Enforcement Actions

News & Analysis as of

IFA Seeks OSHA Explanation of Applying a New Joint Employer Standard

The International Franchise Association (IFA) has filed a Freedom of Information Act (FOIA) request with the Occupational Safety & Health Administration (OSHA) asking for the rationale behind questions that its inspectors are...more

Recent FTC Action Underscores Narrow Interpretation of HSR “Investment-Only” Exemption

On August 24, 2015, the Federal Trade Commission (“FTC” or the “Commission”) filed a proposed settlement in federal court regarding alleged violations by Third Point LLC (“Third Point”) of the premerger reporting laws related...more

3rd Circuit Affirms FTC’s Cybersecurity Oversight

If you read one thing: - The Federal Trade Commission (FTC) secured a major appellate victory in its quest to challenge lax corporate cybersecurity practices - In light of the 3rd Circuit’s decision,...more

Red Notice Newsletter - August 2015

Welcome to the August 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

SEC Expands its Focus in the Municipal Bond Market, Bringing First-Ever Charges Against an Underwriter for Pricing Violations...

Coming on the heels of the SEC’s first wave of settlements with underwriters as part of its Municipalities Continuing Disclosure Cooperation (“MCDC”) initiative, the agency has brought yet another precedent-setting...more

Specific Guidance to Businesses Still Lacking in FTC Principles

In 1914, Congress passed the FTC Act, creating the Federal Trade Commission. Section 5 of the FTC Act declared “unfair methods of competition in or affecting commerce” to be unlawful and gave the FTC enforcement power over...more

Federal appeals court confirms FTC authority to regulate cybersecurity policies and procedures

Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more

Discrimination by Association: It’s Illegal.

You may have heard of guilt by association before, but what about discrimination by association? Everyone knows that an employer cannot discriminate on the basis of an employee’s disability, but what if the employee has a...more

SEC Issues Wells Notice to Pimco Over Fund Valuations

On Monday, August 3, 2015, Pacific Investment Management Co. LLC (Pimco) announced that it had received a Wells notice from the Securities and Exchange Commission concerning the valuation of certain nonagency mortgage-backed...more

FTC issues statement on its enforcement abilities under § 5 of the FTC Act

On August 13, 2015, the Federal Trade Commission (FTC) issued a statement on its ability to prosecute ‘unfair trade practices’ and enforce violations under § 5 of the FTC Act. The guidance said: Section 5’s ban on...more

The Construction Advantage – Issue 20

This month marks the 20th edition of The Construction Advantage! In our August issue, Emily Kahn provides a pro and con summary of alternatives to the design bid build project delivery model, Mike Bosse discusses the Rhode...more

First “Right to be Forgotten” enforcement action levied against Google

The U.K. Information Commissioner issued an order to Google this week requiring it to remove nine search results of an individual’s minor criminal offense that was committed close to ten years ago. This is reported to be the...more

Third Circuit affirms FTC’s jurisdiction over security practices in Wyndham case

In a strongly worded opinion, the Third Circuit Court of Appeals on Monday slammed Wyndham Worldwide Corporation’s arguments that the FTC did not have jurisdiction to enforce the security practices of businesses following a...more

Calculating the Incalculable: Reputational Damage (Part I of III)

Today I am beginning a three-part series on reputational damage. The first part tries to define the term “reputational damage;” the second part focuses on managing threats to a company’s reputation and the final posting...more

"FTC Commissioners Divided on Scope of Investment-Only Exemption to HSR Rules"

On August 24, 2015, the Federal Trade Commission (FTC) announced a consent settlement based on an application of the investment-only exemption to the Hart-Scott-Rodino Act’s premerger notification requirements. The settlement...more

5 Takeaways From Former SAP Exec's FCPA Case

On Aug. 12, 2015, Vincente Garcia (former head of Latin American sales for SAP International Inc.) pled guilty in federal court in San Francisco to violations of the Foreign Corrupt Practices Act. In addition to pleading...more

3rd Circuit Says: FTC Can Take Action Against Companies That Suffer Data Security Breaches

Companies can be fined by the federal government for failing to properly safeguard consumer data, according to a decision this week by Pennsylvania's federal appellate court....more

Recent Appellate FTC Cybersecurity Ruling

On August 24, 2015, the United States Court of Appeals for the Third Circuit ruled that the Federal Trade Commission (hereinafter “FTC”) has the power under the FTC Act to police companies that fail to employ adequate...more

Supreme Court Affirms Constitutionality of Administrative Monetary Penalty

In its decision in Guindon v. Canada (Guindon), released earlier this month, the Supreme Court of Canada (SCC) considered the constitutionality of an administrative monetary penalty, or “AMP” provision. The SCC’s decision,...more

Antitrust Enforcement Agencies Release Annual Report Summarizing 2014 Merger Enforcement Activity Under Hart-Scott-Rodino

The Hart-Scott-Rodino Antitrust Improvements Act (HSR) requires parties to a proposed acquisition of voting securities or assets meeting certain size threshold requirements to report the transaction to the Federal Trade...more

Third Circuit Not Hospitable to Wyndham, Upholds FTC’s Broad Powers to Regulate Cybersecurity

Over one year ago, our colleague Chris Hart argued that the District of New Jersey court’s decision in FTC v. Wyndham Worldwide Corp. et. al., No. 13-1887-ES, “point[ed] to the possibility that the FTC has potentially broad...more

This Week In Securities Litigation

The Sixth Circuit last week concluded that Morrison, which held that Section 10(b) does not have extraterritorial reach, is inapplicable to Advisers Act Section 10(b). The DC Circuit, on rehearing, reaffirmed its prior...more

Group Urges Aider Standard for SEC Compliance-Officer Liability

In an August 18 letter to SEC Enforcement Director Ceresney, the National Society for Compliance Professionals (“NSCP”) urged the SEC to adopt an internal guideline requiring a higher “aiding and abetting” standard for...more

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