Enforcement

News & Analysis as of

EEOC Sick Over Wellness Programs

Last week, the Equal Employment Opportunity Commission (the “EEOC”) filed a lawsuit against an employer under the Americans with Disabilities Act (“ADA”) related to its maintenance of a wellness program. Although far from a...more

Antitrust Enforcement Set for Record Year of Fines

Global antitrust enforcement is on pace to set record-level fines in 2014, as the Antitrust Division (Division) of the U.S. Department of Justice (DOJ) and the European Commission (EC) undertake particularly aggressive...more

New Data Disposal Law in Delaware Requires Action by Impacted Businesses

While the federal government continues its inaction on data security bills pending in Congress, some U.S. states have been busy at work on this issue over the summer. A new Delaware law H.B. 295, signed into law on July 1,...more

When The Government Chases the Tail of the Dog

Two recent white-collar cases are examples of a phenomenon that one tends to find when the defense is able to emerge victorious: a case with some core facts that simply do not fit the pattern of wrongdoing expected in the...more

Important Changes to Russian Data Protection Rules

There has been an important development in Russian Data Protection Law. On July 22, 2014 a new law amending the law on data protection and law on information was signed off by the Russian President and thus was...more

Man the Barricades (Or the Bleachers) – Reg AB Is Here

As I write this, we are awaiting SEC’s vote scheduled for tomorrow, August 27, on final Regulation AB2 Rule and the NRSRO Rules. I say “man the barricades or the bleachers” because I’m not sure whether there is much to do...more

NYDFS Enters Settlement Agreement With PwC Under Which PwC Pays $25 Million Fine, Accepts 24-Month Consulting Suspension and Will...

The New York State Department of Financial Services (“DFS”) entered into a settlement agreement (the “Settlement Agreement”) with PricewaterhouseCoopers LLP (“PwC”) related to consulting services performed by PwC for the...more

SEC – USAO Charge IR Executive With Insider Trading

The SEC may be developing theme based insider trading cases. In recent weeks the agency brought two insider trading actions centered on golfing friends. SEC v. O’Neill, Civil Action No. 1:14-cv-13381 (D. Mass. Filed August...more

FedEx Money Laundering Charges Provide an Alternative Avenue for Prosecution if Drug Charges Fail

The Department of Justice's ("DOJ") commitment to expanding the scope of criminal enforcement of the money laundering statutes was shown in a recent indictment targeting FedEx Corporation. ...more

Antitrust Enforcement and Compliance Programs [Video]

The Department of Justice had a record year in criminal antitrust enforcement. Global enforcement and coordination continues to increase. As a result, global companies face significant antitrust risk from cartel...more

Anti-Corruption Due Diligence Practical Steps to Protect Your Company from Third Party Risks [Video]

Almost every FCPA enforcement action involves misconduct by third party agents and distributors. The Justice Department and the SEC have emphasized the importance of companies conducing appropriate due diligence. In the...more

SEC Files Financial Fraud Action

Financial fraud is an enforcement priority of the SEC. A financial fraud task force was formed in July 2013. Its purpose is to focus on this traditional staple of enforcement. A data analysis group was formed at the same time...more

Financial Services Bulletin: Action at the SEC

On Wednesday, July 23, 2014, the Securities and Exchange Commission (the “SEC”) adopted amendments to the rules governing money market mutual funds (or “money market funds”) pursuant to Rule 2a-7 under the Investment Company...more

This Week In Securities Litigation

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

Quarterly Whistleblower Award Update

The SEC Will Not Award Whistleblowers Who Provide Frivolous Information. The SEC determined that a claimant (who submitted “tips” relating to almost every single Notice of Covered Action”) was ineligible for awards because...more

FCPA Compliance Programs A Review of Best Practices [Video]

In response to aggressive FCPA enforcement, the compliance industry has embraced innovative strategies and tools. Whether your company is large, medium or small, it is important to stay abreast of industry best practices....more

Third Circuit Reaffirms the Difficulty of Binding a Non-Signatory to Arbitration

Federal law’s much-talked-about presumption in favor of enforcing arbitration clauses has its limits. On August 11, 2014, the United States Court of Appeals for the Third Circuit identified one of those limitations: the...more

SEC Modifies Municipal-Securities Enforcement Initiative

Responding to industry complaints, the SEC’s Enforcement Division modified its Municipal Continuing-Disclosure Cooperation (“MCDC”) Initiative to (a) extend the deadline for issuer disclosures until December 1 (from September...more

SEC Request For O&D Bar Denied

A frequently used remedy in Commission enforcement actions is the officer and director bar. A permanent bar has the very harsh effect of precluding the person from being an officer or director of any public company. That, of...more

Be Careful Where You Whistle While You Work: Courts Impose Limits on Dodd-Frank's Protection for FCPA Whistleblowers

The Dodd-Frank Wall Street Reform and Consumer Protection Act was heralded as providing whistle-blowing employees protection from retaliation by their employers. In Liu v. Siemens AG, handed down last week, the Second Circuit...more

You’re NOT Paranoid – the Agencies ARE Ganging Up

Feeling a bit paranoid these days, especially where government oversight or agency investigations are involved? Your perception of reality is probably being driven less by paranoia and more by the upticks in government...more

SEC Brings An Offering Fraud Action Against A Claimed App Maker

The SEC brought an action against a reputed “app” manufacturer who sold shares in two different entities beginning first in Colorado and later from Georgia. From each location, and for each entity, the sales pitch was...more

The Double Whammy: Cubist’s Recent FCPA Disclosure

In the FCPA enforcement world, corporate disclosures of potential violations carrying significant messages. Cubist Pharmaceuticals (Cubist) disclosed in a Form 10-Q that its subsidiary, which it acquired last year...more

Lanham Act Claims Are Not Precluded by Compliance with the FDCA

POM Wonderful LLC (“POM”) produces and sells a pomegranate-blueberry juice blend. POM brought a Lanham Act suit against Coca-Cola for allegedly marketing one of its juices in such a way that it misled consumers into thinking...more

SEC FCPA Settlement Sends Wake-Up Call to Small and Medium-Sized Businesses

On July 28, 2014, Smith & Wesson Holding Corp. (“Smith & Wesson”), the firearms manufacturer based in Springfield, Massachusetts, agreed to resolve charges brought by the Securities and Exchange Commission (“SEC”) for...more

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