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Compliance
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July 11, 2024
EPA Grants Petition On Plastic Container PFAS
The U.S. Environmental Protection Agency on Wednesday granted a petition asking it to address several so-called forever chemicals formed during the fluorination of plastic containers for a variety of household and industrial uses.
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July 11, 2024
Wash. Justices Agree To Review State's Pot Co. Wage Suit
The Washington Supreme Court has agreed to review whether the state labor agency jumped the gun by suing a cannabis company to collect back pay for employees before the agency knew how much money the workers were owed.
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July 10, 2024
Nasdaq Says It's Immune To SPAC's 'Racial Animus' Claims
The Nasdaq Stock Market has asked a Brooklyn federal judge to toss claims it "arbitrarily and capriciously" derailed a minority-led special purpose acquisition company's plans, arguing in a Wednesday filing that it's immune to such claims as a self-regulatory organization.
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July 10, 2024
BitMEX Cops To Flouting Anti-Money Laundering Rules
Offshore crypto derivatives exchange BitMEX pled guilty in New York federal court on Wednesday to a charge alleging it violated the Bank Secrecy Act by knowingly failing to maintain adequate anti-money laundering and customer identification programs, according to the U.S. Attorney's Office for the Southern District of New York.
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July 10, 2024
Pledging 'Accountability,' Biden's FDIC Pick Faces Senate Test
President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. plans to stress her regulatory credentials and determination to fix the agency's troubled work culture when she goes before a U.S. Senate panel on Thursday for a confirmation hearing.
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July 10, 2024
Rite Aid, DOJ Craft $410M Settlement Of Opioid Sale Claims
Rite Aid agreed to a nearly $410 million settlement with the U.S. Department of Justice, the bulk of which will be an unsecured claim in the company's Chapter 11 case, that will put to bed allegations the pharmacy chain dispensed opioids illegally, the DOJ announced Wednesday.
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July 10, 2024
CFTC Says Internal Criticism 'Not Relevant' To Sanctions Bid
The U.S. Commodity Futures Trading Commission says that criticism leveled against it by one of its own members is "not relevant" to the agency's case against a foreign exchange firm accused of a $300 million fraud and has asked a New Jersey federal court not to consider the comments in deciding whether to issue sanctions against the regulator.
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July 10, 2024
SEC Exchange Plan Can't Stand Post-Chevron, Uniswap Says
Decentralized finance firm Uniswap Labs is urging the U.S. Securities and Exchange Commission not to adopt a rule that could force it and other cryptocurrency trading platforms to register with the agency as securities exchanges, saying the rule will not survive a legal challenge now that the U.S. Supreme Court has overturned Chevron deference.
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July 10, 2024
FCC Says Nearly Half 'Rip And Replace' Providers Can't Finish
The Federal Communications Commission said the agency is going to need another $3 billion if it's to keep its promise to reimburse all the companies who agreed to rip out and replace their Chinese-made technology to alleviate security concerns.
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July 10, 2024
Energy Cos., States Seek Review Of Calif. Emissions Decision
Industry groups and a coalition of states led by Ohio are asking the U.S. Supreme Court to review a D.C. Circuit ruling upholding the U.S. Environmental Protection Agency's approval of a waiver letting California set greenhouse gas emissions standards for vehicles and run a zero-emission vehicles program.
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July 10, 2024
FTC Must Think Hard Before Trying More Rules, Commish Says
One of the Federal Trade Commission's recently confirmed Republican commissioners called on the agency Wednesday to take a close look at how courts handle its ban on employment noncompete clauses before considering any further attempts at pushing the bounds of its regulatory authority.
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July 10, 2024
SpaceX Anti-NLRB Crusade Advances As Judge Grants Block
A Texas federal judge on Wednesday blocked a National Labor Relations Board suit accusing SpaceX of suppressing workers' rights while he weighs the rocket maker's claims that the prosecution is unconstitutional, according to a docket notice.
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July 10, 2024
Proof Of Ozy Media CEO's Fraud Is Overwhelming, Jury Told
A New York federal prosecutor on Wednesday told the jury weighing the fate of Carlos Watson that the evidence presented at trial clearly shows that the former Ozy Media CEO was at the helm of a scheme to deceive investors into backing the struggling news and entertainment startup, by falsely inflating its financials and lying about the company's prospects in order to keep it afloat.
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July 10, 2024
FCC To Fine Telecom Involved In Universal Service Challenge
The Federal Communications Commission is moving forward with a $100,000 fine against an Ohio-based telecommunications company over late paperwork with the Universal Service Administration.
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July 10, 2024
Citi Fined $136M As OCC, Fed Cite Slow Remedial Progress
The Office of the Comptroller of the Currency and the Federal Reserve on Wednesday leveled nearly $136 million in penalties against Citigroup Inc. and its national bank subsidiary Citibank for failing to meet risk management remediation milestones laid out in 2020 consent orders with the regulators.
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July 10, 2024
House GOP Demands Info On BEAD 'Rate Regulation'
Congressional Republicans called on a top U.S. Department of Commerce official to release all communications with state agencies in charge of distributing federal broadband grants to see if the agencies were pressured into regulating rates.
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July 10, 2024
'Wrong In Every Way': 11th Circ. Judges Rip VRA Ruling
A trio of Eleventh Circuit judges castigated their colleagues Wednesday for refusing to revisit a decision upholding an allegedly discriminatory Georgia electoral system, charging that their "novel, dramatic, and wrong" conclusions have made Section 2 of the Voting Rights Act "a dead letter" within the circuit.
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July 10, 2024
3rd Circ. Questions Authority Of Fish Management Councils
The Third Circuit on Wednesday grappled with whether the "Fishery Management Councils" that set plans and limits for ocean fisheries are merely advisers to the commerce secretary or if they're empowered enough for their members to be subject to Senate confirmation, with one judge suggesting that the panels are essentially "toothless."
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
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July 10, 2024
Mont. High Court Weighs Youths' Right To Sue In Climate Case
The Montana Supreme Court on Wednesday wrestled with whether to revive state law provisions that bar the consideration of greenhouse gas emissions in permitting decisions that were struck down by a lower court judge, querying both sides whether the youth plaintiffs had standing to sue.
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July 10, 2024
Behnam Tells Senate CFTC Is Ready To Be Retail Crypto Cop
U.S. Commodity Futures Trading Commission Chair Rostin Behnam sought to assure lawmakers that his agency is ready to protect retail investors if it is given oversight of digital asset markets during a Wednesday Senate hearing setting the stage for a coming legislative proposal on the future of cryptocurrency regulation.
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July 10, 2024
Rural Broadband Org. Calls For Speedier Permitting Process
A rural broadband advocacy group is urging Congress to pass two companion bills that would enable the use of online portals to expedite the permitting process to build high-speed networks on federal lands.
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July 10, 2024
RJ Reynolds Urges Toss Of Menthol Suit Against FDA
Tobacco giant R.J. Reynolds has come to the support of the U.S. Food and Drug Administration in a friend-of-the-court brief, arguing that the court should toss a federal lawsuit against the agency over its purported delays in implementing a ban on menthol cigarettes.
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July 10, 2024
Archegos Founder Convicted Of $100B Fraud On Wall Street
A Manhattan federal jury on Wednesday convicted Archegos founder Bill Hwang of illegally injecting over $100 billion into Wall Street markets with lies to banks that ballooned stocks and his assets, before running his family-office hedge fund into the ground.
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July 10, 2024
Pa. Judge Skeptical Of Pausing FTC's Noncompete Ban
A Pennsylvania federal judge on Wednesday seemed hesitant to grant a tree services company's request to halt the Federal Trade Commission's recent ban on noncompete agreements, as attorneys for the company struggled to point to concrete harms it would suffer if the ban were to take effect as scheduled.
Expert Analysis
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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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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.
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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.