Compliance

  • August 21, 2019

    Top EU Data Privacy Watchdog Buttarelli Dies

    Giovanni Buttarelli, who as Europe's data protection supervisor was an influential adviser in shaping the bloc's privacy laws, has died at the age of 62, his office said Wednesday.

  • August 20, 2019

    American Airlines To Pay $22M To End False Mail Time Claims

    American Airlines will shell out $22.1 million to resolve claims it lied about delivery times on mail it delivered in the United States as well as abroad, the U.S. Department of Justice announced Tuesday.

  • August 20, 2019

    Fintech Adoption Poised For Growth In US Despite Lag

    The adoption of fintech products that provide online banking and money transmission services has been uneven across the globe, with U.S. consumers lagging behind those in China and India, but with regulatory clarity potentially on the horizon, some see the potential for a surge in use in the U.S.

  • August 20, 2019

    FDA Hit With Suit Over E-Cigarette Regulation

    A vaping trade group and a vape store on Tuesday hit the U.S. Food and Drug Administration with a suit in Mississippi federal court challenging the agency’s 2016 rule that expanded its ability to regulate all tobacco products, including e-cigarettes, saying that should be left to Congress.

  • August 20, 2019

    Russian Crypto Ratings Agency Settles SEC's Promo Claims

    The U.S. Securities and Exchange Commission on Tuesday said Russia-based cryptocurrency ratings company ICO Ratings has agreed to pay hundreds of thousands of dollars to settle claims that it failed to disclose payments from issuers for publicizing their blockchain-based digital assets.

  • August 20, 2019

    NY AG Gets Go-Ahead To Continue Bitfinex Investigation

    A New York state judge said Monday he would not put an end to the state attorney general’s probe into cryptocurrency exchange Bitfinex, finding that he is obligated by law to facilitate the AG’s investigation.

  • August 20, 2019

    Drugmaker Pays $200K To End SEC Fight Over Study Leaks

    A Florida pharmaceutical company will pay a $200,000 civil penalty to the U.S. Securities and Exchange Commission to end allegations it leaked medical studies that bolstered its case for approval of a drug to market analysts before giving that information to investors.

  • August 20, 2019

    2nd Ex-JP Morgan Metals Trader Cops To Spoofing

    A former JPMorgan Chase metals trader pled guilty in Brooklyn federal court Tuesday to spoofing commodities transactions for most of his 12-year career, making him the second trader at the bank to admit to such a scheme.

  • August 20, 2019

    FCC Calls CenturyLink Outage 'Unacceptable,' But No Fine Yet

    Federal Communications Commission head Ajit Pai blasted CenturyLink's day-and-a-half-long network failure last year as "completely unacceptable" and called on communications providers to take steps to prevent similar outages, but the agency stopped short of doling out any penalties.

  • August 20, 2019

    3rd Circ. Says Some Bonuses May Be Left Out Of OT Rates

    The Third Circuit ruled Tuesday that employers don't automatically have to factor in bonuses that workers receive from third parties when calculating overtime pay, tackling an issue of first impression.

  • August 20, 2019

    Bank Regulators Sign Off On Finalized Volcker Rule Changes

    Federal banking regulators on Tuesday approved a final set of changes to the Volcker Rule's proprietary trading ban, dropping an industry-criticized plan to introduce an accounting-based test for vetting whether trades are prohibited under the rule.

  • August 20, 2019

    FDA Accused Of Dodging Food Safety Mandate

    Two consumer groups have sued the U.S. Food and Drug Administration in California federal court, accusing the agency of shirking its responsibilities by failing to establish inspection programs mandated by the Food Safety Modernization Act.

  • August 20, 2019

    DC Circ. Says EPA Pollution Policy Shift Not 'Final'

    Courts can't review a U.S. Environmental Protection Agency memorandum rescinding its decades-old "once in, always in" policy regarding the classification of major polluters because it was not a final agency action, the D.C. Circuit said Tuesday.

  • August 19, 2019

    Credit Unions Get Initial OK For Hemp Banking

    The National Credit Union Administration on Monday gave credit unions initial approval to do business with hemp producers, responding to requests from lawmakers who asked for clarity on how lenders should handle money connected to the crop.

  • August 19, 2019

    Irish Data Watchdog Halts Public Service Card Info Culling

    Ireland’s social protection department came under fire Friday over privacy concerns related to the cards citizens use to access public services, with the Data Protection Commission ordering the department to stop processing personal data for cards issued in connection with other agencies' offerings.

  • August 19, 2019

    Lead Attys Approved For Opioid MDL 'Negotiation Class'

    The Ohio federal judge supervising multidistrict opioid litigation approved lead attorneys Monday for a proposed “negotiation class” of local governments that would pursue nationwide settlements with drug companies accused of sparking a devastating addiction crisis.

  • August 19, 2019

    Facebook, Amazon Blast French Digital Tax In USTR Hearing

    Representatives from Facebook, Amazon and Google said complying with a new French digital services tax will present significant challenges, including creating new measures to track individual user data, while testifying at a U.S. trade representative public hearing Monday.

  • August 19, 2019

    GE Again Denies Report Of $38B Accounting Fraud

    General Electric Co. on Monday again pushed back against allegations by well-known whistleblowers who accuse the conglomerate of a $38 billion accounting fraud executed in part by hiding losses from its insurance business, saying the state of its current reserves is sound.

  • August 19, 2019

    Hong Kong Agencies Ink Pact To Combat Financial Crime

    Hong Kong’s Securities and Futures Commission and the Independent Commission Against Corruption on Monday agreed to strengthen their collaboration in order to more effectively combat financial crime.

  • August 19, 2019

    States Slam DOL Over 'Arbitrary' Injury Reporting Rollback

    Six states challenging the U.S. Department of Labor’s move to roll back rules requiring large employers to submit electronic reports of workplace injuries have told a D.C. federal court that revoking the regulation is “substantively arbitrary and capricious” and that the government is exaggerating the workplace privacy concerns.

  • August 19, 2019

    NYC, States Say EPA Can't Duck Ozone Pollution Obligations

    Now that the U.S. Environmental Protection Agency has downgraded the New York City metropolitan area's ability to meet national ozone standards, the Big Apple and several states told the D.C. Circuit the agency can't justify not requiring upwind, ozone-polluting states to further clean up their air.

  • August 19, 2019

    15 Minutes With The Charlotte Hornets' General Counsel

    As sports betting legislation makes its way through states across the country, Charlotte Hornets general counsel Joe Pierce has addressed the legalization of the activity through presentations to the team's players, doctors and even part-time ticket takers. Here, he also discusses the leadership qualities he gained as a college track athlete and his experience working for Michael Jordan, who owns the franchise.

  • August 19, 2019

    CFTC Fights Kraft's Sanctions Bid Over $16M Wheat Suit Deal

    Any problem Kraft Group Foods Inc. has with the U.S. Commodity Futures Trading Commission's announcement of a $16 million settlement of a wheat price manipulation suit should be taken up with the company's own lawyers, the agency told an Illinois federal court over the weekend.

  • August 16, 2019

    Kraft Says CFTC Press Release Broke $16M Wheat Suit Deal

    Kraft Foods Group Inc. and Mondelez Global LLC urged an Illinois federal judge Friday to impose sanctions against the U.S. Commodity Futures Trading Commission, arguing that the agency violated their $16 million deal in a wheat price manipulation suit by making public statements about the deal.

  • August 16, 2019

    Trump Taps Embattled Lender's Exec As Student Loan Monitor

    The Trump administration hired the top compliance official from the troubled Pennsylvania Higher Education Assistance Agency to serve as the Consumer Financial Protection Bureau’s chief fixer of private student loan complaints, in a move that drew immediate criticism from the appointee's predecessor Friday.

Expert Analysis

  • Changes Bring Structure To SEC Settlement Waiver Process

    Author Photo

    The U.S. Securities and Exchange Commission's decision to allow firms to make settlements with the regulator contingent on requests to waive disqualifications under the federal securities laws gives firms more clarity around the collateral consequences of offers of settlement, say attorneys at Sidley Austin.

  • What EPA Plan To Count Emission Decreases Means For Cos.

    Author Photo

    The U.S. Environmental Protection Agency recently proposed a rule explicitly allowing consideration of emissions decreases from a project in determining whether the project causes a significant emissions increase from an existing source. This makes it more likely that state regulators will follow the same approach, says Andrew Sawula of Schiff Hardin.

  • Calif. Prop C Taxpayers Should File Protective Refund Claims

    Author Photo

    As the two San Francisco Proposition C cases wend their way through the California appellate court system, taxpayers should utilize the city’s refund procedures to delay having to bring a protective refund action in Superior Court, say Richard Nielsen and Robert Merten at Pillsbury.

  • CFTC's Silence Stings In Wheat Futures Manipulation Case

    Author Photo

    The U.S. Commodity Futures Trading Commission v. Kraft and Mondelez case was expected to clarify new standards for prosecuting market manipulation, but instead ended in a settlement that failed to provide any guidance or context, and even barred the CFTC from publicly commenting on the case, says Braden Perry at Kennyhertz Perry.

  • Coast Guard Cybersecurity Guidance Puts Shippers On Notice

    Author Photo

    Recent cyberattacks have spurred the U.S. Coast Guard to publish a marine safety information bulletin and a marine safety alert addressing vulnerabilities of shipboard computer systems, potentially triggering significant legal obligations for owners and operators, say attorneys at Husch Blackwell.

  • Anti-Discrimination Essentials From New OFCCP Guidance

    Author Photo

    Recent guidance from the Office of Federal Contract Compliance Programs contains key contractor compliance points regarding practical significance in equal employment opportunity analysis, validation of employee selection procedures, and pay analysis groupings, say Lisa Harpe and Sarah Layman at DCI Consulting.

  • A Robust Federal Consumer Protection Law May Be Ahead

    Author Photo

    The U.S. Department of Justice, the Federal Trade Commission and the Consumer Financial Protection Bureau all recently announced pushes into data privacy and security through consumer protection enforcement, suggesting that they could be developing the foundation for a new U.S. federal privacy statute, say Brad Elbein and Linda Priebe of Culhane Meadows.

  • Breaking Down The SEC's Regulation Best Interest

    Excerpt from Lexis Practice Advisor
    Author Photo

    The U.S. Securities and Exchange Commission's recently adopted Regulation Best Interest represents a significant rulemaking for the retail financial services industry that will require significant time and resources to make the necessary operational and compliance changes, say Jay Baris and Russell Sacks at Shearman & Sterling.

  • Issues To Avoid In Fintech, Consumer Financial Services M&A

    Author Photo

    Fintech-specific considerations and persistent regulatory scrutiny highlight the need to understand the risks involved — and necessary due diligence — before acquiring a consumer financial products and services business, says Jonathan Pompan at Venable.

  • Questions After IRS Guidance On Uncashed 401(k) Checks

    Author Photo

    A recent revenue ruling provided helpful guidance on the tax treatment of uncashed 401(k) distribution checks, but did not clarify how plan administrators should handle the nettlesome administrative issues arising when uncashed required minimum distribution checks involve missing plan participants, says Daniel Morgan at Blank Rome.

  • What 2 Recent OFAC Cases Say About Compliance Priorities

    Author Photo

    Findings of violation issued by the Office of Foreign Assets Control earlier this month to U.S. companies DNI Express Shipping and Southern Cross Aviation are illustrative of the continued focus, by OFAC and other agencies, on completeness and accuracy in both responsive and voluntary disclosures, say attorneys at Akin Gump.

  • Crisis Messaging To Protect Law Firm Brand And Bottom Line

    Author Photo

    When crises occur, such as data security incidents or gender bias suits, a well-prepared law firm has a thoroughly tested communications plan at the ready, which ensures the firm is the most proactive news source, prevents the crisis from escalating and notifies stakeholders about mitigation efforts, says Zach Olsen at Infinite Global.

  • New Compliance Steps For Filing Drug Co. Settlements

    Author Photo

    Starting this summer, settlements between innovators and generics submitted to the Federal Trade Commission and U.S. Department of Justice under the Medicare Prescription Drug, Improvement and Modernization Act must be filed online, and other new filing requirements are quite broad, say Melanie Rupert and Alexander Plushanski of Paul Hastings.

  • The Escalating Sanctions Against Venezuela, Russia And Iran

    Author Photo

    The past few weeks saw a flurry of activity demonstrating that imposition and enforcement of economic sanctions against Venezuela, Russia and Iran — and by extension China — continues to be a key driver for the Trump administration in confronting foreign policy challenges, say attorneys at Kirkland.

  • Unpacking The OFCCP's Proposed Audit Compliance Letters

    Author Photo

    If implemented, the new compliance review scheduling letters proposed by the Office of Federal Contract Compliance Programs will demand more detailed data at the commencement of an audit than ever sought before, say attorneys at Jackson Lewis.