trade Commission's merger guidelines, administrative enforcement actions and commission decisions on appeal, it could restrict the agency's expansive take on its rulemaking authority and threaten the noncompete ban, say attorneys at Baker Botts.
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Expect The Unexpected: Contracts For Underground Projects
Recent challenges encountered by the Mountain Valley Pipeline project underscore the importance of drafting contracts for underground construction to account for unexpected site conditions, associated risks and compliance with applicable laws, say Jill Jaffe and Brenda Lin at Nossaman.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.