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Compliance
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June 17, 2024
IRS Asks Court To Leave Alone Worker Retention Credit Pause
An Arizona federal court should reject a tax advisory firm's request to lift the IRS' moratorium on processing claims for the pandemic-era employee retention credit, the agency argued, saying the agency should be allowed to continue to run the program as it sees fit.
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June 17, 2024
Split Mass. Top Court Backs Strict View Of Prompt Pay Law
The top appeals court in Massachusetts said in a divided opinion Monday that contractors must pay overdue invoices before disputing claims under the state's prompt pay law, with two dissenting judges criticizing the majority for trying to rewrite the law "by judicial fiat."
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June 17, 2024
LA City Atty Accused Of Retaliating Against Criminal Chief
The former criminal chief of the Los Angeles city attorney's office is seeking more than $1 million over claims she faced a "barrage of retaliation" and was unfairly placed on leave after reporting the city attorney's alleged excessive on-the-job alcohol consumption, her refusal to prosecute certain companies and other purported misconduct.
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June 17, 2024
Conn. Worker Gets $144K Counsel Fee After Bias Trial Win
The Connecticut Department of Energy and Environmental Protection must pay nearly $139,000 in attorney fees to W. Martyn Philpot Jr. after a Black employee won a federal jury verdict on racial hostility claims, including accusations that he found a noose hanging near his desk in a state office building.
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June 17, 2024
Attys Accused Of Judge Shopping Must Turn Over Q&A Doc
Attorneys accused of a coordinated effort to "judge shop" amid federal suits challenging an Alabama law banning certain medical procedures for transgender youth must supply a document the court believes displays the attorneys' preparations for a panel hearing in which one of the attorneys allegedly committed perjury.
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June 17, 2024
NY Says IGRA Doesn't Keep State Lottery Off Tribal Land
The New York State Gaming Commission has asked a federal judge to throw out the Cayuga Nation's attempt to block lottery games from operating on tribal lands, arguing state lotteries do not fall under the federal Indian Gaming Regulatory Act's jurisdiction.
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June 17, 2024
CFTC Fines Trafigura $55M In Novel Whistleblower Action
The U.S. Commodity Futures Trading Commission announced a first-of-its-kind settlement Monday with Trafigura Trading LLC, which agreed to pay a $55 million penalty over allegations that it manipulated oil derivatives prices while discouraging employees from reporting potentially illegal activity.
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June 17, 2024
Don't Let Farm Org Rewrite Wage Rule Suit, DOL Tells Judge
A farm group shouldn't be allowed to revise its challenge to the U.S. Department of Labor's new wage rule for certain temporary workers, the agency told a Charlotte, North Carolina, federal judge, saying the revision attempt comes too late as the matter is already awaiting the judge's decision.
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June 17, 2024
Commercial Litigation Pro Joins Blank Rome In Pittsburgh
An attorney with more than 20 years of experience advising business clients on commercial litigation has joined Blank Rome LLP's Pittsburgh office after nearly four years as an in-house counsel for a healthcare technology provider.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
Texas High Court Restores Fossil Win Over Harassment Suit
The Texas Supreme Court reinstated Fossil Group Inc.'s defeat of a former sales associate's lawsuit alleging it did nothing to curb a supervisor's lewd online comments and sexual harassment, finding the fashion company took swift action when it learned of the misconduct.
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June 17, 2024
SEC Head Of Crypto Assets And Cyber Unit Departs Agency
The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.
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June 14, 2024
Ozy Trial Gets Heated, Exec Tells Of Lies, Google CEO Pops In
Courtroom tempers flared, Alphabet and Google CEO Sundar Pichai dropped by and a former Ozy Media executive on Friday told the jury weighing fraud charges against the startup's charismatic founder Carlos Watson of how they nearly conned Buzzfeed into buying the company by faking its financials.
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June 14, 2024
Meta Halts AI Tech Debut In EU After Regulatory Backlash
Meta Platforms Inc. said Friday that it was putting on hold plans to expand its artificial intelligence offerings to the European market after the Irish privacy regulator raised concerns about the company's efforts to use public content posted on Facebook and Instagram to fuel these models.
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June 14, 2024
Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle
Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Amazon Sued For Locking Up Audiobooks, Charging Up To 75%
A romance novelist challenged Amazon.com Inc.'s control of up to 80% of the U.S. audiobook market Thursday in a Washington federal court proposed class action accusing the retail giant of using exclusivity restrictions to lock in independent authors, extracting up to 75% of the sales price on Audible.
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June 14, 2024
Ga. CPA Admits To Role In $1.3B Tax Fraud Scheme
After a federal jury convicted two of his co-conspirators in a landmark conservation easement tax shelter trial last year, a Georgia accountant who'd previously denied culpability elected to change course Friday and plead guilty to two felony charges.
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June 14, 2024
FCC To Fine ASUS $367K For Wi-Fi Gear Over Power Limits
The Federal Communications Commission wants to slap electronics maker ASUSTeK Computer with a $367,000 fine for marketing a Wi-Fi adapter that uses more power than the agency has approved for such devices.
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June 14, 2024
CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead
The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.
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June 14, 2024
FCC Settles Probe Into Data Breach At Liberty Latin America
Liberty Latin America has been slapped with a $100,000 fine for failing to tell the Federal Communications Commission about a data breach that exposed data before the telecom took control of the company.
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June 14, 2024
SEC Fines Pa. Adviser In Marketing Rule Action
A Pennsylvania investment adviser has agreed to pay $100,000 as part of an agreement to resolve U.S. Securities and Exchange Commission allegations it broke the regulator's rules barring misleading advertising about fund performance.
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June 14, 2024
Judge Declines To Decide Whether Gemini Misled CFTC
A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.
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June 14, 2024
Real Estate Recap: Special Servicers, 'Dirty' Money, Alt Energy
Catch up on this week's key developments by state from Law360 Real Estate Authority — including recent litigation targeting special servicers, a 700% increase in brownfield funding, and one BigLaw real estate leader's take on alternative energy as interest rates hold steady.
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June 14, 2024
Gemini, NYAG Settle Crypto Lending Fraud Case
The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.
Expert Analysis
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Airlines Must Prepare For State AG Investigations
A recent agreement between the U.S. Department of Transportation and 18 states and territories will allow attorneys general to investigate consumer complaints against commercial passenger airlines — so carriers must be ready for heightened scrutiny and possibly inconsistent enforcement, say attorneys at Morgan Lewis.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Opinion
State-Regulated Cannabis Can Thrive Without Section 280E
Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.
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Asset Manager Exemption Shifts May Prove Too Burdensome
The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.
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Pay-To-Play Deal Shows Need For Strong Compliance Policies
The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.
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Key Takeaways From FDA Final Rule On Lab-Developed Tests
Michele Buenafe and Dennis Gucciardo at Morgan Lewis discuss potential consequences of the U.S. Food and Drug Administration's recently finalized rule regulating lab-developed tests as medical devices, and explain the rule's phaseout policy for enforcement discretion.
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Assessing HHS' Stance On Rare Disease Patient Assistance
The U.S. Department of Health and Human Services' recent advisory opinion, temporarily blessing manufacturer-supported copay funds for rare disease patients, carves a narrow path for single-donor funds, but charities and their donors may require additional assistance to navigate programs for such patients, says Mary Kohler at Kohler Health Law.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Opinion
Feds' Biotech Enforcement Efforts Are Too Heavy-Handed
The U.S. Department of Justice's recent actions against biotech companies untether the Anti-Kickback Statute from its original legislative purpose, and threaten to stifle innovation and undermine patient quality of care, say attorneys at Ropes & Gray.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Liquidity Risk Management Tops NCUA Exam Priorities
As credit unions map their regulatory initiatives and audit plans, they should look to the National Credit Union Administration’s annual supervisory priorities, which include five important examination areas, including liquidity management and interest rate risk, say Juan Arciniegas and Judy Chen at Chapman and Cutler.
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Protecting IP May Be Tricky Without Noncompetes
Contrary to the Federal Trade Commission's view, trade secret law cannot replace noncompetes' protection of proprietary information because intellectual property includes far more than just trade secrets, so businesses need to closely examine their IP protection options, say Aimee Fagan and Ching-Lee Fukuda at Sidley.
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Regulating Resurrected Species Under The ESA
As the prospect of extinct species being resurrected from DNA and reintroduced into the wild grows closer, an analysis of the Endangered Species Act suggests that it could provide a thoughtful, flexible governance framework for such scenarios, say Caroline Meadows and Shelby Bobosky at the SMU Dedman School of Law.
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8 Legal Issues Influencing Investors In The Creator Economy
The rapidly expanding digital creator economy — funding for which more than doubled in the U.S. in the first quarter — comes with its own set of unique legal issues investors must carefully consider before diving in, say Louis Lehot and Alan Pate at Foley & Lardner.