Compliance

  • July 08, 2024

    Paxful Co-Founder Admits Anti-Money Laundering Failures

    Paxful co-founder Artur Schaback faces a maximum penalty of five years in prison after he pled guilty in California federal court Monday to conspiring to do without effective anti-money laundering policies for the cryptocurrency exchange platform, the U.S. Department of Justice announced.

  • July 08, 2024

    CFPB Backs Bank In Ill. Customer's 'Schumer Box' Suit

    The Consumer Financial Protection Bureau has thrown its support behind an Illinois bank in litigation over allegedly lacking repayment disclosures in its customer credit statements, saying the regulation at issue does not apply to the plaintiff's form of credit.

  • July 08, 2024

    Gas Cos. To Pay $1M For Emissions Leaks At Colo. Plant

    The U.S. Environmental Protection Agency and the state of Colorado have reached a settlement with a Colorado natural gas plant to resolve years of emissions leaks and regulatory violations that resulted in excess air pollution, according to a consent decree filed in federal court Monday.

  • July 08, 2024

    What's In Boeing's Tentative 737 Max Plea Deal With DOJ

    Boeing's willingness to plead guilty to conspiring to defraud U.S. regulators over the 737 Max 8's development is a rare mea culpa from an embattled American aerospace titan eager to rebuild public trust after six years of overlapping government investigations, production pauses and mounting litigation.

  • July 08, 2024

    Boeing's Federal Contracts At Risk After Guilty Plea

    Boeing's guilty plea for fraud related to the safety of its 737 Max 8 commercial aircraft will trigger additional scrutiny for a possible suspension or debarment from federal contracting, potentially putting lucrative future contracts at risk for the company.

  • July 08, 2024

    UnitedHealth Brass Face Investor Suit Over Merger Probe

    Executives and directors of UnitedHealth Group were hit on Monday with a shareholder derivative suit alleging they concealed that the U.S. Department of Justice reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company and that its brass knowingly sold more than $100 million of shares before the information was publicly revealed.

  • July 08, 2024

    11th Circ. Reverses Halt On Ga. Election Spending Probe

    The Eleventh Circuit on Monday threw out a district court ruling blocking Georgia officials from enforcing a state campaign finance law against two nonprofits founded by Stacey Abrams that challenged the law's constitutionality, holding that the lower federal court should have abstained in light of a state proceeding.

  • July 08, 2024

    Maple Leaf Must Go The Way Of Chevron, Solar Cos. Say

    Last month's U.S. Supreme Court decision overturning 40 years of judicial deference to federal agencies' read of statutes puts the Federal Circuit's own brand of executive branch acquiescence squarely on the chopping block, a solar industry group said Monday.

  • July 08, 2024

    Full 2nd Circ. Urged To 'Correct' Panel's Insider Trading Ruling

    A hedge fund accused of taking advantage of its corporate insider status to profit off swing trading in 1-800-Flowers' stock is urging the full bench of the Second Circuit to reconsider a decision to revive the lawsuit against it, arguing in a Monday petition to the court that the ruling clashes with both U.S. Supreme Court precedent and with controlling Second Circuit precedent on standing. 

  • July 08, 2024

    Orgs Worry FCC Could Overreach On Network Security

    The Federal Communications Commission should rein in its plans to impose new security rules regarding the crucial routing technology used by the internet, lest it prompt other countries to devise their own and start a domino effect, two internet security advocates have told the agency.

  • July 08, 2024

    FDIC Downgrades Green-Focused Bank On CRA Exam

    The Federal Deposit Insurance Corp. has dinged Forbright Bank, a sustainability minded bank started by former Democratic presidential candidate John Delaney, over an allegedly "illegal credit practice" tied to a since-discontinued third-party partnership, lowering its latest community lending exam grade.

  • July 08, 2024

    Assa Abloy Says No Monitor 'Blank Check' After Merger Deal

    Assa Abloy on Monday reasserted its bid to rein in a monitoring trustee installed after the company settled a government merger challenge, arguing ahead of a court hearing that the government is aiming to roll back the parties' deal and carry out a more expansive investigation through the monitor.

  • July 08, 2024

    Texas Anesthesia Co. Can't Pause Or Appeal Suit, FTC Says

    The Federal Trade Commission urged a Texas federal court not to pause its suit accusing U.S. Anesthesia Partners Inc. of a monopolistic "roll-up" of Lone Star State anesthesia practices, arguing the company can't appeal an order refusing to toss the case against it.

  • July 08, 2024

    Justices Told To Ignore 'Hopeless' Challenge To Antitrust Test

    A group of wholesalers who say the makers of 5-Hour Energy illegally favored Costco in distributing the energy drink shots told the U.S. Supreme Court on Monday to reject the drink-maker's certiorari petition, saying it asks the justices to take on the role of fact-finders.

  • July 08, 2024

    Hyundai, Kia Parent Cos. Escape MDL Over Car-Theft Wave

    The South Korean parent companies of Hyundai and Kia do not belong in a multidistrict litigation over a nationwide wave of car thefts following a TikTok trend popularizing tips for breaking into their vehicles, a California federal court said, finding no personal jurisdiction over the foreign entities.

  • July 08, 2024

    NC Tax On Premiums Lowered For Some Insurance Cos.

    North Carolina will reduce its tax on premiums paid in the state to some out-of-state liability insurance groups under a bill signed by Gov. Roy Cooper. 

  • July 08, 2024

    NYU Settles Case Accusing It Of Fostering Antisemitism

    New York University has settled a case brought by three Jewish students accusing the institution of fostering an antisemitic environment in a deal under which the school pledged to address discrimination toward Jewish and Israeli students.

  • July 08, 2024

    Nasdaq Seeks Tighter Listing Rules On Reverse Stock Splits

    Nasdaq wants to tighten its rules so companies that raise their share prices through reverse stock splits to avoid being delisted don't obtain more time to regain compliance if the reverse split triggers another violation.

  • July 08, 2024

    Tribe Says NY Counties Want It To Pay For 911 Access

    The Cayuga Nation says two New York counties have been refusing to forward 911 calls happening on the tribal land to the Nation's police department unless it pays, coordination that the tribe says no other law enforcement pays for and that the state says it has to do anyway.

  • July 08, 2024

    SEC Says Crypto Promoter Should Face Trial Before Appeal

    The U.S. Securities and Exchange Commission urged a Texas federal court to move forward with a trial over whether a crypto influencer properly disclosed his promotion of a project, rather than wave through his bid to ask the Fifth Circuit to weigh in on whether securities laws applied to his case.

  • July 08, 2024

    Archegos Jury To Mull If $100B Flop A Crime Or Just Failure

    Archegos founder Bill Hwang's disastrous hedge fund trading was legal, his lawyer argued in closing to a Manhattan federal jury Monday, after prosecutors claimed "undeniable proof" that Hwang and a co-defendant criminally distorted Wall Street to the tune of $100 billion.

  • July 08, 2024

    PAGA Reforms Mark New Era In Calif. Labor Law, Attys Say

    Recently enacted reforms to California's Private Attorneys General Act will likely curb the recent surge in multimillion-dollar PAGA settlements and help employers "stop the bleeding," legal experts told Law360, but the amendments are also likely to spur further litigation over newly created ambiguities in the novel Golden State statute.

  • July 08, 2024

    Milbank Taps Ex-CFTC Senior Official From Jones Day

    A former U.S. Commodity Futures Trading Commission division director has joined Milbank LLP as a partner in the firm's Washington office, where he will focus on regulatory and enforcement matters related to derivatives, financial market infrastructure and digital assets.

  • July 08, 2024

    Catching Up With Delaware's Chancery Court

    Prince's heirs were left standing alone in a cold world last week after Delaware's Court of Chancery found their attempts to gain control of the late musician's estate too demanding. Delaware's court of equity also waved a wand for Walt Disney and slashed nearly $10 million from a damages award for Sears stockholders. In case you missed anything, here's a recap of all the latest news from Delaware's Chancery Court.

  • July 08, 2024

    Ex-Prosecutor Takes GC Role For Mass. Inspector General

    Eugenia M. "Genie" Carris, a veteran federal public corruption prosecutor, has jumped to the Massachusetts inspector general's office as general counsel, the agency announced Monday.

Expert Analysis

  • Wiretap Use In Cartel Probes Likely To Remain An Exception

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    Although the U.S. Department of Justice's Antitrust Division has recently signaled interest in wiretaps, the use of this technology to capture evidence of antitrust conspiracies and pursue monopolization as a criminal matter has been rare historically, and is likely to remain so, say Carsten Reichel and Will Conway at DLA Piper.

  • Updates To CFTC Large Trader Report Rules Leave Questions

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    The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.

  • Risks And Promises Of AI In The Financial Services Industry

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    Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

  • Counterfeits At The Olympics Pose IP Challenges

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    With the 2024 Olympic Games quickly approaching, the proliferation of counterfeit Olympic merchandise poses a difficult challenge to the protection of intellectual property rights and the preservation of the Olympic brand's integrity, says Kimiya Shams at Devialet.

  • Series

    Playing Chess Makes Me A Better Lawyer

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    There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.

  • Key FCC Enforcement Issues In AT&T Location Data Appeal

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    AT&T’s decision to challenge a $57 million fine from the Federal Communications Commission for its alleged treatment of customer location information highlights interesting and fundamental issues about the constitutionality of FCC enforcement, say Patrick O’Donnell and Jason Neal at HWG.

  • Calif. Budget Will Likely Have Unexpected Tax Consequences

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    A temporary suspension of net operating loss deductions and business incentive tax credits, likely to be approved on June 15 as part of California’s next budget, may create unanticipated tax liabilities for businesses that modeled recently completed transactions on current law, says Myra Sutanto Shen at Wilson Sonsini.

  • How SEC Could Tackle AI Regulations On Brokers, Advisers

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    The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

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    Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.

  • Unpacking NY's Revised Hospital Cybersecurity Rule Proposal

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    The New York State Department of Health's recently revised hospital cybersecurity rule proposal highlights increased expectations and scrutiny around cybersecurity in the healthcare sector, while adapting to both recent industry developments and public comments, say Christine Moundas and Gideon Zvi Palte at Ropes & Gray.

  • What To Know As CFPB Late Fee Rule Hangs In Limbo

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    Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.

  • Unlocking Blockchain Opportunities Amid Legal Uncertainty

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    Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.

  • Adopting 7 Principles May Improve Voluntary Carbon Markets

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    The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.

  • How Cannabis Rescheduling May Alter Paraphernalia Imports

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    The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.

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