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Compliance
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June 14, 2024
Meta Halts AI Tech Debut In EU After Regulatory Backlash
Meta Platforms Inc. said Friday that it was putting on hold plans to expand its artificial intelligence offerings to the European market after the Irish privacy regulator raised concerns about the company's efforts to use public content posted on Facebook and Instagram to fuel these models.
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June 14, 2024
Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle
Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Amazon Sued For Locking Up Audiobooks, Charging Up To 75%
A romance novelist challenged Amazon.com Inc.'s control of up to 80% of the U.S. audiobook market Thursday in a Washington federal court proposed class action accusing the retail giant of using exclusivity restrictions to lock in independent authors, extracting up to 75% of the sales price on Audible.
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June 14, 2024
Ga. CPA Admits To Role In $1.3B Tax Fraud Scheme
After a federal jury convicted two of his co-conspirators in a landmark conservation easement tax shelter trial last year, a Georgia accountant who'd previously denied culpability elected to change course Friday and plead guilty to two felony charges.
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June 14, 2024
FCC To Fine ASUS $367K For Wi-Fi Gear Over Power Limits
The Federal Communications Commission wants to slap electronics maker ASUSTeK Computer with a $367,000 fine for marketing a Wi-Fi adapter that uses more power than the agency has approved for such devices.
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June 14, 2024
CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead
The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.
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June 14, 2024
FCC Settles Probe Into Data Breach At Liberty Latin America
Liberty Latin America has been slapped with a $100,000 fine for failing to tell the Federal Communications Commission about a data breach that exposed data before the telecom took control of the company.
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June 14, 2024
SEC Fines Pa. Adviser In Marketing Rule Action
A Pennsylvania investment adviser has agreed to pay $100,000 as part of an agreement to resolve U.S. Securities and Exchange Commission allegations it broke the regulator's rules barring misleading advertising about fund performance.
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June 14, 2024
Judge Declines To Decide Whether Gemini Misled CFTC
A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.
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June 14, 2024
Real Estate Recap: Special Servicers, 'Dirty' Money, Alt Energy
Catch up on this week's key developments by state from Law360 Real Estate Authority — including recent litigation targeting special servicers, a 700% increase in brownfield funding, and one BigLaw real estate leader's take on alternative energy as interest rates hold steady.
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June 14, 2024
Gemini, NYAG Settle Crypto Lending Fraud Case
The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.
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June 14, 2024
Uri Pricing Upheld After Lower Court 'Strayed From Its Lane'
The Texas Supreme Court on Friday said that the Public Utility Commission of Texas acted within its authority when it set a single price for electricity at the market cap during 2021 winter storm Uri, overturning a blockbuster decision by a lower court that upheld its two pricing orders.
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June 14, 2024
Elon Musk's Court Cases Remain A Live Issue In Delaware
Delaware's courts will continue to assert control over a multibillion-dollar Tesla Inc. legal fee dispute despite the company's rushed effort to reincorporate in Texas and potentially put CEO Elon Musk's massive, multiyear compensation plan beyond the state's reach, those familiar with the case said Friday.
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June 14, 2024
Janssen Hit With $150M Verdict In HIV Drug False Claims Suit
A New Jersey federal jury hit Janssen with a $150 million False Claims Act verdict in a 12-year-old whistleblower suit, finding that the drugmaker violated the federal law as well as 27 related state FCA statutes by illegally profiting from the off-label marketing of two popular Janssen HIV medications.
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June 14, 2024
Ripple Cites Terraform Fine In Call To Limit SEC Penalty
Ripple Labs Inc. says the U.S. Securities and Exchange Commission's recent settlement with fellow crypto firm Terraform Labs, with the company agreeing to pay a $420 million civil penalty, is further proof of the "unreasonableness" of the agency's request that it be made to pay a much larger fine for activities that did not amount to fraud.
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June 14, 2024
3rd Circ. Merges 3 Challenges To Medicare Drug Price Talks
The Third Circuit will hear three separate appeals challenging Medicare's drug price negotiations together, according to a new order consolidating cases brought by AstraZeneca, Bristol-Myers Squibb and Janssen Pharmaceuticals in New Jersey and Delaware federal courts.
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June 14, 2024
Split DC Circ. Rejects NY's Electricity Rate Challenge
A split D.C. Circuit panel rejected Friday a New York utility regulator's attempt to unravel the Federal Energy Regulatory Commission's approval of the state grid operator's wholesale electricity rates, leaving in place an estimated 17-year lifespan for new fossil-fueled power plants.
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June 14, 2024
NJ Officials Stiffed Transit Contractor Over Politics, AG Says
Two board members of the South Jersey Transportation Authority have been charged for their role in allegedly blocking payments to a contractor as political retribution in a feud between a Democratic Party leader and a county commissioner, the New Jersey attorney general announced Friday.
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June 14, 2024
BP Unit Slapped With $300M Franchise Termination Suit
A trio of entities controlled by two self-proclaimed franchise veterans filed suit in Ohio federal court against a travel center operator acquired by BP in 2023, alleging the company terminated a franchise agreement without warning and caused at least $300 million in damages.
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June 14, 2024
FAA Probes Fake Titanium Docs From Boeing Supplier
The Federal Aviation Administration said Friday that it's investigating whether certain Boeing Co. jets were manufactured with titanium components that may have been sold to the plane maker with falsified authenticity documents.
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June 14, 2024
Employment Authority: High Court's NLRB Injunction Shift
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on the U.S. Supreme Court's opinion involving Starbucks that standardized the National Labor Relations Board's injunction test, a look at Law360's pay disclosure law tracker and a review of the U.S. Equal Employment Opportunity Commission's amicus briefs in the first half of 2024.
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June 14, 2024
Novant Urges 4th Circ. To Reject FTC's 'Emergency' Bid
Novant Health told the Fourth Circuit there is no need to block its planned North Carolina hospital purchase while the Federal Trade Commission pushes a merger challenge, saying the deal will increase competition by preventing the hospitals from closing.
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June 14, 2024
DOJ Can't Force Retroactive FARA Registration, DC Circ. Says
The U.S. Department of Justice can't force casino magnate Steve Wynn to retroactively register as a foreign agent because his alleged lobbying efforts on behalf of China ended years ago, a D.C. Circuit panel ruled Friday.
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June 14, 2024
Off The Bench: Ex-Players Claim NIL, Loss For Trans Swimmer
In this week's Off The Bench, the 1983 men's college basketball champions want a piece of the loot the NCAA made off of their names, swimmer Lia Thomas loses in her bid to overturn an international trans athlete ban, and the House gets a bill through committee that would keep college athletes from becoming employees.
Expert Analysis
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Managing Legal Risks After University Gaza Protests
Following the protests sparked by the war in Gaza, colleges and universities should expect a long investigative tail and take steps to mitigate risks associated with compliance issues under various legal frameworks and institutional policies, say Wiley's Diana Shaw and Colin Cloherty.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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5 Steps For Gov't Contractor Affirmative Action Verification
As the federal contractor affirmative action program certification deadline approaches, government contractors and subcontractors should take steps to determine their program obligations, and ensure any required plans are properly implemented and timely registered, say Christopher Wilkinson at Perkins Coie and Joanna Colosimo at DCI Consulting.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Debate Over CFPB Definition Of Credit Is Just Beginning
The Consumer Financial Protection Bureau has recently worked to expand the meaning of credit, so anyone operating on the edges of the credit markets, or even those who assumed they were safely outside the scope of this regulatory perimeter, should pay close attention as legal challenges to broad interpretations of the definition unfold, says John Coleman at Orrick.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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FDA Warning Indicates Scrutiny Of Regenerative Health Cos.
The U.S. Food and Drug Administration's recent warning letter to Akan Biosciences is a quintessential example of the agency's enforcement priorities for certain products involving human cells and tissues, and highlights ongoing scrutiny placed on manufacturers, say Dominick DiSabatino and Cortney Inman at Sheppard Mullin.
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New OSHA Memo Helps Clarify Recordkeeping Compliance
Based on recent Occupational Safety and Health Administration guidance on whether musculoskeletal disorders are recordable injuries under the agency's recordkeeping regulation, it appears that OSHA may target active release techniques and stretching programs during its inspections, say attorneys at Morgan Lewis.
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A Closer Look At Feds' Proposed Banker Compensation Rule
A recently proposed rule to limit financial institutions' ability to award incentive-based compensation for risk-taking may progress through the rulemaking process slowly due to the sheer number of regulators collaborating on the rule and the number of issues under consideration, say attorneys at Troutman Pepper.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Best Practices For Responding To CBP's Solar Questionnaire
U.S. Customs and Border Protection's recently introduced questionnaire to solar importers imposes significant burdens, with the potential for supply chain disruptions and market consolidation, but taking certain steps can assist companies in navigating the new requirements, say Carl Valenstein and Katelyn Hilferty at Morgan Lewis.
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Exploring Alternatives To Noncompetes Ahead Of FTC Ban
Ahead of the Sept. 4 effective date for the Federal Trade Commission's noncompete ban, employers should seek new ways to protect their proprietary and other sensitive information, including by revising existing confidentiality and nondisclosure agreements, says Harvey Linder at Culhane.
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5th Circ. Venue-Transfer Cases Highlight Mandamus Limits
Three ongoing cases filed within the Fifth Circuit highlight an odd procedural wrinkle that may let district courts defy an appellate writ: orders granting transfer to out-of-circuit districts, but parties opposing intercircuit transfer can work around this hurdle to effective appellate review, says Charles Fowler at McKool Smith.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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Navigating Self-Disclosures As A Regulated Financial Entity
As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.