Enforcement Actions

News & Analysis as of

Federal Court Finds Amex’s “Anti-Steering” Merchant Rules Anticompetitive

After a seven-week bench trial in an enforcement action by the U.S. Department of Justice (DOJ) and 17 state attorneys general, U.S. District Judge Garaufis (Eastern District of New York) held that American Express Co.’s...more

Cooperation By Broker Mitigates SEC Sanctions

Cooperation was a key factor in the resolution of an action involving a minority owner of a broker-dealer that is alleged to have facilitated a fraudulent scheme to conceal losses at a major Japanese company. In the Matter of...more

Red Notice Newsletter - February 2015

Introduction - Welcome to the February 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. - This month on the anticorruption front, several companies face the consequences of...more

Goodyear Pays for the Sins of its Subsidiaries in a $16 Million FCPA Settlement

Following recent trends, the U.S. Securities and Exchange Commission brought an administrative proceeding against a U.S. issuer for the corrupt activities of its foreign subsidiaries. Earlier this week, Goodyear Tire & Rubber...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity. Enforcement - SEC Enforcement Action Underscores Importance of Custody Rule Compliance - Joint SEC/State...more

“No News Is Bad News” on BSA Compliance

Addressing SIFMA’s Anti-Money Laundering (“AML”) conference Wednesday, SEC Enforcement Director Andrew Ceresney said that – when it comes to AML – the lack of red flags itself is a red flag....more

Food Industry Outlook for 2015

For 2015, the food and beverage industry will experience governmental attention on a number of fronts. Given the Department of Justice’s recent success in prosecuting food manufacturing executives on criminal charges, the...more

Competition and Regulation Update: Health Sector Under ACCC Spotlight In 2015

ACCC ENFORCEMENT PRIORITIES - The Australian Competition and Consumer Commission (ACCC) has released its enforcement priorities for 2015, with the Chairman of the ACCC giving a speech on the topic last week. Each year,...more

Foreign Bribery And Corruption - Australian Law

Increasingly, Australian companies are entering into cross border business relationships and in doing so are discovering that the law and the local culture can be quite different. This is especially true in the use of bribes...more

EEOC Finds That More Than 40% Of EEOC Charges Of Discrimination Contain Retaliation Claims

Last week, the United States Equal Employment Opportunity Commission (EEOC) released its enforcement litigation data for FY 2014. Continuing a recent trend, the EEOC reported that the percentage of EEOC charges of...more

Investment Management Legal + Regulatory Update - February 2015

In This Issue: - SEC Proposes Rule Requiring Hedging Disclosure - SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers - House Passes Bill to Ease Volcker Rule and Other...more

This Week In Securities Litigation

Four SEC Commissioners addressed the annual SEC Speaks Conference, reviewing recent agency initiatives and tracing potential paths for the future. The SEC also brought another FCPA action, a misappropriation case and an...more

Gulliver’s Travels, Truth or Fiction?

There was once a man named Gulliver who traveled widely and wrote a book about his adventures called Gulliver’s Tales. During his first voyage, Gulliver is washed ashore after a shipwreck and finds himself a prisoner of a...more

EEOC Sues S&B Industry for Disability Discrimination

Fort Worth Cellphone Repair Facility Refused to Hire Two Hearing-Impaired Applicants Because of Their Disability, Federal Agency Charges - DALLAS - S&B Industry, Inc., a Fort Worth cellphone repair facility, violated...more

Update on Significant DOT, FAA and Other Federal Agencies’ Aviation-Related Regulatory Actions - February 2015

This edition of the Cozen O’Connor Aviation Regulatory Update includes an overview of the FAA’s long-awaited proposed rule on small unmanned aircraft commercial operations, the White House’s statement on privacy issues...more

FinCEN Fines Atlantic City Casino $10 Million for AML Deficiencies

Earlier this month, an Atlantic City-based casino was fined $10 million for violating the BSA – more specifically, for failing to (i) create and implement an adequate anti-money laundering program; (ii) establish an effective...more

State AGs and Regulators Step Up UDAAP Enforcement

Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

The SEC Commissioners Speak: Part I

The SEC Speaks conference has traditionally been a forum in which the agency reviewed significant recent undertakings and indicated its future direction. This year was no different. Four of the five Commissioners addressed...more

UK Anti-Corruption Efforts Gain Momentum for 2015

Although initially touted as one of the world's toughest anti-corruption laws, a string of high-profile failures in the three years since the UK's Bribery Act went into effect have left many wondering about the ability of...more

FCPA Compliance and Ethics Report-Episode 134, Judge Rakoff, Judge Leon and their comments on DPAs, with the FCPA Professor [Video]

In this episode, the FCPA Professor and myself continue our exploration of DPAs and NPAs through the recent book review of Judge Rakoff and rejection of a DPAs by Judge Leon in an export control case. ...more

SEC Commissioner Gallagher, The Bad Boy Provisions and Remedies

Waivers from the automatic disqualifications of the “bad boy” provisions which can come into play following the resolution of a Commission enforcement action is a topic of increasing concern. Consider the recent decision...more

Commissioner Piwowar on SEC & Fairness: Physician Heal Thyself?

In an address Friday at the 44th annual “SEC Speaks” conference, SEC Commissioner Michael Piwowar suggested that the Securities Exchange Commission might do well to apply its own rules to itself. He suggested the Commission...more

EPA Environmental Appeals Board Upholds $600,000 RCRA Penalty

The U.S. Environmental Protection Agency’s (EPA) Environmental Appeals Board (EAB) has upheld the results of an EPA Resource Conservation and Recovery Act (RCRA) enforcement action involving hazardous waste storage that was...more

Caught in the Middle: What Is a Supplier Supposed to Do When Its Customers Ask to Use a DBE as a Pass-Through?

Suppliers are caught in the middle of a new enforcement trend in federal, state, and local investigations of disadvantaged business enterprise (DBE) fraud. Historically, DBE fraud investigations have focused on the...more

EEOC Loses Another Background Check Case

The EEOC has taken a lot of heat on its controversial stance of aggressively litigating adverse impact cases involving background checks.  In April, 2012, the EEOC issued a new enforcement guidance seeking to curtail the uses...more

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