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Compliance
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May 17, 2024
Feds Say Crypto Scammer Gave Nod To 'Seinfeld' Gag
The lie that the character George Costanza told on "Seinfeld" appears to have inspired a New York City fraudster, as federal prosecutors announced Friday that a Brooklyn man admitted to running a million-dollar crypto and real estate scam in part through a phony company called Vandelay Contracting Corp.
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May 17, 2024
Koch-Tied Group Says Transparency Law Offends Federalism
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.
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May 17, 2024
Employment Authority: Workers Take Aim At Pregnancy Bias
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on the substantial stack of charges the U.S. Equal Employment Opportunity Commission fielded last year brought under a new law that grants accommodations to pregnant employees, the Biden administration's rush to wrap up rulemaking to dodge potential Republican opposition, and why experts think United Auto Workers' upcoming union talks with Volkswagen present unique challenges.
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May 17, 2024
Las Vegas Sun Wants Day In Court Against Review-Journal
The Las Vegas Sun asked a Nevada federal judge Thursday to schedule trial in its antitrust suit against the Las Vegas Review-Journal, arguing the larger paper and soured distribution partner cannot be allowed to continue running out the clock in an effort to put the Sun out of business.
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May 17, 2024
New Domestic Content Guidance May Boost Energy Credits
The U.S. Treasury Department's new guidance on bonus tax credits for clean energy projects that source domestic-made materials and components aims to simplify the process for determining eligibility and spur more development to get those extra incentives.
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May 17, 2024
Chancery Rulings Stir Up Del. Corporate Bar Push-Back
Intrigue surrounding closed-door talks on amendments to Delaware's General Corporation Law picked up in recent days, bringing greater scrutiny to an often sedate effort stirred up this year by a draft proposal seen as potentially removing some corporate policing powers traditionally given to the state's courts.
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May 17, 2024
Google Says Payment Means No Need For DOJ Ad Tech Jury
Google is arguing in Virginia federal court the government has no right to a jury trial in a case accusing the company of monopolizing key digital advertising technology, especially after Google issued a check for the money enforcers could be awarded if they won.
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May 17, 2024
DC Circ. Won't Immediately Block EPA Power Plant GHG Rule
The U.S. Environmental Protection Agency is clear to implement its new greenhouse gas emissions rule for power plants — at least for now — after the D.C. Circuit on Friday rejected an effort to temporarily block it.
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May 17, 2024
Industry Emboldened After Justices Galvanize Agency Attacks
In the year since the U.S. Supreme Court said "extraordinary" and "far-reaching" attacks on administrative enforcers can skip agency tribunals and go straight to federal district court, ambitious challenges to regulatory powers are rapidly gaining traction, and the high court is poised to put them on an even firmer footing.
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May 17, 2024
McDermott Adds Dechert Blockchain Ace In Calif. Offices
McDermott Will & Emery LLP is growing its transactions team, announcing Friday it is bringing in a Dechert LLP blockchain and digital assets expert as a partner in its Orange County and Silicon Valley offices.
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May 17, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
The SEC adopted cybersecurity rules to require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised, and lawyers said SPACs won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal. These are among the stories in corporate legal news you may have missed in the past week.
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May 17, 2024
Wash. Energy Codes Challenged Again After 9th Circ. Decision
In the wake of a Ninth Circuit ruling that forced Washington officials to revisit regulations on natural gas appliances used in new construction, a group of natural gas companies, homeowners and construction interests are claiming the state's apparent fix is again out of step with federal law.
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May 17, 2024
Kilpatrick Brings On Nelson Mullins Energy Pro In Atlanta, DC
Kilpatrick Townsend & Stockton LLP has picked up a new energy regulatory attorney in Atlanta and Washington, D.C., with a diverse background, including working for Nelson Mullins Riley & Scarborough LLP as well as Google and the South Carolina House of Representatives.
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May 17, 2024
TD Bank Says Ex-Advisers Enticed $25M To Raymond James
TD Bank NA and its subsidiary TD Private Client Wealth LLC are accusing two former employees of "brazenly" breaking nonsolicitation agreements by moving to Raymond James Financial Services Inc. and enticing $25 million in client assets to come with them.
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May 17, 2024
Mass. Hospital Pays $24.3M To Settle Heart-Surgery FCA Case
Cape Cod Hospital will pay $24.3 million to settle claims it flouted Medicare billing rules for hundreds of heart-valve replacement surgeries in what's understood to be the largest recovery under the False Claims Act from a Massachusetts hospital.
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May 17, 2024
Day After High Court Win, 'Full Strength' CFPB Sues Fintech
Fresh off its landmark victory at the U.S. Supreme Court, the Consumer Financial Protection Bureau on Friday filed its first contested enforcement action in months while its director separately pledged to push full-speed ahead with the agency "firing on all cylinders."
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May 16, 2024
Buckle Up: CFPB's High Court Win Will Thaw Frozen Docket
The Consumer Financial Protection Bureau is walking away from the U.S. Supreme Court with its funding and rulebook intact, a victory that caps off years of constitutional wrangling over how the agency was set up and will usher in a wave of activity that has financial services attorneys bracing for impact.
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May 16, 2024
Klobuchar Reintroduces Sweeping Antitrust Reform Bill
Sen. Amy Klobuchar, D-Minn., reintroduced sweeping legislation Thursday aimed at restoring competition by strengthening antitrust laws to help enforcers better deal with harmful conduct and mergers, garnering support from the American Antitrust Institute, Consumer Reports and others.
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May 16, 2024
DC Circ. Mulls Rolling Back Pipeline Safety Regs Over Cost
The industry group challenging a handful of pipeline safety standards told a D.C. Circuit panel on Thursday that there will be "no fight" between it and the government on one of the regulations if the court simply rules that two terms that the agency maintains have the same definition do mean the same thing.
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May 16, 2024
Convicted Insurance Mogul Says He'll Trim Empire
Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.
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May 16, 2024
Thomas, Alito: Two Originalists, Two Takes On CFPB Case
U.S. Supreme Court Justices Clarence Thomas and Samuel Alito — often birds of a feather — butted heads Thursday over the original meaning and purpose of the U.S. Constitution's appropriations clause in a decision upholding the Consumer Financial Protection Bureau's unique funding scheme, highlighting what experts describe as the pair's different approaches to originalism.
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May 16, 2024
Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says
A New York state jury has convicted the operator of a network of bitcoin kiosks that allegedly catered to criminal activity of operating an unlicensed money transmitter and tax fraud, the Manhattan District Attorney's Office said Thursday.
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May 16, 2024
FTC Can't Make Albertsons, Kroger Produce Divestiture Docs
An administrative law judge on Thursday denied the Federal Trade Commission's "premature" bid to compel Kroger and Albertsons to fork over documents related to negotiations for the companies' expanded divestiture plan amid the commission's in-house challenge to the grocers' merger.
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May 16, 2024
Judge Questions Colo.'s Power Over Out-Of-State Banks
A Colorado federal judge on Thursday asked U.S. banking regulators why the state should be able to cap interest rates for loans made to residents by out-of-state financial institutions, questioning why it was "consistent with federalism" to let an individual state have that far of a reach.
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May 16, 2024
FTC Deputy Director Rao On Healthcare Antitrust Agenda
The reason behind the Federal Trade Commission's changed attitude toward antitrust in healthcare in recent years isn't simple, according to Rahul Rao, deputy director of the FTC's Bureau of Competition.
Expert Analysis
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Opinion
Feds' Biotech Enforcement Efforts Are Too Heavy-Handed
The U.S. Department of Justice's recent actions against biotech companies untether the Anti-Kickback Statute from its original legislative purpose, and threaten to stifle innovation and undermine patient quality of care, say attorneys at Ropes & Gray.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Liquidity Risk Management Tops NCUA Exam Priorities
As credit unions map their regulatory initiatives and audit plans, they should look to the National Credit Union Administration’s annual supervisory priorities, which include five important examination areas, including liquidity management and interest rate risk, say Juan Arciniegas and Judy Chen at Chapman and Cutler.
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Protecting IP May Be Tricky Without Noncompetes
Contrary to the Federal Trade Commission's view, trade secret law cannot replace noncompetes' protection of proprietary information because intellectual property includes far more than just trade secrets, so businesses need to closely examine their IP protection options, say Aimee Fagan and Ching-Lee Fukuda at Sidley.
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Regulating Resurrected Species Under The ESA
As the prospect of extinct species being resurrected from DNA and reintroduced into the wild grows closer, an analysis of the Endangered Species Act suggests that it could provide a thoughtful, flexible governance framework for such scenarios, say Caroline Meadows and Shelby Bobosky at the SMU Dedman School of Law.
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8 Legal Issues Influencing Investors In The Creator Economy
The rapidly expanding digital creator economy — funding for which more than doubled in the U.S. in the first quarter — comes with its own set of unique legal issues investors must carefully consider before diving in, say Louis Lehot and Alan Pate at Foley & Lardner.
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Action Steps To Address New Restrictions On Outbound Data
Companies should immediately assess all their data-based operations so they can consider strategies to effectively mitigate new compliance risks brought on by recently implemented transaction restrictions, including a Justice Department proposal and landmark data legislation, say attorneys at Wiley.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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CFPB Reality Check: Video Game Cash Is Still Money
The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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5 Takeaways From FDA's Biosimilars Promotion Guidance
New draft guidance from the U.S. Food and Drug Administration expands upon other recent efforts to clarify expectations for biosimilar and interchangeable labeling, highlighting a number of potential missteps that could draw attention from regulators, say attorneys at Arnold & Porter.
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The Legal Issues Raised In Minn. Rate Exportation Opt-Out Bill
A recent Minnesota House bill would amend state law by opting out of the federal interest rate preemption and introduce several legal gray areas if passed, including issues regarding loan location, rates on credit card loans and values of state charters, says Karen Grandstrand at Fredrikson & Byron.
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Are Concessions In FDA's Lab-Developed Tests Rule Enough?
Although the U.S. Food and Drug Administration's new policy for laboratory-developed tests included major strategic concessions to help balance patient safety, access and diagnostic innovation, the new rule may well face significant legal challenges in court, say Dominick DiSabatino and Audrey Mercer at Sheppard Mullin.
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5 Climate Change Regulatory Issues Insurers Should Follow
The climate change landscape for insurers has changed dramatically recently — and not just because of the controversy over the U.S. Securities and Exchange Commission's climate-related risk disclosure rules, says Thomas Dawson at McDermott.