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Compliance
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September 06, 2024
EU Antitrust Chief Charts Path Forward After Illumina Setback
The European Union's top antitrust official said a recent ruling that found enforcers lacked authority to probe Illumina's $8 billion acquisition of Grail put an end to an important merger review tool and suggested legislation may be needed to plug the gap.
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September 06, 2024
CFPB's Zelle Scrutiny Leaves Banks Guessing On Next Moves
As federal regulators turn up the heat on major banks over long-simmering complaints about fraud and scams on Zelle, the largest U.S. peer-to-peer payments platform, it remains unclear whether more banks could face scrutiny and what they can do to get ahead of it.
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September 06, 2024
3rd Circ. Follows Corner Post In Home Care OT Change Feud
Three home care companies' challenge to an Obama-era rule expanding overtime eligibility for certain workers is back on track, the Third Circuit ruled Friday, saying that the U.S. Supreme Court's Corner Post decision mooted a Pennsylvania federal court's ruling that the entities' suit was late.
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September 06, 2024
IRS Urges Safe And Legal Sports Betting As NFL Kicks Off
With the professional football season just barely underway, and in the wake of a few bombshell betting scandals, IRS Criminal Investigation is reminding the public to bet safely and legally, warning that illegal gambling activities can lead to criminal charges ranging from money laundering to tax evasion.
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September 06, 2024
DOJ Must Give Google 'Something Concrete' On Search Fixes
The Justice Department cannot wait until February to propose remedies meant to address Google's default contract exclusionary thumb on the scales of online search, a D.C. federal judge told the agency during a hearing Friday, adding that the government needs to put a definitive proposal on the table much sooner.
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September 06, 2024
Doctor Pulls Discovery Demands Against WWE Accuser
Celebrity doctor Carlon Colker has withdrawn his demands seeking pre-litigation discovery materials from the woman who has accused Vince McMahon and former World Wrestling Entertainment Inc. executives of sexually assaulting and trafficking her.
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September 06, 2024
CFTC Loses Court Battle Over Election Betting Contracts
A Washington, D.C., federal judge ruled against the U.S. Commodity Futures Trading Commission on Friday in a case that challenged an agency ban on the use of the derivatives markets to place bets on the outcome of U.S. elections, granting victory to trading platform KalshiEx LLC.
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September 06, 2024
NC Judge Orders MV Realty's CEO To Produce Emails
A North Carolina Business Court judge on Friday ordered MV Realty to produce its CEO's emails as part of Attorney General Josh Stein's lawsuit accusing the company of locking homeowners in fraudulent deals to extract illegal fees.
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September 06, 2024
Atlanta Hit With Clean Water Suit Over Wastewater Discharge
A conservation group sued Atlanta in Georgia federal court Friday, claiming the city failed to properly maintain its largest wastewater treatment plant, sending excessive pollution, including harmful bacteria, into the Chattahoochee River — a charge the city says it has corrected.
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September 06, 2024
Boeing Loses Bid To Toss Investor Suit Over Blowout
A Virginia federal judge gave the green light to Boeing investors to continue their securities fraud proposed class suit against the company over one of its planes' midair door blowout in January, rejecting the aerospace giant's motion to dismiss and telling Boeing it had a "real problem" on its hands.
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September 06, 2024
Ga. Man Dismisses His Challenge To Disorderly Conduct Law
A Woodbury, Georgia, resident who challenged the city's disorderly conduct ordinance after being arrested for arguing with a city employee in response to his water having been shut off has agreed to dismiss the suit.
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September 06, 2024
Enviro Groups Challenge FERC Approval Of La. LNG Terminal
Environmental groups and fishermen have called on the D.C. Circuit to slash the Federal Energy Regulatory Commission's approval of a massive liquefied natural gas export terminal in Louisiana, saying the move violates federal law and illustrates the agency's "failure to consider and approve projects that are truly in the public interest."
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September 06, 2024
Three Defendants Settle SEC's $14M Pot Co. Securities Suit
The U.S. Securities and Exchange Commission has reached settlements with three defendants who allegedly misappropriated $14 million in investment funds intended for a cannabis enterprise, with the three agreeing to pay back a total of more than $4 million in disgorgements and interest and $3 million in civil penalties.
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September 06, 2024
Morgan Stanley Fined $2M Over First Republic Exec's Trades
Massachusetts' top securities cop on Friday imposed a fine of $2 million on Morgan Stanley for failing to ensure that a New Republic Bank chairman hadn't relied on insider information when he dumped millions of dollars of the bank's stock in the days and months before its collapse.
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September 06, 2024
Lowenstein Sandler Atty To Lead Rutgers Gymnastics Probe
Rutgers University has selected the leader of Lowenstein Sandler LLP's white collar defense team and chair of the firm's corporate investigations and integrity group to head an investigation into the university's women's gymnastics program amid widely publicized allegations of bullying by the team's head coach.
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September 06, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A contracting company has launched a $59 million malpractice suit against Troutman Pepper, alleging the firm and a partner in its construction practice failed to provide adequate representation in two underlying cases, while artificial intelligence was atop the list of new technologies law firms have used this year. These are among the stories in corporate legal news you may have missed in the past week.
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September 06, 2024
As Biden Looks To Block US Steel Deal, Rival Co. Weighs In
Cleveland-Cliffs is lauding President Joe Biden's reported decision to block U.S. Steel's $14.9 billion planned merger with Nippon Steel and says it is ready to scoop up U.S. Steel's union assets, as the rival steelmaker weighed in on the matter following a flurry of quick developments this week indicating that the Nippon deal is all but dead.
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September 06, 2024
China Complains To WTO About Canada EV Surtaxes
China is looking for the World Trade Organization to step in to address proposed Canadian surtaxes on imported Chinese electric vehicles, steel and aluminum, taxes that a spokesperson for China's Ministry of Commerce said Friday violate the organization's rules.
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September 06, 2024
SEC Accuses Esmark Of Lying About US Steel Bid
A failed bid to acquire U.S. Steel has landed Pittsburgh-based Esmark Inc. in hot water with the U.S. Securities and Exchange Commission, which announced Friday that it had fined the company and its founder for falsely claiming they had the money to buy the manufacturing giant.
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September 05, 2024
Coinbase, Execs Must Face Investor Suit Over Business Risks
A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.
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September 05, 2024
Wash. Bar Backs Experiment For Nonlawyers To Practice
The Washington State Bar wants to relax the rules on who can practice law, in what it hopes will allow businesses not run by lawyers the chance to innovate how the industry provides legal services and expand who is able to afford them.
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September 05, 2024
Wash. Justices Won't Take Up BNSF Water Reg Dispute
Washington's highest court on Wednesday declined a request for review by BNSF Railway Co. and two Washington ports seeking to reverse a water quality watchdog's win in a dispute over the scope of state-issued industrial stormwater permit terms.
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September 05, 2024
CFTC Says Ex-Commish's Signature Was Forged For $1.5M Scam
The Commodity Futures Trading Commission has sued the operator of an unlicensed commodity pool for allegedly targeting dozens of Spanish-speaking immigrants in a $1.5 million Ponzi-like scheme that used a fictitious license containing a counterfeit CFTC seal and a forged commissioner signature to falsely promise investors guaranteed monthly returns.
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September 05, 2024
Ex-SEC Enforcement Atty Joins Whistleblower Law Boutique
Kohn Kohn & Colapinto announced Thursday that a former U.S. Securities and Exchange Commission enforcement attorney will join the whistleblower law firm as senior special counsel.
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September 05, 2024
NC County Says Hospital 'Monopoly' Led To ER Understaffing
A North Carolina county has accused an Asheville hospital of driving up taxpayer-funded ambulance expenses by understaffing its emergency department and forcing paramedics to step into the roles of emergency physicians.
Expert Analysis
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The Ethics of Using Generative AI In Environmental Law
The rapid emergence of generative artificial intelligence tools is challenging environmental lawyers, consultants and government agencies to determine when and how these tools can be responsibly, ethically and productively integrated into their practices to streamline research, predictive analytics and regulatory compliance, say Ahlia Bethea and Pamela Esterman at Sive Paget.
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Managing Credit Card Rewards Programs Amid Scrutiny
Renewed New York and federal interest in consumer protection issues associated with credit card rewards programs presages future regulatory enforcement and attention from plaintiffs attorneys, so issuers should focus on certain categories of consumer complaints and some compliance ambiguities, say Rich Zukowsky and Ella Beres at Davis Wright.
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Carbon Offset Case A Win For CFTC Enviro Fraud Task Force
An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.
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RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny
The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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The Licensure Landscape For Psychedelics Manufacturers
As the need for bulk manufacturing of psychedelic substances grows, organizations aiming to support clinical trials or become commercial suppliers must navigate a rigorous and multifaceted journey to obtaining a license from the U.S. Drug Enforcement Administration, say Kimberly Chew at Husch Blackwell and Jaime Dwight at Promega Corp.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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CrowdStrike Incident Highlights Third-Party Risk For Banks
The global business disruptions caused by CrowdStrike's faulty software update last month serves as a reminder that banks should assess operational and compliance risks associated with third-party service providers and create resiliency plans extending down to fourth- and fifth-level providers, says Craig Landrum at Jones Walker.
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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.