Compliance

  • June 05, 2024

    CFPB Opens Door To Open Banking 'Standard Setters'

    The Consumer Financial Protection Bureau made more progress Wednesday in its efforts to lay the groundwork for open banking in the U.S., adopting a mechanism that will allow "open" and "balanced" organizations to begin setting official, industry-wide technical standards for financial data sharing.

  • June 05, 2024

    Meta Can't Dodge Trial In Monopoly Suit, FTC Says

    The Federal Trade Commission said "voluminous evidence" cuts against Meta's bid to avoid trial over claims the social media giant illegally entrenched its monopoly in the market for personal social networking by acquiring WhatsApp and Instagram.

  • June 05, 2024

    Archegos Ex-Exec Who Sued Fund Testifies At Founder's Trial

    An investment pro who claims in a $50 million suit that he was pressured to defer his Archegos pay testified Wednesday in the $36 billion market manipulation case against fund founder Bill Hwang that Hwang called the shots and was rarely questioned.

  • June 05, 2024

    Trump Gag Order Still Needed Through Sentencing, DA Says

    Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.

  • June 05, 2024

    NY Gov. Indefinitely Halts Manhattan Congestion Pricing

    New York Gov. Kathy Hochul on Wednesday shelved congestion pricing just weeks before officials were set to implement a fee for vehicles entering Manhattan's busiest corridor, in a dramatic about-face following intense backlash and litigation from residents and business owners grappling with the high cost of living.

  • June 05, 2024

    DLA Piper Atty, Ex-UK Official On Practicing Across The Pond

    In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.

  • June 05, 2024

    FTC Can't Pause Novant's $320M Bid To Buy NC Hospitals

    The Federal Trade Commission on Wednesday lost its bid to block Novant Health from buying two local hospitals in North Carolina for $320 million while it conducts an in-house review, with a federal judge reasoning that competition would actually fare better if the merger advanced.

  • June 05, 2024

    5th Circ. Private Funds Ruling Could Rewrite SEC Agenda

    The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.

  • June 04, 2024

    Trump Wants Gag Orders Terminated In Wake Of Guilty Verdict

    Donald Trump asked a New York County judge to terminate gag orders restricting the former president from making out-of-court statements during his criminal trial, arguing that the "restrictions" on his First Amendment rights are no longer warranted now that the trial has come to an end.

  • June 04, 2024

    Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears

    Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.

  • June 04, 2024

    GOP Spending Bill Aims To Cut SEC Budget, Nix Climate Rule

    The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.

  • June 04, 2024

    Microsoft Failing To Protect Students' Data, EU Watchdog Told

    A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.

  • June 04, 2024

    Divided 9th Circ. Reverses Sutter Health Antitrust Trial Victory

    A split Ninth Circuit panel on Tuesday overturned Sutter Health's win in insurance plan purchasers' $400 million antitrust suit, ruling that the lower court wrongly excluded "highly relevant" evidence — including admissions by Sutter executives — that would've helped the purchasers potentially prove claims they overpaid thanks to Sutter's anticompetitive conduct.

  • June 04, 2024

    Insulin Pens Exposed Patients To Disease, Hospital Says

    A Connecticut-based hospital says medical device manufacturer Novo Nordisk should be on the hook for a $1 million settlement the hospital paid to end claims that patients were exposed to blood-borne infections because of the medical staff's use of Novo Nordisk's product.

  • June 04, 2024

    Atty's Argentine Uber Debut Fight Lands At Calif. High Court

    Barring fraudulent concealment claims under the so-called economic loss doctrine would create "perverse incentives" for people to draw others into contracts and "have their way with them," the California Supreme Court was told Tuesday by counsel for an Argentinian attorney suing Uber on allegations it hid crucial information from him.

  • June 04, 2024

    CFPB Seeks Traffic Cop For Parallel Small-Biz Data Rule Suits

    The Consumer Financial Protection Bureau on Tuesday asked a Kentucky federal judge to stay an industry lawsuit challenging the agency's small-business lender reporting requirements, saying a largely identical challenge filed earlier in Texas should take precedence.

  • June 04, 2024

    Rep. Gaetz Backs FTC's Noncompete Ban In Court

    Rep. Matt Gaetz threw his support behind the Federal Trade Commission on Tuesday in a court battle over the agency's new rule banning employee noncompete clauses, arguing that Congress has repeatedly affirmed the commission's authority to make competition rules.

  • June 04, 2024

    HP Fraud Charges Against Ex-Autonomy Execs Head To Jury

    Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."

  • June 04, 2024

    Airbus' Satcom Unit Fined $44K For Anti-Boycott Violations

    The U.S. Department of Commerce announced a penalty of $44,750 against Airbus DS Government Solutions Inc. on Tuesday after the company self-reported three violations of federal regulations prohibiting U.S. companies from supporting boycotts against Israel.

  • June 04, 2024

    DOJ Remains 'Clear Eyed' About No-Poach Prosecutions

    A senior U.S. Department of Justice Antitrust Division prosecutor continued Tuesday to emphasize the importance of criminal cases accusing employers of fixing wages or curtailing recruitment and hiring of workers from rivals, asserting that despite courtroom defeats, enforcers are trying to learn from past failures.

  • June 04, 2024

    Meta, Texas Strike Deal To End State's Biometric Privacy Suit

    Meta Platforms Inc. and Texas' attorney general have agreed to settle the state's suit accusing the social media giant of using its facial recognition technology to illegally collect Facebook users' biometric information without their consent, the parties told a state court. 

  • June 04, 2024

    Fla. Biz Owners Indicted On Grant-Writing Fraud Conspiracy

    Two northern Florida business owners have been federally indicted on fraud conspiracy-related charges in connection to a scheme in which they allegedly stole nearly $3 million from minority-owned companies by promising grant-writing services that were never delivered.

  • June 04, 2024

    Airlines Seek Shield From Chicago's New Paid Sick Leave Law

    The trade group representing the largest U.S. airlines alleged in a federal lawsuit Tuesday that Chicago's new paid sick leave law cannot be enforced against airlines because it interferes with flight crew staffing and scheduling in violation of federal law and collective bargaining agreements.

  • June 04, 2024

    2 Firms Tapped To Lead Barclays Investor Suit

    Kaplan Fox & Kilsheimer LLP and Sperling & Slater LLC have been appointed to co-lead an investor suit accusing Barclays PLC of over-issuing $17 billion of securities.

  • June 04, 2024

    CFPB Cautions Firms Against Contractual 'Fine Print Tactic'

    The Consumer Financial Protection Bureau on Tuesday warned banks and other financial services firms against trying to "trick" consumers with unenforceable waivers in their customer contracts, saying their use of certain contractual terms and conditions can open them up to supervisory or enforcement action.

Expert Analysis

  • Breaking Down EEOC's Final Rule To Implement The PWFA

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    Attorneys at Littler highlight some of the key provisions of the U.S. Equal Employment Opportunity Commission's final rule and interpretive guidance implementing the Pregnant Workers Fairness Act, which is expected to be effective June 18, and departures from the proposed rule issued in August 2023.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • Tips For Balanced Board Oversight After A Cyberincident

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    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.

  • 9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims

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    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.

  • Breaking Down DOJ's Individual Self-Disclosure Pilot Program

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    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.

  • Cos. Must Prepare For Calif. Legislation That Would Ban PFAS

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    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.

  • How To Prepare As Employee Data Reporting Deadlines Near

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    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.

  • Address Complainants Before They Become Whistleblowers

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    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.

  • Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

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    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.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    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.

  • 10 Tips For ESG Disclosure Compliance In Private Funds

    Excerpt from Practical Guidance
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    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.

  • Proactive Strategies Can Reduce Truck Cos.' Accident Liability

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    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.

  • What's In OCC's Proposed Freedom Of Information Act Update

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    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.

  • Assigning Liability In Key Bridge Collapse May Be Challenging

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    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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