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Compliance
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May 08, 2025
CEO Stole Funds To Fuel 'Gambling Habit', Investor Says
An investor in a cybersecurity company has claimed in a new suit that the company's CEO defrauded the investor out of more than $2.8 million through falsified budgets and other means, all to support a "lavish" lifestyle and "severe gambling habit."
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May 08, 2025
Senate Stablecoin Bill Stalls As Dems Pull Support
The Senate's proposal to regulate stablecoins failed a procedural hurdle on Thursday as Democrats pulled their support in hopes to negotiate stronger provisions, while Republican leaders accused holdouts of seeking to deny the Trump administration a bipartisan win around digital assets.
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May 08, 2025
Ex-Binance CEO Says He's Asked Trump Admin For A Pardon
Binance founder Changpeng Zhao said he has applied for a pardon from the Trump administration in the wake of a four-month prison term he served as part of a historic plea deal over the cryptocurrency exchange's anti-money laundering failures.
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May 08, 2025
CFPB Needs Stronger Controls On Supervisory Info, IG Says
A federal watchdog for the Consumer Financial Protection Bureau has called for the agency to tighten its controls on confidential information from its supervision of financial firms, finding gaps that could leave such data vulnerable to unauthorized access and exposure.
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May 08, 2025
Panel Says Colo. Hospitals Need Notice Of Retaliation Claims
A Colorado appeals court on Thursday sided with a Denver health system in a precedential ruling, finding healthcare workers who sue public hospitals under a state anti-retaliation statute must warn hospitals about their claims.
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May 08, 2025
Feds Float Sweeping Air Traffic Control Overhaul
The U.S. Department of Transportation on Thursday outlined an ambitious plan to overhaul the nation's air traffic control system by replacing antiquated telecommunications and radar networks, building new ATC towers and facilities, and boosting hiring.
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May 08, 2025
Instagram Head Says App 'Blends' Friends And Entertainment
The head of Instagram didn't shy away Thursday from Federal Trade Commission arguments about how Meta functions as a social media platform, testifying in D.C. federal court that sharing with friends and family is a key function, but part of a blended approach also focused on entertainment.
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May 08, 2025
Oppenheimer Slips Suits Over Fraudster's $110M Ponzi Scheme
A cohort of investors who said they were victims of a $110 million Ponzi scheme run by a former Oppenheimer & Co. Inc. adviser can't hold the investment firm liable for their losses, the Georgia Court of Appeals has said, ruling their losses were "at best, an indirect result" of the firm's alleged efforts to cover up the scheme.
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May 08, 2025
Capital One Wants Trump Entities' 'De-Banking' Suit Tossed
Capital One urged a Florida federal court to dismiss a lawsuit by President Donald Trump's revocable trust and Eric Trump claiming the bank illegally canceled hundreds of Trump-affiliated accounts in the aftermath of the Jan. 6, 2021, attacks on the U.S. Capitol, arguing the complaint does not show the accounts were closed for political reasons.
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May 08, 2025
Counterfeit Goods Hit $467B Globally In 2021, Report Says
Counterfeit and pirated goods accounted for $467 billion in global trade in 2021, reflecting a slight increase from pre-pandemic levels, according to a report from the Organization for Economic Cooperation and Development and the European Union Intellectual Property Office.
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May 08, 2025
Judge Allows WWE Accuser To Add SEC Settlement To Suit
A former World Wrestling Entertainment Inc. staffer, who has accused ex-CEO Vince McMahon of assault and sex trafficking in Connecticut federal court, was allowed to include in an amended complaint the settlement McMahon reached with the federal government regarding payments he made to her and another woman over alleged misconduct.
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May 08, 2025
11th Circ. Revives Citigroup Cash Advance Fraud Suit Again
The Eleventh Circuit has, for the second time, revived a nearly decadelong suit against Citigroup that alleges the bank ran a massive cash advance fraud scheme, with the appeals court saying they "see things differently" from the district court, and that the plaintiffs have sufficiently pled each count of their complaint.
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May 08, 2025
Trump Admin Defends Gov't Restructuring As Lawful
The Trump administration defended what it says is a lawful executive order looking to reorganize agencies and terminate workers, telling a California federal judge that unions, nonprofits and local governments "waited far too long" to seek a temporary restraining order.
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May 08, 2025
Nevada Can't Escape Sports Contract Suit, Kalshi Says
Online trading platform KalshiEx LLC told a Nevada federal court Thursday that gambling officials cannot dodge a lawsuit challenging their authority to prohibit the company from offering betting on sports and elections, saying the company's success in securing a preliminary injunction satisfies the motion to dismiss standard.
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May 08, 2025
Google Payment Unit Ends Suit As CFPB Nixes Oversight Plan
Google Payment Corp. disclosed Thursday that the Consumer Financial Protection Bureau has agreed to drop Biden-era plans to supervise the tech giant's payment arm, leading the company to drop its suit against the regulator.
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May 08, 2025
Halkbank Wants Justices To Take 2nd Look At Immunity Claim
Turkish state-owned bank Halkbank has urged the U.S. Supreme Court to take a second look at an appellate decision holding it doesn't have common-law foreign sovereign immunity from money laundering allegations, arguing the decision "authorizes the first criminal trial of a foreign sovereign instrumentality in world history."
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May 08, 2025
Musk Objects To New Job For SEC's Former Litigation Chief
Elon Musk is opposing a move by plaintiff-side firm Bernstein Litowitz Berger & Grossmann LLP to hire the U.S. Securities and Exchange Commission's former chief litigation counsel, arguing in a court filing that the lawyer "played a personal and substantial role" in suing Musk while at the SEC.
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May 08, 2025
Wis. Credit Union Charges 'Onerous' Overdraft Fees, Suit Says
A western Wisconsin-based federal credit union faces a proposed customer class action alleging that it violated the Electronic Fund Transfer Act by misrepresenting its overdraft fee practices.
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May 08, 2025
Apple Asks 9th Circ. To Pause New App Store Injunction
Apple has asked the Ninth Circuit to pause parts of a California federal court's new injunction mandating changes to its App Store policies, issued after finding Apple violated a previous order, saying the "punitive" measures force it to give away free access to its products.
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May 08, 2025
Judge Asks DOJ To Define DEI In Health Grant Case
A Massachusetts federal judge on Thursday ordered U.S. Department of Justice lawyers to provide the Trump administration's definitions of diversity, equity and inclusion, saying he needs to know so he can consider whether that is a valid basis for pausing federal health research grants.
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May 08, 2025
E-Rate Paperwork Snafus Cost Some Orgs. FCC Funds
The Federal Communications Commission has denied seven organizations' appeals for reimbursement under the E-Rate subsidy program because their service providers failed to send in the paperwork required to qualify for school and library connectivity funds.
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May 08, 2025
Ind. Allows Credit For Taxes Paid On Behalf Of Pass-Throughs
Indiana authorized electing pass-through entities to claim a credit for taxes paid on their behalf under a bill signed by the governor.
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May 08, 2025
SEC's Peirce Outlines Path To Exempt Tokenized Securities
The U.S. Securities and Exchange Commission's Hester Peirce on Thursday endorsed the creation of "regulatory sandboxes" that would encourage companies to develop trading systems for tokenized securities, enabling them to experiment with new technologies without certain registration requirements that govern stock exchanges.
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May 08, 2025
Elizabeth Holmes Loses Bid For Full 9th Circ. Rehearing
The Ninth Circuit said Thursday it will not reconsider a panel decision refusing to throw out the conviction and 11-year prison sentence of Theranos Inc. founder Elizabeth Holmes.
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May 08, 2025
SafeMoon Fraud Turned Me Into A 'Monster,' Key Witness Says
A former SafeMoon developer told a Brooklyn federal jury Thursday that his "moral compass was skewed" by corruption at the cryptocurrency outfit, as he blamed the company's CEO for allegedly conspiring to loot the company.
Expert Analysis
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10 Soft Skills Every GC Should Master
As businesses face shifting regulatory and technological uncertainty, general counsel will need to strengthen certain soft skills to succeed, from admitting when they make a mistake to maintaining a healthy dose of dispassion, says Douglas Brown at Manatt.
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How Proxy Advisory Firms Are Approaching AI And DEI
Institutional Shareholder Services' and Glass Lewis' annual updates to their proxy voting guidelines reflect some of the biggest issues of the day, including artificial intelligence and DEI, and companies should parse these changes carefully, say attorneys at Cahill Gordon.
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6 Criteria Can Help Assess Executive Branch Actions
With new executive policy changes announced seemingly every day, several questions can help courts, policymakers and businesses determine whether such actions are proper, effective and in keeping with our democratic norms, say Marc Levin and Khalil Cumberbatch at the Council on Criminal Justice.
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Reviving A Dormant Criminal Statute In Antitrust Prosecution
The U.S. Department of Justice is poised to revive a dormant misdemeanor statute to resolve bid-rigging charges against a foreign national, providing important context to a recent effort to entice foreign defendants to take responsibility for pending charges or face the risk of extradition, say attorneys at Axinn.
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End May Be In Sight For Small Biz Set-Aside Programs
A Jan. 21 executive order largely disarming the Office of Federal Contract Compliance Programs, along with recent court rulings, suggests that the administration may soon attempt to eliminate set-asides intended to level the award playing field for small business contractors that qualify under socioeconomic programs, say attorneys at Alston & Bird.
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Traversing The Shifting Sands Of ESG Reporting Compliance
Multinational corporations have increasingly found themselves between a rock and a hard place attempting to comply with EU and California ESG requirements while not running afoul of expanding U.S. anti-ESG regimes, but focusing on what is material to shareholder value and establishing strong governance can help, say attorneys at MoFo.
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An Unrestrained, Bright-Eyed View Of Legal AI's Future
Todd Itami at Covington offers a bright-eyed, laughing-all-the-way, skydive look at what the legal industry could look like after an artificial intelligence revolution, which he believes may happen much sooner and more dramatically than we expect.
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Ban On Reputation Risk May Help Bank Enforcement Defense
The Comptroller of the Currency and Federal Deposit Insurance Corp.’s recent commitment to stop examining banks for reputation risk could help defendants in enforcement actions challenge unfavorable assessments and support defendants' arguments for lower civil money penalties, says Brendan Clegg at Luse Gorman.
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Tracking The Evolution In Litigation Finance
Despite continued innovation, litigation finance remains an immature market with borrowers recieving significantly different terms as lenders learn to value cases, which firms need a strong handle on to ensure lending terms do not overwhelm collateral value, says Robert Wilkins at Lightfoot Franklin.
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Keys To Regulatory Diligence In Life Sciences Transactions
Conducting effective regulatory due diligence for life sciences deals requires careful review of a target company's activities, and separate sets of considerations for commercial and pipeline products, says Anna Zhao at GunnerCooke.
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How Plan Sponsors Can Mitigate Risk In PBM Contracts
A recent lawsuit in New York federal court alleges that JPMorgan caused exorbitant prescription costs by mishandling the pharmacy benefit manager arrangement, adding to a growing body of Employee Retirement Income Security Act fiduciary breach litigation and affirming that fiduciaries must proactively manage their healthcare plan vendors, say attorneys at Hall Benefits Law.
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Lessons From Pa. Wiretapping Class Action Dismissal
A recent wiretapping class action in Pennsylvania federal court resulting in the dispositive dismissal of the action provides key insights on how online notice and consent can be leveraged to directly address and mitigate legal risks and class action liability exposure, say attorneys at Baker Donelson.
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Assessing Market Manipulation Claims In Energy Markets
Today's energy markets are conducive to sudden price changes, breakdowns in pricing linkages and substantial shifts in trading patterns, so it's necessary to take a holistic view when evaluating allegations of market manipulation, say Maximilian Bredendiek, Greg Leonard and Manuel Vasconcelos at Cornerstone Research.
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How Calif., NY Could Fill Consumer Finance Regulatory Void
California and New York have historically taken the lead in consumer financial protection, and both show signs of becoming even more active in this area during the second Trump administration amid an enforcement pullback at the federal level, say attorneys at Sidley.
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Series
Volunteer Firefighting Makes Me A Better Lawyer
While practicing corporate law and firefighting may appear incongruous, the latter benefits my legal career by reminding me of the importance of humility, perspective and education, says Nicholas Passaro at Ford.