A Southern District of California federal district court in Sarcuni v. bZx DAO held on March 27, 2023, that decentralized autonomous organizations (“DAOs”), which are member-owned communities that maintain financial records...more
The Supreme Court recently denied certiorari in a case that presented the issue of whether corporate “tag” jurisdiction, which arises from serving a corporate executive temporarily present in the relevant territory (say, the...more
Last week, the Department of Justice (“DOJ”) announced a Compensation Incentives and Clawbacks Pilot Program (the “Pilot Program” or “Program”) that will apply to all corporate criminal resolutions with the Criminal Division...more
The Department of Justice announced on February 23, 2022, that it would no longer be “grouping cases under the China Initiative rubric,” which many in the press presented as the end of the China Initiative program.
But as...more
This week the DOJ published revisions to its Corporate Enforcement Policy designed to even further encourage companies to make voluntary self-disclosures of wrongdoing within their ranks, cooperate with investigations, and...more
1/20/2023
/ Compliance ,
Corporate Crimes ,
Corporate Fraud ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
FCPA Corporate Enforcement Policy (CEP) ,
Federal Sentencing Guidelines ,
Investigations ,
Remedial Actions ,
Securities Fraud ,
Self-Disclosure Requirements
Addressing an important issue for in-house counsel, the Supreme Court will resolve a three-way circuit split as to when “dual-purpose” attorney-client communications that contain both legal and non-legal advice are protected...more
The Securities and Exchange Commission (the “SEC”) on July 21, 2022, filed a complaint (the “SEC Complaint”) alleging insider trading violations against an insider, his brother, and a friend, claiming that the trio engaged in...more
8/15/2022
/ Coinbase ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Misappropriation ,
Non-Public Information ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations
Key Takeaways -
According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges.
Insider trading occurs when a corporate...more
7/6/2022
/ Bitcoin ,
Capital Markets ,
Cryptoassets ,
Cryptocurrency ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Instruments ,
Financial Regulatory Agencies ,
Insider Trading ,
Investment Opportunities ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Trading Platforms ,
Virtual Currency
Key Takeaways -
As DOJ senior leadership signaled it would do since March, DOJ has now officially required as part of resolving a corporate enforcement action, that a Chief Compliance Officer (CCO) and Chief Executive...more
7/1/2022
/ Anti-Corruption ,
CEOs ,
Certification Requirements ,
Chief Compliance Officers ,
Cooperative Compliance Regime ,
Corporate Misconduct ,
Criminal Liability ,
Department of Justice (DOJ) ,
New Guidance ,
Regulatory Requirements ,
Risk Management ,
White Collar Crimes
A jury in the United States District Court for the District of Colorado acquitted a Denver-based healthcare company, DaVita Inc., and its former CEO on three counts each of conspiracy in restraint of trade under the Sherman...more
On February 23, 2022, the Department of Justice announced that it would no longer be grouping cases under the "China Initiative" rubric, citing the "harmful perception" of racial or ethnic bias the use of that nomenclature...more
Senators Josh Hawley and Kristen Gillibrand re-introduced new legislation on February 3, 2022, aimed at combatting the use of forced labor in supply chains worldwide. This move comes on the heels of the December 2021 passage,...more
2/17/2022
/ Biden Administration ,
Child Labor ,
China ,
Customs and Border Protection ,
Forced Labor ,
Foreign Policy ,
Foreign Relations ,
Human Rights ,
Imports ,
New Legislation ,
Proposed Legislation ,
Regulatory Agenda ,
Slavery ,
Supply Chain ,
Uyghur Forced Labor Prevention Act (UFLPA)
The Department of Justice on November 19, 2021, updated its online information sheet about its ongoing China Initiative, which “reflects the [DOJ’s] strategic priority of countering Chinese national security threats” by...more
12/7/2021
/ Biden Administration ,
China ,
Corruption ,
Criminal Prosecution ,
Data Protection ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Espionage ,
Foreign Relations ,
Hackers ,
Trade Secrets
Introduction -
China’s top anti-corruption watchdogs recently released a new anti-bribery Guideline designed to focus on multi-national corporations and individuals that pay bribes in China, as opposed to bribe recipients,...more
Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more
11/19/2021
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Instruments ,
Financial Markets ,
Howey ,
Investment Contract ,
Investment Opportunities ,
Popular ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
Key Takeaways - The federal government has the cryptocurrency market in its crosshairs. Specifically, the DOJ, SEC and CFTC have all continued to make announcements and show interest in regulating cryptocurrency and enforcing...more
Key Takeaways: The Third, Sixth, Seventh, and Ninth Circuit Courts of Appeals have recognized the doctrine of federal common law successor liability for claims brought under certain federal labor and employment statutes,...more
Key Takeaways - Clauses that bar corporations from making public statements that contradict the stipulated factual basis for a plea or deferred prosecution agreement have become common. ...more
Key Takeaways - In its just-issued opinion in Nestle USA, Inc. v. Doe, No. 19-416, slip op. (2021), the Supreme Court reaffirmed its holding from Kiobel v. Royal Dutch Petroleum Co., 569 U. S. 108 (2013), that the Alien Tort...more
President Joseph Biden on January 20, 2021, made news with his Inauguration Day flurry of executive orders. Potentially lost in the shuffle, however, was the Executive Order on Ethics Commitments, which required “every...more
On October 23, 2020, the Illinois Supreme Court amended its rules, which apply to all criminal proceedings in the state of Illinois, to expand criminal defendants’ access to discovery materials. Specifically, the court...more
On October 21, 2020, President Donald J. Trump signed the Due Process Protections Act, S. 1380, which provides additional protections for criminal defendants’ due process right to receive material exculpatory evidence from...more
Amid escalating tensions between the United States and China over the last few years, the United States Department of Justice (“DOJ”) has formally prioritized criminal prosecutions of Chinese nationals and companies, and...more
10/29/2020
/ CFIUS ,
China ,
China Initiative ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Economic Espionage Act ,
FBI ,
FIRRMA ,
Foreign Agents Registration Act (FARA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Entities ,
Foreign Nationals ,
Hackers ,
Intellectual Property Protection ,
Joe Biden ,
National Security ,
Presidential Elections ,
RICO ,
Trade Secrets ,
Trump Administration ,
United States
Key Takeaways -
The United States Court of Appeals for the Seventh Circuit recently issued a decision providing new guidance on how to draft amicus briefs that the court will accept for filing.
The court stressed the...more
Weeks ago, on September 14 2020, the Trump Administration made news by announcing a ban on the importation of certain products made in China’s Xinjiang region, where widespread human rights abuses—including slave labor work...more
10/6/2020
/ China ,
Compliance ,
Corporate Counsel ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Federal Bans ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Forced Labor ,
Foreign Corrupt Practices Act (FCPA) ,
Human Rights ,
Imports ,
Park Doctrine ,
Supply Chain ,
Trump Administration ,
US Trade Policies