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Compliance
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August 30, 2024
Monthly Merger Review Snapshot
The Federal Trade Commission went to court against Kroger's $25 billion purchase of Albertsons and geared up for its looming handbags merger case, the Justice Department added to its case against Live Nation, and the sports-streaming juggernaut partnering ESPN, Fox and Warner Bros. Discovery hit a significant roadblock.
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August 30, 2024
RTX Reaches $200M Deal Over Export Control Violations
RTX Corp. has reached a $200 million settlement with the U.S. Department of State to resolve violations of export control rules, including sending controlled defense items and data to China, the agency announced Friday.
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August 30, 2024
Gaming Co. Exec Gets 6 Years For Fake IPO Claims, Theft
An executive of Carlyle Entertainment Ltd. has been sentenced to 72 months in prison for advertising a phony initial public offering and fraudulently misappropriating $3 million in investor funds for his personal use in a scheme that spanned six years.
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August 30, 2024
3 Atty Takeaways On What's Ahead As ERISA Turns 50
As the Employee Retirement Income Security Act turns 50 years old this Labor Day, attorneys reflecting on five decades of development of the federal employee benefits law see a complex path ahead for both litigation and policy. Here are three key takeaways from top attorneys on what’s next for ERISA on its golden anniversary.
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August 30, 2024
Paxton Follows Through On Suit Over State Fair Firearms Ban
Texas Attorney General Ken Paxton has followed through on his threat to sue the State Fair of Texas if it didn't retract its no firearms policy, telling a Dallas County court that the exclusion of handguns from the annual event is illegal.
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August 30, 2024
FINRA Dings Raymond James $2M Over Customer Complaints
Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.
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August 30, 2024
EEOC 'Exaggerates' Harassment Claims, Auto Parts Co. Says
An auto parts company urged a North Carolina federal judge to toss a U.S. Equal Employment Opportunity Commission suit for good, arguing that the agency "exaggerates the evidence" in an effort to prove that a former employee was sexually harassed out of her job.
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August 30, 2024
Off The Bench: NFL Lets PE In, Ex-NBA Pro Denies Agent Deal
In this week’s Off The Bench, the NFL shakes up its ownership rules and joins the rest of the pro sports world, while a former NBA player says his agency is trying to cling to him after he moved on. In case you were sidelined this week, Law360 is here to catch you up on the sports and betting stories that had our readers talking.
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August 30, 2024
FTX Exec Drops Bid To Undo Plea Amid Partner's Indictment
Former FTX executive Ryan Salame is no longer seeking to vacate his guilty plea that he says Manhattan federal prosecutors induced with a false promise to halt a campaign finance probe into his partner Michelle Bond, though his claims that they broke their word will still be litigated before two different judges.
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August 30, 2024
Why The NFL Finally Let Private Equity Onto The Playing Field
The National Football League took its time approving private equity investment in team ownership, and approached it more conservatively than its pro sports league counterparts, but experts say that ultimately the purchasing power of private equity players couldn't be ignored, and the policy change will lead to significant financial benefits.
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August 30, 2024
Rule Aims To Widen Low-Income Green Electricity Tax Credits
Geothermal, hydropower, nuclear fusion and nuclear fission projects would be among the types of electricity facilities that could be eligible for clean electricity low-income community bonus credit amounts starting in 2025, the Internal Revenue Service and U.S. Treasury Department said in proposed rules released Friday.
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August 29, 2024
Tesla, Elon Musk Beat Dogecoin Buyers' Fraud Suit, For Good
A New York federal judge on Thursday for the final time threw out a contentious lawsuit brought by Dogecoin investors accusing Elon Musk of manipulating the market so that he and Tesla could turn a profit on the meme-themed cryptocurrency.
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August 29, 2024
IBM Unit's Repurchase Not Blocked By Del. Litigation Privilege
An International Business Machines Corp. affiliate can enforce a stake repurchase option against a former executive suing the company, a Delaware judge ruled Thursday, saying statements he made in legal filings can trigger the repurchase provision in his nondisparagement agreement.
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August 29, 2024
Ancestry.com Beats Claims It Used Yearbook Photos In Ads
Ancestry.com has snagged a quick win from an Ohio federal judge in a proposed class action claiming the genealogy website uses people's yearbook records without their consent to market its services with three unlawful advertising techniques.
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August 29, 2024
Texas' Anti-ESG Law Is Unconstitutional, Green Biz Org Says
A sustainability-focused business group on Thursday sued Texas state officials in federal court seeking to block a law that restricts state investments with financial firms and businesses that want to reduce their reliance on fossil fuels.
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August 29, 2024
2nd Circ. Allows Google Advertisers To Wait To Appeal Loss
The Second Circuit on Wednesday allowed a group of Massachusetts-based gym and spa businesses to drop their challenge of an order tossing their antitrust claims from multidistrict litigation accusing Google of monopolizing digital advertising, but permitted them to refile it once the trial judge decides the MDL's remaining claims.
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August 29, 2024
FedEx Taps Longtime Company Atty And Exec As New GC
FedEx Corp. announced Thursday that attorney and longtime executive Gina F. Adams will succeed Mark Allen, the company's longtime executive vice president, general counsel and secretary, who retires this year.
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August 29, 2024
SEC Says PE Firm Ran $3.3M Real Estate Investment Scam
The U.S. Securities and Exchange Commission has filed a suit in California federal court accusing a private equity firm and its managing partner, who was previously convicted of financial crimes, of fraudulently raising $3.3 million through a Ponzi-like real estate investment scheme.
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August 29, 2024
SEC Slams Crypto Co.'s Bid To Curb Its Enforcement Powers
The U.S. Securities and Exchange Commission has moved to rid itself of a lawsuit that aims to limit its ability to oversee the crypto industry, telling a Texas federal judge that there is no evidence that the agency's staff was even aware of the startup that is suing to head off a non-existent enforcement action.
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August 29, 2024
Show Your Work, 5th Circ. Tells Judge In Banks' Subpoena Fight
The Fifth Circuit has vacated a Texas federal court decision denying a businessman's bid to quash a subpoena requested by two financial institutions looking for evidence in a Mexican fraud case, sending the case back to the lower court to explain its reasoning for the denial.
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August 29, 2024
Sutter Health Kickback Fight Likely Headed To Nov. Trial
A California federal judge indicated Wednesday she's likely to send at least some claims in a whistleblower's kickback suit against Sutter Health and a surgical-practice group to a November trial, saying during a hearing there are disputes over the credibility of certain evidence and that's "the providence of the jury."
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August 29, 2024
FCC's New Rules For Rural 5G Fund Stir Controversy
The Federal Communications Commission said Thursday it had adopted a framework for the 5G Fund for Rural America to auction up to $9 billion in its first phase to fill gaps in mobile broadband, but not all stakeholders are pleased with the rules.
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August 29, 2024
Madigan Seeks To Block Ex-Alderman's Expert Testimony
Attorneys for ex-Illinois House Speaker Michael Madigan and his co-defendant on Thursday grilled a potential expert witness the government wants to call at their forthcoming racketeering trial, attempting to cast doubts on his knowledge of how Madigan's ward operated and highlighting his public opposition to Chicago's Democratic establishment.
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August 29, 2024
Ex-SPAC Agrees To Face 'Springing Penalty' In SEC Case
Former blank check company National Energy Services Reunited Corp. has agreed to pay the U.S. Securities and Exchange Commission $400,000, with a potential additional penalty of $1.2 million if it doesn't undertake certain remediation efforts, over alleged financial reporting and controls failures stemming from its acquisition of 2 companies.
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August 29, 2024
States, Industry Ask High Court To Block EPA Methane Rule
A group of states and fossil fuel industry players have asked the U.S. Supreme Court to reverse the D.C. Circuit's decision not to block the implementation of a U.S. Environmental Protection Agency final rule strengthening methane emissions control requirements for oil and gas infrastructure.
Expert Analysis
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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The Licensure Landscape For Psychedelics Manufacturers
As the need for bulk manufacturing of psychedelic substances grows, organizations aiming to support clinical trials or become commercial suppliers must navigate a rigorous and multifaceted journey to obtaining a license from the U.S. Drug Enforcement Administration, say Kimberly Chew at Husch Blackwell and Jaime Dwight at Promega Corp.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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CrowdStrike Incident Highlights Third-Party Risk For Banks
The global business disruptions caused by CrowdStrike's faulty software update last month serves as a reminder that banks should assess operational and compliance risks associated with third-party service providers and create resiliency plans extending down to fourth- and fifth-level providers, says Craig Landrum at Jones Walker.
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Calif. Ruling Clarifying Paystub Compliance Is Win For Cos.
In rare good news for California employers, the state Supreme Court recently clarified that workers couldn’t win extra penalties in wage and hour cases by claiming their employer intentionally violated state paystub law if the employer believed it had complied in good faith, say Drei Munar and Kirk Hornbeck at Hunton.
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Considering Noncompete Strategies After Blocked FTC Ban
A Texas district court's recent decision in Ryan v. Federal Trade Commission to set aside the new FTC rule banning noncompetes does away with some immediate compliance obligations, but employers should still review strategies, attend to changes to state laws and monitor ongoing challenges, say attorneys at Baker McKenzie.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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How DOJ May Change FARA Exemption In Forthcoming Rule
Any day now, the U.S. Department of Justice is expected to issue proposed revisions to the Foreign Agents Registration Act regulations, and signs suggest that it will likely narrow one of FARA's broadest exemptions, which may compound public confusion about the law's requirements, says Murad Hussain at Arnold & Porter.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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What To Expect From Evolving Wash. Development Plans
The current round of periodic updates to Washington counties' growth and development plans will need to address new requirements from recent legislation, and will also likely bring changes that should please property owners and developers, says Jami Balint at Seyfarth.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.
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Implementing Proposed AML Rules May Take More Guidance
Two recent rules proposed by financial regulators would modernize requirements for programs aimed at countering money laundering and terrorist financing by centering more robust risk assessments, but financial institutions may need more specific guidance before they could confidently comply, say Meghann Donahue and Nikhil Gore at Covington.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.