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Compliance
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November 01, 2024
CFPB Inks Deal With Townstone Over Redlining Claims
The Consumer Financial Protection Bureau informed an Illinois federal court on Friday that it has reached a settlement with Townstone Financial resolving its redlining claims against the mortgage lender.
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November 01, 2024
FEMA Finalizes Rule Allowing Monthly NFIP Bill Payments
National Flood Insurance Program policyholders will be able to pay their premiums on a monthly basis starting next year, under a rule finalized Friday that is meant to incentivize greater and continued participation in the nation's largest provider of flood insurance.
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November 01, 2024
2nd Circ. Won't Revive Warner Bros. Discovery Merger Suit
The Second Circuit refused Friday to resurrect a putative shareholder class action over the $43 billion tie-up that created Warner Bros. Discovery Inc., saying pre-merger documents adequately informed investors about streaming subscriber numbers and planned business strategies for the combined media giant.
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November 01, 2024
Crypto Co. CoinShares Appoints Citadel Alumna As GC
Crypto investment company CoinShares International Ltd. has appointed an alumna of Sidley Austin LLP and investment firm Citadel to serve as group general counsel, the company announced.
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November 01, 2024
Colo. To Boost Services To End Feds' ADA Discrimination Suit
Colorado has agreed to implement new housing and support practices to ensure adults with physical disabilities have adequate help to leave nursing facilities and receive services in their own homes, as part of a settlement announced Friday to end a U.S. Department of Justice lawsuit.
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November 01, 2024
CFPB Fines VyStar $1.5M For 'Botched' Web Platform Rollout
The Consumer Financial Protection Bureau has fined VyStar Credit Union $1.5 million for an alleged "botched" rollout of a new online banking platform that made it hard for members to perform basic banking functions for weeks, with some features unavailable for more than six months.
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November 01, 2024
Medisca Inks $22M FCA Deal Over Ingredient Pricing Scheme
Pharmaceutical chemical supplier Medisca Inc. has agreed to pay $21.75 million to resolve allegations it created false and inflated average wholesale prices for ingredients used in compound prescriptions sold to pharmacies that increased reimbursement and caused federal healthcare programs to pay more for them, the U.S. Department of Justice announced on Friday.
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November 01, 2024
Treasury Expands Foreign Land Transaction Authority
The U.S. Department of the Treasury announced Friday that it has added 59 new military installations to the list of those over which it has jurisdiction to review any nearby real estate transactions involving foreign citizens.
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November 01, 2024
Del. Chancellor To Issue Musk Pay Suit Ruling By Year's End
Delaware's chancellor said she'll issue a final ruling by the end of the year in the lawsuit challenging Tesla CEO Elon Musk's multibillion-dollar stock-based compensation plan, stating it's taking longer than expected to determine whether to allow a post-verdict stockholder vote to resurrect the pay package.
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November 01, 2024
Blockchain Gaming Co. Immutable Says SEC May Bring Suit
Blockchain gaming firm Immutable said Friday that the U.S. Securities and Exchange Commission is considering bringing an enforcement action after the firm received notice of the regulator's scrutiny on an "accelerated timeline" ahead of the U.S. election.
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November 01, 2024
Nonprofit Urges Miss. Judge To Uphold H-2A Worker Rule
A nonprofit supporting migrant workers' rights filed an amicus brief Friday urging a Mississippi federal court to deny the U.S. Chamber of Commerce's bid to stay a regulation allowing H-2A migrant farmworkers to organize, saying the rule falls well within the authority of the U.S. Department of Labor.
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November 01, 2024
FERC In Position To Ride Out Any Election Day Upheaval
The ongoing work of a reloaded Federal Energy Regulatory Commission isn't likely to be disturbed by a new president in the White House next year, although FERC watchers say concerns that a Trump administration could challenge the agency's historic independence can't be brushed off.
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November 01, 2024
Capital One Says CFPB Eyeing Case Over Savings Accounts
The Consumer Financial Protection Bureau is considering whether to pursue an enforcement action against Capital One over the interest rates it pays on high-yield savings accounts that are the subject of ongoing class action litigation, the financial services company said.
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November 01, 2024
2024 Election Could Be Crossroads For Clean Energy Funding
Election Day will present a multibillion-dollar fork in the road for the energy industry and its reliance on the federal government to help fund its decarbonization efforts, energy attorneys say.
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November 01, 2024
The Top In-House Hires Of October
Legal department hires and changes during the month of pumpkins and goblins included new roles for top attorneys with Nike, a high-profile appointment at Madison Square Garden Sports Corp. and a promotion to CEO for the general counsel at UnitedLex.
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November 01, 2024
Danish Tax Agency To Settle With Atty In $2.1B Tax Fraud Suit
Denmark's tax authority has agreed to settle with an attorney whom it has accused of helping clients claim fraudulent tax refunds in a sprawling $2.1 billion case, according to a letter by its attorney in New York federal court.
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November 01, 2024
NY Judge Tosses AG Suit Over Pepsi, Frito-Lay Plastic Waste
A New York state judge tossed Attorney General Letitia James' plastic pollution suit against PepsiCo Inc. with a scathing order saying its attempt to pin "phantom assertions of liability" on the company rather than litterbugs who carelessly discard bottles and wrappers "seems contrary to every norm of established jurisprudence."
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November 01, 2024
Off The Bench: Horse Racing Ruling Halted, Fla. Betting Deal
In this week's Off The Bench, supporters of the organization overseeing federal horse-racing laws got a helping hand from the U.S. Supreme Court, the feud between a Florida tribe and state casino interests ends in a truce, and the NBA wants the details of its disputed media rights deal kept out of the public eye.
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November 01, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Philadelphia's district attorney sued Elon Musk over his $1 million daily giveaway to swing state voters who sign a pledge supporting the U.S. Constitution. And Meta told investors the Consumer Financial Protection Bureau is considering an enforcement action over the social media giant's financial products and services advertisements.
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November 01, 2024
Stericycle Has All Approvals For $7.2B WM Sale
Medical waste company Stericycle said Friday that it has obtained all antitrust and foreign regulatory approvals needed to proceed with its $7.2 billion sale to Waste Management, a deal inked in June with guidance from three law firms.
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November 01, 2024
Ga. Justices Uphold Toss Of Lawmakers' Capitol Protest Suit
The Georgia Supreme Court on Thursday upheld the dismissal of a lawsuit filed by a former state lawmaker, a current state lawmaker and several others who argued that a law used to justify their arrests while protesting at the state Capitol was unconstitutionally overbroad.
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October 31, 2024
Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense
Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.
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October 31, 2024
2nd Circ. Draws BDO Back In Investor Suit In Revised Opinion
The Second Circuit on Thursday reversed course in an amended opinion about an investor suit over financial restatements made by AmTrust Financial Services Inc., finding that auditor BDO USA LLP is not off the hook for certifying the insurer's financial statements.
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October 31, 2024
Ex-Citadel Reps Can't Escape Trade Secrets Suit
A New York federal judge has greenlighted most claims in Citadel Securities' lawsuit accusing a Swiss cryptocurrency trading firm founded by two of its former employees of stealing its trade secrets, while tossing those asserted against the firm's French angel investor for lack of jurisdiction.
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October 31, 2024
Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr
Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr.
Expert Analysis
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Politics In California Workplaces: What Employers Must Know
As the election looms, it is critical that California employers ensure their compliance with state laws providing robust protections for employees' political activity — including antidiscrimination laws, off-duty conduct laws, employee voting leave laws and more, say Bradford Kelley and Britney Torres at Littler.
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Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'
The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.
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John Deere Penalty Shows Importance Of M&A Due Diligence
The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.
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Opinion
FTC's Report Criticizing Drug Middlemen Is Flawed
The Federal Trade Commission's July report, which claims that pharmacy benefit managers are inflating drug costs, does not offer a credible analysis of PBMs, and its methodology lacks rigor, says Jay Ezrielev at Elevecon.
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How The Tide Of EEOC Litigation Rolled Back In FY 2024
An analysis of the location, timing and underlying claims asserted in U.S. Equal Employment Opportunity Commission-initiated cases during fiscal year 2024 shows that the commission saw a substantial decrease in litigation activity after a surge last year, but employers should not drop their guard, say Christopher DeGroff and Andrew Scroggins at Seyfarth.
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Enviro Policy Trends That Will Continue Beyond The Election
Come October in a presidential election year, the policy world feels like a winner-take-all scenario, with the outcome of the vote determining how or even whether we are regulated — but there are several key ongoing trends that will continue to drive environmental regulation regardless of the election results, say J. Michael Showalter and Samuel Rasche at ArentFox Schiff.
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2 High Court Securities Cases Could Clarify Pleading Rules
In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Plan Sponsors Must Prep For New Mental Health, Drug Rules
To comply with newly published health insurance rules requiring parity between access to mental health and substance use services compared to medical and surgical services, employers with self-insured plans will need to update third-party administrator agreements and collect data, among other compliance steps, say attorneys at Kilpatrick.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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Aviation Watch: Boeing Plea Agreement May Not Serve Public
The proposed plea agreement between the U.S. Department of Justice and Boeing — the latest outgrowth of the company's 737 Max travails — is opposed by crash victims' families, faces an uncertain fate in court, and may ultimately serve no beneficial purpose, even if approved, says Alan Hoffman, a retired attorney and aviation expert.
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Managing Sanctions Defense Across Multiple Jurisdictions
Companies called before multiple regulators to account for the same conduct in this era of increased global sanctions and import-control enforcement should consider national differences in law and policy, and proactively coordinate their responses in certain key areas, say attorneys at Baker McKenzie.