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Compliance
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May 28, 2024
Groups Fight Calif. AG's Subpoenas In Plastic Waste Probe
Two chemical and plastic industry groups have accused California Attorney General Rob Bonta of violating their First Amendment rights by demanding they hand over privileged documents as part of an investigation into global plastics pollution, in a pair of complaints filed in D.C. federal court.
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May 28, 2024
Texas Judge Sends Suit Over CFPB Late Fee Rule Back To DC
A Texas federal judge Tuesday ordered another cross-country trip for a banking industry lawsuit that challenges the Consumer Financial Protection Bureau's $8 credit card late fee rule, sending the case back to Washington, D.C., shortly after regaining control over it.
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May 28, 2024
Catching Up With Delaware's Chancery Court
Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 28, 2024
Chicken Buyers Defend Additional $37M Atty Fee Ask
Direct chicken buyers who have inked more than $284 million in price-fixing settlements defended their counsel's request for more than $37 million in what would be their third payout in the massive case, saying the request is consistent with both precedent and past experience.
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May 28, 2024
High Court Passes On Collection Firm's CFPB Funding Fight
The U.S. Supreme Court said Tuesday that it won't take up a now-shuttered debt collection law firm's fight against an investigative demand by the Consumer Financial Protection Bureau, turning down a case that covered the same constitutional ground as one that the justices recently decided in the agency's favor.
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May 28, 2024
DC Circ. Won't Pause New TSA Airport Screening Mandate
The D.C. Circuit declined to pause a new requirement Tuesday that airports enhance random screenings of workers with access to secure terminals and facilities, as the court considers a consolidated legal challenge alleging the Transportation Security Administration is improperly shifting its federal obligations to local airport operators.
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May 28, 2024
Kroger, Albertsons Must Give FTC Texts, Written Notes
Claims from a pair of multibillion-dollar grocery giants that a discovery request will pose financial burden held no sway over a Federal Trade Commission in-house judge who last week ordered Kroger and Albertsons to produce text messages and handwritten notes from key employees as part of the agency's merger challenge.
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May 28, 2024
OCC's Hsu Says More Banks May Need Crisis Playbook Rules
The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.
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May 28, 2024
Ex-NRA CFO Settles NY AG Suit Before Phase-Two Trial
The National Rifle Association's former chief financial officer has reached a settlement with the New York attorney general's office ahead of the second phase of a trial over claims the group and its executives misused donor money, among other alleged misconduct.
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May 28, 2024
EEX, Nasdaq Power Offer EU Fixes For Deal
European Energy Exchange AG and Nasdaq have offered fixes for potential competition concerns raised by the planned sale of Nasdaq's European power trading and clearing business after enforcers in several European member states referred the deal for a review.
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May 28, 2024
FERC Wrong To Backtrack On Grid Project Plan, DC Circ. Told
The Federal Energy Regulatory Commission unlawfully reversed course on a regional grid operator's plan to spread out the costs of transmission upgrade projects, unfairly saddling customers within certain areas with higher bills, two Kansas electricity cooperatives have told the D.C. Circuit.
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May 28, 2024
Wells Fargo Seeks To Send Account Offsets Suit To Arbitration
Wells Fargo has asked a California federal judge to send a class action lawsuit alleging it unlawfully dipped into customers' deposit accounts to repay itself for credit owed card debt to arbitration since the plaintiff signed a deposit account agreement containing a binding arbitration provision.
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May 28, 2024
Exxon Investor Broadens Promise To Nix Climate Proxy Bid
An activist investor sued by Exxon Mobil Corp. over a now-withdrawn shareholder proposal concerning climate change has again called on the oil giant to withdraw its suit after broadening its previous promise not to resubmit the proposal in the future.
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May 28, 2024
Texas Crypto Mining CEO Hits Back At SEC's $5.6M Fraud Suit
The CEO of a crypto-asset mining and hosting company wants out of the U.S. Securities and Exchange Commission's suit accusing him and the company of defrauding investors through a $5.6 million unregistered securities offering, arguing that its agreements with clients were not securities.
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May 28, 2024
FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years
A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.
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May 28, 2024
Justices Pass On Fight Over FERC Power Market Cap Rule
The U.S. Supreme Court on Tuesday declined to review a D.C. Circuit decision backing the Federal Energy Regulatory Commission's change of bidding practices for electricity capacity auctions run by PJM Interconnection, the nation's largest regional grid operator.
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May 28, 2024
Justices Will Review EPA's 'Vague' SF Water Pollution Regs
The U.S. Supreme Court on Tuesday agreed to review the U.S. Environmental Protection Agency's decision to set "vague" and "generic" pollution prohibitions for San Francisco, as opposed to numerical standards.
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May 28, 2024
GE General Counsel Mike Holston Heading To Paul Weiss
The general counsel who navigated General Electric Co. through its recent split into three companies is becoming a partner at Paul Weiss Rifkind Wharton & Garrison LLP on Oct. 1, where he looks forward to taking on corporate crises and maybe even a pro bono death penalty case.
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May 24, 2024
Live Nation Ticket Buyers Follow Feds With Antitrust Suit
Live Nation and Ticketmaster were hit with a consumer antitrust proposed class action Thursday accusing them of monopolizing concert promotion and ticketing for major concert venues following their 2010 merger, which comes on the heels of the U.S. Department of Justice's own lawsuit.
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May 24, 2024
Senate Republican Eyes Tutor.com's China Ties, Data Use
The top Republican on the U.S. Senate's health and education committee has launched an investigation into Tutor.com, a Chinese-controlled web service of The Princeton Review that offers students online tutoring, saying China's Communist Party may be exploiting users' sensitive data.
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May 24, 2024
Real Estate Authority: Adaptive Reuse, Climate Risk, SFR
Catch up on this week's key developments by state from Law360 Real Estate Authority — including one BigLaw real estate leader's take on adaptive reuse, the enduring risk of climate change for public companies, and the latest industry player perspectives on the single-family rental market.
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May 24, 2024
Top Senate Banking Dem Presses DoorDash On Biz Advances
Food ordering and delivery platform DoorDash has come under fire from the chair of the U.S. Senate's banking committee over merchant cash advance products offered on its platform, with the lawmaker saying the typically high costs of such offerings bear "a troubling similarity to payday lending practices."
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May 24, 2024
SEC Hits Back At SolarWinds' 'Distortion' Allegations
The U.S. Securities and Exchange Commission sent a letter to a New York federal judge Friday pushing back on SolarWinds Corp.'s accusations that it was overstating and distorting its case against the government contractor over a data hack, saying its complaint is "well-grounded in facts" uncovered during its investigation.
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May 24, 2024
Employment Authority: Bias Claims With Hiring, Gaza Protests
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on why rejecting job applicants who participate in campus protests over the conflict in Gaza could open up employers to discrimination claims, tips for employers to stay compliant with child labor obligations this summer and how a representation election loss for the United Auto Workers at two Alabama Mercedez-Benz plants may slow the union's organizing efforts.
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May 24, 2024
FCC Calls For Fresh Comments On Orbital Debris Rulemaking
The Federal Communications Commission is hitting the "refresh" button on orbital debris rulemaking, issuing a new call for public input on potential agency rules.
Expert Analysis
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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What New Conn. Insurance Bulletin Means For Data And AI
A recent bulletin from the Connecticut Insurance Department concerning insurers' usage of artificial intelligence systems appears consistent with the National Association of Insurance Commissioners' gradual shift away from focusing on big data, and may potentially protect insurers from looming state requirements despite a burdensome framework, say attorneys at Day Pitney.
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IRS Sings New Tune: Whistleblower Form Update Is Welcome
In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Inside OMB's Update On Race And Ethnicity Data Collection
The Office of Management and Budget's new guidelines for agency collection of data on race and ethnicity reflect societal changes and the concerns of certain demographics, but implementation may be significantly burdensome for agencies and employers, say Joanna Colosimo and Bill Osterndorf at DCI Consulting.
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Consumer Privacy Takeaways From FTC Extraterritorial Action
With what appears to be its first privacy-related consent agreement with a non-U.S. business, the Federal Trade Commission establishes that its reach is extraterritorial and that consumer internet browsing data is sensitive data, and there are lessons for any multinational business that handles consumer information, say Olivia Greer and Alexis Bello at Weil.
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Assessing Work Rules After NLRB Handbook Ruling
The National Labor Relations Board's Stericycle decision last year sparked uncertainty surrounding whether historically acceptable work rules remain lawful — but employers can use a two-step analysis to assess whether to implement a given rule and how to do so in a compliant manner, say attorneys at Seyfarth.
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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.