News & Analysis as of

Enforcement Actions Cease and Desist Orders

BCLP

SEC Roasts Keurig for Claims Regarding Recycling of K-Cup Pods

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On September 10, 2024, the SEC announced that it had charged Keurig Dr. Pepper for making incomplete, and therefore inaccurate, statements regarding the recyclability of its popular K-cup pods....more

BCLP

SEC Again Cracks Down on Companies That Restrict Whistleblowers

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As discussed in our December 15, 2023 client alert, the SEC has waged an aggressive effort to enforce alleged violations of the whistleblower protection rule.  On September 9, 2024, the SEC announced settled charges resulting...more

Proskauer - Whistleblower Defense

SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule

The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the...more

Bergeson & Campbell, P.C.

SEC Announces Settlement with Keurig for Statements Regarding the Recyclability of K-Cup Pods

The U.S. Securities and Exchange Commission (SEC) announced on September 10, 2024, that it charged Keurig Dr Pepper Inc. (Keurig®) with making inaccurate statements regarding the recyclability of its K-Cup® single-use...more

Troutman Pepper

SEC Charges Broker-Dealer and Two Affiliated Investment Advisers With Violating Whistleblower Protection Rule

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On September 4, the Securities and Exchange Commission (SEC) issued an order against three investment adviser firms for violating the whistleblower protections of Rule 21F-17(a) under the Securities Exchange Act of 1934. This...more

Foley & Lardner LLP

Keeping the Flame Alive: How IP Protects the Legacy of the Olympics

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Historically, the Olympic Games rank high as one of the most effective international marketing platforms in the world, reaching billions of people in more than 200 countries and territories across the globe. The International...more

Stark & Stark

More Than $390 Million in Penalties for Recordkeeping Failures

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The Securities and Exchange Commission (SEC) announced charges against 26 broker-dealers, investment advisers, and dually-registered firms for widespread and longstanding failures to maintain and preserve electronic...more

Alston & Bird

SEC Settlement Suggests the Agency’s Attempt to Regulate Cybersecurity Controls

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Does the R.R. Donnelley settlement mean heightened Securities and Exchange Commission (SEC) involvement in regulating public companies’ cybersecurity policies and practices? Our Securities Litigation, Privacy, Cyber & Data...more

Troutman Pepper

Connecticut Attorney General Continues to Target Unlicensed and Unregulated Cannabis Sales

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Earlier this month, the office of the Attorney General of Connecticut announced that the state had reached a settlement with HighBazaar over allegations that the organization allowed the unlicensed sale of cannabis, and the...more

Wiley Rein LLP

Robocall Enforcement: Voice Providers Should Take Note of FCC’s New “C-CIST” Designation for Actors Posing a “Significant Threat”...

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On May 13, the Federal Communications Commission’s (FCC or Commission) Enforcement Bureau (Bureau) classified for the first time a group of entities and individuals – dubbed “Royal Tiger” – as a Consumer Communications...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Wastewater Enforcement: Colorado Department of Public Health and Environment Notice of Violation Addressing Conejos County Mine

The Colorado Department of Public Health and Environment (“CDPHE”) issued on April 30th a Notice of Violation/Cease and Desist Order (“NOV”) to Union Gold, Inc. (“UGI”) addressing alleged violations of the Colorado Water...more

Stinson LLP

In Florida and Elsewhere, Officials Target Latest Fantasy Sports Games

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A crackdown on online "pick'em"-style contests in Florida could be a sign of what's to come as state regulators struggle to keep up with the rapidly changing world of daily fantasy sports and legalized sports wagering....more

The Volkov Law Group

The SEC’s Recent Action Against Crypto Exchange ShapeShift Lacks Guidance and Draws Internal Criticism

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On March 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a corresponding cease-and-desist order (the “Order”) with ShapeShift AG, a cryptocurrency exchange registered in Switzerland that...more

Mayer Brown Free Writings + Perspectives

The SEC Brings Another Enforcement Action On Related Party Transaction Disclosures

On March 7, 2024, the Securities and Exchange Commission (the “SEC”) announced that Skechers U.S.A. Inc. (“Skechers”) agreed to a cease-and-desist order for failing to disclose payments for the benefit of its executives and...more

Fox Rothschild LLP

Court Grants nearly $49 Million Default Judgment Against Burger Franchisor in First FTC Franchise Lawsuit in over a Decade

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A federal district court recently granted the United States’ Motion for Default Judgment against the quick-service burger restaurant franchise concept, Burgerim Group USA, Inc. and its owner (“Burgerim”). The Federal Trade...more

Holland & Knight LLP

Watts What You Say? SEC Brings a Battery of Charges Against EV Startup Company

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The SEC on Feb. 29, 2024, announced settled charges against Lordstown Motors Corp. (Lordstown) for allegedly misleading investors about sales prospects for the Endurance, Lordstown's flagship pickup truck for the electric...more

The Volkov Law Group

Sterling Bank’s ex-General Counsel hit with OCC Cease-and-Desist over Longstanding BSA/AML Shortcomings

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The Treasury Department’s Office of the Comptroller of the Currency (“OCC”) has taken action against the former General Counsel of Michigan-based Sterling Bank and Trust in the agency’s latest action against an individual...more

Ballard Spahr LLP

ICBC Agrees to Two Consent Orders for Alleged BSA/AML Deficiencies and Disclosure of Confidential Supervisory Information

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Recently, the Industrial and Commercial Bank of China Ltd. (“ICBC”) entered into two consent orders. The first consent order is with the New York State Department of Financial Services (the “NYDFS”) for alleged deficiencies...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Stormwater Enforcement: Colorado Department of Public Health & Environment Notice of Violation/Cease and Desist Order to Adams...

The Colorado Department of Public Health & Environment issued on October 3rd to Zimmerman Metals, Inc. (“Zimmerman”) a document styled: Notice of Violation/Cease and Desist Order/Order for Civil Penalty (“NOV”)...more

Littler

SEC Continues to Attack Non-Disclosure Agreements and Personnel Policy Provisions that Could Impede Employees from Reporting...

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The SEC continues to review non-disclosure agreements and other confidential business information provisions of publicly traded companies to ensure whistleblowers are not restricted from freely communicating with the agency...more

Cohen & Gresser LLP

Stoner Cats: Another Example of the SEC Targeting NFTs

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On September 13, the U.S. Securities and Exchange Commission settled enforcement proceedings against the maker of the Stoner Cats web series arising from its sale of non-fungible tokens (NFTs), reflecting a significant...more

Troutman Pepper

Connecticut Banking Regulator Reduces Fine Against Defunct Collection Firm

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The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. Katz, discovering that...more

Farrell Fritz, P.C.

SEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

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The Securities and Exchange Commission recently brought its first two enforcement actions against issuers of non-fungible tokens (NFTs), resulting in cease-and-desist orders, penalties and other remedies, finding that the...more

Seward & Kissel LLP

SEC Settles Charges with Nine Advisers in Marketing Rule Sweep

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Who may be interested: Investment Advisers. Quick Take: The SEC recently settled charges with nine investment advisers related to their use of hypothetical performance information on their websites without adopting or...more

SECIL Law

Companies Should (Again) Review Releases They Sign With Departing Employees—The SEC Is Not Going To Lose Interest In This Issue

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The U.S. Securities and Exchange Commission (“SEC”), in a couple of recent settled actions, continues to warn companies that the practice of requiring departing employees to sign comprehensive releases in return for...more

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