Compliance

  • June 18, 2024

    Fed Should Vote Now On Basel Capital Hike Plan, Warren Says

    U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.

  • June 18, 2024

    Sterling Bank Ex-CEO Won't Face Charges Over Loan Program

    The founder and former CEO of Sterling Bank and Trust, who has been investigated in connection with a fraud-plagued loan program, will not face criminal charges from the U.S. Department of Justice, according to Michigan federal court documents filed Monday.

  • June 18, 2024

    5th Circ. Keeps Suit Over CFPB's Card Late Fee Rule In Texas

    The Fifth Circuit on Tuesday ordered a banking industry lawsuit against the Consumer Financial Protection Bureau's credit card late fee rule to remain in Texas federal court, rejecting a second attempted transfer of the case to Washington, D.C.

  • June 18, 2024

    Blue States And Enviro Groups Back DOE Furnace Rule

    Several blue states and environmental and consumer groups have thrown their support behind the U.S. Department of Energy's tighter energy efficiency standards for furnaces and water heaters, telling the D.C. Circuit that challenges to the new rules are meritless.

  • June 18, 2024

    Archegos Trader Doubles Down On Hwang Accusations

    A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.

  • June 18, 2024

    DOJ Says DC Circ. Shouldn't Rethink Realtor Antitrust Probe

    The U.S. Department of Justice has told the D.C. Circuit that its April decision allowing it to reopen an investigation into the National Association of Realtors doesn't conflict with any U.S. Supreme Court or circuit court decisions and that the NAR's rehearing petition should be denied.

  • June 18, 2024

    Steel Co. Says Cambodian Hangers Are Skirting Hefty Duties

    A domestic hanger manufacturer accused its foreign rivals of skirting steep antidumping and countervailing steel tariffs by shipping hangers made with Chinese and Vietnamese steel from Cambodia.

  • June 18, 2024

    FTC Escalates Probe Into TikTok's Privacy Measures For Kids

    The Federal Trade Commission on Tuesday took the rare step of publicly disclosing its referral to the U.S. Department of Justice of a complaint against TikTok and its parent company over their compliance with a 2019 privacy settlement, saying there's "reason to believe" that the companies are out of step with their pledge to protect children on the platform.

  • June 18, 2024

    Ariz. County Says New Kari Lake Vote Claims Merit Sanctions

    Maricopa County officials are slamming former gubernatorial candidate Kari Lake's bid to unravel a Ninth Circuit decision affirming the toss of her lawsuit over Arizona's voting machines, contending that the "fatally flawed" effort warrants sanctions.

  • June 18, 2024

    MoFo Brings On SEC Veteran From Skadden In DC

    Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.

  • June 18, 2024

    Musk Pay Claims Still Alive After Texas Vote, Chancery Told

    Attorneys for Tesla stockholders who won a Court of Chancery order voiding CEO Elon Musk's mammoth stock-based compensation plan in January are rejecting as having no legal effect a vote last week to ratify the same 10-year package, once valued at $56 billion.

  • June 18, 2024

    EPA Tells DC Circ. That Smog Plan Is Legally Sound

    The U.S. Environmental Protection Agency on Monday defended its plan to reduce smog-forming emissions in several states, telling the D.C. Circuit that it's taken a sensible approach to cracking down on upwind pollution using a formula that has been backed by the U.S. Supreme Court.

  • June 18, 2024

    Cooley Adds Ex-Kirkland Global Fund Formation Atty In NY

    Cooley LLP has expanded its fund formation practice with the addition of an experienced fund formation attorney who previously worked at Kirkland & Ellis LLP and founded a venture advisory group for asset managers.

  • June 18, 2024

    NY High Court Denies Trump's Gag Order Appeal

    New York state's highest court on Tuesday denied Donald Trump's rapid appeal of the gag order that limited his speech during his criminal hush money trial, finding it did not raise serious constitutional issues.

  • June 18, 2024

    Treasury Finalizes Labor Rules For Bonus Energy Tax Credits

    The U.S. Treasury Department released final labor rules Tuesday for clean energy projects seeking to significantly boost the value of their tax credits, emphasizing due diligence by developers and announcing that more IRS resources will go toward enforcement of the rules.

  • June 17, 2024

    Calif. Becomes Last State To Ink Deal Over Blackbaud Breach

    Blackbaud Inc. has agreed to pay $6.75 million to resolve data security claims brought by California's attorney general, who was the only one to sit out a nearly $50 million settlement that the software provider reached last year with every other state over a 2020 ransomware attack that affected thousands of its customers.

  • June 17, 2024

    Teva, DOJ Signal Key Kickback Case May Fizzle At 1st Circ.

    A U.S. Department of Justice kickback case against Teva Pharmaceuticals — closely watched by False Claims Act lawyers because of its multibillion-dollar stakes and its link to a major circuit split — is poised for settlement, according to a new First Circuit filing ahead of eagerly awaited oral arguments.

  • June 17, 2024

    FTC Says Adobe Uses Fee To Trap Consumers In Subscription

    Adobe Inc. has for years deceived customers by keeping them in the dark about an early termination fee for its most lucrative subscription plan, making it difficult to cancel and trapping consumers in subscriptions they no longer want, the Federal Trade Commission alleged Monday.

  • June 17, 2024

    Ex-CNBC Pundit Caught After Years Of Dodging Fraud Claims

    A former frequent CNBC guest who became a fugitive for nearly three years after being accused of defrauding investors has been arrested and faces a seven-count indictment, California federal prosecutors said Monday.

  • June 17, 2024

    DC Circ. Gives FERC More Clarity On Scope Of Climate Reviews

    A recent D.C. Circuit decision not only endorses the Federal Energy Regulatory Commission's current approach to reviewing the climate change impacts of gas infrastructure projects, but may also help trim environmental reviews by federal agencies across the board.

  • June 17, 2024

    Tesla Says Texas Charter, Musk Pay Have Impact In Delaware

    Pointing to recent Tesla stockholder votes to reincorporate in Texas and approve a mammoth Elon Musk pay package voided in Delaware, an attorney for Tesla has asked the Court of Chancery to reconsider holding a July 8 hearing on a proposed multibillion fee for class attorneys who won the Musk salary put-down.

  • June 17, 2024

    Ad Tech Judge Says No 'Moving Target' Damages, No Jury

    A Virginia federal judge refused to consider the government's "late-arriving" math on how much federal agencies were overcharged by Google's digital advertising placement technology, according to an order unsealed Friday, a decision that allowed Google to successfully short-circuit the U.S. Department of Justice's damages claim and avoid a jury trial sought by the agency.

  • June 17, 2024

    SEC Fines Unlicensed Brokers $2.7M In Microcap Stock Case

    The U.S. Securities and Exchange Commission ordered two unlicensed brokers, including one from Florida, to collectively pay a $2.7 million fine for allegedly scamming elderly people into buying microcap shares in companies and lying that the stock was being offered to them at a discount.

  • June 17, 2024

    Ex-Stimwave CEO Gets 6 Years For Dummy Implant Scheme

    The founder and former CEO of Stimwave Technologies was sentenced to six years in prison Monday after tearfully proclaiming her innocence to healthcare fraud charges, with a Manhattan federal judge saying it's "sad" the defendant doesn't recognize the harm she inflicted by selling nonfunctional pain management device components.

  • June 17, 2024

    Exxon Investor Deal Ends Suit Over Emissions Proposal

    Activist investor Arjuna Capital has escaped Exxon Mobil Corp.'s lawsuit over a contentious greenhouse gas-related shareholder proposal the investor sought to include in the company's 2024 proxy statement after a Texas federal judge on Monday accepted the investor's promises not to resubmit the proposal.

Expert Analysis

  • How Cos. Can Protect IP In Light Of FTC Noncompete Rule

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    While several groups are challenging the Federal Trade Commission’s recently approved rule banning noncompetition agreements, employers should begin planning other ways to protect their valuable trade secrets, confidential information and other intellectual property, says Thomas Duston at Marshall Gerstein.

  • FDIC Bank Disclosure Rules Raise Important Questions

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    The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.

  • Understanding The IRC's Excessive Refund Claim Penalty

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    Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.

  • Recent Wave Of SEC No-Action Denials May Be Slowing

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    The U.S. Securities and Exchange Commission in March granted no-action relief to Verizon and others on the grounds that a director resignation bylaw proposal would mean violating Delaware law, bucking recent SEC hesitation toward such relief and showing that articulating a basis in state law is a viable path to exclude a proposal, say attorneys at Winston & Strawn.

  • PE-Healthcare Mergers Should Prepare For Challenges

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    State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.

  • Don't Use The Same Template For Every Client Alert

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    As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.

  • Drafting Calif. Cannabis Management Services Agreements

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    Meital Manzuri and Alexis Lazzeri at Manzuri Law explore the ways in which management services agreements function in the California commercial cannabis industry, and highlight a few specific terms and conditions that are crucial when drafting these agreements.

  • Takeaways From FDIC's Spring Supervisory Highlights

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    The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.

  • Online Portal Helps Fortify Feds' Unfair Health Practices Fight

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    The Federal Trade Commission, U.S. Justice Department and the U.S. Department of Health and Human Services recently launched an online portal where the public can report potentially unfair healthcare practices, effectively maximizing enforcers' abilities to police anti-competitive actions that can drive up healthcare costs and chill innovation, say attorneys at Seyfarth.

  • What To Expect From The DOL's Final Overtime Rule

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    The U.S. Department of Labor's final overtime rule dramatically increases the salary threshold for white collar workers to be exempt from overtime under the Fair Labor Standards Act, so employers should prioritize identifying the potentially affected positions and strategically consider next steps, say Leslie Selig Byrd and Deryck Van Alstyne at Bracewell.

  • 10b-5 Litigation Questions Follow Justices' Macquarie Ruling

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    Last month, the U.S. Supreme Court held in Macquarie v. Moab that pure omissions are not actionable under U.S. Securities and Exchange Commission Rule 10b–5(b), creating a slightly higher bar for plaintiffs and setting the stage for further litigation over several issues, say Steve Quinlivan and Sean Colligan at Stinson.

  • Series

    Walking With My Dog Makes Me A Better Lawyer

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    Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.

  • Employer Considerations Before Title IX Rule Goes Into Effect

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    While the U.S. Department of Education's final rule on Title IX is currently published as an unofficial version, institutions and counsel should take immediate action to ensure they are prepared for the new requirements, including protections for LGBTQ+ and pregnant students and employees, before it takes effect in August, say Jeffrey Weimer and Cori Smith at Reed Smith.

  • Expect Tougher Bank Exams 1 Year After Spring 2023 Failures

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    With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.

  • Could 'General Average' Apply To The Key Bridge Crash?

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    While the owner and operator of the vessel that struck Baltimore's Francis Scott Key Bridge have sought legal protection under the Limitation of Liability Act, they could choose to invoke the long-standing principle of general average, if supported by the facts of the crash and the terms of their contracts with cargo owners, says Julie Maurer at Husch Blackwell.

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