Compliance

  • April 16, 2024

    Chancery Tosses Zelle Fraud Suit Against JPMorgan Directors

    A JPMorgan Chase & Co. shareholder that sued the bank's board for allegedly ignoring fraud on the payment platform Zelle has not shown the bank failed to respond to the problem, a Delaware Chancery Court judge ruled Tuesday, dismissing the shareholder's case.

  • April 16, 2024

    DOL Finalizes Rule To Curb Miners' Exposure To Silica Dust

    A U.S. Department of Labor agency released final regulations Tuesday that tighten limits on miners' exposure to workplace silica dust, a toxic substance that increases the risk of death and chronic health conditions.

  • April 15, 2024

    Ex-Autonomy Exec Testifies To Handshake Deals, Backdating

    Autonomy's former U.S. head of sales testified for the prosecution Monday in the criminal fraud trial of founder Michael Lynch, saying he boosted sales figures via "quid pro quo" handshake deals with customers, created pretextual emails to cover his tracks and even backdated a deal to meet revenue targets.

  • April 15, 2024

    Structured Deposits Recalled In Ex-Ecuadorian Official's Trial

    A bookkeeper testified Monday in Miami federal court that he conducted a series of structured deposits and other suspicious transactions while working at a tile company owned by the son of Ecuador's former comptroller general, who's accused of laundering millions of dollars in bribes from Brazilian conglomerate Odebrecht SA.

  • April 15, 2024

    Mental Health Co. Cerebral To Pay $7M Over Data Failures

    Mental health service provider Cerebral Inc. will pay more than $7 million to settle claims from the Federal Trade Commission, saying it failed to protect users' sensitive health data and made it difficult for patients to cancel services and stop recurring charges, according to a Monday court filing.

  • April 15, 2024

    Justices Allow Idaho To Enforce Gender Care Ban, Sans Plaintiffs

    The U.S. Supreme Court allowed the state of Idaho on Monday to begin enforcing its ban on gender-affirming care for minors, reshaping a preliminary injunction the majority said was far too broad to keep in place as the litigation plays out, perhaps for years.

  • April 15, 2024

    Ocean Agency Requires Cos. To Cover Well Razing Costs

    The Bureau of Ocean Energy Management on Monday unveiled a final rule aimed at ensuring oil and gas companies, and not taxpayers, are the ones footing the bill for decommissioning offshore wells and infrastructure.

  • April 15, 2024

    Trump Media Files To Register More Shares For Potential Sale

    The owner of former President Trump's newly public social media platform Truth Social filed paperwork on Monday to issue an additional 21.5 million shares and register for resale about 146 million existing shares, including a large stake owned by Trump.

  • April 15, 2024

    Dems Grill Chamber Over 'Outrageous' CFPB Card Fee Suit

    Two top Democratic senators are calling on the U.S. Chamber of Commerce to explain why it sued to block the Consumer Financial Protection Bureau's $8 credit card late fee rule, a case they say is "outrageous" and puts the interests of big banks over the group's rank and file.

  • April 15, 2024

    Gov't Says Mich. Court Lacks Authority Over U-Visa Delay Suit

    The federal government on Friday urged a Michigan federal court to toss a proposed class action alleging unreasonable decision delays in U-visa petitions, saying the court wouldn't be able to cure the visa-seeking plaintiffs' alleged harm of being unable to work.

  • April 15, 2024

    'Pig Butchering' Scams' Human Toll Has Experts Alarmed

    Financial institutions, cryptocurrency exchanges and social media companies need to do more to stem a growing tide of so-called pig butchering scams, which experts at the OffshoreAlert Conference in Miami said Monday are wreaking havoc on victims while funding a large human trafficking operation.

  • April 15, 2024

    SEC Fines Adviser $60K Over Alleged Pay-To-Play Violations

    The U.S. Securities and Exchange Commission announced Monday that a Minnesota-based investment advisory firm will pay $60,000 to settle allegations it violated the commission's pay-to-play rule, which prohibits investment advisers from providing services to government-related clients for two years following a political campaign contribution.

  • April 15, 2024

    Justices Leave Lower Courts To Parse Corporate 'Half-Truths'

    A recent U.S. Supreme Court ruling that corporate silence isn't enough to form the basis of a securities fraud suit pointedly declined to wade into the question of what counts as a "half-truth," leaving it to lower courts to wrestle with which corporate statements are blurry enough to sustain a shareholder class action.

  • April 15, 2024

    EPA Says Legacy Asbestos Poses Unreasonable Risk

    The U.S. Environmental Protection Agency released on Monday its long-awaited draft for the second part of its asbestos risk evaluation, which determined handling asbestos associated with legacy uses presents undue human health risks.

  • April 15, 2024

    Barclays To Pay FINRA Fine Over Research Analysts Conflicts

    Broker-dealer Barclays Capital Inc. will pay a $700,000 fine to the Financial Industry Regulatory Authority after it self-reported two issues involving alleged conflicts of interest on the part of its research analysts, FINRA has announced.

  • April 15, 2024

    EPA Asks High Court To Preserve SF Water Pollution Regs

    The U.S. Environmental Protection Agency on Friday asked the U.S. Supreme Court to preserve its water quality standards for San Francisco, which the city has challenged as vague, generic, and "virtually impossible" to comply with.

  • April 15, 2024

    Exxon Seeks $1.8B Tax Refund As Qatar Deal Trial Opens

    Exxon Mobil Corp. argued Monday in Texas federal court that its deal with Qatar to extract natural gas from the country's coast was a partnership, rather than a lease agreement, saying at the start of a trial that it's entitled to get $1.8 billion in tax benefits back from the IRS.

  • April 15, 2024

    Coinbase Wants 2nd Circ. To Weigh Crypto's Howey Question

    Crypto exchange Coinbase has asked a Manhattan federal judge to send the question of whether digital assets meet the definition of investment contracts to the Second Circuit, challenging a March order that found the U.S. Securities and Exchange Commission had adequately pled that the platform offered securities.

  • April 15, 2024

    Tennis Coach Awarded $2.9M For Defamation In Title IX Suit

    A Quincy University tennis coach has been awarded $2.9 million at the close of a jury trial in Illinois federal court on his counterclaims that a former star recruit spread rumors that he had had sexual relations with a female student tennis player.

  • April 15, 2024

    Baltimore Taps DiCello Levitt, Saltz Mongeluzzi For Key Bridge

    The city of Baltimore announced Monday it has hired DiCello Levitt and Saltz Mongeluzzi Bendesky PC as it plans legal action against those responsible for a container ship destroying the Francis Scott Key Bridge last month, the same day FBI agents boarded the ship as part of a criminal investigation.

  • April 15, 2024

    CFPB Hits Back At Bank Challenge To Small-Biz Lending Rule

    The Consumer Financial Protection Bureau has urged a Texas federal judge to dispense with an industry-backed challenge to its now-stayed reporting requirements for lenders in the nearly $2 trillion small-business loan market, arguing much of the case boils down to a beef with Congress for mandating the requirements in the first place. 

  • April 15, 2024

    Blackwells Sues Hospitality REIT Amid Board Takeover Row

    Blackwells Capital LLC has accused Braemar Hotels & Resorts Inc. of amending company bylaws, weaponizing a local news outlet and filing misleading materials with the U.S. Securities and Exchange Commission, all to thwart the activist investor's attempt to nominate board members.

  • April 15, 2024

    Security Co. Faces Trial Over Poorly Trained Guards In Kabul

    Allegations that an international security company defrauded the U.S. government by skimping mandatory refresher training for guards protecting diplomatic sites in Afghanistan will be heard at trial after a Georgia federal judge refused to throw out a former supervisor's whistleblower suit.

  • April 15, 2024

    Apple Defends Anti-Steering Rule Compliance In Epic Case

    Apple told a California federal court it has fully complied with an order barring anti-steering rules in its App Store and said complaints from Epic Games, Microsoft and others about its compliance are just efforts by the companies to pad their own profits.

  • April 15, 2024

    MCA Reaches $100K FCC Settlement Over Radio Licenses

    Mobile Communications America Inc. reached a $100,000 settlement Monday with the Federal Communications Commission, resolving claims that it failed to seek approval to transfer control of several business radio licenses.

Expert Analysis

  • This Earth Day, Consider How Your Firm Can Go Greener

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    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.

  • SEC Climate Rules Create Unique Challenges For CRE

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    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.

  • New Proposal Signals Sharper Enforcement Focus At CFIUS

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    Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.

  • 4 Ways AI Tools Can Improve Traditional Merger Analyses

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    Government officials at the American Bar Association's annual antitrust spring meeting last week reinforced the view that competition cases will increasingly rely on sophisticated data analysis, so companies will likewise need to use Big Tech quantitative techniques to improve traditional merger analyses, say Patrick Bajari, Gianmarco Calanchi and Tega Akati-Udi at Keystone.

  • What FinCEN Proposed Customer ID Number Change Means

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    The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.

  • Oracle Ruling Underscores Trend Of Mootness Fee Denials

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    The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Benzene Contamination Concerns: Drugmakers' Next Steps

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    After a citizen petition to the U.S. Food and Drug Administration and a flurry of class actions over benzene contamination in benzoyl peroxide acne products, affected manufacturers should consider a thoughtful approach that includes assembling internal data and possibly contacting the FDA for product-specific discussions, say attorneys at Morgan Lewis.

  • An NYDFS-Regulated Bank's Guide To Proper Internal Audits

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    As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.

  • A Look At Global Employee Disconnect Laws For US Counsel

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    As countries worldwide adopt employee right to disconnect laws, U.S. in-house counsel at corporations with a global workforce must develop a comprehensive understanding of the laws' legal and cultural implications, ensuring their companies can safeguard employee welfare while maintaining legal compliance, say Emma Corcoran and Ute Krudewagen at DLA Piper.

  • How DEI Programs Are Being Challenged In Court And Beyond

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    In the wake of the U.S. Supreme Court's affirmative action decision last year declaring the consideration of race in university admissions unconstitutional, employers should keep abreast of recent litigation challenging diversity, equity and inclusion training programs, as well as legislation both supporting and opposing DEI initiatives in the workplace, say attorneys at Skadden.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • What Minority Biz Law Ruling Could Mean For Private DEI

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    A Texas federal court’s recent decision to strike down key provisions of the Minority Business Development Act illustrates the wide-reaching effects of the U.S. Supreme Court's 2023 Students for Fair Admissions v. Harvard decision across legal contexts, say attorneys at Jenner & Block.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

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