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Compliance
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October 18, 2024
NCAA's $2.78B NIL Deal Still Faces Long Road To Final OK
The absence of noticeable change to address concerns flagged by a California federal judge about the NCAA's $2.78 billion name, image and likeness compensation settlement made that same judge's preliminary approval of the deal last week surprising, and experts say those same problematic provisions likely will make final approval an uphill battle.
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October 17, 2024
SEC Fines Broker-Dealer PHX, Sues Rep Over Reg BI Claims
The U.S. Securities and Exchange Commission has fined broker-dealer PHX Financial Inc. and sued one of its registered representatives over claims that the representative improperly advised a handful of retail clients to engage in a trading strategy that caused them massive losses but generated significant fees and commissions for the firm and the representative.
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October 17, 2024
Trump Media Investors Get Prison For Insider Trading
A New York federal judge on Thursday sentenced a Florida venture capitalist to over two years in prison for insider trading on confidential plans to take the media company behind former President Donald Trump's Truth Social network public, a scheme that netted the investor and his brother nearly $23 million.
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October 17, 2024
CFPB Sues Vocational School Lender Climb Credit, VC Backer
The Consumer Financial Protection Bureau on Thursday sued an online private student lender and its venture capital backer in New York federal court, alleging borrowers have been duped into taking out loans for coding school and other vocational programs with false claims about their educational "return-on-investment."
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October 17, 2024
CEO Fled Deadly Hurricane But Made Workers Stay, Suit Says
The CEO of a Tennessee plastics company chose profits over lives when he snuck out the back door while refusing to send factory workers home, as floodwaters began sweeping through the area after Hurricane Helene made landfall, leading to the deaths of six employees, according to a wrongful death lawsuit.
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October 17, 2024
CFTC Says Court 'Erred At Every Turn' In Election Betting Suit
The U.S. Commodity Futures Trading Commission told the D.C. Circuit that the district court "erred at every turn" when it allowed trading platform KalshiEx LLC to offer event contracts based on the outcome of U.S. elections.
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October 17, 2024
DOL, Red States Spar Over Loper Bright Impact On ESG Rule
Conservative-led states suing the U.S. Department of Labor have told a Texas federal court that the end of the Chevron doctrine boosts their bid to end a rule allowing retirement plan advisers to consider environmental, social and governance factors in investment choices, while the DOL argued that it deserves another summary judgment win.
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October 17, 2024
Supreme Court Signals Skepticism On Staying Federal Rules
A recent string of refusals to block major Biden administration energy and climate change rules suggests that the U.S. Supreme Court is setting limits on its willingness to elbow aside lower courts that are considering challenges to such rules, legal experts say.
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October 17, 2024
DC Circ. Scrutinizes New TSA Worker Screening Rule
D.C. Circuit judges on Thursday sought an explanation from municipal airport operators challenging new federal screening rules as a costly burden that saddles them with unconstitutional liabilities, questioning them on how the new rules differ from other requirements for airports.
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October 17, 2024
Treasury Unit Says Booze Maker Violated N. Korea Sanctions
The U.S. Department of the Treasury's Office of Foreign Assets Control said Thursday that it has reached an $860,000 settlement with a Vietnam-based alcoholic beverage company over its alleged role in allowing U.S. financial institutions to process $1.1 million in payments to North Korea, violating sanctions regulations.
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October 17, 2024
Consumer Groups Back DOT In Airline Fees Rule Fight
Consumer advocates have told the Fifth Circuit that a U.S. Department of Transportation rule requiring airlines to more clearly disclose add-on fees upfront would curtail the industry's trickery in airfare marketing, foster competition and save individual travelers frustration, time and money.
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October 17, 2024
Groups Challenge Utah Permit For Green River Lithium Project
Conservation groups hit the Utah state engineer and an Anson Resources subsidiary with a suit challenging a water permit issued last month for a lithium extraction project along the Green River, the Colorado River's largest tributary.
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October 17, 2024
Brothers Get Prison For Ga. Concrete Bid-Rigging Scheme
A Georgia federal judge on Thursday sentenced brothers Gregory Hall Melton and John David Melton to serve time in prison for their roles in a scheme to fix prices and rig bids for the ready-mix concrete market in the greater Savannah area.
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October 17, 2024
DOJ Defends States' Right To Recoup Live Nation Overcharges
The federal government and 40 states are urging a New York federal court not to trim their antitrust case against Live Nation, arguing that states have the right to go after overcharges customers allegedly paid for concert tickets and also defending a tying claim based on venues and promotion services.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
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October 17, 2024
FCC OKs New Rules Mandating Georouting For 988 Calls
Calls that come into the 988 suicide and crisis hotline will now be routed to centers based on where the call is coming from, following the Federal Communications Commission's decision to adopt rules requiring georouting on Thursday.
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October 17, 2024
DHL Supply Chain Hit With Disability Bias Suit
Logistics giant DHL Supply Chain was hit with a disability discrimination lawsuit Wednesday from a worker who says she was forced out of her job after DHL demanded she see a company physician to verify her debilitating medical condition.
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October 17, 2024
Ex-Worker Says She Was Fired For Threatening EEOC Charge
A logistics company was sued Wednesday in federal court by a former Georgia employee who alleges she was sexually harassed and mistreated by "aggressive and threatening" male co-workers and then fired after warning the company she would file a complaint with the U.S. Equal Employment Opportunity Commission if things didn't improve.
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October 17, 2024
EPA Settles With Car, Parts Cos. Over Clean Air Act Violations
The U.S. Environmental Protection Agency announced that it has finalized settlements with Shyft Group Inc. and Double R Diesel to resolve enforcement actions alleging they violated the Clean Air Act, with Shyft agreeing to pay a $2 million penalty.
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October 17, 2024
FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison
The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.
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October 17, 2024
States, Industry Urge DC Circ. To Scrap Truck GHG Rule
Dozens of states and industry groups are imploring the D.C. Circuit to pull the plug on a U.S. Environmental Protection Agency rule setting greenhouse gas emission standards for heavy-duty vehicles, arguing it mandates a transition to electric vehicles that the agency has no authority to push.
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October 17, 2024
Pa. AG Can't Get State Claims Restored In FTC Amazon Suit
A federal judge tersely denied a request from Pennsylvania's attorney general, who had sought to reinstate her state's consumer protection claims against Amazon in the Federal Trade Commission's antitrust suit.
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October 16, 2024
TD Bank's $3B AML Deal Sparks Scrutiny Of Its Oversight
The long-standing, widespread compliance failures at the root of TD Bank's blockbuster $3 billion U.S. anti-money laundering settlement last week have stunned experts and brought tough punishment for the Canadian bank — but they're also raising questions about why regulators didn't act sooner.
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October 16, 2024
NY's Financial Regulator Releases AI Cybersecurity Guidance
New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.
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October 16, 2024
Colo. Says Tribes' Sports Betting Concerns Too 'Theoretical'
Colorado Gov. Jared Polis has urged a federal judge to toss a lawsuit brought by two Native American tribes alleging the state can't regulate their online sports betting activities, arguing the tribes' concerns are "purely theoretical" because they currently don't have betting enterprises.
Expert Analysis
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Calif. Ruling Clarifying Paystub Compliance Is Win For Cos.
In rare good news for California employers, the state Supreme Court recently clarified that workers couldn’t win extra penalties in wage and hour cases by claiming their employer intentionally violated state paystub law if the employer believed it had complied in good faith, say Drei Munar and Kirk Hornbeck at Hunton.
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Considering Noncompete Strategies After Blocked FTC Ban
A Texas district court's recent decision in Ryan v. Federal Trade Commission to set aside the new FTC rule banning noncompetes does away with some immediate compliance obligations, but employers should still review strategies, attend to changes to state laws and monitor ongoing challenges, say attorneys at Baker McKenzie.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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How DOJ May Change FARA Exemption In Forthcoming Rule
Any day now, the U.S. Department of Justice is expected to issue proposed revisions to the Foreign Agents Registration Act regulations, and signs suggest that it will likely narrow one of FARA's broadest exemptions, which may compound public confusion about the law's requirements, says Murad Hussain at Arnold & Porter.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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What To Expect From Evolving Wash. Development Plans
The current round of periodic updates to Washington counties' growth and development plans will need to address new requirements from recent legislation, and will also likely bring changes that should please property owners and developers, says Jami Balint at Seyfarth.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.
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Implementing Proposed AML Rules May Take More Guidance
Two recent rules proposed by financial regulators would modernize requirements for programs aimed at countering money laundering and terrorist financing by centering more robust risk assessments, but financial institutions may need more specific guidance before they could confidently comply, say Meghann Donahue and Nikhil Gore at Covington.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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What To Expect From CFPB And DOT Card Rewards Inquiry
Following the Consumer Financial Protection Bureau's announcement of joint efforts with the U.S. Department of Transportation to investigate credit card rewards points, credit card issuers and airlines should keep a close eye on potential regulatory and class action litigation risks stemming from the inquiry, say attorneys at DLA Piper.
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What FCA Cases May Look Like In The Age Of Generative AI
Generative artificial intelligence raises unique considerations both in the context of potentially leading to False Claims Act cases and in the discovery and litigation phases of these lawsuits, says attorney Rachel Rose.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Remedy May Be Google's Biggest Hurdle Yet In Antitrust Case
There are difficulties ahead in the remedies phase of the antitrust case against Google in District of Columbia federal court, including the search engine giant's scale advantage and the fast-moving nature of the tech industry, setting the stage for the most challenging of the proceedings so far, says Jonathan Rubin at MoginRubin.