JONES DAY TALKS®: Consumer Protection Enforcement Changes Likely After SCOTUS AMG Decision
Key Takeaways from the AMG Capital Management v. FTC Decision
On August 7, 2024, nearly four years after the SEC filed its complaint alleging Ripple sold XRP in unregistered securities transactions in violation of Section 5 of the Securities Act, the district court issued its final...more
By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange Commission (“SEC” or the...more
On Friday, September 29, 2023, the Securities and Exchange Commission’s Division of Enforcement (“SEC”) filed a civil complaint in U.S. district court (S.D. Fla., Case No. 1:23-cv- 23723) against two audit firms, Prager Metis...more
In FTC v. Credit Bureau Center, LLC, the Seventh Circuit recently held that Section 19 of the Federal Trade Commission Act does not allow the FTC to deposit excess funds awarded as restitution under Section 19 in the U.S....more
Who may be interested: Investment advisers, broker-dealers. Quick Take: The SEC recently filed a lawsuit charging an investment adviser and its managing partner (collectively, the Adviser) with allegedly engaging in a...more
The Justice Department recently indicted the Executive Chairman of Ontrak, Inc. alleging that he failed the “clean hands” requirement because he had been aware of material nonpublic information relating to the potential loss...more
The one-year anniversary of the Supreme Court’s decision in AMG Capital Management, LLC v. FTC has renewed calls for Congressional action to expand and codify the Federal Trade Commission’s enforcement authority under Section...more
On April 12, the CFPB filed a complaint against a credit reporting agency (CRA), two of its subsidiaries, and a former senior executive for violating a 2017 consent order issued to the company related to alleged deceptive...more
The ripple effects continue from the Supreme Court’s holding in AMG Capital Management, LLC v. FTC, explaining that Section 13(b) of the FTC Act does not allow (and never did allow) monetary remedies....more
Following House passage of 13(b) legislation this summer, Congressional Democrats seem to have lost some of the urgency with which they were moving to strengthen the FTC’s penalty authorities in the wake of the Supreme...more
The United States Securities and Exchange Commission recently charged two individuals— Florida residents, Suyun Gu, and his friend, Yong Lee—for their involvement in allegedly fraudulent wash sales involving out-of-the-money...more
SEC Charges Cannabis Pill Company with $2 Million Securities Fraud - On September 28, 2021, the Securities and Exchange Commission (“SEC”) charged a California-based cannabis company C3 International, Inc. (“C3”) and its...more
In AMG Capital Management v. FTC, the U.S. Supreme Court ruled the Federal Trade Commission Act does not allow the FTC to seek, from violators of the Act, "equitable monetary relief" in the form of restitution or...more
Revenge for Infringing Candy Trademarks? So Sweet. Two recent court decisions highlight that there may still be a bit of a disconnect when it comes to branding cannabis products. In other words, even if your product is...more
[co-author: Sahar A. Ahmed, Law Clerk] The May 2021 issue of Sterne Kessler's MarkIt to Market® newsletter discusses the USPTO's new Native American Tribal Insignia Database and two recent trademark litigation cases...more
Last week, the U.S. Supreme Court decided unanimously in AMG Capital Management, LLC v. FTC that Section 13(b) of the Federal Trade Commission Act of 1914 (FTC Act) does not authorize the Federal Trade Commission (FTC) to...more
The U.S. Commodity Futures Trading Commission (CFTC) has charged a man from Colorado with fraud and failing to register with it in respect of a scheme that involved Ponzi-type payments....more
Along with other regulators, the Securities and Exchange Commission (the “SEC”) has been signaling its intention to pursue those in the cryptocurrency sphere that it believes are capitalizing on the excitement and novelty of...more
On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more
DOJ News - Inpatient Rehabilitation Company Agrees to Pay $48 Million to Resolve FCA Allegations - DOJ announced that Encompass Health Corporation (f/k/a HealthSouth Corporation), the nation’s largest operator of...more
In finding a fair use defense and no “likelihood of confusion” in a cosmetics trademark infringement dispute, the US Court of Appeals for the 11th Circuit also considered, as an issue of first impression, whether the Seventh...more
Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which the defendant appealed a verdict claiming the court abused its discretion and issued a “highly excessive” judgment when it ordered him to disgorge...more
Texas Advanced Optoelectronic Solutions, Inc. v. Renesas Electronics America, Inc., Appeal Nos. 2016-2121, -2208, -2235 (Fed. Cir. 2018)?- In an appeal from a jury trial, the Federal Circuit addressed numerous issues...more
On July 27, 2017, the Arizona Attorney General’s Office (Arizona AG) announced that it had obtained a judgment? against an allegedly fraudulent mortgage relief company and its owner. The company is alleged to have targeted...more
On June 29, 2017, the United States Court of Appeals for the Eighth Circuit vacated a disgorgement order against Crawford Capital Corporation, a venture capital firm, and its owner, Paul D. Crawford, citing the U.S. Supreme...more