Compliance

  • May 29, 2024

    11th Circ. Backs SEC Win In Trader's Challenge To 'Dealer' Tag

    An Eleventh Circuit panel on Wednesday affirmed the U.S. Securities and Exchange Commission's win in a suit accusing a microcap stock trader of earning $21.5 million while operating as an unregistered dealer, further solidifying the regulator's argument that so-called toxic lenders are considered unregistered dealers.

  • May 29, 2024

    SEC Says Asia-Focused Fund Firm Misled Its Investors

    A now-shuttered Asia-focused investment adviser and its CEO have agreed to pay fines totaling $600,000 as part of a deal to end U.S. Securities and Exchange Commission allegations they misled investors about certain details of their portfolios, including a key metric for assessing the risks they faced, and failed to disclose a conflict of interest.

  • May 29, 2024

    Bankrupt EV Charger Co. Execs Hid Liquidity Woes, Suit Says

    Three current and former executives of bankrupt electric-vehicle charging infrastructure company Charge Enterprises Inc. face an investor's proposed class action claiming the executives concealed a liquidity crisis involving the company's founder and his investment advisory firm that allegedly precipitated Charge's bankruptcy.

  • May 29, 2024

    NY Jury Eyes Trump Tower 'Conspiracy' As Deliberations Start

    Jurors in Donald Trump's criminal hush money trial ended their first day of deliberations Wednesday without a verdict, as the panel appeared to home in on testimony about a key 2015 meeting where the alleged scheme was hatched.

  • May 29, 2024

    Microsoft's Post-Merger Layoffs Cited In I-Told-You-So Appeal

    A private group of gamers is pointing to Microsoft's recent layoffs of 1,900 Activision and XBox employees as evidence of market harms stemming from Microsoft Corp.'s acquisition of Activision Blizzard Inc., as the group seeks to revive a private antitrust suit challenging the merger in the Ninth Circuit.

  • May 29, 2024

    Google, Apple Say Nothing New To Revive Search Pact Suit

    Google and Apple urged a California federal judge not to revive a private lawsuit accusing Google of paying Apple not to produce its own search engine, arguing the consumers have nothing new in citing months-old revelations from the Justice Department's search monopolization case against Google.

  • May 29, 2024

    FCC Chief Floats Plan To Cut Down On Orbital Satellite Debris

    The Federal Communications Commission's chair proposed new rules Wednesday aiming to reduce the chances of spacecraft explosions that leave debris in orbit.

  • May 29, 2024

    TikTok Ban Gets Expedited Sept. Hearing Date At DC Circ.

    The D.C. Circuit on Tuesday agreed to expedite the briefing schedule for a constitutional challenge against a federal law banning TikTok from the United States unless it severs its ties with its Chinese parent company, ByteDance Ltd., with oral arguments set to be heard this fall. 

  • May 29, 2024

    PJM Watchdog Challenges FERC's Meeting Roadblock

    Monitoring Analytics, the independent market monitor for regional transmission organization PJM Interconnection, is asking the D.C. Circuit to review a Federal Energy Regulatory Commission order from March allowing PJM to keep the monitor out of its liaison committee meetings.

  • May 29, 2024

    Benefits Trade Group Urges Changes To New York PBM Regs

    A trade group representing large employers who sponsor employee benefit plans warned New York's insurance regulator that a proposal affecting pharmacy benefit managers — which act as intermediaries between pharmacies, drugmakers and insurers — will trigger litigation without changes before they're finalized to eliminate conflicts with federal benefits law.

  • May 29, 2024

    EPA Inspector General Decries Lack Of Funding To Congress

    U.S. Environmental Protection Agency Inspector General Sean W. O'Donnell expressed concern over his office's lack of funding in a report to Congress on Wednesday, saying the 2024 budget is lower than it was 13 years ago, despite increased oversight responsibilities and personnel costs.

  • May 29, 2024

    Handbag Cos. Seek FTC In-House Delay For Fed. Court Row

    Tapestry and Capri are asking the Federal Trade Commission to delay an in-house challenge to the planned $8.5 billion merger combining the parent companies of Coach and Michael Kors, arguing the FTC's separate request for a preliminary injunction in New York federal court should take precedence.

  • May 29, 2024

    New Colo. Law Targets AI Deepfakes In Political Ads

    Colorado Gov. Jared Polis has signed a bill that aims to crack down on the malicious use of artificial intelligence for producing political messaging.

  • May 29, 2024

    FDA Sued Over Controversial Lab Test Rule

    A clinical lab trade group that has been highly critical of the U.S. Food and Drug Administration's new final rule on laboratory-developed tests filed a lawsuit late Wednesday, saying the agency doesn't have the authority to regulate the tests as medical devices.

  • May 29, 2024

    Bankrupt BlockFi Agrees To $150k Penalty In Conn. Bond Row

    Bankrupt cryptocurrency lender BlockFi has reached a deal with Connecticut's banking regulator to pay a $150,000 civil penalty over claims the company failed to maintain a required surety bond, and a decision in November 2020 to halt account withdrawals from the platform.

  • May 29, 2024

    DOJ Requests More Info On $2.2B Employee Screening Deal

    The U.S. Department of Justice has requested more information about employment screening company First Advantage Corp.'s planned $2.2 billion purchase of rival Sterling Check Corp., extending the review period for the merger.

  • May 29, 2024

    Ga. Elections Board Member Sues Over Record Access

    A Republican member of Georgia's Fulton County Board of Registration and Elections has filed a lawsuit alleging that the board and the county's elections director are preventing her from performing her duties by denying her access to election records and processes.

  • May 29, 2024

    6 Questions For FCC Commissioner Anna Gomez

    A year after she was nominated for the Federal Communications Commission's third Democratic seat, Anna Gomez says she's steadily progressing toward goals tied to connectivity, innovation, public safety and media localism in what she calls the "best job I've had in my career."

  • May 29, 2024

    Neoprene Co. Calls EPA Rule Deadline 'Surprise Switcharoo'

    A Louisiana-based neoprene manufacturer is asking the D.C. Circuit to immediately block the U.S. Environmental Protection Agency from enforcing a chemical emissions rule that will directly impact the company.

  • May 29, 2024

    White & Case Hires DOJ Russian Sanctions Prosecutor

    White & Case LLP has hired a veteran U.S. Department of Justice attorney who helped oversee an interagency task force that prosecuted violations of economic sanctions and restrictions placed on Russia following its invasion of Ukraine, the firm said Wednesday.

  • May 29, 2024

    Chancery Pins Down Musk, Tesla On Pay Bid, Del. Jurisdiction

    Delaware's chancellor has nailed Elon Musk, Tesla Inc. and their counsel to assurances that the company won't flee state corporate law jurisdiction and a potentially massive stockholder attorney fee dispute by rushing votes on a struck-down, $56 billion compensation plan for Musk and proposed reincorporation in Texas.

  • May 29, 2024

    Ex-Calif. Atty Cops To Role In $9.5M Crypto Ponzi Scheme

    A disbarred California attorney has pled guilty in federal court to his role in promoting a $9.5 million cryptocurrency Ponzi scheme.

  • May 29, 2024

    BakerHostetler, Crowell On Verge Of Settling Client Scam Suit

    BakerHostetler and Crowell & Moring LLP appear close to settling a malpractice suit claiming the firms aided and abetted a network of predatory websites, just days after a Florida federal judge authorized discovery into the former client's Slack messages.

  • May 29, 2024

    5th Circ. Stays Transfer Of Suit Over CFPB's Late Fee Rule

    The Fifth Circuit on Wednesday halted the transfer of a banking industry lawsuit against the Consumer Financial Protection Bureau's $8 credit card late fee rule, again intervening in the case less than a day after a Texas federal judge ordered it sent to Washington, D.C., for a second time.

  • May 29, 2024

    Archegos Jury Gets Glimpse At Founder's Earlier Legal Woes

    A banker told a Manhattan jury Wednesday that Archegos founder Bill Hwang's 2012 run-in with the law at his previous hedge fund was concerning, but details were largely kept from jurors hearing charges against Hwang over Archegos's $36 billion collapse.

Expert Analysis

  • What FinCEN Proposed Customer ID Number Change Means

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    The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.

  • Oracle Ruling Underscores Trend Of Mootness Fee Denials

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    The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Benzene Contamination Concerns: Drugmakers' Next Steps

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    After a citizen petition to the U.S. Food and Drug Administration and a flurry of class actions over benzene contamination in benzoyl peroxide acne products, affected manufacturers should consider a thoughtful approach that includes assembling internal data and possibly contacting the FDA for product-specific discussions, say attorneys at Morgan Lewis.

  • An NYDFS-Regulated Bank's Guide To Proper Internal Audits

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    As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.

  • A Look At Global Employee Disconnect Laws For US Counsel

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    As countries worldwide adopt employee right to disconnect laws, U.S. in-house counsel at corporations with a global workforce must develop a comprehensive understanding of the laws' legal and cultural implications, ensuring their companies can safeguard employee welfare while maintaining legal compliance, say Emma Corcoran and Ute Krudewagen at DLA Piper.

  • How DEI Programs Are Being Challenged In Court And Beyond

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    In the wake of the U.S. Supreme Court's affirmative action decision last year declaring the consideration of race in university admissions unconstitutional, employers should keep abreast of recent litigation challenging diversity, equity and inclusion training programs, as well as legislation both supporting and opposing DEI initiatives in the workplace, say attorneys at Skadden.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • What Minority Biz Law Ruling Could Mean For Private DEI

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    A Texas federal court’s recent decision to strike down key provisions of the Minority Business Development Act illustrates the wide-reaching effects of the U.S. Supreme Court's 2023 Students for Fair Admissions v. Harvard decision across legal contexts, say attorneys at Jenner & Block.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Texas Hair Bias Ruling Does Not Give Employers A Pass

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    A Texas state court’s recent decision, holding that a school could discipline a student with locs for refusing to cut his hair, should not be interpreted by employers as a license to implement potentially discriminatory grooming policies, says Dawn Holiday at Jackson Walker.

  • When Trade Secret Protection And Nat'l Security Converge

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    The Trump administration's anti-espionage program focused on China is over, but federal enforcement efforts to protect trade secrets and U.S. national security continue, and companies doing business in high-risk jurisdictions need to maintain their compliance programs to avoid the risk of being caught in the crosshairs of an investigation, say attorneys at Baker McKenzie.

  • The Merger Cases That Will Matter At ABA Antitrust Meeting

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    While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.

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