Penalties

News & Analysis as of

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

Repeated, Small Insider Trades Draws SEC Sanctions

Repeated insider trading, no matter how small the amounts, is likely to be found by the SEC’s big data approach to surveillance. A former vice president of a retail chain learned this lesson the hard way. SEC v. Hammon, Civil...more

For ERISA Section 502(c) Penalties — Must Plaintiff Prove “Actual Injury”? A Recent U.S. Supreme Court Decision Creates the...

These Section 502(c) penalty claims seem to be added to most every ERISA lawsuit... Does a claimant have to prove “actual injury” to win ERISA Section 502(c) penalty claims? MAYBE. Here’s why...more

Los Angeles Implements Paid Sick Leave Policy That Doubles State Mandate

On June 1, 2016, the Los Angeles City Council finalized the City’s paid sick leave ordinance. Effective July 1, 2016, Los Angeles employers with 26 or more employees must provide employees with paid sick leave benefits, while...more

FBAR: 2015 Reports Due by June 30, 2016

Every U.S. person (including both individuals and entities, as discussed below) that had a financial interest in, or signature or other authority over, one or more foreign financial accounts during 2015 must electronically...more

Don’t even think about violating that penny stock bar.

The penny stock world can be rough. So rough that breaking the rules in that corner of the securities markets ban bring its own kind of injunction, one that’s much more specific than the typical don’t-break-the-law-anymore...more

DOL’s New Overtime Rule: What Employers Need to Know

On May 18th, the United States Department of Labor issued a final rule which increases the dollar amounts used to classify employees exempt from the overtime pay requirements of the Fair Labor Standards Act (“FLSA”). The rule...more

Post Haste: EEOC Increases Penalties for Posting Violations

Seyfarth Synopsis: The EEOC has increased penalties for failure to post notice violations under Title VII, the ADA and GINA by 150%. The increase will go into effect on July 5, 2016. ...more

Chameleon SROs: The Gov’t, But Not Really

For years, self-regulatory agencies (like FINRA or the Exchanges) have wielded the statutory authority granted them by Congress – and backed by the SEC – exercising governmental power to compel testimony, impose fines and...more

The New AML Regulations and Their Impact on Banks—Increased Compliance for Lending Transactions with Legal Entities

On May 11, 2016, FinCEN published in the Federal Register its long-awaited anti-money laundering (“AML”) rules (the “Final Rules”) governing corporate entities doing business with banks and other financial institutions that...more

Colorado Employers: New Pregnancy Accommodation Law Prohibits Discrimination, Requires Reasonable Accommodations

On June 1st, Colorado Governor John Hickenlooper signed a bill that requires employers to provide reasonable accommodations for pregnancy, childbirth, and related conditions. This law goes into effect on August 10, 2016....more

Massachusetts Legislature Overhauls Public Records Law

Last week the Massachusetts Legislature adopted significant changes to the Massachusetts Public Records Law. These changes apply to all state agencies and municipalities and in theory are designed to improve the disclosure of...more

Title VII Posting Violation Penalties Increase 150% Effective July 1, 2016

The EEOC has increased the maximum penalty for employers that violate the posting provisions of Title VII, the Americans with Disability Act ("ADA") and the Genetic Information Nondiscrimination Act ("GINA") from $210 to $525...more

OSHA Estimates Half of Employers Don’t Report Significant Injuries

Anytime a worker suffers a significant on the job injury or work related illness that results in lost time from work, medical treatment beyond first aid, loss of consciousness, transfer to another job, restricted work or...more

Delta Wins CalOPPA Case – But Your Mobile App May Not Fly

In a decision favorable to the airline industry—but not helpful to other companies—the California Court of Appeal said that a privacy enforcement action against Delta is not going to fly. On May 25, 2016, the Court of Appeal...more

May 2016 Update on Significant DOT, FAA and Other Federal Agencies’ Aviation-Related Regulatory Actions

This edition of the Cozen O’Connor Aviation Regulatory Update includes DOT’s announcement of the members and meeting schedule of the Advisory Committee on Accessible Air Transportation (Disabled Passenger Negotiated...more

CPSC Announces Civil Penalty against Teavana; Commissioners Remain Divided on Civil Penalty Enforcement, Calculations, and...

On May 26, 2016 the U.S. Consumer Product Safety Commission (“CPSC”) announced through a Record of Commission Action (“RCA”) that Teavana Corporation (“Teavana”) has agreed to pay a $3.75 million civil penalty to resolve...more

5th Circuit Vacates Verdict for ExxonMobil in CAA Citizen Suit: Still Not Much of a Win for the Plaintiffs

Last Friday, the 5th Circuit Court of Appeals vacated a District Court decision which had refused to impose penalties on ExxonMobil for various violations of the Clean Air Act at ExxonMobil’s Baytown refinery. While the...more

Defend Trade Secrets Act requires immediate review of confidentiality agreements with employees and contractors

On May 11, 2016, President Obama signed the Defend Trade Secrets Act (DTSA), which creates a new federal cause of action for misappropriation of trade secrets. Although the DTSA provides several new changes to trade secret...more

When Anything Less than 95% is a Failing Grade: An Update on the Employer Shared Responsibility Penalties

As a reminder, effective January 1, 2016, employers must offer minimum essential coverage to 95% or more (up from 70% or more for 2015) of their full-time employees and their dependents each month or pay a very steep penalty....more

Compliance Audits as part of Environmental Due Diligence - It’s more than just a Phase

When Borrowers and their lenders think about environmental due diligence, they immediately focus on Phase I/Phase II/ Environmental Site Assessments. That’s a good thing, and is an essential requirement when acquiring real...more

New ADA and GINA Wellness Regulation Changes Complicate Wellness Program Compliance Analysis and Risks

Wellness programs should all be reviewed considering the Americans with Disabilities Act (“ADA”) and the Genetic Information Nondiscrimination Act (“GINA”) regulatory changes because noncompliance with the new requirements do...more

General Court of the EU Dismisses Trioplast Application Seeking Reimbursement of Interest Paid for Being Late in Paying Cartel...

With a judgment handed down on 12 May 2016 (Case T-669/14, Trioplast Industrier AB v. European Commission), the General Court of the European Union (GCEU) dismissed an action brought by Trioplast Industrier AB (Trioplast...more

In a Major FIRREA Victory for the Banks, the Second Circuit Overturns $1.27 Billion Jury Verdict

On Monday, the Second Circuit overturned a jury verdict and $1.27 billion penalty against Bank of America imposed under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. § 1833a....more

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