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Compliance
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May 07, 2024
DOJ Says Cross-Border Antitrust Trial Must Stay In Houston
Prosecutors have advised Houston's federal court against transferring a criminal case closer to the border, saying their witnesses fear testifying against defendants charged with using violence to control the cross-border sale of used vehicles and other goods in Central America.
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May 07, 2024
Amazon Says Zulily Lacks Standing To Bring Antitrust Claims
Amazon is asking a Washington federal court to throw out now-defunct online retailer Zulily's lawsuit accusing it of using its monopoly power to shut out competition from other online retailers, arguing that Zulily merely "parrots" allegations made by regulators and has singled out "plainly procompetitive practice."
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May 07, 2024
Tax Software Co. Still Can't Trim Rival's Trade Secrets Suit
A corporate-focused tax preparation software company still can't pare back a suit alleging that it poached workers from its rival's recently acquired company, a Pennsylvania federal judge ruled Tuesday.
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May 07, 2024
Everton Investors Bemoan Soccer Team Sale Amid Fraud Suit
The Everton FC Shareholders Association wants to slam the brakes on the "farce" sale of its Premier League soccer team to private equity firm 777 Partners LLC, arguing they are not qualified owners, a demand that comes as the firm faces allegations of fraud.
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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.
Expert Analysis
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Texas Hair Bias Ruling Does Not Give Employers A Pass
A Texas state court’s recent decision, holding that a school could discipline a student with locs for refusing to cut his hair, should not be interpreted by employers as a license to implement potentially discriminatory grooming policies, says Dawn Holiday at Jackson Walker.
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When Trade Secret Protection And Nat'l Security Converge
The Trump administration's anti-espionage program focused on China is over, but federal enforcement efforts to protect trade secrets and U.S. national security continue, and companies doing business in high-risk jurisdictions need to maintain their compliance programs to avoid the risk of being caught in the crosshairs of an investigation, say attorneys at Baker McKenzie.
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The Merger Cases That Will Matter At ABA Antitrust Meeting
While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.
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How Banks Should Respond To Calif. AG's Overdraft Warning
Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Cos. Should Prepare For Foreign Data Transfer Regulations
A new regulatory regime designed to protect U.S. sensitive data from countries of concern may complicate an already intricate geopolitical landscape and affect even companies beyond the data industry, but with careful preparation, such companies can endeavor to minimize the effect on their business operations and ensure compliance, say David Plotinsky and Jiazhen Guo at Morgan Lewis.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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A Closer Look At Antitrust Agencies' Chat Platforms Guidance
Following the U.S. antitrust agencies' clarification that companies' preservation obligations extend through applications that automatically delete communications, firms should look at new compliance measures, including keeping control over retention settings, say John Ingrassia and Tim Burroughs at Proskauer.
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Expect CFPB Enforcement To Continue Ramping Up
From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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A Snapshot Of The Evolving Restrictive Covenant Landscape
Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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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.