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Compliance
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June 27, 2024
CFTC Extends Comment Period For Election Betting Proposal
The U.S. Commodity Futures Trading Commission announced Thursday that it is extending the deadline for comment on its proposal to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards.
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June 27, 2024
House Panel Cans Vote On Data Privacy, Kids' Safety Bills
The House Energy and Commerce Committee unexpectedly scrapped plans to discuss nearly a dozen bills Thursday morning, including a closely watched proposal to create a federal data privacy framework that has faced backlash from House leadership, consumer advocates and other stakeholders.
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June 27, 2024
DOL Benefits Chief Defends Fiduciary Rule Before GOP Panel
The head of the U.S. Department of Labor's employee benefits agency on Thursday defended recently finalized policy expanding the definition of a fiduciary under the Employee Retirement Income Security Act, drawing criticism from a Republican-controlled panel of House lawmakers at an oversight hearing.
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June 27, 2024
Free-Speech Orgs Tell DC Circ. TikTok Ban Is Prior Restraint
A collection of free speech and press groups has urged the D.C. Circuit to strike down Congress' TikTok sale-or-ban law, calling the statute a "direct and serious threat" to First Amendment freedoms in an amicus brief.
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June 27, 2024
Madigan Judge Doesn't Want Trial To Slip After Justices Rule
The Illinois federal judge overseeing the Racketeer Influenced and Corrupt Organizations Act case against former Illinois House Speaker Michael Madigan said Thursday he was hesitant to delay an October trial after the U.S. Supreme Court removed prosecutors' ability to go after state officials for accepting gratuities.
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June 27, 2024
CFPB Urged To Set Standards On Rooting Out AI Lending Bias
The Consumer Financial Protection Bureau should give the financial industry more explicit instructions to minimize discrimination risk when harnessing artificial intelligence and other algorithmic technology for lending, a pair of prominent consumer advocacy groups told the agency.
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June 27, 2024
NTSB Rips Boeing For Blabbing About Blowout Probe
The National Transportation Safety Board sanctioned Boeing on Thursday for sharing nonpublic details of an ongoing investigation into January's 737 Max 9 midair door plug blowout, deepening the American aerospace giant's regulatory troubles amid multiple probes into its safety culture and quality control.
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June 27, 2024
Feds Back Debevoise Bid To Avoid Cognizant Trial Testimony
The U.S. Department of Justice would like a New Jersey federal court to throw out a subpoena compelling trial testimony from a Debevoise & Plimpton LLP partner regarding an investigation into an alleged bribe the government believes two former Cognizant Technology Solutions executives supplied to an Indian company.
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June 27, 2024
Bradley Arant Adds Former Wells Fargo Associate GC In DC
Bradley Arant Boult Cummings LLP has hired a former associate general counsel for both Wells Fargo and Bank of America, who previously served as a U.S. attorney in the Central District of California and most recently as a Nelson Mullins Riley & Scarborough LLP partner.
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June 27, 2024
Vista Delays Czech Deal Vote In Light Of $3.2B MNC Bid
Vista Outdoor Inc. said Thursday it will postpone a special meeting of stockholders to vote on the sale of part of its business to a Czech defense group in light of a new $3.2 billion buyout offer from Dallas-area private equity shop MNC Capital Partners LP.
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June 27, 2024
Supreme Court Freezes EPA's 'Good Neighbor' Rule
The U.S. Supreme Court stayed the U.S. Environmental Protection Agency's plan to reduce cross-state pollution Thursday, finding several states and industry groups challenging it in court will likely prevail on the merits.
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June 27, 2024
Justices Limit SEC's Use Of In-House Courts
The U.S. Supreme Court on Thursday curtailed the U.S. Securities and Exchange Commission's use of its in-house court system, saying the accused have a right to a jury trial when financial penalties are on the table.
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June 26, 2024
BlackRock Can't Escape Saba Capital's Voting Bylaws Suit
A New York federal judge Tuesday refused to toss Saba Capital Management's lawsuit claiming a BlackRock Inc. environmental, social and corporate governance trust has illegal shareholder voting bylaws, but also refused to block BlackRock from applying the bylaws at issue to the current election.
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June 26, 2024
SEC Crypto Stance May Shift With Election, Rulemaking Suits
The U.S. Securities and Exchange Commission is likely to shift its cryptocurrency posture to some degree if a new chair is installed after the coming presidential election, but firms not content to wait for a change in the guard can consider challenging the agency's rulemaking process, experts said Wednesday.
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June 26, 2024
Conn. Trader's Brother Cops Plea In $30M Brazilian Oil Plot
A Connecticut man has pled guilty to helping to bribe officials at Brazil's state-owned oil company, Petróleo Brasileiro SA, also known as Petrobras, allegedly to help his commodities trader brother earn more than $30 million in ill-gotten profits from deals with the oil giant, according to federal court documents.
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June 26, 2024
Justices Chide 5th Circ. In Biden Social Media Case
The Fifth Circuit relied on "clearly erroneous" facts and an overgeneralized view of standing when it ordered the Biden administration to stop working with social media platforms to combat COVID-19 and election misinformation, the U.S. Supreme Court ruled Wednesday as it threw out a challenge to the government's actions.
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June 26, 2024
SEC Fines Ex-Tech Co. Controller In Insider Trading Matter
The U.S. Securities and Exchange Commission announced that an electronic security solutions company vice president and controller will pay over $435,000 to settle claims that he sold shares of the company based on financial results that were not publicly available at the time.
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June 26, 2024
Ex-Ameriprise Father-Son Duo Agree To Return Biz Info
A father and son and their former employer, financial services company Ameriprise, have reached an agreement that will see the two men return confidential records they allegedly took "in the dark of the night" as they exited the company for jobs with a competitor.
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June 26, 2024
Calif. Sanctioned $111M In 30-Year Prison Staffing Case
A California federal judge has ordered state officials to hand over more than $111 million for failing to bring prison mental health staffing up to levels set by the court in 2009 in a 30-year-old case, saying Tuesday that "given defendants' contumacy, it is for the court to effect compliance."
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June 26, 2024
State Data Privacy Law Patchwork: Midyear Report
States jumped on the consumer data privacy law bandwagon at a brisk clip in the first half of 2024, although it remains unclear if this push will be enough to encourage Congress to finally enact a nationwide framework this year.
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June 26, 2024
Chamber Backs 9th Circ. Call To Nix SEC's 'Gag Rule'
The U.S. Chamber of Commerce is among those calling on the Ninth Circuit to overturn a long-standing U.S. Securities and Exchange Commission policy that settling parties not be allowed to deny the allegations against them, saying that the so-called gag rule threatens the free speech rights of the accused.
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June 26, 2024
Crypto App Pledges More Refunds In Multistate Settlement
Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead.
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June 26, 2024
New Hampshire Claims TikTok Exploits Kids For Profit
Social media titan TikTok is exploiting children by intentionally designing its platform to be addictive, so children will keep scrolling on the app for as long as possible, the state of New Hampshire argues in a heavily redacted lawsuit in state court.
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June 26, 2024
States Say Revised EPA Water Rule Worse Than Original
Two dozen states are seeking a quick win against the U.S. Environmental Protection Agency, the U.S. Army Corps of Engineers and several Native American tribes in their suit challenging a revised rule defining the Clean Water Act's reach, saying it doesn't solve many problems found in the original rule.
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June 26, 2024
FBI Beats Epstein FOIA Case Due To Ghislaine Maxwell Appeal
A New York federal judge handed the FBI a win Tuesday in gossip site Radar Online's Freedom of Information Act lawsuit seeking the government's sex-trafficking investigation records into the late billionaire sex offender Jeffrey Epstein, finding that the documents could affect the ongoing appeal of Epstein's convicted co-conspirator, Ghislaine Maxwell.
Expert Analysis
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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.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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FDA Warning Indicates Scrutiny Of Regenerative Health Cos.
The U.S. Food and Drug Administration's recent warning letter to Akan Biosciences is a quintessential example of the agency's enforcement priorities for certain products involving human cells and tissues, and highlights ongoing scrutiny placed on manufacturers, say Dominick DiSabatino and Cortney Inman at Sheppard Mullin.
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New OSHA Memo Helps Clarify Recordkeeping Compliance
Based on recent Occupational Safety and Health Administration guidance on whether musculoskeletal disorders are recordable injuries under the agency's recordkeeping regulation, it appears that OSHA may target active release techniques and stretching programs during its inspections, say attorneys at Morgan Lewis.
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A Closer Look At Feds' Proposed Banker Compensation Rule
A recently proposed rule to limit financial institutions' ability to award incentive-based compensation for risk-taking may progress through the rulemaking process slowly due to the sheer number of regulators collaborating on the rule and the number of issues under consideration, say attorneys at Troutman Pepper.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Best Practices For Responding To CBP's Solar Questionnaire
U.S. Customs and Border Protection's recently introduced questionnaire to solar importers imposes significant burdens, with the potential for supply chain disruptions and market consolidation, but taking certain steps can assist companies in navigating the new requirements, say Carl Valenstein and Katelyn Hilferty at Morgan Lewis.
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Exploring Alternatives To Noncompetes Ahead Of FTC Ban
Ahead of the Sept. 4 effective date for the Federal Trade Commission's noncompete ban, employers should seek new ways to protect their proprietary and other sensitive information, including by revising existing confidentiality and nondisclosure agreements, says Harvey Linder at Culhane.
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5th Circ. Venue-Transfer Cases Highlight Mandamus Limits
Three ongoing cases filed within the Fifth Circuit highlight an odd procedural wrinkle that may let district courts defy an appellate writ: orders granting transfer to out-of-circuit districts, but parties opposing intercircuit transfer can work around this hurdle to effective appellate review, says Charles Fowler at McKool Smith.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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Navigating Self-Disclosures As A Regulated Financial Entity
As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.