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Compliance
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August 12, 2024
Adviser To Pay SEC $6M Over Undisclosed Conflicts
The U.S. Securities and Exchange Commission announced Monday that investment advisory firm Cadaret Grant & Co. Inc. will pay more than $6 million to settle claims that it failed to make sufficient disclosures to clients regarding its revenue-sharing agreements and conflicts of interests associated with its financial recommendations.
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August 12, 2024
SEC Fines OTC Link For Suspicious Activity Reports Failures
Broker-dealer OTC Link LLC on Monday agreed to pay nearly $1.2 million to settle U.S. Securities and Exchange Commission claims that the New York-based alternative trading system failed to monitor financial transactions for potential red flags over a three-year period.
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August 12, 2024
WWE Accuser Says Doc's Lawsuit Threat Meant To Silence Her
A celebrity doctor with alleged ties to World Wrestling Entertainment Inc. and ex-CEO Vince McMahon should be sanctioned for filing a "vexatious" presuit discovery request in an effort to intimidate the woman who claimed the company and former executives sexually abused and trafficked her, she argued in a Monday motion.
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August 12, 2024
FTC Seeks To Undo Trimming Of Walmart Money Transfer Suit
The Federal Trade Commission has urged an Illinois federal judge to walk back a previous decision that threw out much of its suit accusing Walmart of facilitating fraud through its money transfer services, arguing its now-dismissed claims about the retail giant were held to an overly exacting standard.
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August 12, 2024
FCC Looks To Require Better Cable, Phone Customer Service
The Federal Communications Commission may soon seek to impose new customer services rules on phone, cable and broadband providers, including making it easier for subscribers to cancel their accounts.
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August 12, 2024
DOJ Says Live Nation NY Suit 'Far Beyond' DC Merger Deal
The U.S. Department of Justice has urged a New York federal judge not to transfer its antitrust suit against Live Nation, arguing its allegations go well beyond the 2010 deal clearing the purchase of Ticketmaster, a deal Live Nation says warrants sending the case to Washington, D.C.
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August 12, 2024
Judge Won't DQ Asst. US Atty In Standard Chartered FCA Case
A New York federal judge on Monday declined to disqualify an assistant United States attorney from a long-dismissed False Claims Act suit against Standard Chartered Bank, calling the whistleblower's arguments for disqualification meritless "to the point where they verge on vexatious and frivolous."
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August 12, 2024
Intelsat Dinged $160K For Sending Satellite To Wrong Area
Intelsat has agreed to pay the $160,000 penalty associated with deploying a satellite out into a region of space outside what the satellite network provider's authorization from the Federal Communications Commission permitted.
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August 12, 2024
States Want Teva Generic Price Fixing Case Tried 1st
A coalition of state attorneys general suing a slew of generic drugmakers are asking for a Connecticut federal court to proceed with one of the two cases before the other, saying the outcome in that case will have a "significant impact" on settlement talks with other pharmaceutical company plaintiffs.
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August 12, 2024
The Biggest Telecom Developments Of 2024: Midyear Report
The first half of 2024 saw sweeping change in the telecom sphere as the Federal Communications Commission's Democratic majority pushed through controversial net neutrality rules and confronted challenges on artificial intelligence, national security and more, but also faces the prospect of new headwinds as the nation's top court pared back powers of federal agencies.
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August 12, 2024
Norfolk Southern Says Cuts To Investors' Suit Aren't Enough
Norfolk Southern Corp. told a New York federal court on Friday that a magistrate judge's recommendations to trim an investor proposed class action over losses stemming from the 2023 East Palestine, Ohio, derailment didn't go far enough, and urged the court to dismiss the entire complaint.
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August 12, 2024
SEC, SolarWinds In Settlement Talks After Cyber Suit Trimmed
Software company SolarWinds Corp. is in talks to settle a U.S. Securities and Exchange Commission cybersecurity lawsuit after a Manhattan federal judge dismissed the majority of claims over a 2020 data breach, the parties said Monday.
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August 12, 2024
NC Court Won't Stop 'Ultimate Relief' In Mogul's $524M Case
The North Carolina Court of Appeals refused on Monday to issue an immediate halt to a court-ordered receiver being appointed to manage the assets of convicted insurance mogul Greg Lindberg, saying it would consider blocking the appointment after further court proceedings.
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August 12, 2024
Lending Co. Best Egg Can Arbitrate Interest Rate Dispute
Online lender Best Egg can force arbitration of a proposed class action claiming it charged borrowers unlawfully high interest rates, with a Pennsylvania federal judge ruling an online checkbox is enough to indicate borrowers' consent to arbitrate.
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August 12, 2024
Investors Sue Nuclear Co. Over 'Laughable' Regulatory Claims
Nano Nuclear Energy Inc. misled investors about its progress towards regulatory approval and commercialization of its energy products and that its higher-ups are independent contractors working as executives of other companies, according to a proposed class action filed in New York federal court.
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August 12, 2024
TikTok Hit With Another Children's Privacy Breach Suit
A group of parents has filed a proposed class action against TikTok and its parent company in California federal court alleging invasion of privacy and unfair business practices targeting millions of children under age 13 across the United States.
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August 12, 2024
UK Competition Watchdog Looking Into $35B Software Deal
The U.K.'s competition regulator said Monday it is delving into whether Synopsys Inc.'s $35 billion acquisition of Ansys Inc. will hurt competition in the region.
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August 12, 2024
Nokia Resets Merger Review Clock For $2.3B Infinera Deal
Nokia has agreed to give the U.S. Department of Justice more time to review its planned $2.3 billion purchase of Silicon Valley optical-transmission equipment maker Infinera for potential competition concerns.
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August 12, 2024
States Oppose Shkreli High Court Bid For $64M Disgorgement
State enforcers are opposing a petition from ex-pharmaceutical executive Martin Shkreli asking the U.S. Supreme Court to review a disgorgement order requiring him to pay up to $64 million for an alleged scheme to increase the price of a life-saving drug by 4,000%
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August 12, 2024
Transparency Act Snowball Fears A 'Mirage,' Treasury Says
The U.S. Department of the Treasury is seeking to quell fears that the Corporate Transparency Act's disclosure requirements could set the stage for more invasive government data collection in a brief asking a Michigan federal judge to uphold the law as constitutional.
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August 12, 2024
DC Circ. Revives Businessman's Suit Over Mueller Report
A Georgian-American businessman discussed in special counsel Robert Mueller's report on Russian interference in the 2016 election can pursue claims that inaccuracies in the report harmed his reputation and business dealings, the D.C. Circuit said Friday.
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August 12, 2024
Texas AG To Investigate CenterPoint Over Beryl Outages
Texas Attorney General Ken Paxton said Monday that his office had opened an investigation into CenterPoint Energy Inc. over its preparation and response to Hurricane Beryl.
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August 12, 2024
Healthcare Co. To Pay Atty Fees In Suit Over Board Diversity
A Maryland federal judge has awarded $850,000 in attorney fees to an Omega Healthcare shareholder who filed a derivative suit against the healthcare investment trust alleging it had a discriminatory policy aimed at keeping Black individuals from being appointed to its board of directors.
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August 12, 2024
DOL Tweaks 2 Parts Of Asset Manager Exemption
The U.S. Department of Labor's employee benefits arm made two mostly technical changes Monday to a popular exemption used by asset managers who also manage retirement assets known as the qualified professional asset manager exemption.
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August 12, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar share conversions, power struggles in a classic rock band, a good deal for fandom collectibles, and a pindown by two heavyweights were all part of the spectacle in Delaware's Court of Chancery last week. New cases involved pharmaceutical companies, cannabis, drones and liquid-gas exports. In case you missed it, here's the latest from the Chancery Court.
Expert Analysis
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Heading Off Officials' Errors When Awarded A Gov't Contract
Government contractors awarded state or local projects funded through federal programs should seek clarification of their compliance obligations, documenting everything, or risk having to defend themselves when they seek reimbursement months later, with only their word for support, says George Petel at Wiley.
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Drip Pricing Exemption Isn't A Free Pass For Calif. Eateries
A new exemption relieves California bars and restaurants from the recently effective law banning prices that don't reflect mandatory fees and charges — but such establishments aren't entirely off the hook for drip pricing, due to uncertainty over disclosure requirements and pending federal junk fee regulations, say Alexandria Ruiz and Amy Lally at Sidley.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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Eye On Compliance: New Pregnancy And Nursing Protections
With New York rolling out paid lactation breaks and extra leave for prenatal care, and recent federal legislative developments enhancing protection for pregnant and nursing workers, employers required to offer these complex new accommodations should take several steps to mitigate their compliance risks, says Madjeen Garcon-Bonneau at Wilson Elser.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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FTC Focus: Private Equity Investments In Healthcare
As the Federal Trade Commission is tightening its scrutiny of private equity investment in healthcare, the agency is finding novel grounds to challenge key focus areas, including rollup acquisitions, the flip-and-strip approach and minority investments in rival providers, say attorneys at Proskauer.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Opinion
Data Breach Reporting Requirements Must Change In AI Age
Outdated data breach reporting laws are inadequate to protect consumers in the age of artificial intelligence, as AI’s ability to determine relationships coupled with its improvements to deepfake technology mean that the very definitions used in breach reporting laws are no longer sufficient, says Collin Walke at Hall Estill.
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Unpacking HHS' Opinion On Cell Therapy Refund Programs
A recent advisory opinion from the U.S. Department of Health and Human Services, determining that a biopharma company's refund program for its cell therapy will not be penalized, indicates an encouraging willingness to engage, but the regulator's assumptions about the program's limited term warrant a closer look, says Mary Kohler at Kohler Health.
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New FARA Letters Offer Insight Into DOJ's Approach
The U.S. Department of Justice's recently released batch of 15 advisory opinions from the Foreign Agents Registration Act Unit provides important guidance on FARA registration triggers and exemptions, underscoring the breadth of FARA's scope, says Tessa Capeloto at Wiley.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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How 5 States' Deal Notification Laws Are Guiding Healthcare
Healthcare transaction notification laws at various stages of implementation in California, Illinois, Indiana, Oregon and Washington are shaping sector mergers and acquisitions, with significant transparency, continuity of care and compliance implications as providers tackle complex regulatory requirements, says Melesa Freerks at DLA Piper.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Recent Settlement Shows 'China Initiative' Has Life After Death
Though the U.S. Department of Justice shuttered its controversial China Initiative two years ago, its recent False Claims Act settlement with the Cleveland Clinic Foundation demonstrates that prosecutors are more than willing to civilly pursue research institutions whose employees were previously targeted, say attorneys at Benesch.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.