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Compliance
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February 28, 2025
FDIC Can't Nix SVB Trust's Claims Feds Must Turn Over $1.93B
A California federal judge has tossed a pair of claims from SVB Financial Trust's lawsuit alleging that the FDIC wrongfully took control of $1.93 billion in deposits amid Silicon Valley Bank's collapse, dismissing due process claims for good but allowing the trust to pursue promissory estoppel allegations and so-called turnover claims.
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February 28, 2025
FinCEN Delays Corporate Transparency Act Deadlines
The Financial Crimes Enforcement Network said it will not take any enforcement actions against companies failing to file or update their beneficial ownership information reports pursuant to the Corporate Transparency Act until an interim final rule becomes effective.
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February 28, 2025
Justices Asked To Review IRS Crypto Doc Seizure Case
A cryptocurrency investor who lost his challenge to the Internal Revenue Service's seizure of his account records has asked the U.S. Supreme Court for review, saying the 1976 legal doctrine that sank his case is outdated and fails to meet digital realities, including decentralized banking.
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February 28, 2025
CFPB Drops TransUnion Suit In Enforcement Retreat
The Consumer Financial Protection Bureau on Friday voluntarily dismissed, with prejudice, a lawsuit against TransUnion alleging deceptive marketing practices, and another suit against 1st Alliance Lending LLC alleging deceptive mortgage lending practices, the latest in a string of enforcement actions the Trump administration has dropped without explanation.
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February 28, 2025
SEC's Crypto Turn Could Undermine Staff, Dem Member Says
The U.S. Securities and Exchange Commission's sole Democratic member has spoken out against its postelection retreat from prosecuting crypto cases, warning that recent actions like the voluntary dismissal of a lawsuit against Coinbase threaten to undermine the agency's enforcement staff.
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February 28, 2025
Ex-Conn. Official Hit With New Corruption Charges
A federal grand jury has indicted former Connecticut budget official Konstantinos Diamantis and Christopher Ziogas, a suspended attorney and former lawmaker, for allegedly accepting bribes to end a state audit targeting Ziogas' fiancée, an optometrist who separately admitted to healthcare fraud, prosecutors said Friday.
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February 28, 2025
FERC Says PJM Watchdog Can't Fight Meeting Roadblock
The Federal Energy Regulatory Commission on Friday told the D.C. Circuit that PJM Interconnection's electricity market watchdog isn't harmed by being prevented from attending certain meetings held by the regional grid operator and urged the appeals court to dismiss a lawsuit challenging the decision.
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February 28, 2025
SuperValu Complains About Falsity Question In FCA Case
Whistleblowers claiming SuperValu overcharged the government by $123 million for prescriptions can ask witnesses a single question alluding to a bitterly contested legal finding in the False Claims Act case in Illinois federal court, the grocer revealed in a motion objecting to the judge allowing that question.
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February 28, 2025
11th Circ. Asked To Revive Defect Claims In Tesla Crash Suit
The father of a teenager killed in a Tesla crash asked the Eleventh Circuit on Friday to revive his battery defect claims against the electric car maker, arguing that the lower court should have allowed them to go to a jury.
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February 28, 2025
3M Wants Texas 'Forever Chemical' Suit Tossed
3M Co. told a Texas federal judge that the Lone Star State's lawsuit accusing chemical manufacturers of selling forever chemical-containing products despite knowing they present health risks to humans should be tossed because the court doesn't have jurisdiction over the companies.
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February 28, 2025
Time To Abolish IPO 'Bureaucracy,' Law Professor Says
The U.S. Securities and Exchange Commission's long-established practice of vetting initial public offering filings through back-and-forth comment letters with companies — essentially a screening process intended to rectify faulty disclosures before public dissemination — is a bureaucratic relic that should be done away with, a law professor argues.
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February 28, 2025
Missouri Judge Won't Step Aside From Plastics Recycling Suit
A Missouri federal judge denied petrochemical companies' request that he recuse himself from a proposed class action accusing them of misleading people about plastic's recyclability due to his wife's position as a Kansas City council member.
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February 28, 2025
GC Cheat Sheet: The Hottest Corporate News Of The Week
While many companies are removing diversity language from their public websites, a new survey shows that about half of its respondents do not plan on changing their DEI programs. And the general counsel for the new Tiger Woods/Rory McIlroy golf league talked about his love of the sport and the legal work involved in the new venture.
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February 27, 2025
Norfolk Southern Escapes Investors' Derailment Fraud Suit
A New York federal judge on Thursday dumped a proposed securities fraud class action alleging Norfolk Southern misled investors by falsely touting its commitments to safety while embarking on risky cost-cutting operational and staffing changes that ultimately led to 2023's fiery derailment in East Palestine, Ohio.
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February 27, 2025
FTC Asks To Delay In-House PBM Insulin Case
Arguing that pharmacy benefit managers accused of artificially inflating insulin prices have already "unreasonably delayed" discovery, the Federal Trade Commission is asking an in-house judge to push back an evidentiary trial in the case, saying it would allow the administrative court more time to accommodate up to 17 expert witnesses.
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February 27, 2025
SEC Revives Suit Alleging $4.1M Bogus Mutual Fund Scheme
The U.S. Securities and Exchange Commission on Thursday revived a lawsuit accusing a Lithuanian citizen living in the U.S. of using a series of nonexistent mutual funds to bilk dozens of investors out of roughly $4.1 million.
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February 27, 2025
Feds Can't Dodge Firefighting Foam Suits Yet, SC Judge Rules
A South Carolina federal judge on Thursday denied the U.S. government's push to escape dozens of suits over contamination allegedly stemming from its use of forever chemical-containing firefighting foams, saying cases involving a military base in New Mexico showed its global motion to dismiss to be inappropriate.
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February 27, 2025
Congress Prioritizes Enviro Regs On Nix List
Congressional Republicans have lined up several actions that would undo Biden-era environmental initiatives, from water heater efficiency standards to a Clean Air Act amendment that laid the groundwork for grants that are now in the Trump administration's crosshairs.
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February 27, 2025
Trump's CFPB Pick Vows To 'Follow The Law' As Cases Pulled
Trump nominee Jonathan McKernan told U.S. senators on Thursday that he'd be the one calling the shots at the Consumer Financial Protection Bureau if confirmed as its director, but his message of independence was muddled by a wave of enforcement dismissals that hit federal courts in the middle of his confirmation hearing.
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February 27, 2025
Lottery.com Investor Suit Over IPO Disclosures Trimmed
A New York federal judge trimmed a consolidated securities suit against third-party lottery website Lottery.com, tossing a handful of alleged misstatements made before its merger with a special purpose acquisition company and claims several of the individual defendants pushed through the merger for their financial gain, among other things.
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February 27, 2025
Ga. Developers Accused Of Polluting During Solar Farm Build
A Floyd County, Georgia, couple has accused local developers of polluting streams and a lake on their property during the construction of a solar farm, in violation of the Clear Water Act.
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February 27, 2025
Unions Can Depose DOGE In Agency Access Suit, Judge Says
The Department of Government Efficiency must tell a group of unions whom it's sent into the Department of Labor, the Department of Health & Human Services and the Consumer Financial Protection Bureau and what computer systems they've accessed, a D.C. federal judge ruled Thursday.
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February 27, 2025
SEC Says Meme Coins Are Not Securities
The U.S. Securities and Exchange Commission staff declared Thursday that so-called meme coins do not fall under the agency's jurisdiction and that purchasers of the coins should not expect to be protected by federal securities laws.
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February 27, 2025
Texas Attorney Says He Can Contact Party While Pro Se
An attorney barred from practicing law for five years has told the Texas Supreme Court that he was allowed to contact members of the Texas Bar's disciplinary wing instead of their counsel because he was pro se, asking the court to toss his punishment.
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February 27, 2025
Congress Sends EPA Methane Fee Rule Repeal To Trump's Desk
Congress on Thursday passed a resolution scrapping the U.S. Environmental Protection Agency's imposition of a methane emissions fee on oil and gas companies, a move that may create uncertainty for industry as the fee remains legally mandated.
Expert Analysis
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FTC Privacy Enforcement Takeaways From 2024
In 2024, the Federal Trade Commission distinguished three prominent trends in its privacy-related enforcement actions: geolocation data protections, data minimization practices, and artificial intelligence use and marketing, say Cobun Zweifel-Keegan at IAPP and James Smith at Dechert.
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Student Loan Entities In Hot Seat After CFPB Goes To College
While the direction of student loan servicer oversight in the new presidential administration is unclear, recent Consumer Financial Protection Bureau actions still signal heightened regulatory scrutiny at both the federal and state levels of college institutional loan programs, along with their service providers, says attorney Jonathan Joshua.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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Takeaways From SEC's Registered Investment Cos. Risk Alert
The U.S. Securities and Exchange Commission's Division of Examinations' recent risk alert pertaining to registered investment companies provides a high-level overview of its risk-based approach to selecting RICs for examination — a potential hint that the division is investigating some of the covered topics, say attorneys at Simpson Thacher.
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Public Corruption Enforcement In 2024 Has Clues For 2025
If 2024 activity is any indication, the U.S. Supreme Court will likely continue to rein in expansive prosecutorial theories of fraud in the year to come, but it’s harder to predict what the new administration will mean for public corruption prosecutions in 2025, says Cathy Fleming at Offit Kurman.
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Nixing NRC Oversight Of Small Reactors Could Cut Both Ways
A lawsuit in a Texas federal court aims to abolish the Nuclear Regulatory Commission's authority over small modular reactors, which the plaintiffs contend will unleash new and innovative technology — but the resulting patchwork of state regulations could increase costs for the nuclear industry, say attorneys at King & Spalding.
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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2024 Was A Significant Year For HIPAA Compliance
The Office of Civil Rights' high level of Health Insurance Portability and Accountability Act activity in 2024 and press releases about its specific focus on certain cybersecurity issues make it abundantly clear that the OCR is not going to tolerate widespread compliance complacency, says Nathan Kottkamp at Williams Mullen.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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Examining DOJ Corporate Whistleblower Pilot's First 100 Days
Though the U.S. Department of Justice’s corporate whistleblower awards pilot program has successfully elicited numerous tips since its August launch, stakeholder feedback leaves questions about how the scheme compares to other whistleblower awards and protections — and how it will fare in the incoming Trump administration, say attorneys at Joseph Greenwald.
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Proactively Managing Tariff Impacts On Megaprojects
President-elect Donald Trump's proposed tariffs may compound the complexity, duration and risks associated with financing and building large-scale infrastructure projects — so owners and contractors should plan to take possible tariff-related cost and schedule overruns into account when drafting contracts, say attorneys at Crowell & Moring.
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New York Climate Superfund Law May Face Preemption Fight
New York state's new climate superfund law highlights a growing trend of states supplementing their climate litigation efforts with legislative initiatives — but it will likely encounter the same federal preemption questions raised about state and local lawsuits seeking redress for climate harms, say attorneys at ArentFox Schiff.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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US-China Deal Considerations Amid Cross-Border Uncertainty
With China seemingly set to respond to the incoming U.S. administration's call for strategic decoupling and tariffs, companies on both sides of the Pacific should explore deals and internal changes to mitigate risks and overcome hurdles to their strategic plans, say attorneys at Covington.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.