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Compliance
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June 05, 2024
Trump Gag Order Still Needed Through Sentencing, DA Says
Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.
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June 05, 2024
NY Gov. Indefinitely Halts Manhattan Congestion Pricing
New York Gov. Kathy Hochul on Wednesday shelved congestion pricing just weeks before officials were set to implement a fee for vehicles entering Manhattan's busiest corridor, in a dramatic about-face following intense backlash and litigation from residents and business owners grappling with the high cost of living.
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June 05, 2024
DLA Piper Atty, Ex-UK Official On Practicing Across The Pond
In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.
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June 05, 2024
FTC Can't Pause Novant's $320M Bid To Buy NC Hospitals
The Federal Trade Commission on Wednesday lost its bid to block Novant Health from buying two local hospitals in North Carolina for $320 million while it conducts an in-house review, with a federal judge reasoning that competition would actually fare better if the merger advanced.
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June 05, 2024
5th Circ. Private Funds Ruling Could Rewrite SEC Agenda
The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.
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June 04, 2024
Trump Wants Gag Orders Terminated In Wake Of Guilty Verdict
Donald Trump asked a New York County judge to terminate gag orders restricting the former president from making out-of-court statements during his criminal trial, arguing that the "restrictions" on his First Amendment rights are no longer warranted now that the trial has come to an end.
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June 04, 2024
Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears
Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.
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June 04, 2024
GOP Spending Bill Aims To Cut SEC Budget, Nix Climate Rule
The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.
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June 04, 2024
Microsoft Failing To Protect Students' Data, EU Watchdog Told
A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.
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June 04, 2024
Divided 9th Circ. Reverses Sutter Health Antitrust Trial Victory
A split Ninth Circuit panel on Tuesday overturned Sutter Health's win in insurance plan purchasers' $400 million antitrust suit, ruling that the lower court wrongly excluded "highly relevant" evidence — including admissions by Sutter executives — that would've helped the purchasers potentially prove claims they overpaid thanks to Sutter's anticompetitive conduct.
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June 04, 2024
Insulin Pens Exposed Patients To Disease, Hospital Says
A Connecticut-based hospital says medical device manufacturer Novo Nordisk should be on the hook for a $1 million settlement the hospital paid to end claims that patients were exposed to blood-borne infections because of the medical staff's use of Novo Nordisk's product.
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June 04, 2024
Atty's Argentine Uber Debut Fight Lands At Calif. High Court
Barring fraudulent concealment claims under the so-called economic loss doctrine would create "perverse incentives" for people to draw others into contracts and "have their way with them," the California Supreme Court was told Tuesday by counsel for an Argentinian attorney suing Uber on allegations it hid crucial information from him.
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June 04, 2024
CFPB Seeks Traffic Cop For Parallel Small-Biz Data Rule Suits
The Consumer Financial Protection Bureau on Tuesday asked a Kentucky federal judge to stay an industry lawsuit challenging the agency's small-business lender reporting requirements, saying a largely identical challenge filed earlier in Texas should take precedence.
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June 04, 2024
Rep. Gaetz Backs FTC's Noncompete Ban In Court
Rep. Matt Gaetz threw his support behind the Federal Trade Commission on Tuesday in a court battle over the agency's new rule banning employee noncompete clauses, arguing that Congress has repeatedly affirmed the commission's authority to make competition rules.
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June 04, 2024
HP Fraud Charges Against Ex-Autonomy Execs Head To Jury
Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."
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June 04, 2024
Airbus' Satcom Unit Fined $44K For Anti-Boycott Violations
The U.S. Department of Commerce announced a penalty of $44,750 against Airbus DS Government Solutions Inc. on Tuesday after the company self-reported three violations of federal regulations prohibiting U.S. companies from supporting boycotts against Israel.
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June 04, 2024
DOJ Remains 'Clear Eyed' About No-Poach Prosecutions
A senior U.S. Department of Justice Antitrust Division prosecutor continued Tuesday to emphasize the importance of criminal cases accusing employers of fixing wages or curtailing recruitment and hiring of workers from rivals, asserting that despite courtroom defeats, enforcers are trying to learn from past failures.
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June 04, 2024
Meta, Texas Strike Deal To End State's Biometric Privacy Suit
Meta Platforms Inc. and Texas' attorney general have agreed to settle the state's suit accusing the social media giant of using its facial recognition technology to illegally collect Facebook users' biometric information without their consent, the parties told a state court.
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June 04, 2024
Fla. Biz Owners Indicted On Grant-Writing Fraud Conspiracy
Two northern Florida business owners have been federally indicted on fraud conspiracy-related charges in connection to a scheme in which they allegedly stole nearly $3 million from minority-owned companies by promising grant-writing services that were never delivered.
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June 04, 2024
Airlines Seek Shield From Chicago's New Paid Sick Leave Law
The trade group representing the largest U.S. airlines alleged in a federal lawsuit Tuesday that Chicago's new paid sick leave law cannot be enforced against airlines because it interferes with flight crew staffing and scheduling in violation of federal law and collective bargaining agreements.
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June 04, 2024
2 Firms Tapped To Lead Barclays Investor Suit
Kaplan Fox & Kilsheimer LLP and Sperling & Slater LLC have been appointed to co-lead an investor suit accusing Barclays PLC of over-issuing $17 billion of securities.
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June 04, 2024
CFPB Cautions Firms Against Contractual 'Fine Print Tactic'
The Consumer Financial Protection Bureau on Tuesday warned banks and other financial services firms against trying to "trick" consumers with unenforceable waivers in their customer contracts, saying their use of certain contractual terms and conditions can open them up to supervisory or enforcement action.
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June 04, 2024
Garland Defends DOJ Integrity, Demurs On Justices' Ethics
Attorney General Merrick Garland on Tuesday defended the Department of Justice's independence, deflecting questions about ethics scandals at the U.S. Supreme Court and rejecting Donald Trump's "conspiracy theory" that federal prosecutors were the real force behind his recent conviction.
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June 04, 2024
Nurse Staffing Exec Wants Antitrust, Fraud Charges Separated
An indicted home health care staffing executive asked a Nevada federal court to separate the antitrust charge against him for allegedly fixing nurses wages from claims that he concealed the conspiracy and government probe when selling the business for more than $10 million.
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June 04, 2024
Top 3 Groups Lobbying The FCC
The Federal Communications Commission heard from advocates nearly 200 times in May on issues ranging from cybersecurity in schools and libraries to tribal broadband funding and deployment, net neutrality rules and captioning for the hearing- and speech-disabled.
Expert Analysis
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Compliance Considerations For New Data Protection Law
Sam Castic at Hintze Law discusses how to determine if your organization is covered by the newly enacted Protecting Americans' Data from Foreign Adversaries Act, the scope of the law's restrictions, and how to go about compliance as its June 23 effective date approaches.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Opinion
NEPA Final Rule Unlikely To Speed Clean Energy Projects
A recent final rule from the White House Council on Environmental Quality purports to streamline federal environmental reviews to accelerate the construction of renewable energy infrastructure — but it also expands consideration of climate change and environmental justice, creating vast new opportunities for litigation and delay, says Thomas Prevas at Saul Ewing.
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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls
A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Colo. Lending Law Could Empower State-Chartered Banks
Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.
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In Debate Over High Court Wording, 'Wetland' Remains Murky
Though the U.S. Supreme Court's decision limiting the Clean Water Act’s wetlands jurisdiction is now a year old, Sackett v. EPA's practical consequences for property owners are still evolving as federal agencies and private parties advance competing interpretations of the court's language and methods for distinguishing wetlands in lower courts, says Neal McAliley at Carlton Fields.
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High-Hazard Retailers: Are You Ready For OSHA Inspections?
In light of a bill introduced this month in Congress to protect warehouse workers, relevant employers — including certain retailers — should remain aware of an ongoing Occupational Safety and Health Administration initiative that has increased the likelihood of inspection over the next couple of years, say Julie Vanneman and Samantha Cook at Dentons Cohen.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.