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Compliance
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August 02, 2024
OT Rule Exceeds DOL's Authority, Red States Argue
A group of 14 red states joined Texas in calling for a federal court to strike down the U.S. Department of Labor's rule raising salary thresholds for a federal overtime exemption, claiming in a brief that the new rule would hit their states particularly hard.
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August 02, 2024
Del. Chancellor Presses Tesla On Musk Pay Salvage Scheme
Delaware's chancellor pointed Friday to "zero cases under Delaware law" where stockholders were allowed to ratify a corporate act that had been found to be a breach of fiduciary duty, asking an attorney for Tesla Inc. why she should allow the company to use a post-verdict vote to resurrect Elon Musk's $56 billion stock-based compensation plan.
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August 02, 2024
Dems Launch Bill To Expand Zelle, Venmo Fraud Protections
U.S. Senate and House Democrats on Friday proposed revisions to the Electronic Fund Transfer Act aimed at bolstering protections for consumers who fall victim to scams perpetrated by means such as mobile wallets, payment apps and wire transfers.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
CFPB Claim 'Strays Too Far' In Snap Finance Suit, Judge Says
A Utah federal judge allowed Snap Finance to escape some claims brought by the Consumer Financial Protection Bureau that alleged the lease-to-own consumer finance company intentionally misled customers with "virtually every step" of its consumer experience, saying that its lease agreements cannot be considered "credit."
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Iowa, ND Move For Win In NEPA Rule Fight
States led by Iowa and North Dakota are asking a federal judge to scrap a Council on Environmental Quality rule they say threatens to turn the National Environmental Policy Act into an "action-forcing" process to advance the Biden administration's climate and environmental justice goals.
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August 02, 2024
British Air Parent Drops Air Europa Deal Due To EU Scrutiny
British Airways' parent company has abandoned its €400 million ($436 million) plan to buy the rest of Air Europa from Spanish tourism company Globalia amid pushback from European competition authorities, telling investors that the merger was "no longer probable."
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August 02, 2024
5th Circ. Tosses 1988 Case In Galveston Voting Rights Ruling
Multiple minority groups cannot "combine forces" to bring vote dilution claims under a portion of the Voting Rights Act that prohibits race discrimination, the Fifth Circuit said, overruling a decades-old case in a blockbuster decision regarding Galveston County's voting districts.
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August 02, 2024
DOJ, LA County Settle Disabled Voter Discrimination Suit
The County of Los Angeles has settled the federal government's suit alleging it discriminated against people with disabilities who were trying to vote during recent elections and has agreed to work with an accessibility expert for three years to ensure its voting centers are accessible or can be made accessible.
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August 02, 2024
Wells Fargo's AML, Sanctions Programs Facing Investigation
Wells Fargo & Co. has said it is facing scrutiny from "government authorities" over issues with its anti-money laundering and sanctions compliance programs, further noting it is in talks with the U.S. Securities and Exchange Commission to settle an investigation into its investment account cash sweep offerings.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
DOJ Says Apple 'Has No Basis' To Delay Discovery
The U.S. Department of Justice is urging a New York federal judge to get the ball rolling on discovery in its case accusing Apple of anticompetitively restricting app access to lock users into the iPhone.
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August 02, 2024
Boeing's New CEO To Steer Daunting Safety Culture Rebound
Boeing's selection of an engineer and longtime aerospace industry executive as its next CEO demonstrates an eagerness to correct course amid daunting legal and regulatory troubles, as victims' families relentlessly press for Boeing to face a criminal trial over the two 737 Max 8 crashes.
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August 02, 2024
Real Estate Recap: Grants Pass, Population Data, CMBS Risk
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including city and state reactions to the U.S. Supreme Court's ruling on homeless encampments, a new proptech venture leveraging population data for investors and developers, and one BigLaw leader's view of which sectors are most sensitive to commercial mortgage-backed securities distress.
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August 02, 2024
ABA Taskforce Urges Attys To Step Up Election Volunteering
The American Bar Association's Task Force for American Democracy, launched last year, published a 12-page report Friday outlining the importance of lawyers knowing their state's election laws and encouraging them to volunteer their time to bolster faith in elections.
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August 02, 2024
Cognizant Bribery Trial Delayed Again — Until 2025
Trial in a five-year-old case alleging two former Cognizant executives authorized a bribe to a government official in India has been delayed again, this time by six months, so prosecutors can complete necessary depositions in that country, according to a federal court order handed down Friday.
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August 02, 2024
Privacy & Cybersecurity Midyear Report: 4 Areas To Watch
New York and Colorado shook up the data privacy landscape by enacting groundbreaking laws protecting children online and clamping down on high-risk uses of artificial intelligence during the first half of 2024, and both states and the federal government are expected to devote considerable attention to these areas in the coming months.
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August 02, 2024
Manhattan DA Slams Trump's 'Regurgitated' Recusal Bid
The Manhattan district attorney pilloried Donald Trump's renewed request for the judge overseeing his hush money case to recuse himself, branding it a "regurgitated" attempt to rehash issues the court already decided without any new facts — besides Kamala Harris' presidential bid.
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August 02, 2024
Akin Debuts AI Law & Regulation Info Tracker
Global BigLaw firm Akin Gump Strauss Hauer & Feld LLP launched a tracker to help monitor changing policies related to artificial intelligence in various fields including intellectual property, data privacy, health and national security.
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August 02, 2024
NYC Courts' $9.5M Accounting Error Quietly Broke The Law
Internal audits found New York City courts violated state law by failing to turn over $9.5 million to the state treasury — the result of clerks not keeping tabs on public money in recent years.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 02, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
The DOJ unveiled its pilot program to reward whistleblowers who alert prosecutors to significant corporate misconduct — though the rollout didn't come without criticism from attorneys — and a new report determined that class actions accusing companies of deceiving investors about their AI capabilities are on the rise this year.
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August 02, 2024
More Tribes Suing Social Media For Teen Addiction, Suicides
Two more Native American tribes have filed suit against a slew of social media companies, alleging that over the past decade they've contributed to a growing body of research that directly links their platforms to a youth mental health crisis that's plaguing Indian Country.
Expert Analysis
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Careful Data Governance Is A Must Amid Enforcement Focus
Federal and state regulators' heightened focus on privacy enforcement, including the Federal Trade Commission's recent guidance on consumer protection in the car industry, highlight the importance of proactive risk management, compliance and data governance, say Jason Priebe and Danny Riley at Seyfarth.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Best Practices For Chemical Transparency In Supply Chains
A flurry of new and forthcoming regulations in different jurisdictions that require disclosure of potentially hazardous substances used in companies' products and processes will require businesses to take proactive steps to build chemical transparency into their supply chains, and engage robustly and systematically with vendors, says Jillian Stacy at Enhesa.
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5 Critical Factors Driving Settlement Values In Cyber Litigation
Recent ransomware incidents and their legal repercussions offer five valuable insights into the determinants of settlement values in cyberattack-related litigation, and understanding these trends and their implications can better prepare organizations for the potential legal fallout from future breaches, says Peter Kamminga at JAMS.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Opinion
Paid Noncompetes Offer A Better Solution Than FTC's Ban
A better alternative to the Federal Trade Commission's recent and widely contested noncompete ban would be a nationwide bright-line rule requiring employers to pay employees during the noncompete period, says Steven Kayman at Rottenberg Lipman.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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High Court's Abortion Pill Ruling Shuts Out Future Challenges
The U.S. Supreme Court's unanimous ruling in U.S. Food and Drug Administration v. Alliance for Hippocratic Medicine maintains the status quo for mifepristone access and rejects the plaintiffs' standing theories so thoroughly that future challenges from states or other plaintiffs are unlikely to be viable, say Jaime Santos and Annaka Nava at Goodwin.
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Navigating New Safe Harbor For Domestic Content Tax Credits
The U.S. Department of the Treasury’s recent notice simplifying domestic content calculations for certain solar, onshore wind and battery storage projects, which directly acknowledges the difficulty for taxpayers in gathering data to support a domestic content analysis, should make it easier to qualify additional domestic content bonus tax credits, say attorneys at A&O Shearman.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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PBM Takeaways From Proposed Telehealth Flexibility Bill
The U.S. House of Representatives' proposal to extend certain telehealth flexibilities signals a robust commitment to expanding telehealth access, though its plan to offset additional expenses through pharmacy benefit manager reform could lead to some industry consolidation, say attorneys at Mintz.
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What 4 Cyber Protection Actions Mean For Marine Transport
Several recent steps by the Biden administration are necessary to address the cyber threats that increasingly disrupt the maritime sector, but also impose new legal risks, liabilities and operating costs on the owners and operators of U.S.-flagged vessels and facilities, say attorneys at Holland & Knight.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.