On June 26, Treasury’s Office of Foreign Assets Control (OFAC) announced the settlement of an enforcement action against an Italian animation company that violated OFAC’s sanctions on North Korea. The enforcement action highlights several key propositions regarding sanctions compliance: (1) non-U.S. businesses cannot ignore U.S. sanctions if they are transacting through the U.S. or using
Corporate & Commercial
Federal District Court Finds Private-Insurer Relator Can Proceed with False Claims Action
Last month, the U.S. District Court for the District of New Jersey held that a private company, Allstate Insurance Company, could proceed with its whistleblower action against a clinical laboratory, Phoenix Toxicology and Lab Services, LLC, which allegedly submitted false claims to the federal government for medically unnecessary urine drug tests (“UDT”). See generally United…
Consumer Product and Retail Brown-Bag Lunch Series: Cannabis News
June 27, 2024
McGuireWoods latest installment of its bimonthly brown-bag lunch series that explores important topics affecting the consumer product and retail industries. This webinar covers cannabis industry news and speakers answer questions from attendees..
McGuireWoods Speakers
- Royce B. DuBiner, Partner, Chicago
- Allyson M. Maur, Associate, New York
Disruptive Technology Strike Force Announces Its First Declination to Prosecute Under the National Security Division’s Voluntary Self-Disclosure Program
On May 22, 2024, the Department of Justice’s National Security Division (“NSD”) announced its first declination of prosecution for a company under the voluntary self-disclosure program established by the National Security Division Enforcement Policy for Business Organizations (“NSD Enforcement Policy”). An individual who worked for a United States-based biochemical company, along with his co-conspirator, each…
CFPB Establishes New Obligations for Covered Nondepository Institutions Subject to Judicial or Administrative Enforcement Orders
On June 3, 2024, the Consumer Financial Protection Bureau imposed a new set of regulatory obligations on nondepository consumer-financial companies that are subject to court or administrative orders enforcing federal or state consumer-protection laws. The Bureau’s new rule creates a public registry of such orders dating back to January 1, 2017. It requires covered entities…
Highlights from the 2024 SIFMA Anti-Money Laundering and Financial Crimes Conference on the Corporate Transparency Act
On May 6, 2024, the Financial Crimes Enforcement Network (“FinCEN”) Director Andrea Gacki, Acting Chief of the Enforcement Division Steve Hsieh, Acting Associate Director of the Policy Division James Martinelli, and other key industry leaders, convened at SIFMA’s Anti-Money Laundering and Financial Crimes conference in New York to discuss, among other things, FinCEN’s priorities for…
FTC Issues Final Rule Banning Most Non-Compete Agreements
On April 23, the Federal Trade Commission approved a final rule that will ban most employer-employee non-compete agreements. The rule represents an unprecedented federal initiative to invalidate agreements commonly entered into between employers and employees. Read on for details about the final rule and the challenges the rule’s implementation faces.
CFPB: For-Profit School Misrepresented ISAs, Made False Claims About Grads’ Employment Rates
On April 17, 2024, the Consumer Financial Protection Bureau entered an order against a for-profit vocational school and its CEO for mischaracterizing the school’s income-share agreements (ISAs) and misrepresenting its graduates’ employment rates. The CFPB said the school drove students to finance their training programs with promises of high graduate employability. To finance students’ education,…
EEOC Releases Final Regulations Implementing the Pregnant Workers Fairness Act
On April 15, 2024, the Equal Employment Opportunity Commission released the long-awaited final regulations implementing the Pregnant Workers Fairness Act (PWFA). The regulations will take effect on June 18, 2024. Read on for a summary of the additional clarity and guidance the regulations provide as to the scope and application of the PWFA.
CFPB Updates Process to Designate Nonbanks for Supervision
Yesterday, the Consumer Financial Protection Bureau updated its process for designating a nonbank for supervision. Initially issued in 2013, the revised rule specifically establishes the CFPB’s procedures in determining whether a nonbank “poses risk to consumers” and is thus subject to the Bureau’s supervisory authority. The CFPB has had the authority to supervise such nonbanks…