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Compliance
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August 05, 2024
CrowdStrike Slams Delta Over Outage Lawsuit Threats
CrowdStrike has fired back at Delta Air Lines' recent threat to haul the cybersecurity firm to court to recoup hundreds of millions in losses from last month's global IT outage, saying the airline refused CrowdStrike's offer for technical assistance, then botched its own operational recovery.
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August 05, 2024
Sen. Urges CFPB To Investigate Banks' Zelle Dispute Practices
U.S. Sen. Richard Blumenthal, D-Conn., has urged the Consumer Financial Protection Bureau to investigate the nation's three largest banks and the operator behind payments network Zelle after he said the firms gave "circuitous answers" to lawmakers during a hearing on their handling of fraud and dispute resolutions on the platform.
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August 05, 2024
Poultry Co. Fights Bid For $217K In Legal Costs For Subpoena
A poultry rendering company suing Tyson Foods for allegedly deploying anticompetitive tactics in order to force a dramatically undervalued buyout is fighting a bid from Darling Ingredients, a nonparty in the suit, to recoup the money spent fighting a subpoena.
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August 05, 2024
Musk Accuses OpenAI Of Fraud, RICO Over Business Model
Elon Musk on Monday accused OpenAI Inc. and its leaders of violating several laws related to fraud, conspiracy, contract violations and false advertising by claiming he was wrongly told the company would remain a nonprofit, in a suit filed in California federal court.
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August 05, 2024
El Paso Inks Deal Over NM Agency's $1.3M Sewage Dump Fine
An El Paso, Texas, water utility is moving to end a lawsuit against the New Mexico Environment Department that challenged two compliance orders and a nearly $1.3 million penalty imposed against it over sewage diversions into the Rio Grande.
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August 05, 2024
TikTok Removes 'Addictive' Feature In EU Amid Pressure
TikTok has agreed to permanently discontinue a viewing rewards program from the European Union after regulators there said its "addictive" nature could pose a risk to users' mental health, the European Commission announced Monday.
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August 05, 2024
Transportation Policies To Watch: Midyear 2024 Review
Rail and aviation safety reforms following recent incidents, stricter vehicle emission standards guiding automakers' gradual pivot to electrification, and the integration of new automation and drone technology are some of the transportation industry's top regulatory priorities to watch in the second half of 2024.
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August 05, 2024
US Chamber Backs Rail Co. Challenge To Crew Size Rule
The U.S. Chamber of Commerce is backing railroad companies' argument that the Federal Railroad Administration overstepped by implementing a rule that requires trains to be operated by at least two people, telling the Eleventh Circuit the rule was imposed without adequate justification or consideration of companies' interests.
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August 05, 2024
Google Abused Monopoly Over Search Market, Court Finds
A D.C. federal judge ruled on Monday that Google is a monopolist in the general search market and has violated antitrust law by paying billions of dollars to make its search engine the default on devices made by Apple, Samsung and others.
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August 05, 2024
Goodwin Adds Prudential Cybersecurity CLO As Partner
Goodwin Procter LLP announced Monday the hiring of the former chief legal officer in charge of cybersecurity, data privacy and artificial intelligence at Prudential Financial as a partner in its New York office.
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August 02, 2024
JPMorgan Says CFPB May Bring Enforcement Case Over Zelle
JPMorgan Chase & Co. said Friday the Consumer Financial Protection Bureau may lodge an enforcement action against the bank over the peer-to-peer payment platform Zelle, which has been chided as a vehicle for scammers, and that the bank may consider litigating the matter.
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August 02, 2024
CFPB Takes Fintech Flak Over Credit Card-Like BNPL Policy
The Consumer Financial Protection Bureau is facing fresh industry pushback to its guidance that aims to extend more credit card-like protections to the fintech-dominated market for buy-now, pay-later loans, with key providers arguing it is trying to squeeze a square peg into a round hole.
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August 02, 2024
CFPB, NY Say Complaint Updates Aren't Unfair To MoneyGram
The Consumer Financial Protection Bureau and the New York Attorney General's Office fired back on Friday at MoneyGram's assertions that it'd be "futile" for the agencies to tweak their lawsuit against the remittance service provider, saying "there are no pleading deficiencies to cure" in their initial complaint.
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August 02, 2024
Employment Authority: OSHA's New Heat Break Rule
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with a look at the U.S. Occupational Safety and Health Administration's proposed workplace heat safety rule, the impact of the Ninth Circuit's decision that a federal prison guard's Instagram activity represented harassment toward a female co-worker and how challenges might advance on the National Labor Relations Board's decision to unwind a 2020 regulation that curtailed the practice of pausing elections over alleged misconduct.
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August 02, 2024
OT Rule Exceeds DOL's Authority, Red States Argue
A group of 14 red states joined Texas in calling for a federal court to strike down the U.S. Department of Labor's rule raising salary thresholds for a federal overtime exemption, claiming in a brief that the new rule would hit their states particularly hard.
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August 02, 2024
Del. Chancellor Presses Tesla On Musk Pay Salvage Scheme
Delaware's chancellor pointed Friday to "zero cases under Delaware law" where stockholders were allowed to ratify a corporate act that had been found to be a breach of fiduciary duty, asking an attorney for Tesla Inc. why she should allow the company to use a post-verdict vote to resurrect Elon Musk's $56 billion stock-based compensation plan.
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August 02, 2024
Dems Launch Bill To Expand Zelle, Venmo Fraud Protections
U.S. Senate and House Democrats on Friday proposed revisions to the Electronic Fund Transfer Act aimed at bolstering protections for consumers who fall victim to scams perpetrated by means such as mobile wallets, payment apps and wire transfers.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
CFPB Claim 'Strays Too Far' In Snap Finance Suit, Judge Says
A Utah federal judge allowed Snap Finance to escape some claims brought by the Consumer Financial Protection Bureau that alleged the lease-to-own consumer finance company intentionally misled customers with "virtually every step" of its consumer experience, saying that its lease agreements cannot be considered "credit."
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Iowa, ND Move For Win In NEPA Rule Fight
States led by Iowa and North Dakota are asking a federal judge to scrap a Council on Environmental Quality rule they say threatens to turn the National Environmental Policy Act into an "action-forcing" process to advance the Biden administration's climate and environmental justice goals.
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August 02, 2024
British Air Parent Drops Air Europa Deal Due To EU Scrutiny
British Airways' parent company has abandoned its €400 million ($436 million) plan to buy the rest of Air Europa from Spanish tourism company Globalia amid pushback from European competition authorities, telling investors that the merger was "no longer probable."
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August 02, 2024
5th Circ. Tosses 1988 Case In Galveston Voting Rights Ruling
Multiple minority groups cannot "combine forces" to bring vote dilution claims under a portion of the Voting Rights Act that prohibits race discrimination, the Fifth Circuit said, overruling a decades-old case in a blockbuster decision regarding Galveston County's voting districts.
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August 02, 2024
DOJ, LA County Settle Disabled Voter Discrimination Suit
The County of Los Angeles has settled the federal government's suit alleging it discriminated against people with disabilities who were trying to vote during recent elections and has agreed to work with an accessibility expert for three years to ensure its voting centers are accessible or can be made accessible.
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August 02, 2024
Wells Fargo's AML, Sanctions Programs Facing Investigation
Wells Fargo & Co. has said it is facing scrutiny from "government authorities" over issues with its anti-money laundering and sanctions compliance programs, further noting it is in talks with the U.S. Securities and Exchange Commission to settle an investigation into its investment account cash sweep offerings.
Expert Analysis
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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Takeaways From New HHS Substance Use Disorder Info Rules
A new U.S. Department of Health and Human Services rule continues the agency's efforts to harmonize complex rules surrounding confidentiality provisions for substance use disorder patient records, though healthcare providers will need to remain mindful of different potentially applicable requirements and changes that their compliance structures may require, say attorneys at Ropes & Gray.
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Opinion
Reform NEPA To Speed Mining Permits, Clean Energy Shift
It is essential to balance responsible regulatory oversight with permit approvals for mining projects that are needed for the transition to renewable energy — and with the National Environmental Policy Act being one of the leading causes of permit delays, reform is urgently needed, say Ana Maria Gutierrez and Michael Miller at Womble Bond.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.