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Compliance
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October 02, 2024
3rd Firearms Co. Settles Conn. AG's 'Ghost Gun' Suit
Another firearm firm has settled with Connecticut Attorney General William Tong to resolve his claims it was selling "ghost gun" components unlawfully in a deal that involves the company dissolving itself, handing over its web domain and deleting all of its social media, Tong announced Wednesday.
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October 02, 2024
Madigan Can't Duck Bribery Claims After High Court Ruling
An Illinois federal judge on Wednesday declined to dismiss bribery charges against former Illinois House Speaker Michael Madigan after the U.S. Supreme Court's ruling limiting the reach of a bribery statute that once criminalized gratuities, while also refusing to sever his case from his co-defendant's.
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October 02, 2024
DC Circ. Says Election Betting Contracts Can Go Live
The D.C. Circuit on Wednesday allowed betting on election outcomes to move forward after finding that the U.S. Commodity Futures Trading Commission hasn't shown that KalshiEx's listing of election-based event contracts would likely harm the public while the regulator challenges a ruling that gave the trading platform the green light to offer such services.
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October 02, 2024
Philippines Enacts 12% VAT On Foreign Digital Services
Google, Amazon and Netflix are among the companies expected to pay a 12% value-added tax on foreign digital service providers that was signed into law Wednesday by Philippines President Ferdinand Marcos Jr., according to government agencies.
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October 02, 2024
Crypto Fund Manager Bitwise Files Plans For XRP-Tied Fund
Crypto-focused asset manager Bitwise filed a registration statement Wednesday that proposes to list the first exchange-traded product tied to the price of XRP, a digital currency that has long faced regulatory resistance.
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October 02, 2024
Cooley Adds Longtime Jones Day Antitrust Partner In DC
A longtime Jones Day antitrust partner and former Federal Trade Commission attorney has jumped to Cooley LLP, the firm said Wednesday.
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October 02, 2024
Justices Asked To Short-Circuit Mass. Offshore Wind Project
Massachusetts residents are telling the U.S. Supreme Court it's the last hope for endangered North Atlantic right whales that were overlooked when the federal government approved a large offshore wind energy project in the waters off of Martha's Vineyard and Nantucket.
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October 02, 2024
MSU Halted Paying Legal Bills After Critical Report, Firm Says
Michigan State University stopped paying outside counsel to defend its board of trustees chair after an investigative report appeared to support claims the chair bullied colleagues, the counsel said, filing a state complaint seeking two months' worth of fees.
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October 02, 2024
SEC's Top Cop Departing After Record-Breaking Tenure
The U.S. Securities and Exchange Commission announced Wednesday that enforcement director Gurbir Grewal will be leaving the agency next week following a three-year tenure, during which the agency brought in record penalties and frequently clashed with crypto industry participants objecting to a string of lawsuits brought under Grewal's leadership.
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October 02, 2024
Conn. Receiver Gains Access To Apt. Co-Op's BofA Accounts
Bank of America agreed to provide a court-appointed receiver with access to a distressed housing cooperative's bank accounts Wednesday amid efforts by the municipalities of Bridgeport and Stratford, Connecticut, to obtain a court order.
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October 02, 2024
DC Circ. Urged To Scrap EPA Mercury Rule For Coal Plants
States and industry groups fighting a U.S. Environmental Protection Agency rule curbing mercury and other toxic metal emissions at some coal-fired power plants told the D.C. Circuit it would impose exorbitant and unjustifiable costs for no public health benefit, and is actually aimed at forcing plants to retire to advance climate goals.
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October 02, 2024
NYC Mayor Adams May Face More Charges, Feds Say
Prosecutors told a Manhattan federal judge Wednesday it was "possible" they would charge New York City Mayor Eric Adams with additional crimes in his corruption case, indicating they have evidence he told witnesses to lie to the FBI.
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October 01, 2024
Meta Must Face Bulk Of Social Media Harms Securities Suit
A California federal judge on Monday trimmed but refused to throw out a proposed securities class action claiming Meta Platforms Inc. and its executives misled investors about the harmful effects of social media, finding that the investors pointed to plausibly misleading statements regarding mental health and keeping children safe.
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October 01, 2024
Ex-Cognizant Worker's Emails Show His Prejudice, Jury Told
A former Cognizant Technology IT worker who is among a class of employees alleging the company is biased toward Indians and South Asians was confronted on cross-examination Tuesday during a California federal trial about emails he sent that a company attorney argued show a longstanding "problem" with Indian visa holders.
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October 01, 2024
CFPB Warns On Collecting 'Invalid,' Unverified Medical Debt
The Consumer Financial Protection Bureau on Tuesday cautioned debt collectors about significant potential compliance risks when working in the medical debt market, issuing guidance that identified a number of practices as illegal and capable of triggering "strict liability" under federal law.
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October 01, 2024
Merrill Lynch To Pay $2M FINRA Fine Over Trade Report Flaws
Merrill Lynch Pierce Fenner & Smith Inc. has agreed to pay the Financial Industry Regulatory Authority $2 million to settle allegations of trade-reporting compliance shortcomings, including its alleged failure to properly trace millions of relevant retail customer transactions for over a decade.
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October 01, 2024
CFTC Fines Barclays, 3 Others Over Swap Rule Violations
Barclays Bank PLC on Tuesday agreed to pay the Commodity Futures Trading Commission $4 million for swap reporting violations, and three other swaps market participants copped to reporting and safeguards violations and agreed to pay more than $2 million combined in settlements that drew criticism from one commissioner.
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October 01, 2024
From AI To Enviro: The Top Biz Bills Calif. Gov. Inked Into Law
California Gov. Gavin Newsom signed hundreds of bills into law ahead of an Oct. 1 deadline, meaning major changes are on the horizon for employers, tech companies, healthcare providers and others doing business in the Golden State.
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October 01, 2024
Bribe-Laundering Gets Ecuador Ex-Official 10 Years In Prison
A Florida federal judge on Tuesday sentenced Ecuador's former comptroller to 10 years in prison after a jury earlier this year convicted him on multiple counts related to laundering millions of dollars in bribe money he received in exchange for eliminating fines connected to a defective hydroelectric dam and other projects.
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October 01, 2024
Foley & Lardner Accused Of Malpractice In GWG Transactions
Foley & Lardner LLP did not heed the fiduciary duty it owed to GWG Holdings when it facilitated loans and other transactions unfair to the life insurance-backed bond seller and, instead, enriched a group of "corrupt" shareholders, according to a lengthy adversary lawsuit filed in Texas bankruptcy court.
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October 01, 2024
NJ Hotels Beat Room Price-Fixing Suit For Good
Another algorithmic antitrust suit is off the table after a New Jersey federal judge said Monday that a room-rate proposed class action against Atlantic City casino-hotels has the same failings that doomed a case over room prices on the Las Vegas Strip.
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October 01, 2024
Judge Stays Calif. Locomotive Emissions Rule Challenge
A California federal judge halted litigation brought by rail industry groups challenging a regulation requiring railroads to transition to zero-emission locomotives in the Golden State over the next decade, finding the U.S. Environmental Protection Agency's upcoming authorization decision will greatly impact the case.
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October 01, 2024
University Can Keep Conduct Records, Texas Justices Hear
Texas Supreme Court Justices asked the University of Texas at Austin why it was trying to keep from releasing records of students who violated policies against violence and sex offenses during oral arguments Tuesday, saying that the category of students the university was protecting seemed the "least defensible."
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October 01, 2024
Novel FCA Decision Amplifies Voices Of Whistleblower Critics
A Florida federal judge's characterization of whistleblowers as self-appointed "special prosecutors" when they file lawsuits on the federal government's behalf amplifies the voices of critics questioning the constitutionality of a key enforcement tool for fighting fraud, while threatening to create a circuit split.
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October 01, 2024
Google Ad Tech Trial: 15 Days On The Rocket Docket
The Justice Department wrapped an extraordinary antitrust trial last week that left a Virginia federal judge pondering whether Google is even dominant in the display advertising placement technology market or just another player.
Expert Analysis
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Series
After Chevron: SEC Climate And ESG Rules Likely Doomed
Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.
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NYC Wage Info Bill Highlights Rise In Pay Transparency Laws
With New York City the latest to mull requiring companies to annually report employee wage data, national employers should consider adapting their compliance practices to comply with increasingly common pay transparency and disclosure obligations at state and local levels, says Kelly Cardin at Littler Mendelson.
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.
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The Bank Preemption Ripple Effects After Cantero, Flagstar
The importance of federal preemption for financial institutions will only increase as technology-driven innovations evolve, which is why the U.S. Supreme Court's recent decision in Cantero v. Bank of America and vacatur of Kivett v. Flagstar Bank have real modern-day significance for national banks, say attorneys at WilmerHale.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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What Cos. Need to Know About Battery Labeling Law
With new labeling requirements for button cell battery packaging taking effect in September, manufacturers and importers must review compliance, testing procedures, and necessary paperwork as the consequences of noncompliance can lead to costly penalties and supply chain woes, says Aasheesh Shravah at CM Law.
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What Drug Cos. Must Know About NY Price Transparency Law
Drug manufacturers must understand the contours of New York's recently implemented law requiring self-reporting of drug price increases, as well as best practices for compliance and challenges against similar laws in other states, say Elizabeth Bierut and Angie Garcia at Friedman Kaplan.
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Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU
Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.
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Pros, Cons Of Disclosing Improper Employee Retention Credit
Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Election Outlook: A Precedent Primer On Content Moderation
With the 2024 election season now in full swing, online platforms will face difficult and politically sensitive decisions about content moderation, but U.S. Supreme Court decisions from last term offer much-needed certainty about their rights, say Jonathan Blavin and Helen White at Munger Tolles.
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Banking Compliance Takeaways From Joint Agency Statement
Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.
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Workday AI Bias Suit Suggests Hiring Lessons For Employers
As state laws and a federal agency increasingly focus on employment bias introduced by artificial intelligence systems, a California federal court's recent decision to allow a discrimination suit to proceed against Workday's AI-driven recruitment software, shows companies should promptly assess these tools' risks, say attorneys at Williams & Connolly.
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6 Considerations To Determine If A Cyber Incident Is Material
The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.
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Opinion
Proposed Law Would Harm NYC Hospitality Industry
A recently proposed New York City Law that would update hotel licensing and staff coverage requirements could give the city commissioner and unions undue control over the city's hospitality industry, and harm smaller hotels that cannot afford full-time employees, says Stuart Saft at Holland & Knight.