Public Disclosure

News & Analysis as of

Hospitals Should Be Aware of ACA Requirement to “Make Public” Their “Standard Charges”

A provision of the Affordable Care Act includes a requirement that hospitals disclose their standard charges to the public. 42 U.S.C. § 300gg-18(e) states that “[e]ach hospital operating within the United States shall for...more

SEC’s Champ: Staff to Focus on Alt Fund Risk Disclosures

The Division of Investment Management again has turned its attention to alternative mutual funds, this time ensuring that they adequately disclose risks to retail investors. ...more

Whistleblowers Must Have Independent Knowledge to Actually Blow the Whistle

To bring a valid qui tam action and overcome the so-called “public disclosure bar” under the False Claims Act (“FCA”), a whistleblower must have direct knowledge of the alleged fraudulent activity, independent of already...more

Securities Class Action Dismissed Where Information Was Publicly Available

The US District Court for the Western District of Washington recently dismissed a securities fraud class action against Zillow, Inc. and named officers and directors, holding that the material omissions plaintiff alleged were...more

Political Spending Disclosures – An Idea So Good That I Think You Should Pay For It

In July 2011, a group of ten law professors filed a rulemaking petition with the Securities and Exchange Commission seeking adoption of a rule requiring disclosure of political spending by publicly traded companies. ...more

Recent Developments in Cases Dealing with the False Claims Act’s First-to-File and Public Disclosure Bars

The False Claims Act, 31 U.S.C. §§ 3729-3733, enables whistleblowers—also known as qui tam relators— to file fraud suits on behalf of the United States against private government contractors. With the assistance of qui tam...more

Third Circuit Reverses Lower Court Decision, Rules Envelope Revealing Consumer’s Account Number Violates the FDCPA

Recently, the U.S. Court of Appeals for the Third Circuit reversed a lower court’s holding that the disclosure of a consumer’s account is not a “benign” disclosure and, therefore, violates the FDCPA. Douglass v. Convergent...more

SEC Issues Notice of Intention to Deny Application for Non-Transparent Actively Managed Exchange-Traded Funds

On October 21, 2014, the SEC issued a notice of intention to deny an application for exemptive relief (the “Application”) under the Investment Company Act, as amended (the “1940 Act”), filed on behalf of Precidian ETFs Trust...more

Federal Court Dismisses FCA Claims Based on Alleged Customs Violations

In United States ex rel. Customs Fraud Investigations, LLC v. Victaulic Co., a federal court in the Eastern District of Pennsylvania recently dismissed claims alleging that the defendant mismarked foreign-made pipe fittings...more

Advertising Law - Oct 2014

FTC Mows Down Astroturfing at Yahoo - The Federal Trade Commission has closed an investigation into “astroturfing” by Yahoo employees and declined to take enforcement action because of the limited number of workers...more

Tulane Releases Study on First-Year Conflict Minerals Filings

The Payson Center for International Development of Tulane University Law School released a study analyzing the results of a June 2014 survey of issuers who filed the required Form SD. The study investigates the market impact...more

California Environmental Law and Policy Update - October 2014

Environmental and Policy Focus - California becomes first state to ban plastic bags: SFGate.com - Sep 30: Governor Jerry Brown signed a bill Tuesday that makes California the first state in the nation to ban single-use...more

CFPB Wants to Publish Detailed Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) has proposed to publicly disclose details of consumer complaints filed through its web-based public consumer complaint database by including a consumer narrative of events that...more

Disclosing Merger Negotiations: The Eleventh Circuit Weighs In

Corporate merger negotiations are typically conducted under a veil of secrecy, with public disclosure withheld until the end when a definitive agreement has been signed. The fear is that premature disclosure of preliminary...more

Trade Secrets Claims Can Be Tough To Succeed On In The Business Court

If you want to pursue a trade secrets claim in the Business Court, you've got to disclose the details of your trade secret. The Opinion last week in Unimin Corp. v. Gallo, 2014 NCBC 43 illustrates that point in detail. ...more

Profits Do Not Always Equal Disgorgement

Judge Scheindlin of the Southern District of New York recently rejected the SEC’s attempt to seek disgorgement of almost $500,000,000 from Samuel Wyly and Donald R. Miller Jr., the Independent Executor of the Will and Estate...more

7th Circuit Rejects Public-Disclosure Bar in Qui Tam Case

In United States ex rel. Heath v. Wisconsin Bell, Inc., No. 12-3383 (7th Cir. July 28, 2014), the Seventh Circuit grappled with this bar on the use of publicly disclosed information, refusing to apply it in a case involving...more

Eighth Circuit Dismisses Whistleblower's Suit Finding Facts Were Already Publicly Disclosed

In an August 7, 2014 opinion, the Eighth Circuit upheld the dismissal of a whistleblower’s suit alleging that a number of pain pump device makers had violated the False Claims Act (FCA) by marketing their pain pumps for...more

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. In a...more

Teaching Hospitals and Physicians Must Take Action Now to Correct Erroneous Reports about them Submitted Under the Sunshine Act

On September 1, 2014, the Centers for Medicare and Medicaid Services (CMS) will make public the reports submitted by pharmaceutical and medical device manufacturers under the Sunshine Act. These reports will disclose...more

CFPB proposes to publicly disclose consumer complaint narratives

The CFPB is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. ...more

House Appropriations Amendments Would Halt CPSC’s Voluntary Recalls Rule; Fund Testing Relief

The House of Representatives is currently considering H.R. 5016, the Financial Services and General Government Appropriations Act of 2015, which provides funding to many different parts of the federal government for the next...more

Disclosing a CEO’s Illness: Privacy vs. Transparency

From time to time, a prominent CEO’s illness makes its way into the news and highlights once again one of disclosure’s trickiest issues. Most recently, Jamie Dimon, Chairman and CEO of JPMorgan Chase, disclosed that he has...more

Friday Afternoon Smackdown – The SEC v. The House Of Representatives

On Friday, June 20, 2014, the Securities and Exchange Commission filed an action against the Committee on Ways and Means of the U.S. House of Representatives and congressional staffer Brian Sutter seeking enforcement of...more

Structured Thoughts: Volume 5, Issue 5 - June 25, 2014

In This Issue: - The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18 - Structured CDs – Goodbye Regulation DD, Hello Regulation DD - FCA Issues Fine in Relation to Structured Product...more

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