The U.S. Department of Justice announced last week that Olympus Corporation of the Americas (OCA) agreed to pay $646 million to resolve three cases relating to its longstanding practice to bribe doctors and hospitals in the U.S. and abroad. The company entered deferred prosecution agreements (DPA) related to violations of the Anti-Kickback Statute (AKS) and
Federal Judge Reverses Own Ruling on Release of Student Data
“Not so fast!” cried privacy advocates and parents when California federal judge Kimberly Mueller ordered the release of a huge database of personally identifiable student information to a group of plaintiffs’ lawyers.
Morgan Hill Concerned Parents v. California Department of Education is a lawsuit filed in 2011 that alleges that California schools have failed to…
Sharper Teeth for Sanctions Enforcement
The current UK sanctions enforcement regime is a complicated web reflecting the requirements of UN Security Council Regulations, EU Regulations, and UK Primary and Secondary Legislation. Penalties for breaches of sanctions are generally set out in the various statutory instruments that implement particular sanctions.
The UK Government, through the Policing and Crime Bill that is…
Freddie Mac and Fannie Mae Not Considered Government Agents Under the FCA
In United States ex rel. Adams v. Aurora Loan Servs., Inc., 2016 WL 697771, — F.3d —- (9th Cir. Feb. 22, 2016), the Ninth Circuit found that Fannie Mae and Freddie Mac were not government entities for purposes of the False Claims Act. In so holding, the Ninth Circuit provided further clarity to…
CFPB Poised to Continue Focused Scrutiny of Indirect Auto Lenders
Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the Department of Justice (DOJ) against Toyota Motor Credit Corporation (TMCC), an indirect auto lender, which, among other things, requires TMCC to pay $21.9 million in restitution to affected borrowers. Indirect auto lending is the most common type of auto…
The SFO’s ‘Seize and Sift’ Procedure
R (on the application of Colin McKenzie) v Director of the Serious Fraud Office saw an unsuccessful attempt to judicially review the SFO’s currently in-use procedure for dealing with material that it has seized, and which may contain content subject to legal professional privilege (“LPP”).
This ‘procedure’, set out in the SFO’s Operational Handbook, provides…
Healthcare Regulatory Diligence: “What Does it Mean to Financial Underwriting?”
It’s deal time! The 2016 JP Morgan Healthcare Conference has set the tone for another successful year for healthcare investing. A company’s financial health is a key factor in the underwriting process for any type of loan and, in the healthcare space, savvy investors also conduct through healthcare regulatory diligence. Sophisticated investors, however, go beyond…
SEC Expands Cybersecurity Compliance Requirements For 2016
On January 11, 2016, the Securities and Exchange Commission announced the 2016 examination priorities list. For the third year in a row, cybersecurity is a top concern, especially with regard to internal security program assessment and evaluation. This year the Office of Compliance Inspections and Examinations (OCIE) will focus on cybersecurity protocols implemented by financial…
SEC Provides Guidance on 2016 Examination Areas of Focus
On Monday, January 11, 2016, the Securities and Exchange Commission (SEC) announced its Office of Compliance Inspections and Examinations’ (OCIE) areas of focus for 2016, which include:
- protecting retail investors and investors for retirement;
- assessing issues related to market-wide risks; and
- use of its ability to analyze data to identify and examine registrants that may
…
Health Provisions in the Omnibus Appropriations: Cybersecurity in the Healthcare Industry
The omnibus appropriations legislation that Congress passed last week contained a variety of health-related provisions. These provisions include rescinding funding for the Independent Payment Advisory Board (IPAB), deficit-neutral language related to risk corridor payments and cybersecurity.
Within a title dealing with cybersecurity issues, including within the federal government, section 405 requires the Department of Health…
