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Compliance
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August 14, 2024
FTC Finalizes Rule To Crack Down On Fake Online Reviews
The Federal Trade Commission on Wednesday announced it has finalized a rule to thwart marketers from using false reviews and testimonials, cementing the agency's authority to seek civil penalties from knowing violators for a host of misconduct including the use of AI-generated fake reviews.
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
CFTC Hits Vitol With First-Of-Its-Kind Position Limits Fine
The U.S. Commodity Futures Trading Commission issued its first-ever fine Wednesday against a trader exceeding position limits by holding the same contract across multiple exchanges, penalizing Swiss energy and commodities company Vitol SA for its positions on cattle and crude oil futures.
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August 14, 2024
Nursing Co. Exec Can't Split Up Fraud, Wage-Fixing Charges
A Nevada federal magistrate judge has struck two blows against a home healthcare staffing executive facing criminal charges of fixing nurses' wages and hiding that probe when selling the business for $12.5 million, as the judge refused to break up the allegations and recommended against dismissing the fraud counts.
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August 14, 2024
Michigan's Airport PFAS Pollution Suit Escapes Foam MDL
A Michigan federal judge has agreed to disentangle state regulators' PFAS pollution claims against an airport from claims against manufacturers of the chemicals, a move that prevents the state's case from being absorbed into multidistrict litigation over firefighting foam.
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August 14, 2024
10th Circ. Wipes Out Fight Over Obama-Era Methane Rule
The Tenth Circuit has thrown out a lower court ruling partially invalidating an Obama-era rule limiting venting and flaring from oil and gas wells on federal land, saying a new rule crafted by the Biden administration moots the entire case.
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August 14, 2024
Mobile Carriers Worry Anti-Robotext Rules Could Go Too Far
Content-neutral text-blocking standards are not the way to go, a key wireless trade group has told the Federal Communications Commission, saying that stripping away the current industry standards in favor of nondiscriminatory ones would "open the floodgates to messages that consumers do not want."
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August 14, 2024
EU OKs Siemens' $3.8B Sale Of Innomotics To PE Firm KPS
European Union antitrust enforcers signed off Wednesday on German tech conglomerate Siemens AG's plan to sell its Innomotics large motors and drives unit to New York City-based private equity firm KPS Capital Partners, finding that the deal, with an enterprise value of €3.5 billion ($3.9 billion), poses "limited" overlap concerns.
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August 14, 2024
Army Analyst Cops To Selling Military Secrets To China
A U.S. Army soldier and intelligence analyst has pled guilty to charges that he sold classified American military secrets to China for $42,000.
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August 14, 2024
Judge Blocks Missouri's Anti-ESG Rules, Handing SIFMA Win
A Missouri federal judge found Wednesday that the state's anti-ESG rules for brokers and advisers violate the First Amendment and are preempted by federal laws, handing the Securities Industry and Financial Markets Association an early win in its suit against state officials.
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August 14, 2024
Ex-Binance GC Joins Crypto Co. Bitget As Legal Chief
Seychelles-based crypto exchange Bitget on Wednesday announced it has hired a new chief legal officer who, among other roles, served as general counsel at Binance prior to its high-profile settlement with U.S. authorities last year.
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August 14, 2024
M&A Surge May Bring Opportunities For Cybercriminals
An increase in mergers and acquisitions is creating more openings for cybercriminals to exploit companies and their customers, highlighted by February's Change Healthcare breach and other major hacks, according to a new report from cybersecurity firm Resilience.
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August 14, 2024
The Biggest Enviro Decisions Of 2024: Midyear Report
2024 has already been one of the most consequential years for environmental law, and it's only half over. The U.S. Supreme Court issued groundbreaking administrative law decisions, while lower appeals courts resolved questions about California's right to promulgate its own vehicle emissions standards, among other rulings.
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August 14, 2024
Feds Nab US-Iran Citizen On Aircraft Parts Charges
A dual U.S.-Iranian citizen was charged in D.C. federal court with procuring American aircraft parts and attempting to send them to Iran in violation of U.S. sanctions, the U.S. Department of Justice said Wednesday.
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August 14, 2024
Rising Star: Latham's Joe Bargnesi
Joe Bargnesi of Latham & Watkins LLP advises dozens of private equity firms and represented Honeywell as it fought back on a bribery probe the U.S. Department of Justice launched against it, earning him a spot among the compliance law practitioners under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
NY Judge Rejects Trump's 'Stale' Recusal Bid A 3rd Time
The New York judge who presided over Donald Trump's hush money trial denied the former president's third attempt to remove him from the case ahead of sentencing, ruling that the motion was "nothing more than an attempt to air grievances."
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August 13, 2024
Anesthesia Co. Says FTC Lacks Authority To Bring 'Rollup' Suit
U.S. Anesthesia Partners has told the Fifth Circuit the Federal Trade Commission lacks authority to bring its case directly in federal court without also filing an administrative case accusing the group of monopolizing the Texas anesthesiology market.
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August 13, 2024
Musk Can't Ax Fraud Suit Over Twitter Buy, Investors Say
A pension fund has fired back at Elon Musk's bid to dismiss the rest of its amended proposed securities fraud class action in New York federal court that alleges the X Corp. CEO covertly bought more than 5% of Twitter's stocks to save more than $143 million before announcing his intent to buy the social media platform.
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August 13, 2024
Judge Urged To Toss Novel Insider Trading Conviction
Former Ontrak CEO Terren Peizer has moved to rid himself of a first-of-its-kind insider trading conviction, arguing that the government's case "watered down" the standard it had to prove by failing to demonstrate that he believed Ontrak was about to lose its biggest customer at the time he shed $20 million in stock.
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August 13, 2024
TMX Affiliate Sues Pa. Regulator To Block Potential $52M Fine
A Texas and Georgia-based affiliate of consumer lending company TMX Finance has sued the secretary of the Pennsylvania Department of Banking and Securities, challenging an order from the department that the company says seeks over $52 million in civil penalties over claims tied to loan agreements that allegedly carry interest rates as high as 720%.
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August 13, 2024
Chamber Defends Texas Home For CFPB Late-Fee Rule Suit
The U.S. Chamber of Commerce and other trade associations battling the Consumer Financial Protection Bureau's $8 credit card late-fee rule told a Texas federal judge on Monday that the agency's latest bid to send the case to Washington, D.C., risks creating new rule challenge obstacles for local-level business groups and should be rejected.
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August 13, 2024
CFPB Says Predatory Lenders Targeting Muslim Homebuyers
The Consumer Financial Protection Bureau said Tuesday it found that an often predatory form of home financing, known as contracts for deed, has become increasingly prevalent in Muslim communities.
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August 13, 2024
Tesla Stock Buy Fraud Nets 33-Mo. Sentence For Calif. Man
A California man accused of bilking investors out of $4.7 million by falsely representing he'd use the money to buy Tesla stock before diverting it to his wholesale food distribution business was sentenced to 33 months in prison in California federal court Monday, according to the U.S. Attorney's Office for the Northern District of California.
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August 13, 2024
Coinbase Says Scope Of Discovery Was Set By SEC Suit
Cryptocurrency exchange Coinbase told a New York federal judge that if its discovery requests for the U.S. Securities and Exchange Commission are onerous for the regulator, the agency's own claims in the registration suit are to blame.
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August 13, 2024
Texas AG Targets General Motors Over Unlawful Data Sales
Texas' attorney general has escalated his probe into data privacy practices at connected car manufacturers, hitting General Motors with a lawsuit in state court Tuesday accusing the automaker of unlawfully gathering and selling drivers' private data — which would then be resold to insurance companies — without permission.
Expert Analysis
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Class Actions At The Circuit Courts: June Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers two recent decisions from the Third and Tenth Circuits, and identifies practice tips around class action settlements and standing in securities litigation.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Compliance Countdown To New Calif. Workplace Safety Rules
Nearly all California employers should be taking steps to prepare for the July 1 deadline to comply with a Labor Code update that will introduce the first general industry workplace violence prevention safety requirements in the U.S., say attorneys at Littler.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.
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Making Plans For BNPL Consumer Protection Compliance
With an interpretive rule from the Consumer Financial Protection Bureau set to require buy-now, pay-later providers to implement credit card-like consumer safeguards by the end of July, loan providers must solidify their federally compliant customer dispute resolution and disclosure procedures before the newly emboldened bureau's deadline, say attorneys at Steptoe.
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Fla. HOA Reforms Bring Major Wins For Homeowners
A recently signed law brings broad changes for homeowners associations in Florida, alleviating some pressure imposed by overly restrictive rules and potentially setting up litigation surrounding how HOAs enforce their governing documents, says Christopher Miller at Varnum.
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How Justices' Chevron Ruling May Influence Wind Projects
Parties both for and against the development of East Coast offshore wind development are watching the U.S. Supreme Court closely for its anticipated ruling challenging long-standing principles of agency deference that may subject decision making based on that precedent to upheaval, say attorneys at Robinson & Cole.
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Top 5 Issues For Employers To Audit Midyear
Six months into 2024, developments from federal courts and regulatory agencies should prompt employers to reflect on their progress regarding artificial intelligence, noncompetes, diversity initiatives, religious accommodation and more, say Allegra Lawrence-Hardy and Lisa Haldar at Lawrence & Bundy.
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Gov't Contractors Shouldn't Skip Steps In Rush To Adopt AI
Government contractors that may be tempted to deploy artificial intelligence in day-to-day operations like billing and data protection should first take time to consider and address the specific risks that come with using AI tools, say attorneys at Wiley.