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Compliance
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August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo
Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
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August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck
Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
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August 21, 2024
FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend
Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.
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August 21, 2024
FDIC Taps MoFo Atty To Monitor Workplace Transformation
The Federal Deposit Insurance Corp. announced Wednesday that it has appointed a former prosecutor and veteran Morrison & Foerster LLP partner to serve as an independent monitor during the agency's efforts to revamp its workplace culture.
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August 21, 2024
Ex-Vitol Oil Trader Pleads Out To Texas FCPA Case In NY
A former Vitol oil trader on Wednesday admitted in New York federal court to charges brought in Texas accusing him of bribing Mexican officials to obtain business for the energy and commodities company, months after he was convicted in New York over similar conduct with Ecuadorian officials.
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August 21, 2024
TD Bank Designates $2.6B For Anti-Money Laundering Fines
A U.S. subsidiary of Canada's Toronto-Dominion Bank said Wednesday that it has designated an additional $2.6 billion to cover the fines it expects to pay by the end of the year to resolve civil and criminal investigations into its compliance with anti-money laundering regulations.
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August 21, 2024
FTC Fails 1st Test Of Rulemaking Push In Noncompetes Loss
The Federal Trade Commission suffered its first definitive loss Tuesday in the push to ban employment noncompete agreements, although the decision probably isn't the final word given a likely appeal and two other pending challenges also viewed as a test of the agency's efforts to expand its rulemaking footprint.
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August 21, 2024
8th Circ. Reboots Fed Swipe Fee Suit After High Court Ruling
An Eighth Circuit panel on Wednesday remanded a suit challenging Federal Reserve debit card swipe fee rules, ordering new proceedings in the case after the U.S. Supreme Court ruled that it was not untimely after all.
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August 21, 2024
Telecom Will Pay $1M For Carrying Biden Deepfake Robocalls
Lingo Telecom will pay the FCC $1 million for not properly validating the caller ID information of a Democratic consultant who used a deepfake of President Joe Biden's voice to make robocalls urging voters not to participate in the New Hampshire primary, the commission announced Wednesday.
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August 21, 2024
Signal Peak Can't Hasten DOI's Coal Mine Review, Judge Says
A D.C. federal judge ruled Wednesday that it would be premature to order federal regulators to speed up their environmental review of Signal Peak Energy LLC's planned expansion of a Montana coal mine, saying the federal government still has time to make good on its deadlines.
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August 21, 2024
Split 6th Circ. Partly Revives GM Drivers' Truck Emissions Suits
A divided Sixth Circuit panel on Wednesday revived drivers' state-law claims in consolidated litigation alleging General Motors deceptively marketed Chevrolet Silverado and Sierra vehicles as being more environmentally friendly than they actually were, rejecting a district court's finding that the claims conflicted with federal law.
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August 21, 2024
NY Metal Shredder Will Pay $555K Over Feds' Air Claims
A Long Island, New York, metal shredder will pay $555,000 to settle the federal government's claims that it failed to install required pollution controls at its facility, which caused the release of excessive volatile organic chemicals.
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August 21, 2024
AT&T, Verizon, T-Mobile Accused Of Blocking Wi-Fi Calling
A patent-holding company said Wednesday it has filed a lawsuit accusing AT&T, Verizon, T-Mobile and Deutsche Telekom of blocking the emergence of a market for Wi-Fi calling by tying the service to voice and text offerings.
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August 21, 2024
Fla. Real Estate Co.'s Assets Frozen After $56M Ponzi Claims
The U.S. Securities and Exchange Commission has secured an asset freeze in its suit against a Florida-based real estate investment company whose managers misused tens of millions of investor proceeds, including by paying investors "in a Ponzi-like fashion."
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August 21, 2024
High Court Told Nvidia Case Could Damage Crypto Industry
The Digital Chamber is warning that a U.S. Supreme Court dispute between chipmaker Nvidia Corp. and some of its investors poses a "grave risk" to the entire cryptocurrency industry by threatening to expose it to costly litigation should the justices uphold a lower court ruling allowing the lawsuit to move forward.
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August 21, 2024
Prometheum Plans To Support Two More Crypto 'Securities'
A cryptocurrency startup approved to safeguard crypto securities said Wednesday that it plans to support the tokens UNI and ARB when it launches in the fall, indicating it believes the digital assets implicate securities laws.
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August 21, 2024
Binance Users Settle With Miami Heat Star, Crypto Influencer
Miami Heat star Jimmy Butler and crypto influencer Ben Armstrong have agreed to pay a combined $340,000 to settle proposed class claims from Binance investors that their promotion of the crypto exchange aided and abetted unregistered securities sales.
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August 21, 2024
Western Asset Exec Takes Leave Of Absence Amid SEC Probe
Western Asset Management's co-chief investment officer, Ken Leech, has taken an immediate leave of absence from the global fixed-income manager after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission and as the company faces parallel government investigations.
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August 21, 2024
Ga. Strip Clubs Push High Court For Tax-Free Dances
A coalition of Georgia strip clubs labored to convince the state's highest court Wednesday that a nearly decade-old tax on their businesses, used by the state to fund child trafficking prevention efforts, is unconstitutional by infringing upon their First Amendment rights to put on nude dances.
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August 21, 2024
TransUnion Bid For CFPB Docs In Settlement Case Tossed
A magistrate judge has ruled that TransUnion will not be able to access documents relating to a Consumer Financial Protection Bureau enforcement action against the credit bureau, reasoning that TransUnion was not able to prove that the documents should not be protected by privilege.
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August 21, 2024
EPA Urges 8th Circ. Not To Delay Power Plant Effluent Rule
The U.S. Environmental Protection Agency and green groups on Tuesday asked the Eighth Circuit not to block the implementation of a rule that set new wastewater standards for coal-fired power plants, as utility companies, trade groups and nearly two dozen states that oppose the rule have urged.
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August 21, 2024
How AI Could Shake Up Federal Evidence Rules
Judges, lawyers and academics say it's only a matter of time before the breakneck development of artificial intelligence collides with a cautious, slow-moving judicial system and gives rise to a thorny array of evidentiary issues. They're just not sure what to do about it.
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August 21, 2024
FTC Can't Stop $8.5B Merger, Handbag Cos. Say
The owners of Coach and Michael Kors urged a New York federal court not to pause their planned $8.5 billion merger, saying a challenge from the Federal Trade Commission ignores the hundreds of options consumers have when shopping for handbags.
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August 21, 2024
Calif. AG Secures Rite Aid Deal Ensuring Pharmacy Access
California Attorney General Rob Bonta has announced a settlement with Rite Aid Corp. that will allow his office to oversee any changes in ownership of the company's retail pharmacy outlets across the state.
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August 21, 2024
6th Circ. Rules Man Can Pay Restitution To Himself
The Sixth Circuit ruled that a Kentucky man who pled guilty to defrauding his mother can pay $332,000 in restitution to her estate even though he is the sole beneficiary, disagreeing with a lower court judge who tried to amend the judgment after her death so the money would go to the federal Crime Victims Fund.
Expert Analysis
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DOJ Innovasis Settlement Offers Lessons On Self-Disclosure
The recent $12 million settlement with Innovasis and two of its executives demonstrates the U.S. Department of Justice's continued prioritization of Anti-Kickback Statute enforcement amid the growing circuit split over causation, and illustrates important nuances surrounding self-disclosure, say Denise Barnes and Scott Gallisdorfer at Bass Berry.
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How Orange Book Antitrust Scrutiny Is Intensifying
Pharmaceutical patent holders should be reviewing Orange Book listing practices, as the Federal Trade Commission takes a more aggressive antitrust approach with actions such as the Teva listing probe, and the U.S. Food and Drug Administration calls attention to potentially improper listings, say attorneys at McDermott.
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What To Know As Children's Privacy Law Rapidly Evolves
If your business hasn't been paying attention to growing state and federal efforts to protect children online, now is the time to start — there is no sign of this regulation slowing down, and more aggressive enforcement actions are to be expected in the coming year, says Susan Rohol at Willkie Farr.
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Weight-Loss Drugs May Spur Next Major Mass Tort
With lawsuits concerning Ozempic and similar weight-loss drugs potentially becoming the next major mass tort in the U.S., companies should consider key defense strategies ranging from alternate dispute resolution to enhanced drug safety, say Dino Haloulos and Jarif Khan at Foley & Mansfield.
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Tips For Lenders Offering Texas Home Equity Lines Of Credit
As interest in home equity lines of credit increases, lenders seeking to utilize such products in Texas must be aware of state-specific requirements and limitations that can make it challenging to originate open-end lines of credit on homestead property, says Tye McWhorter at Polunsky Beitel.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Congress Quietly Amends FEPA: What Cos. Should Do Now
Last week, Congress revised the Foreign Extortion Prevention Act — passed last year to criminalize demand-side foreign bribery — to address inconsistencies and better harmonize the law with the Foreign Corrupt Practices Act, and companies should review their compliance programs accordingly, say Mark Mendelsohn and Benjamin Klein at Paul Weiss.
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Bid Protest Spotlight: Standing, Prejudice, Conflicts
In this month's bid protest roundup, Caitlin Crujido at MoFo examines three recent decisions from the U.S. Government Accountability Office concerning whether a would-be protestor was an interested party with standing, whether an agency adequately investigated potential procurement violations and whether a proposed firewall sufficiently addressed an impaired objectivity organizational conflict of interest.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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How Contractors Can Prep For DOD Cybersecurity Rule
The proverbial clock is ticking for defense contractors and subcontractors to strengthen their compliance posture in preparation for the rollout of the highly anticipated Cybersecurity Maturity Model Certification program, so those affected should analyze their existing security standards and take proactive steps to fill in any significant gaps, say Beth Waller and Patrick Austin at Woods Rogers.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.