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Compliance
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July 30, 2024
Texas' Meta Deal Signals Future Data Privacy Actions
While the announcement of an "astronomical" $1.4 billion settlement between Texas and Meta Platforms Inc. on Tuesday won't lead to a flood of consumer suits, it's "absolutely" a signal of future enforcement actions by the Lone Star State in the data privacy sphere, experts told Law360.
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July 30, 2024
FTC Seeks Temporary Kroger-Albertsons Block In Oregon
The Federal Trade Commission is formally seeking a temporary block against Kroger's proposed purchase of Albertsons, arguing in an Oregon federal court brief unsealed Tuesday that the planned divestiture of 579 stores to a "failed" supermarket boss won't adequately protect consumers or union labor facing dramatically increased concentration.
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July 30, 2024
SEC Ruling Calls For FCC Revamp, Ex-Agency Lawyer Says
Although the U.S. Supreme Court's recent ruling that civil defendants must be allowed jury trials to contest government fines was focused on securities law, the ruling will also upend the Federal Communications Commission's in-house enforcement and require new legislation, warns an appellate lawyer and former FCC attorney.
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July 30, 2024
Prosecutors Say Bribery Ruling Won't Disrupt Madigan Trial
Prosecutors accusing former Illinois House Speaker Michael Madigan of corruption said Monday night his case is unaffected by the U.S. Supreme Court's ruling limiting the reach of a bribery statute that once criminalized gratuities, saying the government's allegations do not rely on gratuities, so "this dog will not hunt."
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July 30, 2024
FTX Exec Gets Prison Report Date Delayed After Dog Attack
A New York federal judge on Tuesday allowed ex-FTX executive Ryan Salame to delay his surrender date to begin his prison term from August to October, as he was forced to undergo medical treatment and surgery after being mauled by a German shepherd while visiting a friend's house last month.
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July 30, 2024
Sens. Look To Break Down Federal Barriers To Broadband
Three senators think they have the solution for speeding up the broadband permitting process in the form of a bill that they say will cut red tape and ensure applications are dealt with within the nine-month window the federal government has to do so.
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July 30, 2024
AIDS Org Sues Express Scripts For PBM Monopoly
The world's largest HIV/AIDS healthcare organization is joining the slew of litigants suing pharmacy benefit manager Express Scripts, claiming in a new complaint that the pharmacy giant has leveraged monopoly power in Louisiana to suppress competition among independent specialty pharmacies that focus on rare and complex medical conditions.
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July 30, 2024
FINRA Says Jarkesy Doesn't Apply To Its Internal Proceedings
The Financial Industry Regulatory Authority is opposing a broker's attempt to get the regulator's internal proceedings against him tossed, saying that he has no case under the U.S. Supreme Court's recent Jarkesy decision because FINRA is not a government regulator subject to the same constitutional challenges as the U.S. Securities and Exchange Commission.
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July 30, 2024
DC Circ. Must Block EPA Mercury Rule, Challengers Say
Challengers of the U.S. Environmental Protection Agency's new rule tightening mercury and other toxic metal emission standards for some coal-fired power plants are hitting back against arguments by the agency and its supporters that their requested stay of the rule isn't warranted.
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July 30, 2024
High Court Ruling Dooms EPA Smog Plan, DC Circ. Told
The U.S. Supreme Court's recent decision to halt the U.S. Environmental Protection Agency's plan to reduce smog-forming emissions across several states is reason enough for the D.C. Circuit to invalidate the rule, several states, industry groups and energy companies argued.
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July 30, 2024
10th Circ. Shields Feds From Fire Mismanagement Suit
The U.S. Forest Service doesn't have to face allegations it mismanaged the response to two Utah wildfires in 2018, the Tenth Circuit said Tuesday.
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July 30, 2024
Exxon Loses Bid For Avangrid Docs In Mass. Climate Suit
ExxonMobil will not gain access to potentially millions of documents from wind energy company Avangrid as part of the Massachusetts attorney general's long-running climate change suit, after a state court judge found it "inconceivable" that the sought-after material could be relevant to the case.
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July 30, 2024
Low-Power TV Stations Seek More Latitude From FCC
Low-power television stations believe it's time for the Federal Communications Commission to allow them to start operating at higher levels of power as long as they remain in their service contours.
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July 30, 2024
Calif. Broker-Dealer To Pay FINRA $1.5M For Excessive Trades
Broker-dealer Western International Securities Inc. has agreed to pay more than $1.5 million to settle allegations from the Financial Industry Regulatory Authority that the firm failed to properly monitor potentially excessive trading in about 100 accounts, and it was hit with a separate cease-and-desist order from the U.S. Securities and Exchange Commission Tuesday over Regulation Best Interest violations.
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July 30, 2024
Feds, SEC Say Creator Of Crypto Co. BitClout Misled Investors
Federal prosecutors and the U.S. Securities and Exchange Commission announced parallel actions Tuesday against the founder of crypto project BitClout for allegedly duping investors and spending millions of proceeds for his own benefit.
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July 30, 2024
DC Circ. Wants Chevron Ruling Addressed In GHG Case
The D.C. Circuit asked challengers of the U.S. Environmental Protection Agency's tighter greenhouse gas emissions standards for vehicles to discuss how the litigation is affected by recent court decisions, including the U.S. Supreme Court's blockbuster ruling that undid what is known as Chevron deference.
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July 30, 2024
SF Fed Tells 9th Circ. Banks Not Entitled To Master Accounts
The San Francisco Federal Reserve Bank told the Ninth Circuit that it was not obligated to give a master account to an Idaho trade finance fintech, arguing federal law does not make these payment system gateways available to everyone regardless of risk.
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July 30, 2024
SEC Asks To Amend Token Claims In Binance Complaint
The U.S. Securities and Exchange Commission told a D.C. federal court that it plans on amending its claims concerning third-party tokens that traded on crypto exchange Binance's platform, according to a Tuesday status update in the enforcement suit.
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Psychedelics And The Law: A Midyear Review
A groundbreaking effort to secure federal approval for a psychedelic medication hit an unexpected snag. Religious groups asserting the right to access controlled substances had mixed success in federal court. Physicians seeking to administer psilocybin to terminally ill patients will finally have their day in court. Here are the major developments in psychedelics law from the first half of 2024.
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July 30, 2024
Former Prosecutor 'Coming Back Home' To NJ Boutique
After prosecuting federal healthcare crimes in New Jersey, a former assistant U.S. attorney has returned to boutique firm Calcagni & Kanefsky LLP to guide clients as part of the firm's white collar criminal and regulatory defense and investigations practice with a focus on healthcare litigation and licensing, the firm announced Tuesday.
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July 30, 2024
Pot Cos. Can't Push RICO Claims Against Calif. City
A California federal judge has thrown out racketeering claims by six cannabis companies that accuse the city of Cudahy of illegally assessing fees, saying that because Congress listed cultivation and sale of cannabis under the definition of racketeering, they can't recover damages.
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July 30, 2024
Vista Delays Vote On CSG Deal To Review Alternative Paths
Vista Outdoor Inc. on Tuesday delayed its shareholder vote on the sale of its sporting products division, The Kinetic Group, to Czech defense company Czechoslovak Group AS to begin a review of strategic alternatives, which includes evaluating a competing bid from Dallas-based MNC Capital Partners LP.
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July 30, 2024
Houston Energy CEO Ran $21M Stock Scheme, SEC Says
The U.S. Securities and Exchange Commission on Monday sued the head of a Houston energy company in Texas federal court, alleging he raised more than $21 million from over 300 investors nationwide through a fraudulent and unregistered offering of preferred stock in his fuel-blending company.
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July 30, 2024
Fla.'s Workplace DEI Training Rules Get Permanently Blocked
A Florida federal judge made permanent a ban on a state law provision that prevents employers from promoting various sex- and race-based concepts in diversity training sessions after the state said it wouldn't challenge an Eleventh Circuit ruling upholding a preliminary injunction on the measure.
Expert Analysis
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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Takeaways From New HHS Substance Use Disorder Info Rules
A new U.S. Department of Health and Human Services rule continues the agency's efforts to harmonize complex rules surrounding confidentiality provisions for substance use disorder patient records, though healthcare providers will need to remain mindful of different potentially applicable requirements and changes that their compliance structures may require, say attorneys at Ropes & Gray.
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Opinion
Reform NEPA To Speed Mining Permits, Clean Energy Shift
It is essential to balance responsible regulatory oversight with permit approvals for mining projects that are needed for the transition to renewable energy — and with the National Environmental Policy Act being one of the leading causes of permit delays, reform is urgently needed, say Ana Maria Gutierrez and Michael Miller at Womble Bond.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.