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Compliance
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August 09, 2024
SVB's $1.9B FDIC Suit Won't Open 'Floodgates,' Judge Says
A California federal judge trimmed claims from the parent of Silicon Valley Bank's lawsuit against the Federal Deposit Insurance Corp. seeking $1.93 billion, but rejected the agency's arguments that allowing some claims to move forward will "open the floodgates" for every failed bank's uninsured depositors to bring a claim.
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August 09, 2024
Conn. AG Knocks Altice's Bid To Rewrite Consumer Fee Case
The state of Connecticut says it should not be forced to redraft a lawsuit accusing Altice USA of improperly charging consumers a $6 "network enhancement fee" and pushing misleading internet speed advertisements, saying the telecommunications provider has gone so far as to seek "clarification" of "commonly understood words of phrases."
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August 09, 2024
Employment Authority: Sex Work Boosted By Calif. Law
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on how erotic dancers have gained more professional respect from a new worker classification law in California, an Eighth Circuit ruling's worker-friendly effect on a law barring arbitration of sex misconduct claims and a run-down on the progressive employment record of Vice President Kamala Harris' running mate.
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August 09, 2024
Bond Denied For Ex-Ecuador Official Convicted In Bribery Plot
A Florida federal judge denied bond to Ecuador's ex-comptroller Friday after a jury convicted him earlier this year of laundering more than $12 million in bribes received in a construction scandal, saying the record would not support releasing him from custody before he is sentenced.
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August 09, 2024
6th Circ. Partially Revives Crypto IRS Reporting Challenge
The Sixth Circuit issued a mixed ruling Friday in a suit brought by a group of cryptocurrency users challenging the IRS' pending mandate to report large crypto transactions, reversing the dismissal of the suit's Fourth and First Amendment violation claims but affirming that some of the case's claims are not ripe.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Biz Groups Urge Keeping CFPB's $8 Late Fee Cap On Ice
The U.S. Chamber of Commerce, the American Bankers Association and other trade group plaintiffs have urged a Texas federal judge to leave in place an injunction staying the Consumer Financial Protection Bureau's rule capping most credit card late fees at $8, saying the lowered fee would not serve as a sufficient deterrent for consumers.
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August 09, 2024
DC Circ. Revives EPA Worker's Allergy Accommodation Suit
The D.C. Circuit on Friday revived a U.S. Environmental Protection Agency employee's lawsuit alleging the agency mishandled his complaint about being seated next to a co-worker whose perfume triggered his severe allergies.
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August 09, 2024
Dem Lawmakers Ask OpenAI To Disclose Safety Processes
Two members of Massachusetts' congressional delegation are calling on OpenAI to provide information about its safety processes and how it handles whistleblowers and conflicts of interest, in a letter to the company.
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August 09, 2024
Colony Ridge Mortgage Co. Says It Was 'Office Geek' For Site
A Texas mortgage company pushed Friday to be released from a lawsuit accusing a Houston-area real estate developer and lender of predatory lending practices, telling a federal judge that it never met with the Hispanic consumers allegedly preyed on through the scheme and that the company was "just doing paperwork."
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August 09, 2024
DC Circ. Says Animal Group Can't File Perdue False Ad Suit
The Animal Legal Defense Fund doesn't have standing to sue the U.S. Department of Agriculture over labels the agency approved for Perdue poultry products that the advocacy group says mislead customers into believing the animals have access to the outdoors, the D.C. Circuit ruled Friday.
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August 09, 2024
Meta Urges Justices To Ax Investors' Risk Disclosure Suit
Meta Platforms Inc. filed its opening brief Friday urging the U.S. Supreme Court to reverse a Ninth Circuit decision that kept alive a class action stemming from the Cambridge Analytica data abuse scandal, arguing that decision would create unnecessary disclosure obligations and encourage "fraud by hindsight" lawsuits.
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August 09, 2024
'Outrageous': Dems Grill JPMorgan Over Potential New Fees
Two Senate Banking Committee Democrats have ripped into JPMorgan Chase & Co. over an executive's recent warning that it may hike some costs for customers in response to pending fee rules from the Consumer Financial Protection Bureau, calling it an "outrageous" threat and demanding more details from the megabank.
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August 09, 2024
Marketer Seeking Dismissal Of Mass. Data Privacy Suit
Texas-based online marketing company InMarket Media LLC is asking a Massachusetts federal judge to toss a proposed class action by two women who say the company secretly collected and sold location data through its apps, arguing in a motion to dismiss that the court lacks jurisdiction over the company.
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August 09, 2024
Kraft-Heinz Investor Can't Revive Del. Insider Trading Suit
Attorneys for a Kraft Heinz stockholder lost a bid to convince Delaware's Court of Chancery that new evidence justified reopening a dismissed suit alleging that company insiders with ties to a controlling investor, Brazilian private equity firm 3G Capital Inc., sold $1.2 billion worth of shares on nonpublic information.
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August 09, 2024
Virtu Financial Can't Cut Down SEC's Information Security Suit
A Manhattan federal judge declined Friday to trim a U.S. Securities and Exchange Commission lawsuit over Virtu Financial Inc.'s protection of customer investment data, saying discovery is needed to determine whether the platform designed reasonable safeguards to wall this information off from its own in-house traders.
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August 09, 2024
Wash. AG Says Kroger Refusing To Delay Merger For Ruling
The Washington Attorney General's Office told a state court that Kroger will not agree to put off closing its planned merger with Albertsons until after a final ruling in the state's merger challenge, but the companies say they've already agreed not to finalize the deal until litigation plays out in another state.
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August 09, 2024
CFTC's Proposed Election Trading Ban Garners Mixed Feedback
The Commodity Futures Trading Commission has fielded a range of comments on its proposed rule to ban trading on the outcome of elections, with certain politicians and advocacy groups throwing their weight behind the measure and others accusing the agency of overstepping its authority.
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August 09, 2024
Frat House Ponzi Schemer Must Pay $65K In SEC Suit
A University of Georgia graduate who ran a Ponzi scheme from his fraternity house and defrauded classmates must pay an additional $65,000 in judgment interest after already having paid more than $509,000 to the U.S. Securities and Exchange Commision.
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August 09, 2024
DC Circ. Makes Case For Restarting FERC Gas Policy Revamp
The D.C. Circuit's recent wipeout of Federal Energy Regulatory Commission approvals of gas infrastructure projects is a sign that the agency should restart a stalled effort to update its decades-old pipeline approval policy, FERC watchers say.
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August 09, 2024
Highway Contractor, Exec Charged With $100M Price-Fixing
Federal prosecutors announced the indictment of an Oklahoma highway runoff contracting business and two of its employees for their involvement in a price-fixing, bid-rigging and market allocation conspiracy that impacted over $100 million in publicly funded construction contracts in the state.
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August 09, 2024
NY Counties Say Cayuga Nation's 911 Suit Not An Emergency
Two New York counties have urged a federal district court to toss the Cayuga Nation's lawsuit accusing the counties of refusing to forward the reservation's 911 calls to the tribe's police department unless it pays, arguing the tribe's civil rights protection claims are not enforceable.
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August 09, 2024
Fla. Forex Trader Gets 24 Years For $57M Ponzi Scheme
A purported foreign exchange trader has been hit with a 24-year prison sentence and a $57 million forfeiture order after pleading guilty to wire fraud and money laundering charges in connection with a Ponzi scheme that took in over 1,100 would-be investors.
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August 09, 2024
Ads Group Nixes Anti-Hate Initiative Days After Musk Suit
The World Federation of Advertisers is pulling the plug on an initiative aimed at avoiding advertising next to hate speech and other "illegal or harmful content," days after drawing a lawsuit from Elon Musk's X Corp. calling the program an anticompetitive group boycott.
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August 09, 2024
Pa. Firm Seeks Over $790K In Employee Retention Credit
The Internal Revenue Service has failed to pay Ostroff Injury Law PC the more than $790,000 it is owed in pandemic-era employee retention credits, the Pennsylvania firm alleges in a federal court complaint, despite satisfying two separate tests the firm says qualify it for the relief.
Expert Analysis
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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.
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Expect CFPB To Enforce Warning Against 'Coercive' Fine Print
The recent Consumer Financial Protection Bureau warning against unenforceable terms "deceptively" slipped into the fine print of contracts will likely be challenged in court, but until then, companies should expect the agency to treat its guidance as law and must carefully scrutinize their consumer contracts, say attorneys at Ballard Spahr.