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Compliance
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May 16, 2025
FINRA Fines BTG Pactual Unit Over Lax AML Compliance
A U.S. brokerage unit of Brazilian investment bank BTG Pactual will pay $400,000 to the Financial Industry Regulatory Authority to settle claims that, among other things, its written policies didn't explain how it would monitor wire transfer requests to stay in compliance with anti-money laundering provisions.
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May 16, 2025
Firms Eye Setoff Shielding $66M Conn. Life Insurance Policies
Three investment companies holding PHL Variable Insurance Co. policies asked a Connecticut state court judge on Friday to allow them to set off in-force life insurance policy premiums against their $66 million in matured policies, fearing they could receive only a fraction of their investments while the state supervises the struggling insurer.
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May 16, 2025
9th Circ. Mulls DOJ Shield Of Jones Day VW Documents
A Ninth Circuit panel on Friday questioned whether it could force the U.S. Department of Justice to hand over confidential Volkswagen documents it obtained through a grand jury subpoena that were part of Jones Day's internal investigation into the automaker's 2015 emissions-cheating scandal.
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May 16, 2025
ASPCA Ex-CFO Links Firing To His Whistleblower Complaints
The former chief financial officer of the American Society for the Prevention of Cruelty to Animals has alleged that he was fired in retaliation for raising questions about the nonprofit's expenditure of donor funds and misuse of animal transport vehicles, in violation of New York's whistleblower law and New Jersey's Conscientious Employee Protection Act.
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May 16, 2025
No 'Magic Words' Needed To Sue KKR For Hiding Deals, DOJ Says
KKR is trying to duck a U.S. Department of Justice lawsuit seeking fines that could top $650 million, by reading standards for seeking penalties that are not there, the government said Thursday, defending claims that the private equity giant failed to notify two mergers and deleted key documentation from notifications.
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May 16, 2025
FINRA Faces Calls To Narrow Its Outside Biz Rule Revamp
The Financial Industry Regulatory Authority has received a range of feedback on its proposal to streamline reporting requirements for firm representatives' outside business activities, with industry groups urging various tweaks to the measure, and a state regulator and investment adviser group opposing it outright.
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May 16, 2025
CFTC May Be Hobbled As Another Member Announces Exit
The U.S. Commodity Futures Trading Commission's Christy Goldsmith Romero announced Friday that she will be stepping down as commissioner at the end of the month, potentially leaving the agency struggling to move forward with only two members as it awaits congressional action on President Donald Trump's nominee for chair.
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May 16, 2025
SEC X Account Hack Conspirator Gets 14 Months
An Alabama man was sentenced in D.C. federal court Friday to 14 months behind bars for his role in last year's hack of the U.S. Securities and Exchange Commission's account on the social platform X to post a bogus development in the agency's cryptocurrency policy.
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May 16, 2025
NJ Transit Calls Unions' Refusal To Cross Picket Line Unlawful
NJ Transit has hit two unions with lawsuits in New Jersey federal court over a rail strike that began Friday, accusing a Teamsters unit and the American Train Dispatchers Association of violating the Railway Labor Act by refusing to cross another Teamsters unit's picket line.
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May 16, 2025
Coinbase Users Sue Over Bribery-Linked Data Breach
Crypto exchange Coinbase faces a wave of lawsuits from users accusing it of negligent information security practices after the exchange disclosed that an unknown perpetrator had stolen customer data by bribing overseas workers.
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May 16, 2025
'Tuna Bond' Defendants Ordered To Pay $352M In Restitution
A Brooklyn federal judge ordered three former Credit Suisse bankers and the former finance minister of Mozambique to pay a combined $352 million in restitution Friday after they pled guilty or were convicted of scheming to defraud investors in a $2 billion state-backed development initiative involving tuna fishing.
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May 16, 2025
SEC's Atkins Previews Possible Changes To CEO Pay Rules
U.S. Securities and Exchange Commission Chair Paul Atkins announced Friday the agency plans to review rules requiring public companies to report the earnings of CEOs and other high-level executives, highlighting a possible area of regulatory change for the now Republican-led commission.
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May 16, 2025
Green Group Says Trump Admin Stalling On Logging Records
Federal agencies are dragging their feet in response to requests for information related to how they are implementing President Donald Trump's executive order to expand logging projects in the U.S., a lawsuit filed Friday in D.C. federal court says.
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May 16, 2025
HHS Says Pain Clinic's Delay Hurts $11M Bill Challenge
The U.S. Department of Health and Human Services on Friday fought a pain clinic's bid in North Carolina federal court for a pretrial win in the clinic's suit challenging $11 million in overpayments for urine drug screening tests, saying the clinic waited too long to bring evidence that the testing was justified.
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May 16, 2025
FCC Aims To Push China Out Of Telecom Certification Process
The Federal Communications Commission has announced its plan to ban Chinese test labs and telecommunications certification bodies from being used on devices destined for the United States, and industry stakeholders have opinions on whether they think that's a good idea.
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May 16, 2025
Employment Authority: What Unions Face With Trump EOs
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with labor relations experts' take on tactics unions need as they face impacts from President Donald Trump's executive orders, a look at ongoing lawsuits from the legal strategist who pursued the U.S. Supreme Court case that ended affirmative action in college admissions and tips for handling the update to New York's frequency of pay law.
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May 16, 2025
Trump Calls On Justices To Stay Block Of Gov't Restructuring
President Donald Trump asked the U.S. Supreme Court on Friday to pause a California federal judge's order temporarily halting agencies from implementing an executive order to plan reorganizations and reductions in force, claiming the lower court's decision has caused confusion and wasted taxpayer dollars.
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May 16, 2025
Families Rip DOJ Bid To Ditch Boeing 737 Max Criminal Case
The U.S. Department of Justice might back down from criminally prosecuting Boeing over the deadly 737 Max crashes and save the American aerospace giant from a high-profile trial in Texas next month under a tentative deal that attorneys for crash victims' families decried Friday as offensive and "morally repugnant."
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May 16, 2025
Parents Sue Colgate Over Alleged Dangers Of Fluoride Rinse
A proposed class of buyers of oral rinses is suing Colgate-Palmolive Co., alleging it misleadingly advertises its Hello Kids Fluoride Rinse as safe despite the U.S. Food and Drug Administration considering it too dangerous for children under 6 years old.
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May 16, 2025
Live Nation Denies Colluding Over Pandemic Response
Live Nation denied any wrongdoing while appearing to acknowledge a U.S. Department of Justice criminal probe into potential collusion with fellow ticketing and entertainment company Anschutz Entertainment Group Inc. in their response to the COVID-19 pandemic.
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May 16, 2025
11th Circ. Troubled By Feds' Reversal On ALJ Removal Law
Eleventh Circuit arguments on whether Walmart Inc. must face an administrative law judge over alleged immigration recordkeeping violations were derailed Friday by the court's concerns about the Trump administration's decision to no longer defend the statute protecting such judges from removal by the executive branch.
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May 16, 2025
NLRB Acting GC Narrows Remedy Asks In Settlement Talks
National Labor Relations Board acting general counsel William Cowen instructed regional officials on Friday to exercise more discretion over the remedies they pursue when seeking to settle cases, walking back instructions from his predecessor to seek maximum remedies in settlements.
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May 16, 2025
DC Circ. Probes Agency Power In Labor Firings Appeal
A D.C. Circuit panel grappled Friday with the extent of the president's power to fire federal officials with the U.S. Supreme Court's views in flux, with two judges straining to pin the government's attorney down on what divides agencies Congress can insulate and those it can't.
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May 16, 2025
Despite US-China Tariff Pause, Business Pressures Persist
U.S. importers dodged an effective ban on Chinese imports for now following the U.S. and China suspending higher tariff rates, but companies still foresee higher prices and supply-chain disruptions that will continue to stoke economic anxiety.
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May 16, 2025
Pot Farm Can't Challenge Colo. Regulators' Alleged Inaction
A Colorado state judge has dismissed a cannabis farm's suit alleging that state regulators haven't sufficiently cracked down on illegal operators, saying the farm isn't challenging a final agency action that is subject to judicial review.
Expert Analysis
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Keys To Regulatory Diligence In Life Sciences Transactions
Conducting effective regulatory due diligence for life sciences deals requires careful review of a target company's activities, and separate sets of considerations for commercial and pipeline products, says Anna Zhao at GunnerCooke.
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How Plan Sponsors Can Mitigate Risk In PBM Contracts
A recent lawsuit in New York federal court alleges that JPMorgan caused exorbitant prescription costs by mishandling the pharmacy benefit manager arrangement, adding to a growing body of Employee Retirement Income Security Act fiduciary breach litigation and affirming that fiduciaries must proactively manage their healthcare plan vendors, say attorneys at Hall Benefits Law.
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Lessons From Pa. Wiretapping Class Action Dismissal
A recent wiretapping class action in Pennsylvania federal court resulting in the dispositive dismissal of the action provides key insights on how online notice and consent can be leveraged to directly address and mitigate legal risks and class action liability exposure, say attorneys at Baker Donelson.
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Assessing Market Manipulation Claims In Energy Markets
Today's energy markets are conducive to sudden price changes, breakdowns in pricing linkages and substantial shifts in trading patterns, so it's necessary to take a holistic view when evaluating allegations of market manipulation, say Maximilian Bredendiek, Greg Leonard and Manuel Vasconcelos at Cornerstone Research.
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How Calif., NY Could Fill Consumer Finance Regulatory Void
California and New York have historically taken the lead in consumer financial protection, and both show signs of becoming even more active in this area during the second Trump administration amid an enforcement pullback at the federal level, say attorneys at Sidley.
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Series
Volunteer Firefighting Makes Me A Better Lawyer
While practicing corporate law and firefighting may appear incongruous, the latter benefits my legal career by reminding me of the importance of humility, perspective and education, says Nicholas Passaro at Ford.
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Tax Takeaways From Georgia's 2025 Legislative Session
Attorneys at Eversheds Sutherland discuss tax-related measures passed by the Georgia Legislature during the session that adjourned on April 4, which included a decrease in income tax rates, an extension of the time in which to a protest tax assessment and cleanup provisions related to launching the state’s new tax court next year.
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Limit On SEC Enforcement Authority May Mean Fewer Actions
Following a recent U.S. Securities and Exchange Commission final rule revoking the Enforcement Division director's long-standing authority to issue formal investigation orders, it's clear the division is headed for a new era of limited autonomy, marked by a significantly slower pace of SEC investigations, say attorneys at Ballard Spahr.
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Influencer Campaign Lawsuits Signal New Endorsement Risks
Recent class actions allege that companies' influencer campaigns violate the Federal Trade Commission's Endorsement Guides and various state laws, but it's not clear whether the failure to comply can sustain these lawsuits, or whether the plaintiffs' creative theory of damages will hold up to scrutiny, says Gonzalo Mon at Kelley Drye.
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How Lenders Should Prepare For Crypto As Collateral
Amid the administration's desire to position the U.S. as a digital banking leader, lenders should prepare for customers seeking to use cryptocurrency as collateral for financing, consider which rules govern these transactions, and assess their ability to obtain or maintain control of the virtual funds, say attorneys at Frost Brown.
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As SEC, CFTC Retreat, Who Will Police The Crypto Markets?
As the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission pull back from policing the crypto markets, the Federal Trade Commission and Consumer Financial Protection Bureau have the authority to pick up the slack — although recent events raise doubts that they will do so, say attorneys at Skadden.
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What The Minimum Wage Shift Means For Gov't Contractors
While President Donald Trump's recent executive order rescinding a 2021 increase to the federal contractor minimum wage is welcome relief to some federal contractors and settles continued disagreement about its legality, there remains significant uncertainty and pitfalls over contractor wage obligations, say attorneys at Polsinelli.
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5 Ways Banking Has Changed In 5 Years Since COVID
Since the start of the pandemic five years ago, technology, convenience and shifting expectations have transformed compliance for the financial services industry in several key ways, from the shrinking role of the traditional bank branch to the rise of fintech and mobile payments, says Christopher Pippett at Fox Rothschild.
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Unpacking USPTO Foreign Fraudulent Trademark Crackdown
The recent show cause order issued by the U.S. Patent and Trademark Office to Shenzhen Seller Growth Network Technology Co. Ltd. and its affiliates could lead to the cancellation of approximately 42,000 trademark registrations, highlighting the necessity of heightened vigilance in vetting foreign trademark filings, says Judy Yen at Omnus Law.
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Calif. May Pick Up The Slack On Foreign Bribery Enforcement
The California attorney general recently expressed an interest in targeting foreign bribery amid a federal pause in Foreign Corrupt Practices Act enforcement, so companies should calibrate their compliance programs to mitigate against changing risks, especially as other states could follow California’s lead, say attorneys at Gibson Dunn.