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Compliance
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September 13, 2024
Nestlé Can't Ax Danone's Whey Protein Patent At EPO
Danone has rebuffed a bid by food and drink giant Nestlé to scrap its European patent for a whey protein composition, as it proved that using gum arabic as a sugar substitute was a new invention.
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September 13, 2024
Former Y Combinator GC Joins Freshfields In Silicon Valley
The former general counsel for a well-known startup accelerator that has backed companies including Airbnb, Coinbase, DoorDash and Instacart has jumped to Freshfields and its Silicon Valley office, the law firm announced on Friday.
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September 13, 2024
EU Finance Ministers Boycott Hungary Meeting Over Russia
Most European Union finance ministers protested on Friday against what they see as Hungary's Russia-friendly politics by boycotting a meeting with their EU peers in the country's capital, Budapest.
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September 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
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September 13, 2024
Ex-ABL Space Counsel Jumps To Barnes & Thornburg
A former Barnes & Thornburg associate is returning to the firm after an in-house stint with space launch service provider ABL Space Systems, but this time as a partner.
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September 13, 2024
Ropes & Gray Helps Kohlberg Net $4.3B For 10th PE Fund
Kohlberg & Co., advised by Ropes & Gray, said Friday it has clinched its 10th flagship fund after raising $4.3 billion from limited partners, with plans to target investments in companies within areas including pharmaceuticals, healthcare and financial and compliance services.
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September 13, 2024
Shell Companies Shuttered By Court For £1.6M COVID Fraud
The High Court has shut down two connected companies that fraudulently received £1.6 million ($2.1 million) in COVID-19 support loans, a U.K. government agency said Friday.
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September 13, 2024
HSF-Led National Grid To Sell Supply Unit To Gov't For £630M
National Grid PLC said Friday that it has agreed to sell its electricity supply system to the U.K. government for £630 million ($827 million), which will bring it into public ownership.
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September 13, 2024
UK Consumer Credit Firms Face New Reporting Requirements
The Financial Conduct Authority has proposed issuing a new reporting obligation for consumer credit firms as it seeks to prevent harm to consumers earlier and avoid another scandal such as the collapse of London Capital & Finance.
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September 13, 2024
Brokers Seek Insurance Tax Cut In Budget For At-Risk Housing
A trade body for insurance brokers has urged the U.K. government to exempt policyholders in apartment buildings with flammable cladding from a tax on premiums, as it seeks to avoid a jump in the price of cover.
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September 12, 2024
8th Circ. Nixes $563M Verdict Against BMO Harris Over Ponzi
The Eighth Circuit on Thursday struck down a $563 million verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion dollar Ponzi scheme, ruling that the bank should have been allowed to raise a defense that would have barred the suit in the first place.
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September 12, 2024
Wells Fargo Ordered To Overhaul Sanctions, AML Compliance
Wells Fargo faces fresh restrictions on launching new products and entering new markets, and must beef up its compliance and monitoring efforts around sanctions, anti-money laundering and other international business risks, under an enforcement action announced Thursday by the Office of the Comptroller of the Currency.
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September 12, 2024
2nd Circ. Rejects Another Trump Bid To Halt Hush Money Case
The Second Circuit on Thursday rejected former President Donald Trump's request for an emergency order pausing his criminal hush money case, citing New York state court Justice Juan M. Merchan's decision to push his sentencing hearing from Sept. 18 until after the election.
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September 12, 2024
Corp. Disclosure Law Kills Community Boards, Nonprofits Say
The Community Associations Institute and other groups have sued the U.S. Department of the Treasury over the Corporate Transparency Act, arguing the law should not apply to them, violates constitutional rights and will lead to mass resignations from their community leadership boards.
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September 12, 2024
Kids Ask Supreme Court To Revive Long-Running Climate Suit
A group of children accusing the federal government of creating policies that worsen climate change asked the U.S. Supreme Court to revive their case, arguing in a petition filed Thursday that the Ninth Circuit overstepped when it ordered the trial court to dismiss the case this spring.
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September 12, 2024
Trading Firm EToro To Limit Crypto Sales, Pay $1.5M SEC Fine
The U.S. Securities and Exchange Commission on Thursday ordered trading platform eToro USA LLC to pay a $1.5 million fine and stop U.S. customers from trading in all but the three largest crypto assets to settle the regulator's allegations that the firm operated as an unregistered broker and clearing agency.
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September 12, 2024
Nippon's Push To Save US Steel Buy And Other Deal Rumors
An executive of Japan-based Nippon flew to Washington, D.C., this week to push for approval of its $14.9 billion deal with US Steel, the FTC is wary of a Canadian takeover of 7-Eleven, and a former NBA player is buying a 10% stake in the Milwaukee Bucks. Here, Law360 breaks down these and other notable deal rumors reported over the past week.
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September 12, 2024
UK Says Illicit Cigarette Crackdown Halves Tobacco Tax Gap
HM Revenue & Customs said Thursday it has slashed the tax gap on cigarettes and other tobacco products by more than half since 2005.
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September 12, 2024
Verrill Lands Pot Pro To Build New Cannabis Practice
Verrill Dana LLP has brought in a veteran attorney with extensive experience in cannabis law and criminal justice initiatives, including co-founding the Georgia Innocence Project, as a partner in its Portland, Maine office, as it looks to grow its services for the state's booming marijuana industry.
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September 12, 2024
Lego Dodges German Rival's Block Design Challenges
Lego has convinced European Union officials that two registered designs for its building blocks are valid, rebuffing challenges from a German toymaker claiming that the shapes should be nixed for lacking individual character.
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September 12, 2024
NY Top Court Rejects Trump's Latest Challenge To Gag Order
New York's highest court on Thursday rebuffed Donald Trump's latest effort to strike down a gag order in his hush money case, saying the appeal didn't involve a "substantial constitutional question."
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September 12, 2024
CFTC Can't Pause Decision To Allow Election Betting
A D.C. federal judge on Thursday refused to stay a ruling that found the Commodity Futures Trading Commission overstepped its bounds by blocking an online trading platform from allowing users to place bets on the outcome of U.S. congressional elections.
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September 12, 2024
Faegre Drinker Adds White Collar Trio From Greenberg Traurig
Faegre Drinker Biddle & Reath LLP is building out its white collar team with former veteran prosecutors, announcing Wednesday it had added two partners and an associate from Greenberg Traurig LLP who will bolster its San Francisco and Philadelphia offices
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September 12, 2024
Italian Watchdog Probing Swisscom's €8B Vodafone Deal
Swisscom said Thursday that the Italian Competition Authority has launched an in-depth probe into its proposed €8 billion ($8.8 billion) cash purchase of Vodafone Italia, a transaction the Swiss telecoms company said is on track to complete.
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September 12, 2024
UK Watchdog Waters Down New Capital Rules For Banks
The Prudential Regulation Authority published Thursday the second part of its rules on capital requirements for banks and has delayed their implementation by six months to the beginning of 2026.
Expert Analysis
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Congress Quietly Amends FEPA: What Cos. Should Do Now
Last week, Congress revised the Foreign Extortion Prevention Act — passed last year to criminalize demand-side foreign bribery — to address inconsistencies and better harmonize the law with the Foreign Corrupt Practices Act, and companies should review their compliance programs accordingly, say Mark Mendelsohn and Benjamin Klein at Paul Weiss.
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Bid Protest Spotlight: Standing, Prejudice, Conflicts
In this month's bid protest roundup, Caitlin Crujido at MoFo examines three recent decisions from the U.S. Government Accountability Office concerning whether a would-be protestor was an interested party with standing, whether an agency adequately investigated potential procurement violations and whether a proposed firewall sufficiently addressed an impaired objectivity organizational conflict of interest.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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How Contractors Can Prep For DOD Cybersecurity Rule
The proverbial clock is ticking for defense contractors and subcontractors to strengthen their compliance posture in preparation for the rollout of the highly anticipated Cybersecurity Maturity Model Certification program, so those affected should analyze their existing security standards and take proactive steps to fill in any significant gaps, say Beth Waller and Patrick Austin at Woods Rogers.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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5 Tips For Solar Cos. Navigating Big Shifts In US Trade Policy
Renewable energy developers can best mitigate new compliance risks from the Office of the U.S. Trade Representative’s increased tariffs on imported solar cells, and simultaneously capitalize on Treasury Department incentives for domestic solar manufacturers, by following five best practices in the changing solar trade landscape, say attorneys at Morgan Lewis.
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Md. Deal Highlights Consumer Finance Program Regulations
Maryland regulators’ recent settlement with the Bank of Missouri and its consumer lending partners, Atlanticus and Fortiva, offers a reminder that it is important to properly structure such partnerships and conduct sufficient due diligence on state licensing requirements, says Tom Witherspoon at Stinson.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Defending Against Aggressive DOL Child Labor Enforcement
The U.S. Department of Labor's recent unsuccessful injunction against an Alabama poultry facility highlights both the DOL's continued focus on child labor violations and the guardrails and defenses that employers can raise, say attorneys at Littler.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.