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Compliance

  • December 17, 2018

    Bank Exec Seeks Time Served After FATCA Conviction

    The former CEO of the offshore Loyal Bank Ltd. asked a Brooklyn federal judge on Monday to let him avoid prison after he admitted helping a purported fraudster hide income from United States authorities in the first conviction under the Foreign Account Tax Compliance Act of 2010.

  • December 17, 2018

    CMS Gets Backlash For Drug Prices In TV Ads Proposal

    A proposed Centers for Medicare & Medicaid Services rule requiring drugmakers to include the list price of their drugs in television advertisements exceeds the agency’s statutory authority and violates the First Amendment, several parties claimed as the comment period closed Monday.

  • December 17, 2018

    Calif. Regulator Says PG&E Faked Records For Years

    The California Public Utilities Commission on Friday said Pacific Gas & Electric Co. for years faked gas records and committed safety violations after a deadly 2010 gas explosion and fire, adding that it is starting a new investigation into the Golden State’s biggest utility.

  • December 17, 2018

    SEC Fines Santander Unit $1.5M Over Auto Loan Accounting

    The U.S. Securities and Exchange Commission said Monday that a vehicle finance arm of Spanish banking giant Santander will pay a $1.5 million fine to settle agency claims over alleged errors in its accounting for subprime auto loan losses.

  • December 17, 2018

    BNY To Pay $54M To Settle Claims It Mishandled ADRs

    Bank of New York Mellon has agreed to pay more than $54 million to settle U.S. Securities and Exchange Commission charges that the bank improperly handled thousands of “pre-released” American depositary receipts in violation of the Securities Act of 1933, the agency said Monday.

  • December 17, 2018

    2nd Circ. Revives Enviro's CWA Suit Against Recycler

    The Second Circuit on Monday revived the Sierra Club's lawsuit seeking to stop a New York construction waste recycling company from discharging polluted stormwater, ruling that the company's activities could be subject to Clean Water Act permitting requirements.

  • December 17, 2018

    UBS Fined $15M For Weak Money Laundering Detection

    Three U.S. regulatory bodies hit two American units of Swiss banking giant UBS Group AG with $15 million in fines Monday for not investing in resources necessary to combat money laundering since at least 2004, the agencies said in coordinated announcements.

  • December 17, 2018

    Malaysia Hits Goldman, Bankers With Criminal 1MDB Charges

    Malaysian prosecutors filed criminal charges Monday against units of Goldman Sachs Group Inc. and several individuals for their alleged roles in a multibillion-dollar fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

  • December 17, 2018

    UFC Fighter Kandare Banned 2 Years For Doping

    Ultimate Fighting Championship fighter Bharat Vijay Kandare is suspended from the league for two years after testing positive for banned substances, the U.S. Anti-Doping Agency announced Monday.

  • December 17, 2018

    The Biggest Noncompete Developments Of 2018

    This year saw courts continue to look skeptically on broad noncompete agreements, while Massachusetts passed first-of-its-kind legislation limiting what businesses can block their ex-workers from doing. Here, Law360 looks at four developments from 2018 that lawyers who handle restrictive covenants need to know about.

  • December 14, 2018

    Walmart Compliance Chief Jay Jorgensen To Step Down

    Walmart Inc. told its employees Friday that former Sidley Austin LLP partner Jay Jorgensen, leader of the retailer’s global ethics and compliance program, is leaving the megachain to pursue other opportunities, according to an internal memo provided to Law360.

  • December 14, 2018

    Lincoln Financial Hires GC Away From Genworth

    Lincoln Financial Group has hired Genworth Financial veteran Leon Roday to serve as its general counsel, the financial advisory firm announced Friday.

  • December 14, 2018

    House Dems Press For CFPB Military Lending Oversight

    The likely next chair of the House Financial Services Committee and nearly two dozen other Democrats urged the Consumer Financial Protection Bureau’s new director on Friday to proactively supervise firms for compliance with servicemember lending rules, calling her predecessor’s reported pullback plans "nothing less than a dereliction of duty."

  • December 14, 2018

    JFK Ground Handling Co. Settles Kickback Claims for $12.3M

    A ground services company at John F. Kennedy International Airport has agreed to pay $12.3 million to settle claims it paid kickbacks for contracts with British Airways and others at Kennedy and airports across the country, according to the New York State Attorney General’s Office.

  • December 14, 2018

    NY AG Settles Cases With Equifax, Others Over App Security

    New York's attorney general's office announced Friday that it has settled cases with five companies, including Equifax Consumer Services LLC and Priceline.com LLC, whose mobile apps had security gaps that could have allowed hackers to intercept users' credit card and Social Security numbers.

  • December 14, 2018

    FCC GC Sees Transparency As Best Rulemaking Defense

    For the Federal Communications Commission's general counsel, transparency in the government rulemaking process goes a long way toward making controversial agency decisions — like last year's net neutrality repeal — less likely to tank in the courtroom.

  • December 13, 2018

    Fed Says Banking Duo Snooped For Executive Roles At Rival

    Two banking executives acted as moles at a community bank in Wyoming, feeding information and customers to a rival institution to secure ownership stakes and executive positions, the Federal Reserve Board claimed in a disciplinary notice Thursday.

  • December 13, 2018

    Costco Execs Face Stock-Drop Suit Over Internal Controls

    Costco’s top brass failed to effectively address problems with its internal financial reporting systems and shared misleading information about those problems in public statements and to the U.S. Securities and Exchange Commission, a shareholder said in Washington federal court.

  • December 13, 2018

    IRS Will Fight Transfer Pricing, Even If It Loses, Official Says

    The Internal Revenue Service will continue to litigate transfer pricing cases as a way to drive compliance regardless of how courts rule in the disputes, the agency’s top official said Thursday.

  • December 13, 2018

    Treasury Floats Rules On Withholding Payments Under FATCA

    The U.S. Department of the Treasury proposed regulations Thursday to eliminate or defer withholding taxes on certain payments out of America to foreign banks that have fallen short on their requirements under the Foreign Account Tax Compliance Act.

Expert Analysis

  • What Is And Isn't Clear About Unrelated Business Income Tax

    Michele McKinnon

    Several key aspects of the new unrelated business income tax rules for tax exempt organizations, effective in 2018, remain unclear. Attorneys at McGuireWoods LLP look at the guidance issued to date and what exempt organizations can do about their tax reporting.

  • Calif.'s Top Employment Law Developments In 2018

    Mellissa Schafer

    Following an influx of new employment laws enacted in California this year, employers in the state once again have their work cut out for them when it comes to addressing and complying with new legislation that mostly takes effect at the start of 2019, says Mellissa Schafer of Hinshaw & Culbertson LLC.

  • A Series Of 1st-Time Crypto Actions For The SEC

    David Zaslowsky

    November was an especially aggressive month for the U.S. Securities and Exchange Commission in terms of cracking down on unauthorized digital activities. Three enforcement actions described as "firsts" demonstrate that the SEC will be using all of the tools in its toolkit, say attorneys with Baker McKenzie.

  • Series

    Judging A Book: Mills Reviews 'Mississippi's Federal Courts'

    Judge Michael Mills

    ​​David M. Hargrove's​ new book​,​ "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.

  • The Good News For Nonprofits On Transit Benefit Compliance

    George Constantine

    Nonprofit organizations struggling to comply with a new tax on parking and public transit benefits for their employees received three pieces of somewhat good news on Dec. 10. Attorneys at Venable LLP provide the details.

  • DOD's New Rules Of The Road For 'Other Transactions'

    Stuart Turner

    On Dec. 3, the U.S. Department of Defense issued its broad "Other Transactions" guide for these sparsely regulated arrangements, defined in the negative as other than procurement contracts, grants or cooperative agreements. Though not mandatory, the guidance covers the waterfront of DOD's tools, providing helpful examples, definition and context, say attorneys at Arnold & Porter.

  • How The GDPR Changed Data Privacy In 2018

    Jessica Lee

    The European Union General Data Protection Regulation became enforceable on May 25, 2018, bringing in a flurry of privacy notice updates, the shutdown of certain EU-facing websites and advertising activities, and a good amount of heartburn for companies within its territorial scope, says Jessica Lee of Loeb & Loeb LLP.

  • The New Water Rule And Its Potential Ripple Effect

    Christopher Thomas

    If the Trump administration's proposal to dramatically reduce the number of U.S. waterways subject to Clean Water Act jurisdiction ultimately carries the day it will have a host of cascading consequences, say Christopher Thomas and Andrea Driggs of Perkins Coie LLP.

  • Merely A Setback For CFTC Market Manipulation Cases

    Daniel Chirlin

    The U.S. Commodity Futures Trading Commission last month suffered a stunning blow to its expansive interpretation of market manipulation in its case against DRW Investments. But this does not quite spell the end for such cases, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Guest Feature

    The Subtle Art Of Fred Fielding

    Fred Fielding

    He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff learned more.