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Compliance
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April 18, 2024
EU Antitrust Chief Says Merger Tool Not A 'Power Grab'
The European Commission's top competition enforcer said Thursday the agency has taken a measured approach to using its newly asserted power to review mergers that fall short of local thresholds, as the European trading bloc's high court mulls a challenge of that authority from DNA sequencing company Illumina.
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April 18, 2024
Senate Dems Question 4 Biggest Banks Over Fraud Controls
Two Democratic senators have asked the nation's four largest banks to share their systems to combat wire fraud and protect consumers from the fallout of unauthorized transfers.
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April 18, 2024
Nuke Power Plant Owner Says NY Can't Bar Water Discharges
The owner of the shuttered Indian Point nuclear power plant sued the state of New York on Thursday, alleging a law banning discharges of radioactive materials into the Hudson River unlawfully infringes on the federal government's authority.
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April 18, 2024
SEC Exams Division Flags Misleading Claims In Adviser Ads
Investment advisers are publishing various misrepresentations and omissions in marketing materials, according to a recent risk alert from the U.S. Securities and Exchange Commission's examinations division that flagged a litany of compliance issues with the agency's marketing rule.
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April 18, 2024
OCC Fines Sterling Bank's Ex-CEO And SF Giants Owner
The Office of the Comptroller of the Currency said Thursday that it has issued more fines over a fraud-plagued loan program at Sterling Bank and Trust FSB, ordering a total of $700,000 in penalties for the bank's former CEO and its founder, who is also an owner of the San Francisco Giants.
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April 18, 2024
AT&T, Pittsburgh Settle Dispute Over Cell Site Fees, Delays
The city of Pittsburgh has created a new fee schedule for small wireless communications facilities, which AT&T agreed will resolve the telecom firm's claims that the city effectively prevented its service expansion with its prior fee schedule, according to a joint stipulation filed in Pennsylvania federal court.
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April 18, 2024
AGs, Google Defend $700M Play Store Deal Ripped By Judge
A group of state attorneys general and Google defended the proposed $700 million settlement both sides brokered in the states' antitrust suit against the company in December, telling a San Francisco federal judge that the deal is consistent with Ninth Circuit precedent and releases only a limited set of claims against Google for a seven-year period.
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April 18, 2024
Defense Paints Friend As Snitch In Ex-Ecuador Official's Trial
The defense attorney for former Ecuador comptroller Carlos Ramon Polit Faggioni painted a reinsurer who testified Wednesday against the official as a snitch and turncoat during a federal money laundering trial in Miami, saying he effectively became a government agent to get information that could be used against his friend.
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April 18, 2024
Jury Awards $98M To Wash. Healthcare Workers In Wage Suit
A Seattle jury said Thursday a Washington-based healthcare system should pay thousands of its employees almost $100 million for its illegal timeclock rounding and meal break practices, an award that's expected to be doubled because a judge has already determined that the company's violations were willful.
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April 18, 2024
Missouri AG Launches Probe Into Delta-8 Products
Missouri's Republican attorney general has launched an investigation into four companies purportedly manufacturing or selling vapes and other products containing hemp and marijuana derivatives such as CBD, delta-8 THC and delta-9 THC.
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April 18, 2024
BLM Prioritizes Conservation On Federal Land In Final Rule
The Biden administration finalized a rule Thursday that prioritizes the conservation of federal lands through new initiatives like leasing frameworks that center on restoration and mitigation.
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April 18, 2024
FCC Probing Causes Of 911 Outage Across Four States
The Federal Communications Commission said Thursday it will investigate what caused widespread 911 outages in Nevada, Texas, South Dakota and Nebraska.
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April 18, 2024
Endo Pleads Guilty To Marketing Opioids As 'Crush Proof'
Endo Health Solutions Inc. pled guilty Thursday in Michigan federal court to putting out a drug it falsely advertised as being "crush proof" and "abuse deterrent," part of its larger agreement with the government to resolve nearly $2 billion in civil and criminal claims against the company.
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April 18, 2024
FERC To Reveal Final Grid-Planning Policy Revamp
The Federal Energy Regulatory Commission on Thursday said it would unveil on May 13 the final version of its long-awaited overhaul of how major electric transmission projects are planned and paid for.
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April 18, 2024
Bank Regulators Appeal Texas Judge's Halt Of New CRA Rules
Federal regulators said Thursday that they are appealing a Texas federal judge's decision to block their rollout of new community lending rules amid a legal challenge from the banking industry.
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April 18, 2024
Red States Back Call To Overturn Nasdaq Diversity Rule
Utah and 23 other Republican-led states have filed an amicus brief asking the full Fifth Circuit to vacate a Nasdaq board diversity rule and declare it unconstitutional, saying the U.S. Securities and Exchange Commission, which approved the rule, is "affirmatively perpetuating" race-based discrimination instead of eliminating it.
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April 18, 2024
Mich. AG Slams 'Lackluster' Disclosure Laws At Ethics Hearing
Michigan's attorney general and secretary of state testified on Thursday in support of ethics and transparency bills they say will help to fight "a culture of corruption" in the state's capital days after a former House speaker was charged with misusing state funds.
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April 18, 2024
Ga. Election Spending Case Belonged In State Court, AG Says
Attorneys representing the Georgia Attorney General's Office and a state campaign finance commission urged the Eleventh Circuit on Thursday to overturn a ruling preventing their investigation of election spending by a pair of nonprofits founded by Stacey Abrams, citing the so-called Younger abstention doctrine.
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April 18, 2024
IRS Updates Rates For Foreign Insurance Company Equations
The Internal Revenue Service published updated domestic asset/liability and yields percentages Thursday that foreign life insurance companies as well as foreign property and liability insurance companies need to compute their minimum effectively connected net investment income for tax years starting in 2023.
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April 18, 2024
Admiral Balks At Covering Menendez Ally In Pollution Suit
Admiral Insurance Co. is asking a New Jersey federal court for a declaration that it owes no coverage to a businessman who is a co-defendant in U.S. Sen. Bob Menendez's bribery trial in a decade-long suit by Edgewater Borough over contamination at a construction site.
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April 18, 2024
Ousted Clerk Was A 'Loose Cannon,' NC Justices Told
An attorney who started proceedings that led to the ouster of former Franklin County Clerk of Court Patricia Chastain urged the North Carolina Supreme Court to keep her out of office, arguing that she undermined judicial authority through a series of incidents, including a "vulgar" accidental call to a magistrate judge.
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April 18, 2024
Atty Wants Law Firm Subpoenaed In $12M Somali Fraud Case
A Maryland attorney accused of misappropriating more than $12 million in Somali state assets has asked a federal judge to subpoena his former firm, Shulman Rogers Gandal Pordy & Ecker PA, to produce his employment records.
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April 18, 2024
Sidney Powell Dodges Sanctions From Texas Bar
Embattled Trump attorney Sidney Powell has dodged sanctions from the Texas state bar's disciplinary wing, with a state appellate court ruling Thursday that the Commission for Lawyer Discipline didn't bring enough solid arguments to the table to merit a redo of the case.
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April 17, 2024
Ethics Panel Douses Judge DQ Talk In 5th Circ. CFPB Case
A judicial ethics panel has concluded that recusal isn't automatically required for the Fifth Circuit judge whose financial disclosures have fueled calls for his disqualification from litigation challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule.
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April 17, 2024
Walgreens Investors' $36M Deal In Opioid Suit Gets First OK
An Illinois federal judge on Wednesday granted his initial approval of a $36 million settlement to end a stockholder's derivative suit accusing Walgreens and its leadership of failing to limit retail pharmacies from dispensing unreasonable amounts of opioids.
Expert Analysis
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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GSA's Carbon-Free Power Plan: Tips For Electricity Suppliers
The U.S. General Services Administration's recent request for information concerning its intent to acquire a large amount of carbon pollution-free electricity over the next decade in the PJM Interconnection region offers key insights for companies interested in becoming electric power suppliers to federal government agencies, say Shaunna Bailey and Nicholas Dugdale at Sheppard Mullin.
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3 Lessons From Family Dollar's Record $41.7M Guilty Plea
Family Dollar's recent plea deal in connection with a rodent infestation at one of its distribution facilities — resulting in the largest ever monetary criminal penalty in a food safety case — offers key takeaways for those practicing in the interconnected fields of compliance, internal investigations and white collar defense, says Jonathan Porter at Husch Blackwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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SEC Climate Rules Create Unique Challenges For CRE
The U.S. Securities and Exchange Commission's recently adopted final rules concerning climate-related disclosures for public companies are likely to affect even real estate companies that are not publicly traded, since they may be required to provide information to entities that are subject to the rules, says Laura Truesdale at Moore & Van Allen.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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4 Ways AI Tools Can Improve Traditional Merger Analyses
Government officials at the American Bar Association's annual antitrust spring meeting last week reinforced the view that competition cases will increasingly rely on sophisticated data analysis, so companies will likewise need to use Big Tech quantitative techniques to improve traditional merger analyses, say Patrick Bajari, Gianmarco Calanchi and Tega Akati-Udi at Keystone.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
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Oracle Ruling Underscores Trend Of Mootness Fee Denials
The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Benzene Contamination Concerns: Drugmakers' Next Steps
After a citizen petition to the U.S. Food and Drug Administration and a flurry of class actions over benzene contamination in benzoyl peroxide acne products, affected manufacturers should consider a thoughtful approach that includes assembling internal data and possibly contacting the FDA for product-specific discussions, say attorneys at Morgan Lewis.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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A Look At Global Employee Disconnect Laws For US Counsel
As countries worldwide adopt employee right to disconnect laws, U.S. in-house counsel at corporations with a global workforce must develop a comprehensive understanding of the laws' legal and cultural implications, ensuring their companies can safeguard employee welfare while maintaining legal compliance, say Emma Corcoran and Ute Krudewagen at DLA Piper.
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How DEI Programs Are Being Challenged In Court And Beyond
In the wake of the U.S. Supreme Court's affirmative action decision last year declaring the consideration of race in university admissions unconstitutional, employers should keep abreast of recent litigation challenging diversity, equity and inclusion training programs, as well as legislation both supporting and opposing DEI initiatives in the workplace, say attorneys at Skadden.