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Compliance
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September 11, 2024
TV Property Developer Appears In Court On Fraud Charges
A television property developer appeared at a London criminal court on Wednesday to face charges for the first time that he defrauded a U.S. rental company out of £2 million ($2.6 million).
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September 10, 2024
Missouri High Court Puts Abortion Rights Back on Nov. Ballot
Missourians will have a chance to vote this year on a constitutional amendment enshrining the right to abortion access following a Tuesday ruling by the state's highest court.
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September 10, 2024
SEC Files New Insider Case Tied To Stolen Covington Info
The U.S. Securities and Exchange Commission on Tuesday brought a new insider trading case tied to the theft of confidential merger information from a Covington & Burling LLP lawyer, suing the cousin of a former FBI trainee who was sentenced to prison for filching the Merck & Co. deal info at the heart of the case and then tipping off others.
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September 10, 2024
Fed Official Previews 'Broad' Changes To Bank Capital Plans
A top Federal Reserve official on Tuesday revealed plans to sharply revise draft bank capital rules proposed last year, including cutting in half the amount of additional capital the largest banks would have to hold while largely sparing midsize lenders from the proposed new requirements.
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September 10, 2024
Lumen Exits Rural Broadband Program In Parts Of Colo.
Lumen Technologies is backing out of its obligation to deploy broadband in some parts of Colorado and three other states where it won rights to participate in the federal subsidy program to bring internet and voice service to unserved rural homes and small businesses.
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September 10, 2024
John Deere Will Pay SEC $10M To End Thai Bribes Probe
Deere & Co. has agreed to pay nearly $10 million to end an investigation by the U.S. Securities and Exchange Commission into bribes paid by executives at a Thai subsidiary that netted the heavy equipment maker millions in contracts with the Thai government and at least one private company.
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September 10, 2024
UK Watchdogs Link Up To Tackle Cybersecurity Enforcement
The U.K.'s data protection watchdog said Tuesday that it has signed a new cooperation agreement with the country's top criminal investigator to help tackle cybercrime in the U.K.
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September 10, 2024
Keurig To Pay SEC $1.5M Over K-Cup Recyclability Claims
The U.S. Securities and Exchange Commission on Tuesday ordered Keurig Dr. Pepper to pay a $1.5 million penalty and refrain from filing inaccurate information in its annual reports to settle allegations that it inaccurately claimed that its K-Cup coffee and tea pods were effectively recyclable.
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September 10, 2024
Vista Delays Investor Vote On MNC Capital's $2.15B Bid
Vista Outdoor Inc. on Tuesday again pushed back a shareholder vote on the $2.15 billion sale of its sports products division to Czech defense company Czechoslovak Group AS, in light of yet another takeover bid from MNC Capital Partners LP.
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September 10, 2024
Meet The Lawyers Tapped To Defend In Glencore Bribery Case
Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.
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September 10, 2024
Free Speech Or Bad Medicine? The Abortion 'Reversal' Battle
The marketing of abortion pill "reversal" — a treatment doubted by medical groups but touted by anti-abortion advocates — is facing increased scrutiny from state attorneys general, triggering legal skirmishes in at least four states centered on First Amendment rights and consumer protection laws.
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September 10, 2024
Biofuel Group Wants Renewable Fuel Redo At DC Circ.
Growth Energy said a D.C. Circuit panel erred when it said the U.S. Environmental Protection Agency should have exempted small petroleum refiners from renewable fuel blending requirements and held the biofuel trade group didn't have standing to challenge alternative compliance actions the agency later enacted.
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September 10, 2024
Glencore's Billionaire Ex-Head Of Oil In Court Over Bribery
Six former Glencore employees, including the commodity giant's billionaire former global head of oil, appeared at a London court on Tuesday for the first time to face charges of making corrupt payments to an agent in West Africa.
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September 10, 2024
Top EU Court Upholds €2.4B Google Shopping Fine
The European Court of Justice rejected an appeal from Google on Tuesday challenging a €2.4 billion ($2.7 billion) fine for steering users toward its own comparison shopping service, as the tech giant faces mounting pressure from antitrust enforcers at home and abroad.
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September 09, 2024
Exec Denied New Trial In 'Shadow Trading' Case, Fined $321K
A California federal judge on Monday denied a new trial request from an ex-Medivation Inc. executive found to have used the pharmaceutical company's inside information when he bought a rival's stock, and also ordered him to pay a $321,000 penalty in the U.S. Securities and Exchange Commission's "shadow trading" case.
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September 09, 2024
SEC Fines 9 Advisers $1.24M Over Marketing Rule Violations
The U.S. Securities and Exchange Commission announced Monday that nine investment advisory firms have agreed to pay $1.24 million in combined penalties to settle allegations that they violated the agency's so-called marketing rule by advertising misleading endorsements and third-party ratings.
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September 09, 2024
Cybersecurity Co. Founders To Pay $1.6M In SEC Fraud Suit
The co-founders of a now-bankrupt cybersecurity firm have agreed to pay nearly $1.6 million to end the U.S. Securities and Exchange Commission's claims that they used doctored financial records to convince investors to fund their company to the tune of $100 million.
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September 09, 2024
DOJ Says 'Frustrated' Google Ad Tech Customers Are Stuck
The U.S. Department of Justice urged a Virginia federal judge Monday to dismantle Google's hold over the technology used to place online display ads on website publishers' pages, asserting in opening arguments that the search giant has used its power to trap consumers and undermine competitors.
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September 09, 2024
Ex-Lender Says FDIC Can't 'Ignore' Key High Court Precedents
A former small-business financier battling a multimillion-dollar Federal Deposit Insurance Corp. enforcement action has doubled down on his Washington, D.C., federal court challenge to the agency's use of administrative proceedings, saying the regulator must be held to U.S. Supreme Court precedents.
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September 09, 2024
Coinbase Notches Some Wins In SEC Discovery Battle
A New York federal judge has granted, and tailored, the "substantial part" of the crypto exchange Coinbase's remaining discovery requests from the U.S. Securities and Exchange Commission after the firm abandoned its bid to review personal communications from the agency chair, Gary Gensler.
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September 09, 2024
Ex-Finance Exec To Pay SEC $110K In Insider Trading Action
A former finance director of pharmaceutical company Inhibrx Inc. has agreed to pay over $110,000 to resolve U.S. Securities and Exchange Commission allegations that he bought his employer's shares as it prepared to announce good news about its principal drug candidate.
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September 09, 2024
DC Judge Won't Halt Colo. Trail Over Radiation Concerns
A D.C. federal judge will allow a trail development project in Colorado's Rocky Flats National Wildlife Refuge to move forward, rejecting a preliminary injunction bid from environmental and public health groups that claimed federal regulators disregarded unsafe levels of radiation in the area when authorizing the project.
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September 09, 2024
CFTC, Kalshi Duel Over Stay Of Election Betting Order
The Commodity Futures Trading Commission told a Washington, D.C., federal judge on Monday its request to stay a decision allowing KalshiEx LLC to list election contracts until the commission can weigh an appeal "is not a mere delay tactic," despite the online trading platform's protests that any further holdup to its listings would be "devastating" for business.
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September 09, 2024
NY Courts' Limits On Ethics Data Broke Law, Watchdog Says
In a rebuke to the New York state court system, an official transparency watchdog has said current restrictions on public access to judges' financial disclosures violate the state's Freedom of Information Law.
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September 09, 2024
Split SEC Adopts New Quality Control Standards For Auditors
A divided U.S. Securities and Exchange Commission adopted new quality control standards for public company auditors Monday, updating a 30-year-old standard that predates the creation of the Public Company Accounting Oversight Board by mandating increased oversight both internally and via the PCAOB.
Expert Analysis
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Nuclear Power Can Help Industrial Plants Get To Net-Zero
In the race to fight climate change and achieve net-zero emissions, the industrial sector currently faces immense challenges — but the integration of nuclear energy is a promising solution, so companies should consider the financial and regulatory issues, opportunities, and risk-mitigating factors, say attorneys at Morgan Lewis.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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Opinion
Time To Reimagine The Novation Process For Gov't Contracts
The Federal Acquisition Regulatory Council, which recently extended a long-standing request for public comments on its novation procedures, should heed commenters' suggestions by implementing specific changes in its documentation requirements, thereby creating a more streamlined and practical novation process, say attorneys at Covington.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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NLRB Ruling Highlights Rare Union Deauthorization Process
A recent National Labor Relations Board decision about a guard company's union authorization revocation presents a ripe opportunity for employees to review the particulars of this uncommon process, and employer compliance is critical as well, say Megann McManus and Trecia Moore at Husch Blackwell.
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Cannabis Biz Real Estate Loan Considerations For Lenders
Now that cannabis sales are legal in some states, real estate lenders are interested in financing the land used by cannabis companies, but because cannabis sales are still illegal under federal law, lenders must make adjustments for cannabis-adjacent transactions, say Mark Levenson and Jeffrey Wendler at Sills Cummis.
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New State Carbon Capture Laws: Key Points For Developers
Multiple states have introduced or expanded legal frameworks for carbon capture and sequestration this year, and while there are some common themes, many of these state laws include unique approaches and requirements — which developers and investors should be aware of when considering potential projects and investment risks, say attorneys at Arnold & Porter.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How To Deploy AI In A Dangerous Threat Landscape
Businesses are feeling immense pressure to deploy generative artificial intelligence tools to accelerate profits and demonstrate their technological superiority to investors and consumers, and there are a few steps they can take when using AI tools to mitigate liability risks, say B. Stephanie Siegmann and Julianna Malogolowkin at Hinckley Allen.