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Compliance
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August 16, 2024
Convicted Crypto Mixer Says Feds' 30-Year Ask Too High
The convicted operator of the Bitcoin Fog crypto mixing service urged a Washington, D.C., federal judge to disregard federal prosecutors' 30-year recommendation and instead levy a below-guidelines sentence, arguing the scale of his money laundering operation isn't indicative of harm done.
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August 16, 2024
DC Circ. Rolls Back Pipeline Safety Rules
The D.C. Circuit on Friday threw out a handful of new safety standards for gas transmission pipelines set by the U.S. Department of Transportation, ruling that federal regulators failed to explain why their benefits outweighed their costs.
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August 16, 2024
Bar Associations Issue 'Call To Action' To Law Firms On DEI
Presidents from eight of the nation's largest bar associations are asking legal industry leaders to help defend diversity, equity and inclusion initiatives against attacks from segments of the country.
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August 16, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A federal appeals court has upheld President Joe Biden's authority to fire former National Labor Relations Board general counsel Peter Robb. And FirstEnergy has agreed to pay up to $20 million in a nonprosecution deal, ending the Ohio attorney general's probe in its billion-dollar bribery scandal. These are some of the stories in corporate legal news you may have missed in the past week.
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August 16, 2024
FuboTV Scores Injunction Blocking Streaming Venture Launch
Sports streaming service Fubo has convinced a New York federal court to block ESPN, Fox and Warner Bros. Discovery from launching their "sports-first streaming business" while it challenges the joint venture as an anticompetitive attempt to knock it out of the market.
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August 16, 2024
Atty Who Reported Client Can't Get SEC Award, DC Circ. Says
The D.C. Circuit was not moved by an attorney's attempt to claim a potential multimillion-dollar award for reporting his client to the U.S. Securities and Exchange Commission, saying the attorney could not have reasonably believed that blowing the whistle on the $44 million fraud was in his client's best interest.
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August 16, 2024
5th Circ. Tosses Appeal In FTC's Anesthesia Antitrust Case
The Fifth Circuit has agreed with the Federal Trade Commission and tossed an early appeal from U.S. Anesthesia Partners in the agency's case accusing the group of monopolizing the Texas anesthesiology market through a "roll-up" strategy.
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August 16, 2024
1st Circ. Smooths Path For Title VII Retaliation Claims
The First Circuit affirmed a lower court's grant of summary judgment for Bentley University in an employment discrimination lawsuit brought by a former program coordinator, but also took the opportunity to lower the bar for retaliation claims.
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August 16, 2024
SEC Seeks Default Judgment In $8.4M Ponzi Scheme Case
The U.S. Securities and Exchange Commission has asked for a default win in its suit against a pair of investment firms that allegedly took part in an $8.4 million Ponzi scheme, arguing the request is warranted after the firms' owners tried unsuccessfully to file pro se responses on the firms' behalf.
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August 16, 2024
Skadden Corporate Adviser Atty Rejoins Simpson Thacher
Simpson Thacher & Bartlett LLP has rehired an attorney who advises corporate executives on general securities and business law matters, bringing him back to the team in New York after several years with Skadden Arps Slate Meagher & Flom LLP.
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August 16, 2024
Harris Economic Plan Targets Food Mergers, Price-Gouging
Vice President Kamala Harris unveiled an economic plan Friday that said her administration would "crack down" on large corporate food mergers and introduce the first-ever ban on price-gouging, a promise that comes just days after the announcement of one of the largest ever food industry tie-ups.
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August 16, 2024
Connecticut Legislation Passed In 2024: A Midyear Report
While Connecticut workers may rejoice over a major expansion of paid sick leave that will begin to roll out next year, businesses will need to spend some time and effort getting ready to implement the new law, attorneys told Law360.
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August 16, 2024
NC Litigation Highlights Of 2024: A Midyear Report
Several-high profile cases in North Carolina came to a close in the first half of the year, from a second bribery conviction against an insurance magnate beset by legal woes, to the anticlimactic withdrawal of a state Supreme Court justice's much-watched free speech suit. Here, Law360 looks at those and other notable rulings so far in North Carolina.
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August 15, 2024
San Francisco Unveils Landmark Suit Over 'Deepfake' Porn
The San Francisco city attorney on Thursday launched a suit against the operators of 16 websites that he claims create and distribute nonconsensual, artificial intelligence-generated pornography, also known as "deepfake pornography" or "deepnudes."
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August 15, 2024
BigLaw Gambling Probe Halts Notre Dame Men's Swimming
The University of Notre Dame has suspended its men's swimming program after a Ropes & Gray LLP investigation confirmed reports of widespread gambling in violation of National Collegiate Athletics Association rules, a matter the university's athletics director called "a deeply embedded team culture dismissive of Notre Dame's standards for student-athletes."
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August 15, 2024
DC Circ. Explains Toss Of EPA's Biofuel Exemptions Denial
The Environmental Protection Agency's narrow interpretation of what defines an economic hardship wrongly shut dozens of small oil refineries out of receiving federal renewable fuel blending requirement exemptions, according to a per curiam D.C. Circuit opinion unsealed this week.
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August 15, 2024
Audacy Sale To Soros Won't Be Rubber-Stamped, Cruz Says
The Federal Communications Commission will hold a full commission vote on whether to transfer the licenses tied to Soros Fund Management's acquisition of an ownership interest in radio station owner Audacy Inc. after it emerges from bankruptcy, according to Sen. Ted Cruz, R-Texas.
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August 15, 2024
Pa. Utility Regulator Insists It Can Reject Grid Project
The Pennsylvania Public Utility Commission is urging the Third Circuit to reinstate its denial of a transmission project regional grid operator PJM Interconnection approved, saying the Federal Power Act and PJM's tariff can't be used to override its rejection of a "wasteful and counterproductive project."
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August 15, 2024
SEC Nabs $5.75M Judgment Against Unregistered Broker
A Florida man and his business have agreed to pay the U.S. Securities and Exchange Commission $5.75 million to end claims they operated as unregistered broker-dealers for at least four years.
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August 15, 2024
Realtors Urge 9th Circ. Not To Revive Zillow Antitrust Case
The National Association of Realtors has urged the Ninth Circuit to reject a defunct brokerage platform's appeal in a case over design changes Zillow made to comply with an association rule, saying the rule is optional and that Zillow acted on its own.
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August 15, 2024
6th Circ. Finds Biden Had Power To Fire Former NLRB GC
President Joe Biden lawfully fired former National Labor Relations Board general counsel Peter Robb more than three years ago, the Sixth Circuit ruled, with the appeals court saying removal protections for the agency's top prosecutor would affect the official's accountability to the president.
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August 15, 2024
Pharmacy Can't Dodge Novo Nordisk's Diabetes Drug Suit
A Tennessee federal judge on Thursday declined to throw out a suit by Novo Nordisk Inc. alleging that DCA Pharmacy is selling drugs with the same active ingredient as its Ozempic diabetes medicine without U.S. Food and Drug Administration authorization.
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August 15, 2024
FTC Renews Bid To Toss Meta's Constitutionality Case
The Federal Trade Commission has told a D.C. federal court that a recent U.S. Supreme Court ruling does not support Meta's case raising constitutional challenges to a data privacy order, arguing the case should be tossed.
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August 15, 2024
Alaska, Hawaiian Airlines Extend DOJ Review Deadline, Again
Alaska Air Group Inc. and Hawaiian Airlines disclosed a third extension in as many weeks Thursday for the U.S. Department of Justice to review their proposed $1.9 billion merger before it can close, moves that suggest at least that the DOJ has raised serious concerns about the transaction.
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August 15, 2024
Price-Fixing Claims Against Par Pharma Tossed After Ch. 11
A Connecticut federal judge on Thursday tossed Par Pharmaceutical Cos. Inc. from two price-fixing lawsuits after the defendant and its parent, Endo International PLC, recently filed the Chapter 11 reorganization plans that they said shielded them from the cases.
Expert Analysis
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Calif. Budget Will Likely Have Unexpected Tax Consequences
A temporary suspension of net operating loss deductions and business incentive tax credits, likely to be approved on June 15 as part of California’s next budget, may create unanticipated tax liabilities for businesses that modeled recently completed transactions on current law, says Myra Sutanto Shen at Wilson Sonsini.
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Unpacking NY's Revised Hospital Cybersecurity Rule Proposal
The New York State Department of Health's recently revised hospital cybersecurity rule proposal highlights increased expectations and scrutiny around cybersecurity in the healthcare sector, while adapting to both recent industry developments and public comments, say Christine Moundas and Gideon Zvi Palte at Ropes & Gray.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Unlocking Blockchain Opportunities Amid Legal Uncertainty
Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Managing Legal Risks After University Gaza Protests
Following the protests sparked by the war in Gaza, colleges and universities should expect a long investigative tail and take steps to mitigate risks associated with compliance issues under various legal frameworks and institutional policies, say Wiley's Diana Shaw and Colin Cloherty.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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5 Steps For Gov't Contractor Affirmative Action Verification
As the federal contractor affirmative action program certification deadline approaches, government contractors and subcontractors should take steps to determine their program obligations, and ensure any required plans are properly implemented and timely registered, say Christopher Wilkinson at Perkins Coie and Joanna Colosimo at DCI Consulting.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Debate Over CFPB Definition Of Credit Is Just Beginning
The Consumer Financial Protection Bureau has recently worked to expand the meaning of credit, so anyone operating on the edges of the credit markets, or even those who assumed they were safely outside the scope of this regulatory perimeter, should pay close attention as legal challenges to broad interpretations of the definition unfold, says John Coleman at Orrick.