Compliance

  • February 08, 2024

    Justices Rule Gov't Agencies Not Immune From FCRA Suits

    The U.S. Supreme Court ruled Thursday that a person can sue a government agency under the Fair Credit Reporting Act, because the law's 1970 definition of a "person" was sufficient to waive the government's immunity.

  • February 07, 2024

    Apple Beats Claims It Overpaid CEO Tim Cook, Other Brass

    Apple does not have to face an investor lawsuit accusing it of overpaying CEO Tim Cook and other top brass by tens of millions of dollars by improperly calculating the value of performance-based stock compensation, a New York federal judge ruled Wednesday.

  • February 07, 2024

    Ex-Rabobank Exec Comes Out Swinging At OCC In 9th Circ.

    A former Rabobank compliance chief on Tuesday told the Ninth Circuit that the Office of the Comptroller of the Currency is an unlawfully overstaffed, overreaching agency whose now-abandoned administrative proceedings against her were baseless and should be expunged.

  • February 07, 2024

    Chinese Hackers Accessed Infrastructure For Years, US Warns

    United States intelligence agencies and allies confirmed on Wednesday that a Chinese state-sponsored hacker group called Volt Typhoon has infiltrated critical industries, including communications, transportation, energy, and water and wastewater systems, some of which have been compromised for at least five years.

  • February 07, 2024

    Coupang Says Ex-Atty's Suit Doesn't Work Outside US

    South Korean e-commerce giant Coupang said a former in-house compliance attorney's case against it for firing him after he reported it for allegedly doing business with the Iranian government should be thrown out because he was working outside the U.S. for a foreign company when he made his whistleblowing complaint.

  • February 07, 2024

    SEC Inks Deal To End Oppenheimer Muni Bond Disclosure Case

    The U.S. Securities and Exchange Commission has reached a settlement with Oppenheimer & Co., putting to rest a suit that was one of the commission's first-ever enforcement actions accusing underwriters of skirting municipal bond disclosure requirements, according to a letter filed Wednesday.

  • February 07, 2024

    Public Safety Orgs Fight FirstNet, AT&T Control Of 4.9 GHz

    The Federal Communications Commission is facing renewed calls from some public safety interests to maintain local public safety control of the 4.9 gigahertz band and reject a proposal that would let an AT&T-affiliated national entity manage the newly overhauled band.

  • February 07, 2024

    SEC Says Cooperation Helped Cloud Co. Avoid Fraud Fine

    The U.S. Securities and Exchange Commission has said it declined to impose a penalty on a China-based cloud communications company that quickly self-reported its discovery of a large accounting fraud committed by two now-former managers.

  • February 07, 2024

    Fluoride Judge To Attys: 'I Don't Need Perry Mason Moments'

    A California federal judge presiding over a bench trial over fluoridated water's risks agreed to give the parties more time to present their cases Wednesday, but told counsel they haven't been "particularly efficient," and that "I don't need the Perry Mason moments — I just need to get to the issues."

  • February 07, 2024

    Goldman Sachs Fined By FINRA For Trade-Monitoring Failures

    Goldman Sachs agreed to pay over $500,000 to the Financial Industry Regulatory Authority to settle claims that it failed to include certain information in surveillance reports designed to identify potentially manipulative trading.

  • February 07, 2024

    Economic Benefits Of New Soot Rule Split EPA, Industry

    The U.S. Environmental Protection Agency is touting its tough new soot emissions standard as good for both public health and the economy, but some industry experts say they're worried about permitting "gridlock" as lower limits could make it difficult for projects like new power plants to proceed.

  • February 07, 2024

    TradeStation To Pay SEC, States $3M Over Crypto Lending

    State and federal securities regulators on Wednesday unveiled a $3 million set of settlements with TradeStation Crypto Inc. to resolve claims that the crypto-focused brokerage failed to register its interest-earning program for digital assets as a security.

  • February 07, 2024

    Ex-Apple Engineer Gets 4 Months For Self-Driving Car IP Theft

    A California federal judge sentenced a former Apple engineer to nearly four months in prison after he pled guilty to stealing trade secrets while working on the company's self-driving car, saying the engineer should serve time in a minimum-security facility for the nonviolent offense.

  • February 07, 2024

    Truist Will Pay $6.3M To End BB&T High-Yield Rate Cut Suit

    Truist Financial Corp. has reached a $6.3 million settlement to resolve claims that it wrongfully lowered the interest rate on high-yield money market accounts that customers opened three decades ago.

  • February 07, 2024

    6th Circ. Won't Rehear Fight Over FERC's Price-Cap Rule

    The Sixth Circuit on Wednesday declined to rehear its December price cap ruling that power supplier groups said is being misconstrued by the Federal Energy Regulatory Commission to argue that the D.C. Circuit's ability to act on related litigation is limited.

  • February 07, 2024

    Fintech Group Wants CFPB To Regulate Earned-Wage Access

    A fintech industry group urged the Consumer Financial Protection Bureau on Wednesday to undertake a formal rulemaking process for the regulation of so-called earned-wage access services, decrying a developing, state-level patchwork of regulations on the industry.

  • February 07, 2024

    Trump Trial Judge Gets Little Info On Exec's Alleged Perjury

    An attorney for Donald Trump and his companies' former chief financial officer Allen Weisselberg told the New York state judge presiding over their civil fraud trial Wednesday that she could not respond to "unsubstantiated" reports that the ex-CFO was in plea negotiations for allegedly lying on the stand, citing her ethical obligations.

  • February 07, 2024

    Lottery.com Beats Investor Suit Over Pre-IPO Disclosures

    A New York federal judge has dismissed consolidated securities class actions against third-party lottery website Lottery.com Inc., ruling that while some statements ahead of its 2021 initial public offering were false, the proposed class members failed to adequately allege the defendants intended to defraud investors.

  • February 07, 2024

    FCC Says 10 Suits Filed Over Anti-Discrimination Rule

    The Federal Communications Commission notified a federal court panel on Wednesday of 10 appeals filed across half a dozen circuit courts challenging the agency's recently passed rules preventing discrimination in broadband deployment.

  • February 07, 2024

    NRA Upped Compliance After AG Probe, Auditor Tells NY Jury

    An outside auditor for the National Rifle Association told jurors Wednesday in the New York fraud case against the gun rights group and its executives that the NRA is "very transparent" and has taken steps to address compliance deficiencies since the state's investigation began.

  • February 07, 2024

    FCC Republican Says 'Cyber Trust Mark' Needs Teeth

    For the Federal Communications Commission's Cyber Trust Mark — a label intended to signal that a device is secure from cyber interference — to have "teeth," companies need to be legally liable for any vulnerabilities that crop up after sale, one of the agency's Republican commissioners says.

  • February 07, 2024

    CoinDeal Fraud Promoters Ordered To Repay Profits

    An Illinois federal judge on Wednesday granted the U.S. Securities and Exchange Commission final judgment against two women it accused of advancing the CoinDeal investment fraud scheme, requiring them to disgorge more than $840,000 in restitution and fines.

  • February 07, 2024

    NC Public Housing Exec Gets Prison In Bid-Rigging Scheme

    A county housing director in North Carolina was sentenced Wednesday to 30 months in prison after she pled guilty to a conspiracy charge stemming from a scheme to funnel public housing contracts to her friends and family, prosecutors said.

  • February 07, 2024

    Surgical Robot Co. Sued Over Internal Burns, Death Of Patient

    A widower is suing Intuitive Surgical Inc. in Florida federal court, alleging the company hid a defect in its da Vinci surgical robots that allowed electricity to arc during his wife's surgery, burning her small intestine and leading to her death.

  • February 07, 2024

    GOP Lawmakers, AG Spar Over NC Abortion Medication Limits

    The North Carolina attorney general and state Republican lawmakers battled over a physician's bid to block the state's restrictions on the abortion medication mifepristone, with the attorney general arguing the limitations upset the "careful balance" the federal government has reached in regulating the drug.

Expert Analysis

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Time To Step Up PFAS Due Diligence In Cross-Border M&A

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    Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.

  • What FTC CARS Rule Means For Auto Dealers And Lenders

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    A newly finalized Federal Trade Commission rule is aimed at changing how auto dealers interact with customers in the financing process, but will likely also affect banks and finance companies — and consequences for lenders and servicers have been amplified by recent Consumer Financial Protection Bureau enforcement actions, say attorneys at Morgan Lewis.

  • Bill Could Pave Path To 'Safer' Banking For Cannabis Industry

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    The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.

  • 4 Questions On Groundbreaking New Foreign Bribery Law

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    The recently enacted Foreign Extortion Prevention Act will significantly alter the anti-corruption landscape under U.S. law by allowing prosecutors to pursue foreign officials for soliciting or accepting bribes, but it’s not yet clear how the statute will be used and by whom, say attorneys at K&L Gates.

  • How Data Brokers Can Prep For Calif. Delete Act Compliance

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    As California Delete Act obligations approach in late January, data brokers should proactively assess and scrutinize their compliance with the act, taking proactive measures to mitigate potential risks associated with noncompliance, say Goli Mahdavi and Gabrielle Harwell at BCLP.

  • OIG Report Has Clues For 2024 Healthcare Fraud Enforcement

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    A recent report from the Health Department's Office of the Inspector General reveals healthcare fraud and abuse enforcement trends that will continue in 2024, from increased telehealth oversight to enhanced policing of managed care, say attorneys at Sheppard Mullin.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • DOD's Proposed Cyber Rule: What Contractors Must Know

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    A review of the U.S. Department of Defense's recently published Cybersecurity Maturity Model Certification proposed rule, requiring independent third-party cybersecurity assessments for many defense contractors, suggests that there will be a competitive advantage to prompt demonstration of full compliance with the rule, says Robert Metzger at Rogers Joseph.

  • Securities Class Actions Show No Signs of Slowing In 2024

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    Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.

  • Top Considerations For Retailers Using AI To Combat Theft

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    The Federal Trade Commission's recent enforcement action against Rite Aid indicates a significant evolution in the landscape surrounding biometric information and artificial intelligence data collection by retailers, meaning retailers should take reasonable measures to prevent harm to customers, say attorneys at Dentons.

  • 6 Focus Areas For Companies Managing The Risks Of AI Use

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    To harness the significant and potentially transformative benefits that generative artificial intelligence can confer, companies must establish appropriate oversight and governance, ensure appropriate disclosures, and resolve other regulatory and legal challenges arising from deployment, say attorneys at Shearman.

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