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Compliance
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June 05, 2024
Texas AG Sets Up New Team To Enforce Data Privacy Laws
Texas Attorney General Ken Paxton is "doubling down" on efforts to curb companies' misuse of residents' personal information by establishing a new team dedicated to enforcing the state's data protections, including a comprehensive consumer data privacy law that's set to take effect next month.
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June 05, 2024
Catholic Broadcasters Angry Over FCC 'Gender Ideology' Rule
The Catholic Radio Association is up in arms over the Federal Communications Commission's new workforce diversity reporting mandates that will require broadcasters to report how many nonbinary people they employ, telling the agency they're being forced to record something that "does not comport to reality."
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June 05, 2024
Bank Group Takes Fight Over FDIC Fee Letter To 8th Circ.
A Minnesota bank industry group is appealing its federal district court loss in litigation over Federal Deposit Insurance Corporation guidance proscribing non-sufficient funds fees, or NSF fees, the organization said Wednesday.
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June 05, 2024
Judge Denies Fubo Bid For Texts On Streaming Bundle
A New York federal judge on Wednesday denied FuboTV's bid to obtain text messages from executives at Disney, ESPN, Fox and Warner Bros. Discovery discussing the joint venture streaming plan at the heart of Fubo's ongoing antitrust suit.
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June 05, 2024
Dems Urge SEC To Double Down On Climate Enforcement
A group of 38 Democratic lawmakers is urging U.S. Securities and Exchange Commission Chair Gary Gensler to step up enforcement of the agency's existing climate disclosure-related guidance, as the agency faces court challenges to its controversial climate rule.
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June 05, 2024
Wells Fargo Sued For Allegedly Aiding $300M Ponzi Scheme
Wells Fargo Bank NA has been hit with a proposed class action in Florida federal court alleging that it aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, most of whom were elderly and lost substantial life savings due to the scheme.
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June 05, 2024
3rd Circ. Revives Union Harassment Claims Against County
The Third Circuit revived claims Wednesday accusing Hudson County, New Jersey; its department of corrections; and three county employees of retaliating against a corrections officer because of his union activity, saying a federal judge tossed the allegations too soon.
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June 05, 2024
Google Legal Dept. Goes From Crisis Mode To Long Term
As much of the major antitrust litigation against Google winds down, the company is shuffling around its in-house legal departments to add more people and settle from crisis mode into the more sustainable posture of a technology giant where lawsuits have likely become a permanent feature of its existence.
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June 05, 2024
Nigeria Holding US Binance Exec Hostage, Lawmakers Say
The White House's hostage negotiator should begin seeking the release of a top executive at cryptocurrency exchange Binance whom the Nigerian government is holding personally liable for tax evasion charges against the company, the House Foreign Affairs Committee's chairman has said.
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June 05, 2024
Google Cleared From Suit Over Animal Abuse YouTube Videos
A California appeals panel has tossed a nonprofit's suit alleging that Google LLC breached its contract by allowing animal abuse videos on YouTube, saying Section 230 of the Communications Decency Act blocks all its claims.
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June 05, 2024
SEC Risk Alert Outlines Broker-Dealer Exam Process
The U.S. Securities and Exchange Commission's Division of Examinations issued a risk alert Wednesday outlining its process for selecting broker-dealer firms to examine, refining the scope of the exam and the types of documents the division may request.
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June 05, 2024
Microsoft Blasts Gamers' Bid To Add To Activision Appeal
Microsoft Corp. says the Ninth Circuit should reject a "bevy of additional, extra-record 'facts'" seeking to hold up the recent layoffs of 1,900 Activision and Xbox employees as proof that the tech giant's acquisition of Activision Blizzard Inc. was anticompetitive.
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June 05, 2024
FCC Looking Into Reports Of AT&T Wireless Service Outage
The Federal Communications Commission said it is trying to find out what happened when AT&T wireless customers lost service in several states Tuesday due to what the company described as an interoperability problem.
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June 05, 2024
CFPB Opens Door To Open Banking 'Standard Setters'
The Consumer Financial Protection Bureau made more progress Wednesday in its efforts to lay the groundwork for open banking in the U.S., adopting a mechanism that will allow "open" and "balanced" organizations to begin setting official, industry-wide technical standards for financial data sharing.
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June 05, 2024
Meta Can't Dodge Trial In Monopoly Suit, FTC Says
The Federal Trade Commission said "voluminous evidence" cuts against Meta's bid to avoid trial over claims the social media giant illegally entrenched its monopoly in the market for personal social networking by acquiring WhatsApp and Instagram.
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June 05, 2024
Archegos Ex-Exec Who Sued Fund Testifies At Founder's Trial
An investment pro who claims in a $50 million suit that he was pressured to defer his Archegos pay testified Wednesday in the $36 billion market manipulation case against fund founder Bill Hwang that Hwang called the shots and was rarely questioned.
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June 05, 2024
Trump Gag Order Still Needed Through Sentencing, DA Says
Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.
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June 05, 2024
NY Gov. Indefinitely Halts Manhattan Congestion Pricing
New York Gov. Kathy Hochul on Wednesday shelved congestion pricing just weeks before officials were set to implement a fee for vehicles entering Manhattan's busiest corridor, in a dramatic about-face following intense backlash and litigation from residents and business owners grappling with the high cost of living.
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June 05, 2024
DLA Piper Atty, Ex-UK Official On Practicing Across The Pond
In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.
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June 05, 2024
FTC Can't Pause Novant's $320M Bid To Buy NC Hospitals
The Federal Trade Commission on Wednesday lost its bid to block Novant Health from buying two local hospitals in North Carolina for $320 million while it conducts an in-house review, with a federal judge reasoning that competition would actually fare better if the merger advanced.
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June 05, 2024
5th Circ. Private Funds Ruling Could Rewrite SEC Agenda
The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.
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June 04, 2024
Trump Wants Gag Orders Terminated In Wake Of Guilty Verdict
Donald Trump asked a New York County judge to terminate gag orders restricting the former president from making out-of-court statements during his criminal trial, arguing that the "restrictions" on his First Amendment rights are no longer warranted now that the trial has come to an end.
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June 04, 2024
Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears
Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.
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June 04, 2024
GOP Spending Bill Aims To Cut SEC Budget, Nix Climate Rule
The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.
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June 04, 2024
Microsoft Failing To Protect Students' Data, EU Watchdog Told
A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.
Expert Analysis
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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What New Conn. Insurance Bulletin Means For Data And AI
A recent bulletin from the Connecticut Insurance Department concerning insurers' usage of artificial intelligence systems appears consistent with the National Association of Insurance Commissioners' gradual shift away from focusing on big data, and may potentially protect insurers from looming state requirements despite a burdensome framework, say attorneys at Day Pitney.
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IRS Sings New Tune: Whistleblower Form Update Is Welcome
In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Inside OMB's Update On Race And Ethnicity Data Collection
The Office of Management and Budget's new guidelines for agency collection of data on race and ethnicity reflect societal changes and the concerns of certain demographics, but implementation may be significantly burdensome for agencies and employers, say Joanna Colosimo and Bill Osterndorf at DCI Consulting.
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Consumer Privacy Takeaways From FTC Extraterritorial Action
With what appears to be its first privacy-related consent agreement with a non-U.S. business, the Federal Trade Commission establishes that its reach is extraterritorial and that consumer internet browsing data is sensitive data, and there are lessons for any multinational business that handles consumer information, say Olivia Greer and Alexis Bello at Weil.
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Assessing Work Rules After NLRB Handbook Ruling
The National Labor Relations Board's Stericycle decision last year sparked uncertainty surrounding whether historically acceptable work rules remain lawful — but employers can use a two-step analysis to assess whether to implement a given rule and how to do so in a compliant manner, say attorneys at Seyfarth.
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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GSA's Carbon-Free Power Plan: Tips For Electricity Suppliers
The U.S. General Services Administration's recent request for information concerning its intent to acquire a large amount of carbon pollution-free electricity over the next decade in the PJM Interconnection region offers key insights for companies interested in becoming electric power suppliers to federal government agencies, say Shaunna Bailey and Nicholas Dugdale at Sheppard Mullin.
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3 Lessons From Family Dollar's Record $41.7M Guilty Plea
Family Dollar's recent plea deal in connection with a rodent infestation at one of its distribution facilities — resulting in the largest ever monetary criminal penalty in a food safety case — offers key takeaways for those practicing in the interconnected fields of compliance, internal investigations and white collar defense, says Jonathan Porter at Husch Blackwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.