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Compliance
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May 07, 2024
CFPB Fines Chime Financial Over Delayed Consumer Refunds
The Consumer Financial Protection Bureau on Tuesday ordered fintech company Chime Financial to pay more than $4.5 million for allegedly leaving thousands of its users waiting weeks and sometimes months for their balance refunds after their accounts were closed.
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May 07, 2024
6th Circ. Considers Rebooting Crypto Reporting Challenge
Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.
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May 07, 2024
DOL Official Says Expect Pension De-Risking Report Soon
The U.S. Department of Labor's employee benefits chief said Tuesday the agency expects to submit a report to Congress shortly on so-called pension risk transfers, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
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May 07, 2024
Gov't Seeks Early Win In Ga. Medicaid Expansion Suit
The Biden administration is urging a federal judge to take its side in a lawsuit in which Georgia is attempting to keep its Medicaid program for low-income residents running until 2028, arguing that the state never properly asked for a program extension and that the court lacks jurisdiction to extend its end date.
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May 07, 2024
Georgia Wants Green Groups' Feral Horses Suit Tossed
The state of Georgia on Monday urged a federal judge to throw out a lawsuit brought by conservation groups who want state and federal authorities to remove feral horses they say are running rampant and endangering wildlife on Cumberland Island.
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May 07, 2024
Spirit Aerosystems Eyes Buyout By Boeing Amid Safety Probe
Boeing is in talks to acquire aerospace supplier Spirit AeroSystems, which took a first-quarter hit partly due to Boeing 737 production delays and a safety investigation resulting from a midair 737 door plug blowout in January, Spirit announced Tuesday.
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May 07, 2024
FDIC Review Flags 'Patriarchal' Workplace, Chief's 'Temper'
The Federal Deposit Insurance Corp.'s workplace culture has suffered "far too long" from sexual harassment, discrimination and other abuses that higher-ups failed to adequately address, according to a report released Tuesday that is drawing renewed calls for FDIC Chairman Martin Gruenberg's exit.
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May 07, 2024
Corlytics Acquires Deloitte UK RegTech Platform
Less than a year after acquiring compliance software provider Clausematch, Irish regulatory risk business Corlytics Ltd. announced Tuesday that it has also acquired a digital RegTech platform from Deloitte UK.
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May 06, 2024
Autonomy Execs Scrambled To Boost Gross Margin, Jury Told
A former Deloitte auditor testifying in a California criminal trial over claims that ex-Autonomy CEO Michael Lynch conned HP into buying the British software company for an inflated $11.7 billion price confirmed Monday that months before the sale, executives were scrambling to boost their gross margin numbers.
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May 06, 2024
2nd Circ. Hints At Reviving Suit Against 'Insider' Hedge Fund
The Second Circuit on Monday appeared ready to revive a derivative lawsuit against a hedge fund alleged to have profited from its status as a corporate insider of 1-800-Flowers, with a majority of the court casting doubt on the fund's argument that a recent U.S. Supreme Court decision defeats the case on standing.
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May 06, 2024
New EPA Policy Could Increase Criminal Enforcement
The U.S. Environmental Protection Agency has rolled out a new policy intended to foster communication and coordination between its civil and criminal enforcement offices, a move experts say could result in an increase in criminal investigations and cases.
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May 06, 2024
US Thrashes Mexico's 'Inaccurate' Portrayal Of GMO Corn
The United States has responded to Mexico's ban on imports of genetically modified corn, calling its portrayal of the risks of such crops an unscientific and "inaccurate" description as well as a violation of the United States-Mexico-Canada Agreement.
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May 06, 2024
GM Tells Mich. Justices Not To Heap On More Auto Regulation
General Motors urged the Michigan Supreme Court to reject a call to expand the reach of a state consumer protection law to the automotive industry and others, saying federal and state oversight already protects car buyers.
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May 06, 2024
Tribes, Groups Seek 9th Circ. Stay In Power Line Ruling
Two Native American tribes and conservation groups are asking the Ninth Circuit for a stay on an order that allows work to continue on a $10 billion power line, saying that without an emergency injunction, SunZia Transmission LLC will race to finish erecting its remaining towers before an appeal can be resolved.
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May 06, 2024
Employer's Good Faith Axes Paystub Fine, Calif. Justices Rule
The California Supreme Court on Monday held that if an employer had a good faith belief it was providing complete and accurate wage statements to its employees, it has not knowingly and intentionally violated state labor law, meaning workers cannot recover civil penalties offered for intentional violations of wage statement requirements.
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May 06, 2024
Goldman Objects To 1MDB Suit Class Cert. Recommendation
Goldman Sachs and its former top brass have urged a New York federal judge not to adopt a magistrate judge's recommendation to grant certification to a proposed class of investors claiming losses from the 1MDB bond bribery scandal, saying the magistrate judge erred in concluding that Goldman's stock price was affected by alleged misstatements.
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May 06, 2024
SEC's Grewal Says Self-Reporting Best Bet For No Penalties
Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.
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May 06, 2024
Fashion Cos. Aim To Make FTC Define Market In Merger Suit
Fashion companies Tapestry Inc. and Capri Holdings Ltd. have asked a New York federal court to order the Federal Trade Commission to define the proposed relevant market in its suit attempting to block the companies' planned $8.5 billion merger, saying they need a specific definition of the market in order to properly defend the deal.
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May 06, 2024
Chamber's Noncompete Challenge On Hold For Earlier Case
A Texas federal court has paused the U.S. Chamber of Commerce's case challenging the Federal Trade Commission's pending ban on noncompetes and encouraged the group to join a case filed a day earlier by tax services and software company Ryan LLC.
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May 06, 2024
SEC Small Biz Panel Urges Relaxed Rules For Crowdfunding
A U.S. Securities and Exchange Commission advisory committee recommended Monday that regulators raise the threshold at which equity crowdfunding issuers must obtain an independent review of financial statements, hoping to encourage the use of crowdfunding for cash-strapped entrepreneurs.
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May 06, 2024
EPA Finalizes Methane Reporting Regs For Oil And Gas Cos.
The U.S. Environmental Protection Agency on Monday finalized revisions of its Greenhouse Gas Reporting Program regulations for the oil and gas sector, the latest step taken by the Biden administration to clamp down on methane emissions from the industry.
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May 06, 2024
Ohio AG Says Social Media Age Limit Fight Hurts Democracy
Ohio Attorney General Dave Yost and the internet technology trade association that sued to block him from enforcing the Buckeye State's new law requiring parental consent for children under 16 to create online accounts have filed competing bids for early wins.
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May 06, 2024
Blaze Media Must Show Docs In Harassment Suit, Judge Says
A Texas federal judge ordered Blaze Media to cough up documents relating to a former commentator accused of sexual harassment, finding that the conservative media company didn't do enough to show that the discovery requests were overly broad and concerned confidential information.
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May 06, 2024
FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.
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May 06, 2024
Nonprofit Dodges Punitive Damages Over Child's Death
An Ohio state court jury did not find any malice in Catholic Charities Corp.'s actions before a developmentally disabled 5-year-old, whom one of its former workers allegedly lied about checking on, was found in a shallow grave, meaning the nonprofit does not have to pay punitive damages for the boy's death.
Expert Analysis
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How Export Controls Are Evolving To Address Tech Security
Recently proposed export control regulations from the U.S. Department of Commerce are an opportunity for stakeholders to help pioneer compliance for the increasing reliance on the use of outsourced technology service providers, say attorneys at Benesch.
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5th Circ. Clarifies What Is And Isn't A 'New Use' Of PFAS
The Fifth Circuit's March 21 decision in Inhance Technologies v. U.S. Environmental Protection Agency, preventing the EPA from regulating existing uses of PFAS under "significant new use" provisions of the Toxic Substances Control Act, provides industry with much-needed clarity, say Joseph Schaeffer and Sloane Wildman at Babst Calland.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Handling Customer Complaints In Bank-Fintech Partnerships
As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Opinion
New Mexico Fire Victims Deserve Justice From Federal Gov't
Two years after the largest fire in New Mexico's history — a disaster caused by the U.S. government's mismanagement of prescribed burns — the Federal Emergency Management Agency must remedy its grossly inadequate relief efforts and flawed legal interpretations that have left victims of the fire still waiting for justice, says former New Mexico Attorney General Hector Balderas.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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2 Recent Suits Show Resiliency Of Medicare Drug Price Law
Though pharmaceutical companies continue to file lawsuits challenging the Inflation Reduction Act, which enables the federal government to negotiate for lower prescription drug prices, recent decisions suggest that the reduced drug prices are likely here to stay, says Jose Vela Jr. at Clark Hill.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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Decoding The FTC's Latest Location Data Crackdown
Following the Federal Trade Commission's groundbreaking settlements in its recent enforcement actions against X-Mode Social and InMarket Media for deceptive and unfair practices with regards to consumer location data, companies should implement policies with three crucial elements for regulatory compliance and maintaining consumer trust, says Hannah Ji-Otto at Baker Donelson.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Planning For Healthcare-Private Equity Antitrust Enforcement
U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.