The Financial Crimes Enforcement Network (FinCEN) published new guidance on Feb. 27, 2025, putting its plan to begin enforcing the Corporate Transparency Act (CTA) on hold. After the Feb. 17 order by the U.S. District Court for the Eastern District of Texas in Smith v. United States Department of Treasury made the CTA once again enforceable, FinCEN set a deadline of March 21 for reporting companies to submit beneficial ownership information.
Healthcare Compliance Tools: What Investors Need to Know, With Rebecca Springer
Healthcare data pioneer Rebecca Springer visits The Corner Series as a newly minted director at healthcare investment banking boutique Bailey & Co. With McGuireWoods partner and host Geoff Cockrell, Rebecca details the growing governance, risk and compliance (GRC) market in healthcare.
She describes the four “buckets” of GRC — provider data; workforce; safety,…
Healthcare & Life Sciences Private Equity Deal Tracker: Grovecourt Acquires IMRIS
Grovecourt Capital Partners has announced the acquisition of IMRIS Imaging.
IMRIS, founded in 2005 and based in Chaska, Minnesota, is a global provider of intraoperative image guidance solutions.
Grovecourt, based in West Palm Beach, Fla., is a lower middle market private equity firm. Founded in 2022, the firm seeks investments in founder-led and…
Fourth Circuit Upholds OIG Advisory Opinion Process
On January 23, 2025, the United States Court of Appeals for the Fourth Circuit rejected a challenge to Advisory Opinion 22-19 (the “Advisory Opinion”) issued by the United States Department of Health and Human Services, Office of Inspector General (“OIG”). The case, Pharmaceutical Coalition for Patient Access v. United States, centered on whether the Advisory Opinion was appropriate when it found a proposed patient assistance program for Medicare Part D beneficiaries by the Pharmaceutical Coalition for Patient Access (the “Coalition”) could violate the Anti-Kickback Statute (“AKS”). In rejecting this challenge to the Advisory Opinion, the Fourth Circuit signaled the judiciary’s continued respect afforded to government agencies, including OIG’s issuing of advisory opinions, even in a post-Chevron world.
Department of Justice Suggests “Aggressive” Enforcement of False Claims Act
On February 20, 2025, during a speech to the Federal Bar Association’s annual qui tam conference, Michael Granston, Deputy Assistant Attorney General for the Commercial Litigation Branch at the U.S. Department of Justice (DOJ), said that the Trump Administration will seek to “aggressively” enforce the False Claims Act (FCA). In particular, Granston stated that active FCA enforcement is consistent with the Trump Administration’s priorities of increasing government efficiency and “rooting out waste, fraud and abuse.”
Madison River Capital Closes Inaugural Fund With $370 Million
Madison River Capital (MRC) has announced the close of its first institutional fund.
The fund, Madison River Capital Fund I, closed with more than $370 million of capital commitments.
MRC, founded in 2022 and based in New York, is a private equity firm focused on the lower middle market. The firm, which invests in…
Seizing the Future in Ophthalmology Surgery Centers, With Randall Shaw
Declining interest rates and a new administration foretell a warmer M&A market in ophthalmology, says Randall Shaw, co-founder and chief strategy officer of Vision Integrated Partners. With 25 practices and 13 surgery centers in six states, Vision Integrated Partners has annual revenues above $200 million.
Joining McGuireWoods partner and host Geoff Cockrell,…
D.C. Circuit Prohibits Pro Se Plaintiffs from Bringing FCA Cases
In United States ex rel. Feliciano v. Ardoin, the D.C. Circuit joined every other circuit to consider the issue, holding that a pro se litigant cannot bring a False Claims Act (FCA) case. The court’s reasoning was straightforward: FCA claims belong to the government, not the relator. While individuals may represent themselves in legal matters, they cannot represent another party—including the United States—without being a licensed attorney. The FCA does not provide an exception to this rule, leading the court to affirm the district court’s dismissal as pro se FCA cases cannot proceed.
Texas Court Stays Nationwide Injunction Staying the CTA, Deadline to Report Beneficial Ownership Information is March 21, 2025
In our last update, we reported that despite the Supreme Court staying the nationwide injunction against FinCEN’s enforcement of the CTA in one Texas case, a nationwide stay of the Reporting Rule granted by a federal judge in the Eastern District in Smith v. United States Department of Treasury (6:24-cv-00336) remained in effect.
Healthcare & Life Sciences Private Equity Deal Tracker: Court Square and WindRose Acquire Soleo
Court Square Capital Partners and WindRose Health Investors have completed a jointly controlled investment in Soleo Health, according to a news release.
Soleo, founded in 2014 and based in in Frisco, Texas, is a national provider of specialty pharmacy and infusion services.
Court Square, based in New York, is a middle market private equity…