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Swap Dealer Banks Win Six Month Phase-In for Variation Margin Requirements for Most Counterparties

U.S. swap dealer banks received much needed breathing room, but not complete relief from the March 1, 2017 variation margin (VM) deadline for swaps and security-based swaps. On February 23, 2017, the Federal Reserve Board (FRB) and…more

Defamation Law Series: Massachusetts District Court Tosses Katherine McKee’s Claims Against Bill Cosby

Last week, on February 16, 2017, the United States District Court for the District of Massachusetts dismissed Katherine McKee’s claims against Bill Cosby in McKee v. Cosby. McKee was among the women who alleged that Cosby had…more

Plainfield Repeals Local Pay-to-Play Ordinance

New Jersey is home to a multitude of overlapping pay-to play laws. The State has a default statute covering pay-to-play restrictions at the municipal level. In 2006, however, the State Legislature allowed municipalities to craft their…more

Justice Department Sets Standards for Evaluation of Corporate Compliance Programs

Since the Department of Justice’s (“DOJ”) announcement of its new compliance counsel expert in November 2015, many have been waiting patiently for additional insight into the DOJ’s emphasis on corporate compliance programs. In April…more

CMS Teleconference to Discuss SNF Value-Based Purchasing Program (March 15)

On March 15, 2017, CMS is hosting a call to discuss the Skilled Nursing Facility (SNF) Value-Based Purchasing (VBP) Program, which is scheduled to begin in fiscal year 2019. The call will focus on confidential quarterly feedback…more

Is the Border Tax Crossing the Line?

It is far too early to discern the extent of any change to the relationship between the U.S. and Mexico in the face of the oft-repeated insistence of the Trump campaign to “renegotiate” NAFTA, a promise that was reiterated once Mr…more

In Which Direction Will President Trump Take The Gig Economy?

President Trump has spent much of the first month of his presidency embroiled in controversy over his immigration policies. His economic proposals – part and parcel of his campaign – have taken a backseat to attempts at immigration…more

Blog: 2017 M&A Trends Series: Appraisal Risks Factor High

So far this year, deal parties are approaching M&A with cautious optimism. This series of Cooley M&A blog posts include some brief observations that offer some M&A highlights over the past year and our thoughts for the year to…more

CMS Proposes Changes to Stabilize ACA Health Insurance Markets

At the same time Republican Congressional leaders are attempting to develop legislation to repeal and replace the Affordable Care Act (ACA), CMS has published a proposed rule that is intended to help stabilize the Affordable Insurance…more

Transparency International Publishes “Top Secret: Countries Keep Financial Crime Fighting Data to Themselves”

On February 15, 2017, Transparency International (“TI“) published the above report, recommending that national authorities engage to a greater level in making public disclosure of their countries’ anti-money laundering (“AML“)…more

Duggan’s new D-Insurance plans will be great for the auto accident lawyers, but terrible for everyone else

Does Mayor Duggan want to ‘repeal and replace’ Michigan’s auto No Fault law? Does Detroit Mayor Mike Duggan want to scrap Michigan’s auto No Fault law? Last night, during his State of the City address, the mayor signaled…more

Queen For A Day: If I Ran The World, Would I Scrap Our Employment Laws?

For those of you who don’t know Mr. Olson, he’s a libertarian. :-) I have to admit, I needed time to process this! I complain about these laws all the time, but would I really want to get rid of all protections for employees who…more

A Host of Biometric Privacy/Facial Recognition Bills Currently Circulating in State Legislatures

We’ve written extensively about the numerous lawsuits, dismissals and settlements surrounding the Illinois Biometric Information Privacy Act (BIPA). The statute, generally speaking, prohibits an entity from collecting, capturing…more

FCC Enforcement Monitor ~ February 2017

Pillsbury’s communications lawyers have published FCC Enforcement Monitor monthly since 1999 to inform our clients of notable FCC enforcement actions against FCC license holders and others. This month’s issue includes: - FCC…more

Exemptions for Security-Based Swaps

On February 10, 2017, the Securities and Exchange Commission (SEC) extended to February 11, 2018 the expiration dates of certain interim final rules relating to “exemptions under [various securities laws] for those security-based swaps…more

Bare Statutory Violation of FCRA Fails to Satisfy Standing Requirements Post-Spokeo, Says District of New Jersey in Suit Over Michaels Employment Disclosures

Michaels escaped a potential class action alleging Fair Credit Reporting Act (“FCRA”) violations late last month when a federal judge found the United States Supreme Court’s recent decision in Spokeo, Inc. v. Robbins, 136 S. Ct. 1540…more

Paid Rejection: Bankruptcy Court Allows Professional Fees Despite Trustee’s Flawed Strategy

Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting professional that…more

5 Important Estate Planning Lessons for Parents in Manchester by the Sea

When released in late 2016, Manchester by the Sea, directed by Kenneth Lonergan and starring Casey Affleck, received nearly unanimous critical acclaim for exploring themes related to family, personal tragedy, and grief. For estate…more

CMS Releases Proposed 2018 Medicare Advantage/Part D Reimbursement Methodologies and Policies

CMS has released its 2018 Advance Notice and Call Letter, which outline proposed updates to Medicare Advantage (MA) and Part D plan reimbursement methodologies and policies. CMS notes that it its proposed policies focus on four major…more

CIT rules on Made in USA claim

A recent ruling by the U.S. Court of International Trade (CIT) has important implications for importers and manufacturers making “Made in USA” claims for products assembled from imported components. While the case concerned compliance…more

Unauthorized Downloading and Copyright Infringement

Liability for copyright infringement can result when one downloads protected software without the copyright owner’s authorization. The Ninth Circuit was recently tasked with exploring the scope and reach of copyright protection in…more

SEC to Consider Requiring Inline XBRL Reporting and Comments on Disclosures in the Financial Services Industry

The SEC has issued a notice of a meeting to consider: Whether to propose amendments to rules and forms to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual…more

Potential Relief for Employee Option Exercises

Employees must generally recognize income for tax purposes upon the receipt of employer stock to the extent that the fair market value of the stock received is greater than the amount, if any, paid by the employee for the stock. If the…more

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Transition for March 1, 2017 Compliance Date for Variation Margin and No-Action Relief From Minimum Transfer Amount Provisions

On February 13, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) announced that, between March 1, 2017 and September 1, 2017, it would “not recommend an enforcement action against a swap dealer (SD) for failure to…more

OFAC Increases Civil Monetary Penalties

On February 10, 2017, the U.S. Treasury Department announced an increase in civil monetary penalties across a number of Treasury offices, including the Office of Foreign Assets Control (OFAC). Understanding the potential penalties for…more

FCC Announces Details for Mobility Fund Phase II

The FCC adopted an order today that establishes Phase II of the Mobility Fund. As we have previously reported, the FCC established the Mobility Fund to provide universal service subsidies to help expand and preserve 4G LTE mobile…more

Finalized New York Department of Financial Services Cybersecurity Regulation to Take Effect March 1

On February 16, 2017, the New York Department of Financial Services (NYDFS) announced the release of its finalized Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulation”), which will take effect on…more

How Effective is Your Anti-Money Laundering Program?

At the end of January, Western Union agreed to pay the United States government $586 million to resolve allegations that it failed to maintain an effective anti-money laundering program under the Bank Secrecy Act and aided and abetted…more

CMS Proposes Affordable Care Act Exchange, Individual, and Small Group Insurance Market Changes

Not relying on Congress to take action on the Affordable Care Act, the Centers for Medicare and Medicaid Services (“CMS”) has proposed new regulations intended to attract health insurance issuers back into ACA health insurance…more

Managing Water Releases From Dams to Protect Fish: A Tale of Good Legislation and Bad Engineering

Earlier this week, the 9th Circuit found that the Bureau of Reclamation had authority under 1955 legislation to order additional releases of water to the Trinity River from the Lewiston Dam beyond the amount designated in an official…more

CMS Schedules 2017 Meetings to Consider HCPCS Code Applications

CMS has just announced the dates for its annual meetings to discuss pending applications for new and revised HCPCS codes: - May 16 – 18, 2017: Drugs/Biologicals/Radiopharmaceuticals/Radiologic Imaging Agents - June 7 – 8…more

Huggers And Massagers Beware: Ninth Circuit Sends Office Hugger Case To Trial

We all know this creepy guy. In some offices, he bear hugs female co-workers. In others, he serves as the office masseuse, casually massaging the shoulders of any seated woman he passes in a conference room…more

Cybersecurity Risks and Liabilities for Employers, Retirement Plan Sponsors and Fiduciaries

Many employers historically were only concerned with privacy and security for health plans under the privacy regulations issued under the Health Insurance Portability and Accountability Act of 1996 (‘‘HIPAA’’) and State laws; however…more

FCC Finalizes Criteria for CAF Phase II Auction

Yesterday the FCC approved an order that moves the nearly two billion dollar Connect America Fund (CAF) Phase II Auction competitive bidding process forward. As we have previously reported, the Phase II auction will provide support…more

Supreme Court Applies Escobar to Reinstate Implied Certification Suit Against Bank Based on Compliance With Fed Rules

On Tuesday, February 21, 2017, the Supreme Court summarily vacated the judgment in Bishop v. Wells Fargo & Co. and remanded the case to the Second Circuit in light of the Court’s recent decision in Universal Health Servs. v. United…more

DJI Drone Manufacturer Hit with Class Action Lawsuit Over Firmware Update

Last week, a class action law suit was filed against leader in the drone industry, DJI Technology, Inc. (DJI), for an allegedly harmful firmware update that occurred in December 2015 that rendered certain commercial drones in its…more

Third Circuit Upholds Termination of Employee Based on DUI During FMLA Leave

Employers sometimes receive information about employees on medical leave that makes them question the legitimacy of the leave request. For example, an employee who is approved for Family and Medical Leave to care for a sick parent…more

Blog: Corp Fin Refines Its Position On Proxy Access Fix-It Proposals

Corp Fin has refined its position with regard to exclusion of proposals to amend existing proxy access bylaws. As you may recall, the line drawn so far by Corp Fin has been that, where the shareholder proposal related to initial…more

Banking & Financial Services E-Note - February 2017

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. Despite press coverage, the Order doesn’t actually require the…more

Fourth Circuit Declines to Address Use of Statistical Sampling in False Claims Act Cases

Court of Appeals panel rules use of statistical sampling is inappropriate for interlocutory appeal, leaving FCA litigants without any direct appellate court guidance. In the closely watched case United States ex rel. Michaels v…more

Trumpdate: Tons of employment-related stuff!

The employment law week in Trumpland started out a little slow, but now we’re back in business. Acosta looking good for confirmation as Secretary of Labor. In contrast to nominee Andrew Puzder, the outlook appears good for his…more

Airline Industry Alert: California Court Upholds RLA Exemption to State Wage and Hour Law

In a complete reversal of its earlier decision, a California federal judge held that employees covered by a collective bargaining agreement (CBA) entered into in accordance with the provisions of the Railway Labor Act (RLA) are exempt…more

DOJ Issues New, Practical Guidance on Effective Corporate Compliance Programs

On February 8th, the Department of Justice (DOJ) Criminal Division, Fraud Section issued new guidance on how it evaluates the effectiveness of a corporate compliance program when conducting an investigation of a corporation. This…more

New York Institutions: Exemption from Cybersecurity Regulations Sought by Bond Granted in Final Regulations Issued by Department of Financial Services

Last month, Bond, Schoeneck & King sought an exemption from cybersecurity regulations proposed by the New York State Department of Financial Services (DFS) for colleges, universities and other charitable organizations that would have…more

Federal Circuit Further Narrows the Availability of CBM Review

On February 21, in Secure Axcess, LLC v. PNC Bank Nat’l. Assoc’n, the U.S. Court of Appeals for the Federal Circuit reversed the Patent Trial and Appeal Board’s (PTAB) characterization of Axcess’s patent as a covered business method…more

Supreme Court Limits Foreign Reach of the U.S. Patent Act

The supply from the United States of a single component of an invention, for assembly of the invention abroad, is not patent infringement under Section 271(f)(1) of the Patent Act. This is according to a unanimous ruling this week by…more

Reducing the Regulatory Stranglehold on Federally Facilitated Exchanges: Will It Work?

The Centers for Medicare and Medicaid Services (CMS) recently issued a proposed rule aimed at improving the individual and small group markets that have been plagued with instability as issuers continue exiting the Exchanges. While the…more

Automatic exchange of information and insurance companies - a question of compliance

Automatic exchange of information (AEOI) regimes, primarily aimed at curbing tax avoidance through the use of foreign accounts and investment platforms, have recently become a global trend, starting with the adoption of the U.S…more

W2 Phishing Scam Hits Citizens Memorial Hospital

We continue to see all industries hit with W2 phishing scams, including the health care industry. Citizens Memorial Hospital, located in Bolivar, Missouri, was hit with the scam when one of its employees believed that an email…more

Identity of Interest Affiliation: Everything You Need to Know

If your company pursues small business set-aside contracts, either as a prime contractor or as a subcontractor, you have to prepare for the possibility of a post-award size protest alleging affiliation. Once the protest is filed, it is…more

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