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Compliance
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August 19, 2024
Atty Faces Contempt Bid In Fla. Forex Trading Firm Case
The court-appointed receiver of an investment company at the center of a U.S. Commodity Futures Trading Commission lawsuit over the firm's $75 million foreign currency trading fraud has asked for the company's now-imprisoned CEO's appeals attorney to be held in contempt of court for allegedly failing to comply with a subpoena.
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August 19, 2024
A&O Shearman Hires Ex-Morgan Stanley Exec In New York
A former executive director at Morgan Stanley has returned to private practice at Allen Overy Shearman Sterling in New York.
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August 19, 2024
Ga. Judge Trims Black Students' Claims Over 'Horrific' Racism
A Georgia federal judge has allowed five Black students of the Floyd County School District to advance their free speech claims over the district's response to anti-racism demonstrations, but she ended their race bias allegations while acknowledging the "persistent, horrific harassment" the students faced.
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August 19, 2024
H&R Block's Case On In-House Judges' Role Is Paused
A Missouri federal judge who refused to halt Federal Trade Commission proceedings accusing H&R Block of deceptive advertising agreed to pause, while the company appeals her refusal, a district court case in which the company has argued that administrative judges should be booted from the proceedings.
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August 19, 2024
FTC Says Albertsons Execs Deleted Texts About Merger
The Federal Trade Commission accused executives from Albertsons of deleting text messages about the supermarket chain's planned megamerger with Kroger, saying the messages likely contained valuable internal views about the effects of the $25 billion deal.
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August 19, 2024
Trump's Immunity Appeal May Delay Sentencing, DA Says
Prosecutors will not oppose Donald Trump's request to delay sentencing in his New York hush money case, currently set for next month, while he seeks to dismiss his conviction in light of the U.S. Supreme Court's presidential immunity ruling, agreeing that an immediate appeal may upend the proceedings anyway.
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August 19, 2024
Recipe Changing For NYC Restaurant Wage Suits
After years of million-dollar settlements with their waiters and front-of-house staff, most of New York’s large restaurants have equipped themselves with attorneys and compliance pros to head off potential lawsuits, while mom-and-pop eateries often struggle to keep up with evolving wage and tipping rules.
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August 19, 2024
Icahn Settles With SEC Over Company-Betting Loan Claims
The U.S. Securities and Exchange Commission on Monday announced that hedge fund billionaire Carl Icahn and his publicly traded company have agreed to pay $2 million to end an enforcement action accusing them of failing to disclose the use of Icahn Enterprises LP shares as collateral on personal margin loans.
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August 16, 2024
Justices Reject Biden Bid To Reinstate Gender Identity Rule
The U.S. Supreme Court on Friday refused for now to lift lower court orders blocking the U.S. Department of Education from enforcing its new interpretation of Title IX intended to protect LGBTQ+ students from discrimination based on gender identity, handing a win to several Republican-led state challengers.
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August 16, 2024
Humana To Pay $90M To End 8-Year Medicare Drug FCA Battle
Humana Inc. has agreed to pay the federal government $90 million to settle long-running False Claims Act allegations it submitted fraudulent bids for Medicare prescription drug deals, Phillips & Cohen LLP said Friday in announcing the "first case of its kind" to resolve allegations of fraud in the Medicare Part D contracting process.
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August 16, 2024
Deutsche, Ex-Trader End 2nd Libor Malicious Prosecution Suit
Deutsche Bank and a former U.K. derivatives trader who accused the bank of scapegoating him to U.S. authorities investigating interest rate-rigging have resolved his $30 million malicious prosecution lawsuit in New York state court.
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August 16, 2024
Real Estate Recap: Cases To Watch, DC Flooding, NYC Hotels
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including the commercial real estate cases to watch in 2024's second half, one BigLaw attorney's thoughts on new Washington, D.C., flood construction rules and the NYC hotel license bill that has hospitality attorneys rattled.
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August 16, 2024
Crypto Promoter Gets OK To Appeal Securities Ruling At 5th Circ.
A Texas federal judge on Friday granted a cryptocurrency influencer's bid to immediately appeal an adverse ruling that his promotion of so-called SPRK tokens had sufficient ties to the U.S. since the question of whether his alleged activity is beyond the reach of federal securities regulators could resolve the suit.
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August 16, 2024
CFPB Signals Patience As BNPL Firms Navigate New Policy
Consumer Financial Protection Bureau Director Rohit Chopra on Friday pledged enforcement forbearance for buy-now, pay-later firms that are working "in good faith" to comply with recent guidance holding them to certain credit card rules, saying industry efforts so far have been encouraging.
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August 16, 2024
SEC Climate Rules Backed By Wave Of Amici At 8th Circ.
The U.S. Securities and Exchange Commission has received a wave of support for its recently adopted climate disclosure rules from various consumer advocacy, environmental, investor and academic groups, which told the Eighth Circuit the measures are necessary and within the agency's authority.
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August 16, 2024
Discrimination Claim Row Becomes Party-Line FTC Slugfest
Federal Trade Commission Republicans used partial dissents Friday from the settlement of an agency junk fees enforcement action they otherwise supported to air a string of grievances with the FTC's Democratic majority and its "ongoing effort to unilaterally expand its own authority."
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August 16, 2024
Employment Authority: Potential Issues With 'No Tax On Tips'
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on the potential implications of proposals from former President Donald Trump and Vice President Kamala Harris to do away with federal taxes on tips in certain industries, advice for employers as worker accommodation requests linked to commuting increase and how the future of federal labor policy is uncertain as polling shows a closer race between Trump and Harris.
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August 16, 2024
Chinese Router Maker Must Be Looked Into, Reps. Say
A House committee that weighs potential dangers posed by the Chinese Communist Party is raising the alarm about the routers sold by a Chinese-owned company, saying the panel believes the devices could pose a risk to national security.
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August 16, 2024
Challenge To SEC Database Not Too Late, Investors Argue
The Texas investors suing the U.S. Securities and Exchange Commission to stop the collection of trading information through a central database have hit back against the agency's arguments that the lawsuit was filed 12 years too late, saying they have ongoing concerns that their private information could be compromised.
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August 16, 2024
Rhode Island Sues Cos. For Missing Washington Bridge Flaws
Rhode Island on Friday accused more than a dozen contractors of negligence following the "catastrophic" emergency shutdown of the Washington Bridge, saying the companies missed critical structural deficiencies that has forced the state to spend hundreds of millions of dollars to replace the bridge entirely.
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August 16, 2024
9th Circ. Keeps Part Of Block On Calif. Kids' Privacy Law
The Ninth Circuit on Friday refused to completely scrap an injunction halting a groundbreaking new California law requiring social media platforms to bolster privacy protections for children, finding that a tech trade group was "likely to succeed" on its argument that the mandate for companies to identify and address potential risks to minors violates the First Amendment.
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August 16, 2024
States Get Teva Generic Price-Fix Case On Docket As 1st Trial
A Connecticut federal judge has granted a request from a coalition of state attorneys general suing a slew of generic-drug makers to try a case focused on Teva before proceeding with a different case that was first filed.
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August 16, 2024
FCC Plans To Overhaul Citizens Broadband Radio Service
The Federal Communications Commission plans to give the Citizens Broadband Radio Service a makeover that it says will ensure better interference protections for both current and future users of the spectrum.
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August 16, 2024
24-Hour Abortion Delay Violates Ohio Constitution, Court Told
In the wake of an Ohio constitutional amendment enshrining the right to abortion, a state court heard arguments Friday as it considers whether to block laws requiring pregnant individuals to wait at least 24 hours before they can access abortions in the state.
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August 16, 2024
Off The Bench: WNBA Suit, Olympic Fallout, Swimming Ban
In this week's Off The Bench, a WNBA star accuses her former team of discrimination for trading her once she became pregnant, questions swirl around the revocation of a U.S. gymnast's Olympic medal, and a BigLaw investigation prompts the University of Notre Dame to suspend its men's swimming program.
Expert Analysis
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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.
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.
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'Energy Communities' Update May Clarify Tax Credit Eligibility
A recent IRS notice that includes updated lists of locations where clean energy projects can qualify for additional tax credits — based 2023 unemployment data and placed-in-service dates — should help provide clarity regarding project eligibility that sponsors and developers need, say attorneys at Troutman Pepper.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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How A Bumblebee Got Under Calif. Wildlife Regulator's Bonnet
A California bumblebee's listing as an endangered species could lead to a regulatory quagmire as California Department of Fish and Wildlife permits now routinely include survey requirements for the bee, but the regulator has yet to determine what the species needs for conservation, says David Smith at Manatt.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Lessons From Epic's Dutch Fine For Unfair Marketing To Kids
Dutch regulators' imposition of a €1.1 million fine on Epic Games for unfair commercial practices targeting children marks a significant moment in the ongoing scrutiny of digital market practices, and follows an increased focus on children's online safety in the U.S. and European Union, say attorneys at Crowell & Moring.
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Wiretap Use In Cartel Probes Likely To Remain An Exception
Although the U.S. Department of Justice's Antitrust Division has recently signaled interest in wiretaps, the use of this technology to capture evidence of antitrust conspiracies and pursue monopolization as a criminal matter has been rare historically, and is likely to remain so, say Carsten Reichel and Will Conway at DLA Piper.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Risks And Promises Of AI In The Financial Services Industry
Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.
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Counterfeits At The Olympics Pose IP Challenges
With the 2024 Olympic Games quickly approaching, the proliferation of counterfeit Olympic merchandise poses a difficult challenge to the protection of intellectual property rights and the preservation of the Olympic brand's integrity, says Kimiya Shams at Devialet.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Key FCC Enforcement Issues In AT&T Location Data Appeal
AT&T’s decision to challenge a $57 million fine from the Federal Communications Commission for its alleged treatment of customer location information highlights interesting and fundamental issues about the constitutionality of FCC enforcement, say Patrick O’Donnell and Jason Neal at HWG.