The Financial Crimes Enforcement Network hit Capital One with a $390 million fine on Friday evening over admitted shortcomings in its anti-money laundering program from 2008 to 2014 that the agency said allowed millions of dollars in suspicious transactions to go unreported.
Law360 Compliance COMPLIANCE

Monday, January 18, 2021 Follow Law360

TOP NEWS

FinCEN Fines Capital One $390M Over AML Violations

The Financial Crimes Enforcement Network hit Capital One with a $390 million fine on Friday evening over admitted shortcomings in its anti-money laundering program from 2008 to 2014 that the agency said allowed millions of dollars in suspicious transactions to go unreported.

Settlement attached | Read full article »

Wells Fargo Ex-GC Fined $3.5M In OCC Settlement

The Office of the Comptroller of the Currency said Friday it has fined Wells Fargo's former general counsel $3.5 million as part of a settlement resolving the agency's claims against him over his alleged role in the banking giant's sales practices scandal.

1 document attached | Read full article »

Analysis

3 Benefits Takeaways From New Surprise Medical Billing Law

A new federal law clamping down on surprise medical billing will likely trigger a short-term increase in employers' compliance spending, a long-term decrease in patients' out-of-pocket medical costs and an as-yet-unknown impact on employee health plans' overall price tag, experts say.

Read full article »

Analysis

NY, FTC Lead Charge To Expand Biometric Privacy Shields

New York lawmakers and the Federal Trade Commission are the latest to step up pressure on companies to be upfront with consumers about the use of their biometric data, signaling that more laws and regulatory scrutiny are expected for the increasingly popular technology, attorneys say. 

1 document attached | Read full article »

OCC Defends Valid-When-Made Rule In State AGs' Suit

The Office of the Comptroller of the Currency has urged a California federal court to reject an effort by California and two other states to block the agency's valid-when-made rule, arguing the rule was well within bounds as an attempt to mitigate legal uncertainty surrounding interest rate transferability.

Brief attached | Read full article »

SECURITIES & BANKING

CFPB Accuses Mortgage Co. Of Lending, Consumer Violations

The Consumer Financial Protection Bureau sued mortgage company 1st Alliance Lending in Connecticut federal court Friday for alleged violations of lending and consumer laws, including misleading consumers about whether they would qualify for refinances and not informing them of credit denials.

Complaint attached | Read full article »

Man Impersonated Son To Defraud Investor Clients, SEC Says

The U.S. Securities and Exchange Commission on Friday filed suit against a father-son duo behind a California wealth management firm, accusing the father of impersonating his son to advise clients despite being banned from broker-dealer platforms.

Complaint attached | Read full article »

FINTECH

EMPLOYMENT & BENEFITS

EEOC Preserves Grip On Filing New Bias Suits

The U.S. Equal Employment Opportunity Commission has maintained control over the filing of potentially high profile or costly cases, such as ones that put the agency at odds with circuit court precedents, making only slight tweaks to a 2020 directive that scaled back its top lawyer's ability to file suits unilaterally.

1 document attached | Read full article »

New DOL Opinion Letters Tackle Tip Pooling

Businesses can make tipped and nontipped workers share tips so long as they pay all of them the full minimum wage, and they must include mandatory service charges when calculating overtime, the U.S. Department of Labor said in opinion letters released on Friday.

3 documents attached | Read full article »

HEALTH CARE & LIFE SCIENCES

Excellus To Pay $5.1M In HHS Deal Over Data Hack

Excellus will fork over $5.1 million to the federal government and do a rigorous risk analysis as part of a deal to resolve a probe into a massive breach of health data, the U.S. Department of Health and Human Services said Friday.

1 document attached | Read full article »

Novo Joins Challenge To HHS Pharma Discount Opinion

Danish drugmaker Novo Nordisk Inc. on Friday joined a slew of other pharmaceutical companies challenging the U.S. Department of Health and Human Services' view that drugmakers must give discounts to pharmacies contracting with hospitals that serve low-income areas.

Complaint attached | Read full article »

Encompass Health Squashes Doctor's Retaliation Claims

The former director of an Encompass Health Corp. hospital lost his retaliation claims in Florida federal court Friday, despite his False Claims Act suit leading to a $48 million deal between Encompass and the federal government over allegations its hospitals bilked Medicare to cover a disease that couldn't be diagnosed.

Order attached | Read full article »

CYBERSECURITY & PRIVACY

COMPETITION

FTC Studying Medical Mergers With Data From Cigna, Aetna

The Federal Trade Commission is demanding data from some of the country's largest health insurers to help it examine the effects of "physician group and health care facility consolidation," the agency announced Thursday.

Read full article »

CONSUMER PROTECTION

TAX

IRS Pushes Back Start Of Filing Season To Feb. 12

The Internal Revenue Service said Friday it will not open the filing season for 2020 income tax returns until Feb. 12, later than its usual start in January, citing the need to conduct additional programing and testing for its systems.

Read full article »

TELECOMMUNICATIONS

ENERGY & ENVIRONMENTAL

Virus Didn't Compromise ComEd Grand Jury, Feds Say

Illinois federal prosecutors slammed a bid by former Commonwealth Edison Co. executives and lobbyists to access grand jury selection materials in their bribery case, arguing the request is based on the "mistaken conjecture" that additional jurors were improperly selected during the coronavirus pandemic. 

2 documents attached | Read full article »

Trump Auto Emissions Rollback Faces Heat From All Sides

Foes of the Trump administration's rollback of vehicle greenhouse gas emissions and fuel-economy standards urged the D.C. Circuit to undo the change, with environmental and energy groups saying the rollback went too far while a deregulation supporter argued it didn't go far enough.

5 documents attached | Read full article »

Blue States Challenge EPA Aircraft GHG Emissions Standards

The U.S. Environmental Protection Agency's new gas emissions standards for aircraft won't actually result in new reductions, said 12 attorneys general from California, Illinois, Pennsylvania, New York, and other Democrat-led states plus the District of Columbia in announcing a D.C. Circuit challenge Friday.

Petition attached | Read full article »

PEOPLE

EXPERT ANALYSIS

EU Rule Presents New Medical Device Compliance Hurdles

The European Union's new Medical Device Regulation coming into effect this May will create a revolutionary new legal framework for manufacturers, distributors and notified bodies, but introduces an urgent need to adapt infrastructure and data collection, say Sylvie Gallage-Alwis at Signature Litigation and Sylvie Gallage-Alwis at Exponent.

Read full article »

Opinion

6 Ways Financial Regulators Should Prioritize Climate Risk

As the Biden administration prepares to take office, financial regulators must resolve to collaborate with each other and industries to manage the financial risks from climate change after years of obstruction by the Trump administration, says New York Department of Financial Services Superintendent Linda Lacewell.

Read full article »

How Fund Managers Can Avoid Political Contribution Missteps Law360 Video

In this brief video, Peter Chan and Karl Egbert at Baker McKenzie, and Suzan Rose at the Alternative Investment Management Association discuss fund manager compliance and monitoring issues related to state and federal rules on campaign contributions, particularly in light of the recent election cycle.

Read full article »

What's On The Horizon For Unclaimed Property In 2021

Unclaimed property professionals who run holder compliance programs should buckle themselves in for what portends to be a perfect storm of legislative, enforcement and litigation contests this year between state administrators and holders, say attorneys at Alston & Bird.

Read full article »

4 Legal Industry Trends Litigation Financiers Are Watching

Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

Read full article »

LEGAL INDUSTRY

Up Next At High Court: Media Diversity And Climate Suits

The U.S. Supreme Court has a light workload in the week ahead, due in part to the chief justice's duty to administer President-elect Joe Biden's oath of office Wednesday. But the court will hear a pair of cases, both on Tuesday, about diversity in media ownership and where to file climate change lawsuits.

Read full article »

Biden COVID-19 Team Taps Veteran Public Health Law Prof

The incoming Biden administration has picked a veteran public health lawyer who teaches at Yale's law and medical schools as special counsel for its COVID-19 response team, the transition team announced Friday.

Read full article »

Safety Fears Over Inauguration Spur Courthouse Closures

Safety concerns have led federal courthouses in various jurisdictions to announce they will be limiting operations or closing ahead of the inauguration of President-elect Joe Biden.

Read full article »

'Reorganizing' Norton Rose Axes 132 Jobs In Europe, Asia

Norton Rose Fulbright has slashed 132 jobs across Europe, the Middle East and Asia in what it called a reorganization into a "more efficient structure," with the bulk of the layoffs hitting its London office, the firm confirmed Friday.

Read full article »

Boies Schiller Calif. Leader Accused Of Domestic Violence

Joshua Schiller, an administrative partner of Boies Schiller Flexner LLP's West Coast operation and son of firm co-founder Jonathan Schiller, was arrested Thursday on a domestic violence charge in Ross, California, police confirmed Friday.

Read full article »

LA Courts Criticized For COVID-19 Policies, Interpreter's Death

The nonprofit Court Watch Los Angeles on Friday said Los Angeles Superior Court's lax COVID-19 safety protocols led to an interpreter dying from the virus, alleging his death is the result of "incoherent" COVID-19 policies that punish employees for attempting to quarantine after a possible exposure.

Read full article »

Pandemic Again Delays Fired King & Spalding Atty's Trial

King & Spalding LLP and a lawyer who said he was unlawfully fired for raising ethics concerns will have to wait until at least June to square off at trial, after concerns about the COVID-19 pandemic led a New York federal judge to scuttle plans to push forward in April.

Read full article »

After 40 Years, NYC Mob Atty McMahon Still Won't Back Down

For 40-odd years, Gerald McMahon has represented Mafiosi, crooked cops and drug kingpins, securing an enviable record of acquittals in the process. Law360 Pulse looks back at the career of one of New York City's most dogged criminal defense attorneys.

Read full article »

Jones Walker Reelects Longtime Managing Partner

Jones Walker LLP has reelected its longtime managing partner to another five-year term, reelected two members to its board of directors and promoted eight attorneys to partners in Miami, Houston, Atlanta and other offices.

Read full article »

7th Circ. Wary Of Blocking Wis. Mandatory Bar Membership

A Seventh Circuit judge on Friday appeared skeptical of a Wisconsin attorney's arguments that mandatory state bar membership for attorneys is barred under the U.S. Supreme Court's landmark Janus ruling, which blocked mandatory union membership and dues, saying they're "not perfect equivalents."

Read full article »

GC Cheat Sheet: The Hottest Corporate News Of The Week

Microsoft's general counsel said the company's diversity bonus program for its outside law firms has shown significant results, and the EEOC said noncitizen overseas workers don't have to be counted as employees for age bias disclosures. These are some of the stories in corporate legal news you may have missed in the past week.​

Read full article »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

Read full article »

Podcast

Law360's Pro Say: The Legal Fallout From The Capitol Attack

It's been just over a week since a violent mob of Trump supporters stormed the U.S. Capitol, and the legal consequences of the attack are rapidly unfolding.

Read full article »

Ga. Criminal Defense Atty At Capitol Riots Charged, Detained

A criminal defense attorney from Georgia who was reportedly among the supporters of President Donald Trump who stormed the U.S. Capitol earlier this month, was arrested and hit with charges in federal court Friday, according to court records.

Read full article »

JOBS
Search full listings or advertise your job opening
Law360 Rising Stars

LAW FIRMS

Advisors LLC

Alston & Bird

Alto Litigation

Austin LLP

Baker Botts

Baker McKenzie

BakerHostetler

Boies Schiller

Crowell & Moring

DLA Piper

Debevoise & Plimpton

Dechert

Donahue Goldberg

Earthjustice

Foley & Lardner

Fox Rothschild

Gibson Dunn

Greenberg Traurig

Greensfelder Hemker

Harris Wiltshire

Jones Walker

K&L Gates

King & Spalding

Kirkland & Ellis

Latham & Watkins

Locke Lord

Lowenstein Sandler

McDermott Will

McGuireWoods

Monico & Spevack

Morgan Lewis

Napoli Shkolnik

Nixon Peabody

Norton Rose

O'Melveny & Myers

Orrick Herrington

Patten Wornom

Paul Hastings

Paul Weiss

Perkins Coie

Proskauer Rose

Reed Smith

Sher Edling

Shook Hardy

Sidley Austin

Signature Litigation LLP

Skadden Arps

Squire Patton

Tabet DiVito

Taylor English

White and Williams

Yoffy & Turbeville

COMPANIES

AT&T Inc.

Advanced Energy Economy

Aetna Inc.

Albert Einstein Healthcare Network

Amazon.com Inc.

American Bar Association

Anthem Inc.

Apple Inc.

Associated Press

AstraZeneca PLC

BP p.l.c.

Boston Scientific Corp.

Boy Scouts of America

Calpine Corp.

Center for Biological Diversity

Chevron Corp.

Cigna Corp.

Cincinnati Financial Corp.

ClubCorp Holdings Inc.

Commonwealth Edison Co.

Competitive Enterprise Institute

Conservation Law Foundation

Consolidated Edison Inc.

Deutsche Lufthansa AG

DraftKings Inc.

Eli Lilly & Co.

Encompass Health Corp.

Equifax Inc.

Excellus BlueCross BlueShield

Exelon Corp.

Exponent Inc.

Facebook Inc.

Financial Industry Regulatory Authority Inc.

Florida Blue

Getty Images Inc.

Google Inc.

Goosehead Insurance Agency LLC

Health Care Service Corp.

HealthSouth Corp.

Humana Inc.

Infinite Global

Instagram Inc.

JPMorgan Chase & Co.

Kids in Need of Defense

LinkedIn Corp.

Marathon Petroleum Corp.

Marriott International Inc.

Microsoft Corp.

National Association of Broadcasters

Natural Resources Defense Council

New York Post

New York University

Novo Nordisk A & S

Overstock.com Inc.

Public Broadcasting Service

Public Citizen Inc.

Sanofi SA

Sierra Club

Spotify Technology SA

State Bar of California

State Bar of Georgia

State Bar of Wisconsin

Temple-Inland Inc.

The Atlanta Journal-Constitution

The Charles Schwab Corp.

The New York Times Co.

Therium Capital Management Ltd.

Twitter Inc.

UBS AG

Union of Concerned Scientists

Univar Solutions Inc.

Univera Healthcare Inc.

University of Georgia

University of Virginia

Wells Fargo & Co.

Wolters Kluwer

ZTE Corp.

GOVERNMENT AGENCIES

Bank of England

California Attorney General's Office

Consumer Financial Protection Bureau

Delaware Court of Chancery

Delaware Department of Finance

Equal Employment Opportunity Commission

European Union

Federal Bureau of Investigation

Federal Communications Commission

Federal Deposit Insurance Corp.

Federal Housing Administration

Federal Reserve System

Federal Trade Commission

Financial Conduct Authority

Financial Crimes Enforcement Network

Illinois Attorney General's Office

Illinois Supreme Court

Internal Revenue Service

Los Angeles County District Attorney's Office

National Highway Traffic Safety Administration

New York Attorney General's Office

New York State Department of Financial Services

North Carolina Department of Environmental Quality

Office of the Comptroller of the Currency

U.S. Army

U.S. Attorney's Office for the Middle District of Georgia

U.S. Attorney's Office for the Northern District of Illinois

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Fifth Circuit

U.S. Court of Appeals for the Seventh Circuit

U.S. Department of Health and Human Services

U.S. Department of Justice

U.S. Department of Labor

U.S. Department of Transportation

U.S. Department of the Treasury

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the District of New Jersey

U.S. District Court for the Middle District of Florida

U.S. District Court for the Middle District of Georgia

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of California

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Missouri

U.S. Environmental Protection Agency

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United Nations

Wage and Hour Division

Wisconsin Department of Justice

Wisconsin Supreme Court