Enforcement Actions

News & Analysis as of

New Delaware Unclaimed Property Decision Further Complicates Landscape

Another federal judge slams Delaware’s unclaimed property audit methodology but rejects the holder’s reliance on the priority rules as a defense to the audit demands. See Marathon Petroleum Corp. et al. v. Cook et al., No....more

Shell Pays Big for Double Dipping with the UST Fund

Last week, the California State Water Resources Control Board (State Water Board) announced that it permanently banned 100 of Shell Oil Company’s underground storage tank (UST) claims from the California UST Cleanup Fund...more

SEC, Bank Settle Action Tied to Loan Loss Reserves

Since the market crisis the Commission has brought a series of enforcement actions centered on the failure of financial institutions to properly evaluate their loan loss reserves. Those issues are not solely the result of...more

FCC Enforcement Monitor ~ September 2016

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:...more

Insights Conversations: How Government Health Care Investigations May Be Shifting

The Department of Justice (DOJ) has long had the advantage when investigating False Claims Act (FCA) cases against health care companies. However, recent changes in the courts, including a unanimous U.S. Supreme Court...more

CFPB and California Announce Enforcement Actions Against Online Lender

On Tuesday, September 27, 2016, the CFPB and the California Department of Business Oversight (“DBO”) announced separate enforcement actions against Flurish, Inc., an online lender that does business as “LendUp” in California...more

CFPB Enters $9 Million Consent Order with Title Lender Over Disclosures and Debt Collection Activities

On September 26, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with one of the country’s largest auto title lenders over allegations that the lender misled consumers about the terms and costs of...more

Commerce Secretary: Trust Gap Hinders Cyber Attack Reporting

In a keynote address delivered on September 27, 2016 at the U.S. Chamber of Commerce’s fifth annual Cybersecurity Summit in Washington, DC, Commerce Department Secretary Penny Pritzker conceded that “the federal government...more

Three Restatements Conclude with SEC Enforcement Action

Following a restatement of its financial statements, many firms are investigated by the SEC and later named in an enforcement action. For Weatherford International PLC, three was the charm – following its third restatement in...more

Marketing your brand with influencers? Make sure the FTC hits the “Like” button

Brand owners and their attorneys are grappling with an important question: how to disclose their connections to luminaries like PewDiePie. If you haven't heard of PewDiePie, don't worry—he's a 26-year old Swedish...more

SEC Enforcement Actions for Failure to Report Sales of Unregistered Securities

On two successive days, the SEC brought settled enforcement actions against issuers for failure to report sales of unregistered securities. Under Item 1.01 of Form 8-K, a registrant must disclose its entry into a material...more

Notable Immigration-Related Hiring Discrimination Claims Settled this Summer with Department of Justice and Heads Up! A New Form...

?In the past three months, there have been four settlements with three staffing agencies and one private company reported by the Department of Justice. The three settlements with staffing agencies resolved allegations that...more

Recent SEC Settlement Demonstrates FCPA Risks from Charitable Contributions

For just the second time in the Foreign Corrupt Practices Act’s (FCPA) history, a company was charged with FCPA offenses based solely on a charitable contribution that was intended to buy the influence of a foreign...more

Merrill Lynch Settles SEC Market Access Charges

The Commission has brought a series of cases under Exchange Act Section 15(c)(3) and Rule 15c3-5, its market access rule. That rule requires that broker-dealers with market access establish risk management controls to prevent...more

OSHA Increases Scrutiny of Whistleblower Settlement Agreements

Following the SEC’s lead, OSHA recently announced new guidelines that it will consider when deciding whether to approve settlement agreements reached during OSHA investigations of whistleblower claims....more

The Ping FCPA Enforcement Action: Lessons for the Compliance Practitioner

The Securities and Exchange Commission (SEC) settled a Foreign Corrupt Practices Act (FCPA) enforcement action against an individual earlier this month when it announced the resolution of a matter involving Jun Ping Zhang,...more

UPDATE: Got Data? Actual Harm Not Required for FTC Enforcement Action for Lax Security Measures

As anticipated, things are getting even more exciting with the case previously covered in Password Protected. Specifically, LabMD is appealing the landmark data security case between it and the Federal Trade Commission...more

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.” Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million,...more

September 2016 Update on Significant DOT, FAA and Other Federal Agencies’ Aviation-Related Regulatory Actions

This edition of the Cozen O’Connor Aviation Regulatory Update discusses DOT’s selection of carriers to operate U.S.-Havana and U.S.-Tokyo (Haneda) air services, the FAA’s implementation of its small unmanned aircraft...more

CFPB Brings Administrative Lawsuits Against Five Arizona Title Lenders

On September 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed five individual administrative lawsuits against Arizona title lenders. Each suit concerns allegations that the title lenders’...more

CFPB sues credit repair company

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

CFPB Sues Credit Repair Company for Misleading Claims and Illegal Fees

On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly making misleading...more

SEC Sends Another Message on Section 16 Filings

In connection with a partial settlement of alleged fraudulent activities, the SEC charged three directors of a company associated with the fraud that did not participate in the fraud with failing to make Section 16 filings....more

CFPB Files Action Against Credit Repair Company, Seeking Injunction and Penalties

On September 23, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a credit repair company in the United States District Court for the Central District of California, for alleged violations...more

SEC Issues Another Multi-Million Dollar Whistleblower Award

Less than one month after issuing a $22 million award, the SEC issued another multi-million dollar whistleblower award on September 20, 2016. The SEC’s most recent award exceeded $4 million. The SEC issued its typical...more

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