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Compliance
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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.
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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.
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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.
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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.
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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.
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June 17, 2024
Google Says Texas Took Opposing Positions On Key Law
Google told a Texas federal court the state attorney general's office made arguments in the case accusing the tech giant of monopolizing display advertising technology that directly contradict arguments the state is making in a case challenging the Pregnant Workers Fairness Act.
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June 17, 2024
SEC Says Ripple's Remedies Not Comparable To Terraform's
The U.S. Securities and Exchange Commission fired back at blockchain firm Ripple Labs' claims that a recent settlement with Terraform Labs supports a lower penalty amount, saying it can't be a direct comparison given Terraform is in bankruptcy and has made significant concessions Ripple hasn't.
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June 17, 2024
EEOC Went Too Far With Pregnant Worker Rule, Judge Says
The U.S. Equal Employment Opportunity Commission overstepped its authority by requiring workplace accommodations for "purely elective abortions," a Louisiana federal judge ruled Monday, handing two states and several religious groups a temporary reprieve from agency regulations implementing the Pregnant Workers Fairness Act.
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June 17, 2024
Crypto Trading Firm Nabs NY BitLicense
Crypto trading firm and liquidity provider Cumberland DRW announced Monday that the New York Department of Financial Services has granted it a BitLicense, which allows it to operate a crypto business within the state.
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June 17, 2024
OECD Tax Plan Is Developing Nations' Best Choice, Prof Says
Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many customers and few large companies, an academic argued Monday during an Oxford University panel.
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June 17, 2024
Binance Says Hamas Attack Suit Can't Prove Fundraising Link
Binance Holdings Ltd. has urged a New York federal judge to dismiss claims the exchange abetted terrorism because the survivors of Hamas' Oct. 7 attack on Israel haven't shown a direct link between the platform's cryptocurrency services and the planning of the attack.
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June 17, 2024
Consulting Firms To Pay $11.3M Over Rent Help Site Breach
A consulting firm and its subcontractor have agreed to pay $11.3 million to resolve a False Claims Act suit alleging that they allowed the personal data of low-income New Yorkers to be compromised while operating a pandemic-era rental assistance program website.
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June 17, 2024
IRS Asks Court To Leave Alone Worker Retention Credit Pause
An Arizona federal court should reject a tax advisory firm's request to lift the IRS' moratorium on processing claims for the pandemic-era employee retention credit, the agency argued, saying the agency should be allowed to continue to run the program as it sees fit.
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June 17, 2024
Split Mass. Top Court Backs Strict View Of Prompt Pay Law
The top appeals court in Massachusetts said in a divided opinion Monday that contractors must pay overdue invoices before disputing claims under the state's prompt pay law, with two dissenting judges criticizing the majority for trying to rewrite the law "by judicial fiat."
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June 17, 2024
LA City Atty Accused Of Retaliating Against Criminal Chief
The former criminal chief of the Los Angeles city attorney's office is seeking more than $1 million over claims she faced a "barrage of retaliation" and was unfairly placed on leave after reporting the city attorney's alleged excessive on-the-job alcohol consumption, her refusal to prosecute certain companies and other purported misconduct.
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June 17, 2024
Conn. Worker Gets $144K Counsel Fee After Bias Trial Win
The Connecticut Department of Energy and Environmental Protection must pay nearly $139,000 in attorney fees to W. Martyn Philpot Jr. after a Black employee won a federal jury verdict on racial hostility claims, including accusations that he found a noose hanging near his desk in a state office building.
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June 17, 2024
Attys Accused Of Judge Shopping Must Turn Over Q&A Doc
Attorneys accused of a coordinated effort to "judge shop" amid federal suits challenging an Alabama law banning certain medical procedures for transgender youth must supply a document the court believes displays the attorneys' preparations for a panel hearing in which one of the attorneys allegedly committed perjury.
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June 17, 2024
NY Says IGRA Doesn't Keep State Lottery Off Tribal Land
The New York State Gaming Commission has asked a federal judge to throw out the Cayuga Nation's attempt to block lottery games from operating on tribal lands, arguing state lotteries do not fall under the federal Indian Gaming Regulatory Act's jurisdiction.
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June 17, 2024
CFTC Fines Trafigura $55M In Novel Whistleblower Action
The U.S. Commodity Futures Trading Commission announced a first-of-its-kind settlement Monday with Trafigura Trading LLC, which agreed to pay a $55 million penalty over allegations that it manipulated oil derivatives prices while discouraging employees from reporting potentially illegal activity.
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June 17, 2024
Don't Let Farm Org Rewrite Wage Rule Suit, DOL Tells Judge
A farm group shouldn't be allowed to revise its challenge to the U.S. Department of Labor's new wage rule for certain temporary workers, the agency told a Charlotte, North Carolina, federal judge, saying the revision attempt comes too late as the matter is already awaiting the judge's decision.
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June 17, 2024
Commercial Litigation Pro Joins Blank Rome In Pittsburgh
An attorney with more than 20 years of experience advising business clients on commercial litigation has joined Blank Rome LLP's Pittsburgh office after nearly four years as an in-house counsel for a healthcare technology provider.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
Texas High Court Restores Fossil Win Over Harassment Suit
The Texas Supreme Court reinstated Fossil Group Inc.'s defeat of a former sales associate's lawsuit alleging it did nothing to curb a supervisor's lewd online comments and sexual harassment, finding the fashion company took swift action when it learned of the misconduct.
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June 17, 2024
SEC Head Of Crypto Assets And Cyber Unit Departs Agency
The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.
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June 14, 2024
Ozy Trial Gets Heated, Exec Tells Of Lies, Google CEO Pops In
Courtroom tempers flared, Alphabet and Google CEO Sundar Pichai dropped by and a former Ozy Media executive on Friday told the jury weighing fraud charges against the startup's charismatic founder Carlos Watson of how they nearly conned Buzzfeed into buying the company by faking its financials.
Expert Analysis
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Tips For Balanced Board Oversight After A Cyberincident
The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.
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9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims
In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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Cos. Must Prepare For Calif. Legislation That Would Ban PFAS
Pending California legislation that would ban the sale or distribution of new products containing intentionally added per- and polyfluoroalkyl substances could affect thousands of businesses — and given the bill's expected passage, and its draconian enforcement regime, companies must act now to prepare for it, say attorneys at Alston & Bird.
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How To Prepare As Employee Data Reporting Deadlines Near
As filing deadlines approach, government contractors and private companies alike should familiarize themselves with recent changes to federal and California employee data reporting requirements and think strategically about registration of affirmative action plans to minimize the risk of being audited, say Christopher Durham and Zev Grumet-Morris at Duane Morris.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Proactive Strategies Can Reduce Truck Cos.' Accident Liability
The legal complications of trucking accidents can be grave — so transportation companies and their attorneys should implement proactive strategies that include driver safety programs, pre-accident legal counseling, electronic monitoring and attorney involvement at crash scenes, says Mandy Kolodkin at Segal McCambridge.
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What's In OCC's Proposed Freedom Of Information Act Update
In this article, Christine Docherty at Goodwin discusses the Office of the Comptroller of the Currency's proposed amendments to its regulations implementing the Freedom of Information Act, and how these changes might align with guidance from other regulators.
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Assigning Liability In Key Bridge Collapse May Be Challenging
In the wake of a cargo ship's collision with Baltimore's Key Bridge last month, claimants may focus on the vessel's owners and the agencies responsible for the design and maintenance of the bridge — but allocating legal liability to either private or governmental entities may be difficult under applicable state and federal laws, says Clay Robbins at Wisner Baum.
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Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
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Data Protection Steps To Consider After Biden Privacy Order
A recent White House executive order casts a spotlight on the criticality of securing sensitive content communications, presenting challenges and necessitating a recalibration of practices, especially for lawyers, says Camilo Artiga-Purcell at Kiteworks.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.