Expert Analysis

• Why The Wells Process Is No Longer A One-Sided Exercise

  

  The U.S. Securities and Exchange Commission's recently revamped Enforcement Manual rewrites the informational asymmetry that has defined SEC defense for decades, providing counsel with several new strategies to produce better submissions, give better advice and achieve better outcomes, says Ashwin Ram at Buchalter.

• Improving Well-Being In Law, 10 Years After Landmark Study

  

  An important 2016 study revealed significant substance abuse and mental health issues among lawyers, and while the findings helped normalize the conversation around these topics, a decade later, structural change is still needed, says Denise Robinson at PLI.

• How To Gear Up For Trump's Pharma Tariffs

  

  President Donald Trump's proclamation establishing tariffs on certain pharmaceutical products holds a few areas of ambiguity that companies should review and prepare for before the tariffs come into effect later this year, say attorneys at Arnold & Porter.

• Mapping Bank Exec Clawback Risk Ahead Of Revived Bill

  

  The reintroduction of the Failed Bank Executives Clawback Act would allow recovery of executive compensation after bank failures, making it important for executives and counsel to take steps such as mapping compensation, reviewing employment agreements, documenting decisions, and confirming D&O insurance, says Drew Jones at Diamond McCarthy.

• Structuring Internal Investigations For DOJ Disclosure Credit

  

  Because the Justice Department’s new enforcement program requires cooperating companies to demonstrate they have conducted high-quality investigations before they can receive the benefits of self-disclosing misconduct, it is more important than ever to build independence into internal investigations from the outset, says Adesola Makoko.

• What Mass. Ruling Clarifies About Whistleblower Protections

  

  A Massachusetts appellate court's recent decision in Galvin v. Roxbury Community College, finding that an employee retained whistleblower protections despite his reporting responsibilities and possible contribution to the compliance failure, requires employers to distinguish between performance-based decisions and their response to protected reporting, say attorneys at Smith Kane.

• Federal 401(k) Plan Would Create Fiduciary Litigation Risks

  

  President Donald Trump recently previewed an initiative to make a public 401(k)-style plan option available to all American workers who lack access to an employer-sponsored retirement plan, raising novel and complex litigation issues that merit careful attention, say attorneys at Willkie.

• PFAS OUT Cannot Replace Broad Drinking Water Protections

  

  The U.S. Environmental Protection Agency's PFAS OUT initiative may help water systems deal with two specific per- and polyfluoroalkyl substances before federal compliance deadlines arrive, but it is no substitute for broader protections the EPA is withdrawing — and in PFAS litigation, that distinction could be important, says David Meldofsky at Lawsuit Informer.

• Initial Virginia AG Actions Signal Focus On Multistate Efforts

  

  Now that Virginia Attorney General Jay Jones has reached the 100-day mark in office, his first set of actions reveals a clear preference for coalition with regional and national counterparts, which means the primary risk for businesses is no longer just the fact of enforcement, but the speed at which investigations can escalate, says Lauren Cooper at Hogan Lovells.

• Small And Midsize Business Finance Faces More State Regs

  

  Recent developments in state credit disclosure, consumer debt collection, and lender licensing and registration requirements suggest that companies extending financing to small and midsize businesses are likely to encounter a significantly more stringent legal climate moving forward, say attorneys at Manatt.

• How Courts Are Clashing Over FinCEN Real Estate Rule

  

  A Texas federal court's recent decision in Flowers v. Bessent has vacated the Financial Crimes Enforcement Network's anti-money laundering rule for residential real estate transfers, but significant uncertainty remains due to the ruling's direct conflict with other recent federal court decisions, say attorneys at Katten.

• Mapping Philly US Atty's White Collar Enforcement Push

  

  Attorneys at Blank Rome discuss the U.S. Attorney for the Eastern District of Pennsylvania David Metcalf’s commitments and priorities, survey early results from his first year, and suggest practical action items for companies operating under the office's jurisdiction.

• Opinion

  Exxon's Retail Voting Program Is A Trap For Retail Investors

  

  The U.S. Securities and Exchange Commission approved Exxon Mobil's first-of-its-kind proxy voting program last September, but ahead of the company's annual shareholder meeting next month, it's clear that retail shareholders have delegated their voice to the entity their vote exists to check, says Christina Sautter at Southern Methodist University.

• Structuring Bank-Fintech Ties To Avert Risk

  

  Bank-fintech relationships that can hold up to recent increased scrutiny must take into account a broad swath of structuring considerations including due diligence, compliance, documentation, and planning for a potential wind-down and termination, say attorneys at Nelson Mullins.

• What DOL Proposal Signals For 401(k)s, Alternative Assets

  

  The U.S. Department of Labor recently published a highly anticipated proposed rule that could establish more defined pathways for 401(k) plan fiduciaries to consider investment options with greater alternative asset exposure, and help fund sponsors and investment managers develop such options, say attorneys at Cleary.