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Compliance
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May 24, 2024
Coinbase Says Crypto Securities Question Is Ripe For Review
Crypto exchange Coinbase again urged a Manhattan federal judge to send to the Second Circuit the question of whether digital assets meet the definition of investment contracts, saying the question could "shape or distort a multitrillion-dollar industry."
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May 24, 2024
CFPB Will Ask DC Circ. To Rescue Rule Challenged By PayPal
The Consumer Financial Protection Bureau said Friday it will appeal a Washington, D.C., federal judge's recent decision that sided with payments giant PayPal in its lawsuit challenging the agency's extension of certain prepaid card regulations to digital wallets.
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May 24, 2024
Any Coloradan Can Enforce Open Meetings Law, Panel Says
The Colorado Court of Appeals has sided with an attorney who has filed dozens of open meetings law claims against government bodies in the state, finding that the attorney has standing to sue a school board even though he lives hundreds of miles away.
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May 24, 2024
IRS Corrects Notice On Bonus Energy Tax Credit Safe Harbors
The Internal Revenue Service and U.S. Department of the Treasury issued a correction Friday to a notice providing additional safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing their steel and aluminum parts.
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May 24, 2024
DOJ's Live Nation-Ticketmaster Suit: What You Should Know
The U.S. Department of Justice and a slew of state attorneys general filed a suit challenging the 2010 merger of Ticketmaster and Live Nation. Here, catch up on Law360's coverage of the deal and those who have challenged it along the way – Taylor Swift fans, investors and regulators.
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May 23, 2024
CFPB's 1st Try At BNPL Regulation Could Set Stage For More
The Consumer Financial Protection Bureau's new guidance that treats buy-now, pay-later firms more like credit card companies is drawing industry grumbles about "apples to oranges" comparisons, but consumer advocates say that applying additional credit card-esque rules would be the cherry on top.
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May 23, 2024
Entrepreneur Ordered To Pay $15M For Unlicensed Pot Stores
A New York state court hit a cannabis seller with a $15 million judgment Thursday after he was found to be selling marijuana without a license at seven locations inside the state, according to an announcement by the state's attorney general.
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May 23, 2024
FTC Blasts Amazon's 'Unbelievable' Claims About Signal Use
The Federal Trade Commission on Thursday again pressed a Washington federal court to force Amazon to hand over documents regarding the company's communication preservation practices, calling Amazon's claims that executives never used the encrypted app Signal to discuss business practices relevant to the antitrust fight "unbelievable."
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May 23, 2024
Latham, Cravath Rep Live Nation In DOJ Ticketmaster Battle
In the battle against the U.S. Department of Justice's push to break up Live Nation and Ticketmaster, the concert promotion and ticketing company has called upon a team of attorneys at Cravath Swaine & Moore and Latham & Watkins to go up against a large roster of highly experienced government antitrust attorneys.
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May 23, 2024
EU Fines Mondelez €338M For Curbing Snack Competition
The European Commission on Thursday fined U.S.-headquartered multinational snack company Mondelez International Inc. €337.5 million ($365.74 million) for entering into anticompetitive trade agreements with resellers and abusing its position as a chocolate giant to maintain high prices.
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May 23, 2024
Ex-Autonomy CEO Lynch Takes Stand In 'Surreal' Fraud Trial
Autonomy founder Michael Lynch took the stand Thursday in a criminal trial in California federal court over claims he lied to HP about his software company's financial health before the tech giant paid $11.7 billion for it in 2011, saying the trial has been "surreal" and he didn't set out to defraud HP.
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May 23, 2024
Ex-Bank CEO Cops To Embezzling $47M To Pay Crypto Scam
Heartland Tri-State Bank's former chief executive pled guilty Thursday in Kansas federal court to embezzling $47 million that he wired to cryptocurrency accounts controlled by fraudsters after falling victim to a "pig butchering" scam, which led to the bank's collapse and subsequent shutdown last summer.
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May 23, 2024
FCC Defends Nielsen Data In Low-Power TV Licensing Suit
The Federal Communications Commission is defending its use of Nielsen statistics to determine if a low-power TV station should receive protections provided under a 2022 law aimed at safeguarding local and rural broadcasting.
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May 23, 2024
House Panel Moves Data Privacy Bill, While Vowing Revisions
A U.S. House of Representatives subcommittee on Thursday advanced a bipartisan proposal to create a nationwide framework for how companies use and share consumers' personal information, despite lawmakers on both sides of the aisle acknowledging that more work needs to be done to further refine the measure.
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May 23, 2024
Green Groups Sue Colo. Over Factory Farm Pollution Regs
Two environmental groups on Thursday urged a Colorado state court to review the Centennial state's decision to issue a permit allowing large animal feeding facilities to operate without monitoring requirements, saying waterways and the public are being exposed to dangerous toxins produced by thousands of animals.
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May 23, 2024
SEC Opens Gate To Ether ETFs, But Firms Await Green Light
The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.
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May 23, 2024
RFK Jr.'s Anti-Vax Suit Against Wash. AG Tossed
A Washington federal judge has dismissed a lawsuit brought by Robert F. Kennedy Jr. on behalf of NBA legend John Stockton trying to shield doctors who make anti-vaccine statements, ruling claims that a medical board probe has chilled speech are speculative.
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May 23, 2024
JP Morgan Inks $200M CFTC Deal Over Supervision Failures
J.P. Morgan Securities LLC on Thursday agreed to pay a $200 million civil penalty to resolve charges from the U.S. Commodity Futures Trading Commission accusing the investment management company of more than a decade of trade surveillance failures, including failing to capture billions of orders on one venue.
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May 23, 2024
Feds Ask 5th Circ. To Weigh Highway GHG Rule Vacatur
The Biden administration has asked the Fifth Circuit to review a Texas district court's recent decision vacating a Federal Highway Administration rule that would've required states to set targets for reducing greenhouse gas emissions from federally funded highway projects.
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May 23, 2024
NC Justices Back Manufacturer Tax Break For Contractor
The North Carolina Supreme Court on Thursday backed a $130,000 tax break for an asphalt maker, upholding a lower court's decision that the company qualified for an exemption reserved for manufacturers even though it sold just a small portion of its product.
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May 23, 2024
Governance In Focus As ESG Gains Ground This Proxy Season
Support for corporate governance and compensation shareholder proposals has reached a five-year high this year, while support for environmental and social proposals has risen slightly after two years of decline, according to a new report.
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May 23, 2024
DOJ Has A Long Set To Play Against Live Nation-Ticketmaster
The U.S. Department of Justice antitrust lawsuit announced Thursday against Live Nation and Ticketmaster's dominance over performing artists, venues and tickets may have been 14 years in the making, but it still has a long road ahead in New York federal court.
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May 23, 2024
'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error
The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings.
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May 23, 2024
Big Banks Hit With Claims Of Turning Man Into 'Money Mule'
A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.
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May 23, 2024
Skadden-Led Hg Buys Risk Platform Co. AuditBoard For $3B
Cooley LLP-advised AuditBoard Inc. on Thursday announced that it has agreed to be bought by European software and services business investor Hg Capital, guided by Skadden Arps Slate Meagher & Flom LLP, in a deal valued at over $3 billion.
Expert Analysis
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What To Expect From The DOL's Final Overtime Rule
The U.S. Department of Labor's final overtime rule dramatically increases the salary threshold for white collar workers to be exempt from overtime under the Fair Labor Standards Act, so employers should prioritize identifying the potentially affected positions and strategically consider next steps, say Leslie Selig Byrd and Deryck Van Alstyne at Bracewell.
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10b-5 Litigation Questions Follow Justices' Macquarie Ruling
Last month, the U.S. Supreme Court held in Macquarie v. Moab that pure omissions are not actionable under U.S. Securities and Exchange Commission Rule 10b–5(b), creating a slightly higher bar for plaintiffs and setting the stage for further litigation over several issues, say Steve Quinlivan and Sean Colligan at Stinson.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Employer Considerations Before Title IX Rule Goes Into Effect
While the U.S. Department of Education's final rule on Title IX is currently published as an unofficial version, institutions and counsel should take immediate action to ensure they are prepared for the new requirements, including protections for LGBTQ+ and pregnant students and employees, before it takes effect in August, say Jeffrey Weimer and Cori Smith at Reed Smith.
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Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
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Could 'General Average' Apply To The Key Bridge Crash?
While the owner and operator of the vessel that struck Baltimore's Francis Scott Key Bridge have sought legal protection under the Limitation of Liability Act, they could choose to invoke the long-standing principle of general average, if supported by the facts of the crash and the terms of their contracts with cargo owners, says Julie Maurer at Husch Blackwell.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Breaking Down EPA's Rule On PFAS In Drinking Water
Last week, the U.S. Environmental Protection Agency finalized the first enforceable federal drinking water regulation for PFAS, which, along with reporting and compliance requirements for regulated entities, will have a number of indirect effects, including increased cleanup costs and the possible expansion of existing Superfund sites, say attorneys at Morgan Lewis.
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Unpacking The Interim Vet-Owned Small Biz Verification Rule
Government contractors that intend to bid for service-disabled veteran-owned small business set-aside contracts should immediately consider the potential impacts of a recently issued rule that specifies how contracting officers will verify that they have certified their status, say Derek Mullins and Beth Gotthelf at Butzel.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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Compliance Strategies To Mitigate 3 New Areas Of AI Risk
The era of artificial intelligence-assisted corporate crime is here, but several concrete mitigation strategies can allow companies to address the new, rapidly evolving threats posed by deepfakes, information barrier evasion and AI model manipulation, say attorneys at Debevoise.
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Refresher On Employee Qualifications For Summer Interns
Before companies welcome interns to their ranks this summer, they should consider the extent to which the interns may be entitled to the same legal protections as employees, including the right to be paid for their hours worked and to receive at least minimum wage and overtime, says Kate LaQuay at Munck Wilson.
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Expect An Increase In Robinson-Patman Act Enforcement
Recent actions by the Federal Trade Commission and prominent lawmakers should be viewed as a harbinger of renewed scrutiny of price discrimination in all industries and a sign that Robinson-Patman Act investigations and enforcement actions are likely to see an uptick, say attorneys at Morgan Lewis.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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'Beauty From Within' Trend Poses Regulatory Risks For Cos.
Companies capitalizing on the current trend in oral supplements touting cosmetic benefits must note that a product claim that would be acceptable for an externally applied cosmetic may draw much stronger scrutiny from the U.S. Food and Drug Administration when applied to a supplement, say Natalie Rainer and Katherine Staba at K&L Gates.