Enforcement Actions

News & Analysis as of

"Phantom" Debt Collectors Actually Sued by FTC, Banned From Business

Why it matters - The operators of a scam that processed more than $5.2 million in payments from consumers for payday loans that were not owed to the operators are now banned from the debt collection business, the Federal...more

SEC Charges HFT Firm with Regulation NMS Violations

The SEC recently charged the high-frequency trading firm Latour Trading LLC (“Latour”) for violating Securities Exchange Act (“Exchange Act”) rule 15c3-5 (the “Market Access Rule”) and Exchange Act rule 611(c) (the “Order...more

SEC, Bristol-Myers Settle FCPA Charges

FCPA procedures, internal controls and travel, entertainment and gifts were at the center of the SEC’s latest FCPA action. The action names as a Respondent Bristol-Myers Squibb Company and focuses on its efforts to sell...more

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

SEC Proposed to Amend Rules Governing its Administrative Proceedings

On September 24, the U.S. Securities and Exchange Commission (the “SEC”) proposed to amend rules governing its administrative proceedings. Key changes to the SEC’s rules of practice include: adjustment of timing of the...more

Bristol-Myers Squibb FCPA Enforcement Action

Yesterday, the Securities and Exchange Commission (SEC) announced a Foreign Corrupt Practices Act (FCPA) enforcement action against Bristol-Myers Squibb Company (BMS) for the actions of the company’s joint venture (JV) in...more

D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate

On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC, holding that federal courts...more

EEOC Criminal Background Check Cases Come With Big Price Tags for All Parties

One of the EEOC's top priorities has been ensuring individuals are not discriminated against based on their criminal histories. In recent years, it has filed multiple headline-grabbing lawsuits related to background checks...more

CFPB Continues to Target Add-On Credit Products

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Reports Instruct Office of Civil Rights to Increase HIPAA Enforcement Activities

On September 29, 2015, the Office of Inspector General (OIG) released two reports that reviewed the Office of Civil Rights’ (OCR) enforcement of the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The...more

Recent Settlements Signal Increased Political Law Enforcement by Government Officials

The U.S. government reached settlements with two federal lobbyist registrants recently in what appears to signal increased enforcement of political activity laws. On August 28, 2015, the U.S. Attorney’s Office for the...more

DC Circuit: No Jurisdiction For Suits Re SEC Forum Selection Choice

Suits challenging the SEC’s forum selection decisions continue to proliferate. As the trend has unfolded the Commission posted a memo on its website discussing the issue of forum selection and has proposed modifications to...more

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

Add-On Products Add up to $63M Settlement With FDIC

Why it matters - Credit card add-on products were the subject of a recent enforcement action brought by the Federal Deposit Insurance Corporation (FDIC) against Comenity Bank of Delaware and Comenity Capital Bank in...more

A Review of Recent Whistleblower Developments

Second Circuit Splits from Fifth Circuit on Whistleblower SEC Reporting Obligations On September 10, 2015, the Second Circuit in Berman v. Neo@Ogilvy LLC, 2015 U.S. App. LEXIS 16071 (2d Cir. 2015), ruled that...more

FCC says blocking FCC-approved Wi-Fi hotspots is “patently illegal” and imposes $750,000 fine on Smart City.

Blocking Wi-Fi connections is “patently unlawful”. On August 18, 2015, the FCC announced a $750,000 civil penalty and formal Consent Decree with Smart City Holdings for blocking consumers’ personal Wi-Fi access at...more

FinCEN to Withdraw 2011 Proposed Rule Against Lebanon-Based Bank

On September 28, FinCEN announced its intention to withdraw its February 2011 Notice of Finding and Notice of Proposed Rulemaking identifying a Lebanon-based bank as a “financial institution of primary money laundering...more

FTC Gives Words of Warning to the Wise

The Federal Trade Commission has issued new guidance on data security to help businesses that collect, store and use consumer information to stay out of hot water with the agency. Gleaned from the more than 50...more

Employment Law - October 2015

FTC Offers Employers Lesson in FCRA Compliance—And Limited Exceptions - Why it matters: A California employer recently received a lesson in Fair Credit Reporting Act (FCRA) compliance from the Federal Trade...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

D.C. Circuit Repulses Assault on the SEC’s Administrative Citadel

The citadel of the SEC’s administrative forum has been under assault from several vectors over the past year or so, as a chorus of dissenting Respondents have mounted increasing challenges to its constitutional legitimacy, as...more

Private Attorneys General Act (PAGA) Amended to Address Some Excesses

On October 2, 2015, Governor Brown signed urgency legislation (Assembly Bill [AB] 1506) that immediately amends California's Labor Code Private Attorneys General Act of 2004 (PAGA) to address increasing civil litigation...more

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

One Size Does Not Fit All: Written Disclosure Policies in a Time of Increased SEC Enforcement

The U.S. Securities and Exchange Commission (SEC) continues to increase its enforcement efforts in the municipal bond market by focusing on the sufficiency and timeliness of disclosure in initial municipal securities...more

SEC’s Hitachi Enforcement Action and Important Compliance Reminders

The SEC continues to plug away at aggressive FCPA enforcement. This year, at least so far, the SEC has had a very successful year. The Hitachi case is a very interesting enforcement action for several major reasons. ...more

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