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SEC Sends Warning Shot on COVID-Impact Disclosures
The Securities and Exchange Commission fired a warning shot last week to all public companies about the quality and accuracy of disclosures made regarding the impact of the COVID-19 pandemic on business operations. On December 4, the SEC announced settled...
The Supreme Court Affirms, but Limits, the SEC's Disgorgement Power
On June 22, 2020, the Supreme Court of the United States issued its decision in Liu v. SEC further limiting the SEC’s remedial powers. While the Court affirmed the SEC’s ability to obtain disgorgement for violations of federal securities laws...
Federal Stimulus Money is Coming Soon – Increased Federal Enforcement Won't Be Far Behind
Many companies will naturally want a piece of the $2 trillion federal stimulus package aimed at combating the economic consequences of the coronavirus pandemic currently making its way through Congress. However, be careful what you wish for. History teaches that...
Compliance Preparedness During the COVID-19 Outbreak—Lessons From A Prior Crisis
In times of economic uncertainty companies face numerous enterprise-wide risks. The COVID-19 pandemic exponentially magnifies these risks, but critical lessons learned from the 2008 financial crisis can help blunt the impact. While concerns over business continuity, cash flow and fulfilling...
DOJ Reveals Foreign Agent Cases Are Fara from Over
On March 6, Assistant Attorney General for National Security John C. Demers announced that the Department of Justice (“DOJ”) has designated a new deputy chief to lead the Foreign Agents Registration Act (“FARA”) unit and that DOJ will start treating...
OCIE Releases Risk Alert Regarding Advertisements of Investment Advisers
On September 14, 2017, OCIE published a Risk Alert identifying issues associated with Rule 206(4)(1) of the Investment Advisers Act of 1940 (the “Advertising Rule”). 1 The Risk Alert was based on observations of the OCIE staff after over 1,000...
Nationwide Healthcare Prosecutions Targeting an Array of Practices . . . Is "Just The Beginning"
On July 13, 2017, the Department of Justice ("DOJ"), in conjunction with the Department of Health and Human Services ("HHS"), continued its annual tradition of coordinating the filing of charges and sweeping arrests in nationwide, unconnected, health care fraud prosecutions...
Data Breach Lawsuit Survives Motion to Dismiss
In an April 13, 2017 decision in Walters v. Kimpton Hotel , 1 a California federal judge rejected the bid of hotel chain Kimpton Hotel and Restaurant Group, LLC to dismiss a proposed class action arising from a data breach...
Tech Rally – Industry Giants Back Google's Play to Protect Data
On March 10, 2017, Google Inc. filed its objection to a Pennsylvania magistrate judge's order to comply with search warrants and turn over personal user data partially stored on foreign servers abroad. A number of technology companies, including Yahoo!, Microsoft...
New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017
On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other DFS-regulated entities. The regulations will become effective March 1, 2017, with...
To Obtain Data Abroad, Government Just Googles It
As technology companies expand globally they increasingly are storing customer electronic data in servers outside the United States. To keep apace, the Justice Department has become more creative in adapting existing legal instruments and more persistent in advancing arguments to...
Modern Enforcement: Rolls-Royce’s $800 Million Global Settlement
Rolls-Royce plc, a UK-based company that manufactures engines and generators for the aerospace, defense, marine, and energy sectors, has agreed to pay over $800 million to resolve parallel investigations by U.S., UK, and Brazilian authorities into a long-running scheme to...
Supreme Court Decision in Salman
Yesterday, the Supreme Court confirmed a more expansive application of criminal insider trading violations when it unanimously affirmed the Ninth Circuit Court of Appeals decision in Salman v. United States . In doing so, the Court upheld the insider trading...
Attorney-Client Privilege in Washington State No Longer Applies When Employment Ends
In order to preserve the attorney-client privilege, counsel who conduct internal investigations begin employee interviews with an “Upjohn Warning”—a disclosure indicating that counsel represents the employer, not the employee, that the content of the interview is privileged and that the...
DOJ Announces First Declinations After Implementing FCPA Pilot Program
The U.S. Department of Justice (DOJ) issued its first set of public declinations since its April unveiling of a new self-reporting Foreign Corrupt Practices Act (FCPA) pilot program. On June 7, 2016, Akamai Technologies, Inc., a Massachusetts-based internet services provider...