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Compliance

  • April 25, 2019

    Fed's Bank Control Proposal Could Aid Fintech Investment

    SECOND EDITED -- DON'T PUBLISH YET -- The Federal Reserve’s plan to codify and clarify its rules for making bank control determinations could lower barriers for banks to boost their investments in financial technology firms and help unlock additional private capital for smaller banks, financial services attorneys say.

  • April 25, 2019

    Astellas, Amgen To Pay $125M To End Kickback Probe

    Astellas Pharma US Inc. and Amgen Inc. will pay a combined $125 million to settle allegations that they used charities to subsidize Medicare co-pays for their own drugs in what amounted to illegal kickbacks, the U.S. Attorney's Office for the District of Massachusetts announced Thursday.

  • April 25, 2019

    BREAKING: Employers Told To Provide Pay Data To EEOC By Sept. 30

    Mid-size and large employers have until Sept. 30 to tell the U.S. Equal Employment Opportunity Commission how much they paid workers of different sexes, races and ethnicities last year, a Washington, D.C., federal judge said Thursday.

  • April 24, 2019

    Calif. Leaders OK Changes Curtailing Landmark Privacy Law

    California lawmakers have advanced eight industry-backed amendments that would scale back the scope of the state's landmark privacy law, including by changing how the law defines personal information.

  • April 24, 2019

    Lockheed Slams DOJ's 'Contrived' Nuclear Kickback Claims

    Lockheed Martin has asked a federal court to end the government’s False Claims Act suit alleging it paid bribes to snag a cleanup contract at the defunct Hanford plutonium production facility, saying the government’s allegations ignore congressional intent and U.S. Supreme Court precedent.

  • April 24, 2019

    Ex-Platinum CFO Says Investors Knew Of Fund's Cash Woes

    An attorney for the former chief financial officer of a Platinum Partners fund told a New York federal jury his client did not defraud investors, saying they were told of the liquidity problems that led to the downfall of the now defunct $1 billion hedge fund manager.

  • April 24, 2019

    Voya Dodges FINRA Fine After Self-Reporting Discount Flub

    Voya has avoided a fine by self-reporting to the Financial Industry Regulatory Authority that the company failed for eight years to give discounts on sales charges to eligible charities and people saving for retirement.

  • April 24, 2019

    Regulators Wary Of Moving Too Fast On Fintech Rules

    U.S. regulators remain cautious about imposing strict regulatory structures on fintech companies, a pair of federal officials said Wednesday, suggesting that regulatory sandboxes could be a better option in the near-term.

  • April 24, 2019

    Firms, In-House Attys Predict Hike In Cybersafety Spending

    More than three-quarters of law firms and corporate legal departments plan to increase their spending on cybersecurity during the next year, according to the results of a Robert Half Legal survey announced Wednesday.

  • April 24, 2019

    EPA Won't Revise Drilling Waste Regulations Despite Review

    The U.S. Environmental Protection Agency has refused to update drilling waste disposal rules following a court-ordered review, saying that states can handle any waste-related environmental issues that have arisen during the U.S. oil and gas boom.

  • April 24, 2019

    Feds Win $49K In FBAR Penalty Case Over UK Bank Accounts

    The penalty for failing to file foreign bank account reports is not limited to $10,000 per year, a California district court ruled in upholding nearly $50,000 in penalties imposed by the Internal Revenue Service on a woman for undeclared accounts in the U.K.

  • April 24, 2019

    Facebook Expects FTC Privacy Fine Of Up To $5B

    Facebook expects to be fined between $3 billion and $5 billion by the U.S. Federal Trade Commission for privacy lapses, in what would dwarf previous penalties the agency has given to technology giants, the company said Wednesday.

  • April 24, 2019

    Trader Ran High Tab In Outings With UBS Officer, Jury Hears

    A day trader accused of receiving inside information from a former UBS Group AG compliance officer frequently spent thousands of pounds on nights out at Tramp, a private members club in London’s smart Mayfair district, a London jury heard Wednesday.

  • April 24, 2019

    Hungry For Reg Relief? SEC, CFTC Staff Say Speak Up

    Banks and tech companies that want federal agencies to standardize their reporting requirements should say so in public comment letters, staff at the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission said at a gathering in New York on Tuesday.

  • April 23, 2019

    What Drove DOJ's 1st Opioid Distributor Charges?

    The U.S. Department of Justice’s first felony charges accusing a drug distributor of fueling the opioid crisis involve familiar allegations of reckless painkiller sales that until now have been punished with civil penalties. But the accusations are also backed up by direct accounts of C-suite complicity, one of several factors that likely tipped the case into criminal waters.

  • April 23, 2019

    'Deception And Greed' Drove Platinum Fraud, Jury Hears

    A New York federal jury on Tuesday heard opening arguments in the long-awaited fraud trial of former Platinum Partners executives accused of conning the now defunct $1 billion hedge fund's investors, with a prosecutor saying the case boils down to "deception and greed."

  • April 23, 2019

    Utah Warrant Bill Raises Stakes For Cops' Digital Data Grabs

    A new Utah law that forces police to obtain a warrant before they can gain access to any person's electronic data could have implications far beyond law enforcement, including for how employers and big tech companies respond to police demands for data.

  • April 23, 2019

    4 Things To Know About Facebook's New General Counsel

    The former Davis Polk partner tapped Monday as Facebook’s next general counsel is joining the social media giant amid unprecedented government scrutiny, but a packed resume shows she is no stranger to dealing with international policy and probing questions from lawmakers.

  • April 23, 2019

    EEOC Announces Flurry Of Discrimination Settlements

    The U.S. Equal Employment Opportunity Commission has announced five settlements in disability, religion and age bias cases since Thursday, garnering a total of $415,000 in payouts and wrapping up lawsuits against companies including retailer Party City and grocery store chain Safeway.

  • April 23, 2019

    Big Biz Universally Beefing Up Compliance Units, KPMG Finds

    Big companies and other organizations across a variety of industries are boosting their ethics and compliance efforts, particularly in internal investigations, according to a new report from KPMG LLP.

Expert Analysis

  • In SEC's Remediation Model, Hard Choices For ICO Issuers

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    Recent guidance from the U.S. Securities and Exchange Commission may help issuers avoid having their future initial coin offerings categorized as unregistered securities offerings. But for past ICOs, issuers must rely on the SEC's remediation process, and should consider two key questions before proceeding, says Kayvan Sadeghi of Schiff Hardin.

  • A Step Toward Consistent State Laws For Crypto Cos.

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    The Conference of State Bank Supervisors' recently announced suggestions to harmonize state law frameworks for nonbank fintech companies could be particularly beneficial to cryptocurrency companies, for whom the applicable regulatory landscape is especially uncertain, say attorneys at Cleary Gottlieb.

  • Illinois Courts Will Continue To Interpret BIPA Broadly

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    Against the backdrop of the Illinois Supreme Court's Biometric Information Privacy Act opinion in Rosenbach v. Six Flags, an Illinois appellate court's recent decision in Liu v. Four Seasons reinforces that companies must carefully design and implement stringent BIPA policies to protect against class actions and related liability, say attorneys with Eversheds Sutherland.

  • Justice Department's ACA Reversal Raises FCA Questions

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    The U.S. Department of Justice's about-face on Affordable Care Act constitutionality may discourage potential whistleblowers from coming forward unless the DOJ clarifies its plans to enforce the False Claims Act, says Cleveland Lawrence III of Mehri & Skalet.

  • Rebuttal

    Jury Trials, Though In Decline, Are Well Worth Preserving

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    In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.

  • A Broader View Of The US Supreme Court Bar

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    During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.

  • Ex-Jumio CEO Case Shows SEC Is Watching Private Cos.

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    The U.S. Securities and Exchange Commission recently settled with the founder of Jumio for his misstatement of financial results to inflate the value of his company shares. This case is an example of what may be in store if an economic downturn hits the current stable of unicorns, say Joshua Newville and Brian Hooven at Proskauer.

  • The Potential Impact Of Reversing Chevron Deference

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    Some questions during U.S. Supreme oral arguments in Kisor v. Wilkie suggested a willingness to overturn Auer deference. If this leads to the scuttling of Chevron deference, rapidly evolving areas of law like labor and employment could benefit from a return to courts addressing ambiguities in federal statutes, says Michael Abcarian of Fisher Phillips.

  • ADA May Not Require Compliance Management Policies

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    As demonstrated by a Pennsylvania federal court's recent decision in Mielo v. Steak 'n Shake, it soon may no longer be possible to bring Americans with Disabilities Act claims against a company for failure to enact a policy that requires finding and removing potential physical barriers, say attorneys at Squire Patton Boggs.

  • How Treaties Protect Investors When Clean Energy Regs Shift

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    When changes in clean energy regulations lead to investor disputes, domestic companies may be limited to challenging regulatory changes in local courts, but investors from abroad can often seek remedies under international law, say attorneys at WilmerHale.