Compliance

  • May 22, 2024

    DC Judge Ships CFTC Election Betting Suit Back To Texas

    A federal judge in the District of Columbia said Wednesday that a case challenging a Commodity Futures Trading Commission ban on an elections betting platform should never have been sent to her court, shipping the lawsuit back to Texas over the objections of the agency.

  • May 22, 2024

    Justices' CFPB Alliance May Save SEC Courts, Not Chevron

    A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.

  • May 22, 2024

    Wells Fargo Tries 2 Tactics To Get Overdraft Fee Suit Bounced

    Wells Fargo is arguing to a South Dakota federal judge that customers suing as a potential class fully knew they were subject to penalties when they bounced checks, and that an arbitration clause obligates them to handle disputes outside court.

  • May 22, 2024

    Accepting Price-Fix Tech Invite Can Be Enough: DOJ Official

    An advisor to the Justice Department's top competition official continued to argue Wednesday that signing onto a price setting algorithm can be enough to trigger antitrust liability if the program was billed as fixing prices.

  • May 22, 2024

    FCC Weighs Requiring AI Disclosures In Political Ads

    The Federal Communications Commission will soon decide if it needs new rules requiring disclosure of content generated with artificial intelligence in radio and TV political ads.

  • May 22, 2024

    Archegos Exec Says Founder Didn't Direct Him To Lie

    The former director of risk management for Archegos told a Manhattan federal jury on Wednesday that the collapsed hedge fund's founder never instructed him to lie to banks in order to finance trading activity, as a defense lawyer sought to poke holes in the government's fraud case.

  • May 22, 2024

    Doc Gets 3 Mos. For Alexion Trades Despite 'Meaningful Job'

    A doctor was sentenced to three months in prison Wednesday for insider trading on an Alexion Pharmaceuticals acquisition, with a Manhattan federal judge saying the defendant's treatment of critically ill, underserved kidney disease patients does not amount to a "get out of jail free card."

  • May 22, 2024

    MilliporeSigma Avoids Charges As DOJ Extols Self-Disclosure

    Life sciences firm MilliporeSigma won’t face charges over the illegal exportation of products to China, in what the Justice Department said Wednesday was the first time its National Security Division had declined prosecution under a policy intended to encourage companies to voluntarily disclose wrongdoing,

  • May 22, 2024

    'Pump-And-Dump' Claims Sputter In 'Disorganized' RICO Suit

    A Michigan federal judge on Tuesday freed multiple defendants accused of funding a "pump-and-dump" scheme, saying a company suing over shareholders' alleged $3 million losses couldn't prove that the defendants made any plans together, while taking jabs at both sides' "disorganized" filings.

  • May 22, 2024

    SC Gov. Signs Earned Wage Access Bill Into Law

    South Carolina has become the fifth state to approve a new law governing so-called earned wage access products, which provide workers with cash advances, as the Palmetto State joins Nevada, Missouri, Wisconsin and Kansas in regulating the products.

  • May 22, 2024

    EPA Urges Justices To Keep Ozone Fight In DC Circ.

    The U.S. Environmental Protection Agency on Tuesday urged the Supreme Court to keep seven consolidated challenges to the EPA's decision disapproving Utah's and Oklahoma's air quality plans in the D.C. Circuit.

  • May 22, 2024

    NY Federal Reserve Associate GC Rejoins Covington

    A former Covington & Burling LLP associate who left the firm 13 years ago to join the Federal Reserve Bank of New York has returned to work as of counsel, the firm announced Tuesday.

  • May 22, 2024

    Oil Tanker Operators To Pay $2M For Dumping Oil From Ship

    The operators of the motor tanker PS Dream pled guilty in Louisiana federal court as part of a $2 million plea deal with the U.S. Department of Justice that includes four years of probation, after a whistleblower shared a video of oil being deliberately pumped overboard in January 2023.

  • May 22, 2024

    NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach

    The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.

  • May 22, 2024

    CFPB Says Some Credit Card Standards Apply To BNPL Firms

    The Consumer Financial Protection Bureau said Wednesday that shoppers using buy-now, pay-later products are covered by some of the same federal safeguards as those that apply to traditional credit cards, issuing the agency's first-ever guidance directed at this fintech-heavy field of financing.

  • May 22, 2024

    Citigroup Fined £61.6M For Trading Systems Failings

    Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.

  • May 21, 2024

    Feds Can't Show Autonomy Jury Report Showing Audit Issues

    The California federal judge overseeing a criminal trial over claims Autonomy's former CEO conned HP into buying the U.K. company for $11.7 billion denied prosecutors' bid Tuesday to show jurors a British accounting watchdog's findings that Deloitte failed to catch misleading information in Autonomy's books.

  • May 21, 2024

    Minn. Poised To Join State Data Privacy Law Patchwork

    Minnesota is on the brink of becoming the latest state to enact comprehensive data privacy legislation, after the legislature sent to the governor's desk a measure that would give consumers more control over how companies use their personal information, including for profiling purposes, and require businesses to appoint a lead privacy official. 

  • May 21, 2024

    Realtors Want Rethink After DOJ Antitrust Probe Allowed

    The National Association of Realtors has asked the D.C. Circuit for a rehearing after the appeals court found the U.S. Department of Justice can reopen an antitrust investigation into the trade group despite an earlier agency settlement over the association's rules.

  • May 21, 2024

    Calif. Justices Doubt App-Based Drivers' Prop 22 Challenge

    Several California Supreme Court justices pushed back Tuesday against arguments by ride-hailing drivers that the Proposition 22 ballot measure carving out certain app-based workers from a worker classification law unconstitutionally runs afoul of the Legislature's authority, with one justice saying their position could "freeze out" voter-approved initiatives.

  • May 21, 2024

    Banks Urged To Vote Out Exxon Leaders Who Sued Investors

    A group of state and city financial officials sent letters to some of the biggest banks and asset managers Tuesday urging them to vote against Exxon Mobil Corp.'s CEO and lead independent director at an upcoming annual meeting because of the company's lawsuit against a pair of environmentally minded activist investors.

  • May 21, 2024

    Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive

    The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.

  • May 21, 2024

    SEC Slams Ripple's Bid To 'Hide' Financial Info From Public

    The U.S. Securities and Exchange Commission is protesting Ripple Labs' bid to conceal certain financial information from the public as it fights the agency's attempt to impose a $2 billion penalty for unregistered cryptocurrency sales, arguing that the company's call for transparency in the case should extend to itself.

  • May 21, 2024

    Mich. Judge Doubts Abortion Laws Pass Constitutional Muster

    A Michigan state judge on Tuesday was skeptical state regulators could impose a waiting period and other requirements on people seeking abortions without violating a state constitutional amendment enshrining the right to abortion.

  • May 21, 2024

    SEC Fines KeyBank Broker-Dealer Over Reg BI Failures

    The U.S. Securities and Exchange Commission on Tuesday ordered Key Investment Services LLC to pay more than $200,000 for allegedly failing to address conflicts of interest with Regulation Best Interest.

Expert Analysis

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • A Closer Look At Antitrust Agencies' Chat Platforms Guidance

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    Following the U.S. antitrust agencies' clarification that companies' preservation obligations extend through applications that automatically delete communications, firms should look at new compliance measures, including keeping control over retention settings, say John Ingrassia and Tim Burroughs at Proskauer.

  • Expect CFPB Enforcement To Continue Ramping Up

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    From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • A Snapshot Of The Evolving Restrictive Covenant Landscape

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    Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • How Export Controls Are Evolving To Address Tech Security

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    Recently proposed export control regulations from the U.S. Department of Commerce are an opportunity for stakeholders to help pioneer compliance for the increasing reliance on the use of outsourced technology service providers, say attorneys at Benesch.

  • 5th Circ. Clarifies What Is And Isn't A 'New Use' Of PFAS

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    The Fifth Circuit's March 21 decision in Inhance Technologies v. U.S. Environmental Protection Agency, preventing the EPA from regulating existing uses of PFAS under "significant new use" provisions of the Toxic Substances Control Act, provides industry with much-needed clarity, say Joseph Schaeffer and Sloane Wildman at Babst Calland.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Handling Customer Complaints In Bank-Fintech Partnerships

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    As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Opinion

    New Mexico Fire Victims Deserve Justice From Federal Gov't

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    Two years after the largest fire in New Mexico's history — a disaster caused by the U.S. government's mismanagement of prescribed burns — the Federal Emergency Management Agency must remedy its grossly inadequate relief efforts and flawed legal interpretations that have left victims of the fire still waiting for justice, says former New Mexico Attorney General Hector Balderas.

  • Opinion

    $175M Bond Refiled By Trump Is Still Substantively Flawed

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    The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

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