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Compliance
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Chase Bank Sued Over Alleged Ties To $119M Ponzi Scheme
Chase Bank "actively accommodated" a purported Ponzi scheme worth more than a hundred million dollars by real estate developer SiliconSage Builders LLC, according to a court-appointed receiver who alleged in a new suit that the bank "went well beyond providing ordinary banking services" to the developer.
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August 12, 2024
Nasdaq Isn't Immune From Racial Bias Claims, Investor Says
The Nasdaq Stock Market isn't immune from racial discrimination claims because such claims are "simply too different" from the claims it actually is protected from as a self-regulatory organization, an investor in a minority-led special purpose acquisition company has argued.
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August 12, 2024
PE Firms Aim To Escape RICO Suit Over Inadequate Claims
Investment firms Advantage Capital Holdings and 777 Partners separately have asked a federal judge in New York to toss a Racketeer Influenced and Corrupt Organizations suit whose allegations include fraud, saying the plaintiff failed to sufficiently plead its claims.
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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.
Expert Analysis
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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.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Class Actions At The Circuit Courts: June Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers two recent decisions from the Third and Tenth Circuits, and identifies practice tips around class action settlements and standing in securities litigation.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Compliance Countdown To New Calif. Workplace Safety Rules
Nearly all California employers should be taking steps to prepare for the July 1 deadline to comply with a Labor Code update that will introduce the first general industry workplace violence prevention safety requirements in the U.S., say attorneys at Littler.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.
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Making Plans For BNPL Consumer Protection Compliance
With an interpretive rule from the Consumer Financial Protection Bureau set to require buy-now, pay-later providers to implement credit card-like consumer safeguards by the end of July, loan providers must solidify their federally compliant customer dispute resolution and disclosure procedures before the newly emboldened bureau's deadline, say attorneys at Steptoe.