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Compliance
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
FTC, Career Step Pitch $43.5M Deal For Alleged Bogus Claims
Career Step LLC, a for-profit online career training company, has struck a $43.5 million proposed settlement to resolve Federal Trade Commission claims it targeted servicemembers and their spouses with deceptive advertising about its programs and the successes of its students.
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July 30, 2024
Texas, Meta Reach Historic $1.4B Deal In Biometric Data Suit
The state of Texas has reached a historic $1.4 billion settlement with Meta Platforms Inc. in a lawsuit accusing the social media giant of illegally collecting Facebook users' biometric data through its now-discontinued facial recognition feature, attorneys for the state announced Tuesday.
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July 29, 2024
5th Circ. Pauses DOT's New 'Junk Fees' Rule Amid Review
The Fifth Circuit on Monday agreed to temporarily block a U.S. Department of Transportation rule requiring airlines to clearly disclose add-on fees upfront while the appellate court reviews the rule, which has been challenged by major airlines and airline associations.
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July 29, 2024
Live Nation Judge Tightens In-House Counsel's Access To Docs
A New York federal judge imposed new restrictions Monday on Live Nation in-house counsel's access to documents and testimony from witnesses from its rivals in the U.S. Department of Justice's antitrust lawsuit, tightening a days-old two-tiered system after hearing concerns from those competitors.
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July 29, 2024
11th Circ. Affirms Ga. Prison Officer Immunity For Strip Search
An Eleventh Circuit panel said that Georgia prison officers violated a woman's constitutional rights when they subjected her to a strip search and manual body cavity search during a visit to see her incarcerated husband, but precedent blocks it from overturning a ruling holding the officers were entitled to qualified immunity.
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July 29, 2024
Virtu Pushes For SEC Crackdown On 'Penny Stock' Listings
Virtu Financial Inc. is pressing the U.S. Securities and Exchange Commission to force Nasdaq and other exchanges to crack down on so-called penny stocks, petitioning the agency to initiate rulemaking that would stop companies struggling to stay above $1 per share from continuing to trade on the exchanges.
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July 29, 2024
Chemical Groups Say Chevron Sinks EPA Ethylene Oxide Rule
A chemical company and two chemical associations are telling the D.C. Circuit that a recent U.S. Supreme Court decision undermines the federal government's risk value for ethylene oxide, which they are challenging as being too high.
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July 29, 2024
CFPB Cites Thomas In New Bid To Transfer Late Fee Rule Suit
The Consumer Financial Protection Bureau on Monday took another whack at getting an industry-backed legal challenge to its $8 credit card late fee rule transferred from Texas federal court to Washington, D.C., this time drawing on U.S. Supreme Court Justice Clarence Thomas for a little rhetorical help.
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July 29, 2024
Split 11th Circ. Won't Revive Class Action Over USCIS Denials
A split Eleventh Circuit panel on Monday backed the dismissal of claims from five immigrants given temporary protected status but later rejected for green cards, saying the court doesn't have jurisdiction to review U.S. Citizenship and Immigration Services matters due to a precedential 2021 U.S. Supreme Court decision.
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July 29, 2024
8th Circ. Urged To Ax FDIC's Multiple NSF Fee Guidance
Minnesota state bankers have urged the Eighth Circuit to uphold their challenge to Federal Deposit Insurance Corp. guidance conscribing the use of non-sufficient funds fees, arguing a Minnesota federal judge was wrong to reject their case as premature.
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July 29, 2024
Wells Fargo Can't Escape Investors' Sham Diverse Hiring Suit
A California federal judge refused to throw out a proposed securities class action against Wells Fargo alleging it conducted sham interviews to meet diversity targets that triggered a stock drop when the truth came to light, finding Monday that the investors had plausibly alleged the bank's ill-will.
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July 29, 2024
NFT Artists Bring Preemptive SEC Suit To Protect Artwork
Two NFT artists sued the U.S. Securities and Exchange Commission in Louisiana federal court on Monday to protect their forthcoming nonfungible token projects from a potential enforcement action, with the artwork itself seeking to highlight a perceived regulatory overreach into NFTs.
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July 29, 2024
Making Broadcasters File Disaster Reports Not Wise, FCC Told
Broadcasters say it's a bad idea for the Federal Communications Commission to force them to start reporting disaster-related outages to the agency like other communications companies are required to because it would distract them from reporting about whatever disaster is happening.
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July 29, 2024
FTC, Challengers, Their Backers Vie For Noncompetes' Fate
The fate of the Federal Trade Commission's noncompete ban is on the line as the agency trades blows with the U.S. Chamber of Commerce and other challengers spread across three different federal courts, all now grappling with a decision last week providing important backing to the FTC's rulemaking authority.
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July 29, 2024
Feds Say Tenn., NC Hospitals Overpaid Doctors For Referrals
A Tennessee-based hospital system violated the False Claims Act by taking $27.8 million in public healthcare allotments while overpaying doctors, sometimes by three times the average physician's pay, to make internal referrals, according to a lawsuit the U.S. Department of Justice has joined.
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July 29, 2024
CFPB Says Lease-To-Own Co. Acima Misled Vulnerable Users
Lease-to-own fintech company Acima had customers paying more than twice the retail price of home goods by deceptively locking them into high-cost "virtual rent-to-own" financing plans, the Consumer Financial Protection Bureau alleged in a new lawsuit filed Friday in Utah federal court.
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July 29, 2024
Railroads Ask 11th Circ. To Void New Train Crew Size Rule
Rail giants have told the Eleventh Circuit that the Federal Railroad Administration overstepped with its new two-person train crew rule, saying rail labor costs would surge if "one of the most consequential rulemakings in the history of American railroading" were allowed to stand.
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July 29, 2024
Feds Strike $7M Deal With Co. In Emissions-Cheating Suit
A North Carolina auto parts dealer will pay $7 million to end the federal government's lawsuit alleging the company sold parts that bypassed vehicles' emissions controls, according to a court filing on Monday.
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July 29, 2024
Utah Biz Groups Latest To Challenge Corp. Disclosure Law
Several small-business associations in Utah became the latest group to challenge the Corporate Transparency Act's disclosure requirements, telling a federal court Monday the statute violates several constitutional provisions, including the guarantee of due process.
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July 29, 2024
EPA, Army Reveal Joint PFAS Sampling Project
The U.S. Environmental Protection Agency and the U.S. Army unveiled a joint national project to test private drinking water wells near Army installations for per-and polyfluoroalkyl substances, identifying 235 locations where they will carry out their more in-depth investigation.
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July 29, 2024
Charter Pays $15M To End FCC's Network Outage Probe
Charter has agreed to shell out $15 million and create a novel cybersecurity program meant to resolve issues raised during a Federal Communications Commission probe of major network outages affecting 911 service, the FCC said Monday.
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July 29, 2024
Magistrate Eyes Cuts To Norfolk Southern Investors' Suit
A New York federal magistrate judge has recommended tossing a portion of a securities suit filed against Norfolk Southern Corp. in the wake of the East Palestine, Ohio, train derailment, reasoning that the retirement funds serving as lead plaintiffs fell short of pleading standards.
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July 29, 2024
Ex-Vitol Oil Trader Can't Unwind Conviction After Bribery Trial
A New York federal judge refused Friday to acquit former Vitol Oil Group trader Javier Aguilar or grant him a new trial following his February conviction on charges that he bribed Ecuadorian and Mexican officials to win $500 million in business deals for the global energy and commodities company.
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July 29, 2024
MoneyGram Opposes CFPB, NY's 'Futile' Bid To Bolster Case
MoneyGram told a New York federal judge that the state and federal regulators' bid to update their complaint against the remittance service is a "bad faith attempt" to "salvage" a case that should either be transferred to MoneyGram's home district of Texas or tossed entirely.
Expert Analysis
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Opinion
NEPA Final Rule Unlikely To Speed Clean Energy Projects
A recent final rule from the White House Council on Environmental Quality purports to streamline federal environmental reviews to accelerate the construction of renewable energy infrastructure — but it also expands consideration of climate change and environmental justice, creating vast new opportunities for litigation and delay, says Thomas Prevas at Saul Ewing.
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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls
A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Colo. Lending Law Could Empower State-Chartered Banks
Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.
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In Debate Over High Court Wording, 'Wetland' Remains Murky
Though the U.S. Supreme Court's decision limiting the Clean Water Act’s wetlands jurisdiction is now a year old, Sackett v. EPA's practical consequences for property owners are still evolving as federal agencies and private parties advance competing interpretations of the court's language and methods for distinguishing wetlands in lower courts, says Neal McAliley at Carlton Fields.
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High-Hazard Retailers: Are You Ready For OSHA Inspections?
In light of a bill introduced this month in Congress to protect warehouse workers, relevant employers — including certain retailers — should remain aware of an ongoing Occupational Safety and Health Administration initiative that has increased the likelihood of inspection over the next couple of years, say Julie Vanneman and Samantha Cook at Dentons Cohen.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Ga. Law Creates Challenges For Foreign Ownership Of Land
Under Georgia's new law limiting certain foreign possessory interests in agricultural land and land near military properties, affected foreign persons and entities will need to do significantly more work in order to ensure that their ownership remains legal, say Nellie Sullivan and Lindsey Grubbs at Holland & Knight.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.