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Compliance
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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.
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
FTC, Career Step Pitch $43.5M Deal For Alleged Bogus Claims
Career Step LLC, a for-profit online career training company, has struck a $43.5 million proposed settlement to resolve Federal Trade Commission claims it targeted servicemembers and their spouses with deceptive advertising about its programs and the successes of its students.
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July 30, 2024
Texas, Meta Reach Historic $1.4B Deal In Biometric Data Suit
The state of Texas has reached a historic $1.4 billion settlement with Meta Platforms Inc. in a lawsuit accusing the social media giant of illegally collecting Facebook users' biometric data through its now-discontinued facial recognition feature, attorneys for the state announced Tuesday.
Expert Analysis
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Nat'l Security Considerations For Telecom Products Counsel
An increase in federal national security measures in the telecommunications space, particularly from the Federal Communications Commission, means that products counsel need to broaden their considerations as they advise on new products and services, says Laura Stefani at Venable.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.
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Chevron's End Puts Target On CFPB's Aggressive BNPL Rule
A recent interpretative rule by the Consumer Financial Protection Bureau, subjecting buy-now, pay-later loans to the same regulations as credit cards, is unlikely to survive post-Chevron challenges of the rule's partisan and shaky logic, say Scott Pearson and Bryan Schneider at Manatt.
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Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.
The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.
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5 Steps To Protect Your Business From Spoofed Email Fraud
In today's digital landscape, spoofed email fraud poses a significant threat to businesses, so specifying clear payment instructions and implementing robust verification protocols, among other steps, can significantly reduce the risk of falling victim to email fraud, says Bill Wagner at Taft.
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Keeping Up With Carbon Capture Policy In The US And EU
Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.
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Unpacking The Increasingly Popular Fair Credit Billing Act
The Fair Credit Billing Act is receiving increased attention from regulators and consumers disputing credit card charges, so creditors should understand its procedural requirements — including the law's focus on the mechanics of a dispute and its potential to create civil liability, say David Gettings and Courtney Hitchcock at Troutman Pepper.
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New State Climate Liability Laws: What Companies Must Know
New legislation in Vermont and New York creating liability and compliance obligations for businesses deemed responsible for climate change — as well as similar bills proposed in California, Massachusetts and Maryland — have far-reaching implications for companies, so it is vital to remain vigilant as these initiatives progress, say Gregory Berlin and Jeffrey Dintzer at Alston & Bird.
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Analyzing FDA Draft Guidance On Clinical Trial Diversity
In light of the U.S. Food and Drug Administration's draft guidance on clinical trial diversity action plans, there are several important considerations for sponsors and clinical researchers to keep in mind to prevent delay in a drug or device application, say attorneys at Crowell & Moring.
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Justices' Criminal Law Decisions: The Term In Review
Each of the 11 criminal decisions issued in the U.S. Supreme Court’s recently concluded term is independently important, but taken together, they reveal trends in the court’s broader approach to criminal law, presenting both pitfalls and opportunities for defendants and their counsel, says Kenneth Notter at MoloLamken.
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What's New In The AI Healthcare Regulatory Space
Attorneys at Hogan Lovells review the current legal and regulatory landscape for artificial intelligence applications in healthcare, touching on policies around safety, transparency, nondiscrimination and reimbursement, and what to expect in the future.
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Takeaways From EU's Initial Findings On Apple's App Store
A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
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Despite Calif. Delays, Climate Disclosure Rules Are Coming
Progress continues on state, federal and international climate disclosure regimes, making compliance a key concern for companies — but the timeline for implementation of California's disclosure laws remains unclear due to funding and timing disputes, says David Smith at Manatt Phelps.
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How To Comply With Chicago's New Paid Leave Ordinance
Chicago's new Paid Leave and Paid Sick and Safe Leave Ordinance went into effect earlier this month, so employers subject to the new rules should update leave policies, train supervisors and deliver notice as they seek compliance, say Alison Crane and Sarah Gasperini at Jackson Lewis.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.