RELATED UPDATES:
 New Revelations in Ukraine Lead to Tightening Global Sanctions (April 8, 2022)
 Western Companies Starting to Feel Impact of Russian Sanctions (March 24, 2022)
FinCEN Encourages “Increased Vigilance” and Highlights Red Flags for Evasion of Russian Sanctions including Use of Virtual Currency (March 16, 2022)
DOJ Launches “Task Force KleptoCapture” in Response to Russian Invasion (March 9, 2022)

Over the last several days, the United States and allies in North America, Europe, and Asia have announced a sweeping expansion of the sanctions levied against Russia and affiliated entities and individuals in the wake of Russia’s invasion of Ukraine.  The additional sanctions target Russia’s largest financial institutions; impose further prohibitions related to new debt and equity for significant state-owned enterprises; and block transactions with Russian President Vladimir Putin, Minister of Foreign Affairs Sergei Lavrov, and additional Russian elites and their family members.  The U.S. Commerce Department similarly implemented stringent export control restrictions that will severely restrict exports to Russia of critical U.S.-origin technologies, as well as certain foreign direct products (FDPs) of such technologies.

Update: Pain Management or Pill Mill? Supreme Court Hears Arguments Regarding Standards for Prosecutions of Practitioners Prescribing Narcotics (March 11, 2022)

Introduction

Next week, the Supreme Court will hear oral argument in a pair of cases that may reshape the landscape of legitimate prescribing under the Controlled Substances Act (“CSA” or “the Act”). In companion cases Ruan v. United States and Kahn v. United States, the Court is expected to resolve a circuit split over the availability and scope of acting in “good faith” as a defense for medical practitioners charged with unlawfully distributing narcotics under the CSA.

Caduceus Capital Partners has announced it has completed an investment in ScriptDrop.

ScriptDrop, based in Columbus, Ohio, is a developer of a prescription delivery platform. The technology allows pharmacies to electronically request delivery on behalf of patients, with the company using a courier network to take prescriptions from the pharmacy to patients.

Caduceus, based in Brentwood,…

RELATED UPDATES:
 New Revelations in Ukraine Lead to Tightening Global Sanctions (April 8, 2022)
Western Companies Starting to Feel Impact of Russian Sanctions (March 24, 2022)
FinCEN Encourages “Increased Vigilance” and Highlights Red Flags for Evasion of Russian Sanctions including Use of Virtual Currency (March 16, 2022)
DOJ Launches “Task Force KleptoCapture” in Response to Russian Invasion (March 9, 2022)
U.S. and Allies Significantly Expand Sanctions and Related Restrictions on Russia and Belarus (Feb. 28, 2022)

Building on Monday’s Executive Order imposing sanctions on the so-called Donetsk and Luhansk People’s Republics (“DNR” and “LNR,” respectively) in Ukraine, the Biden Administration on Tuesday sanctioned two major Russian state-owned financial institutions as well as several individuals with close ties to the Kremlin and imposed additional restrictions on Russian sovereign debt.  The sanctions were coordinated with similar penalties announced Tuesday by the European Union and Great Britain.  In remarks on Tuesday afternoon, President Biden referred to the measures as the “first tranche of sanctions to impose costs on Russia” for its deployment of troops to the DNR and LNR, noting that the United States will impose additional restrictions if Russia continues to escalate tensions in the region.  Today, the Administration moved ahead with additional measures, sanctioning the company charged with building Russia’s Nord Stream 2 natural gas pipeline, as well as the company’s corporate officers.

yLoft, LLC v. Bechtler, Parker & Watts, P.S.C. was filed in the Circuit Court for Jefferson County, Kentucky on January 18, 2022, asserting claims for negligent misrepresentation, fraudulent misrepresentation, violation of state securities laws, and unjust enrichment against an accounting firm alleged to have facilitated the sale of unregistered securities.

Plaintiffs are individuals and institutional investors that invested in promissory notes sold by non-parties ACS Payment Solutions, LTD Co. d/b/a ACS Payment Solutions, LLC and ACS Payment Solutions II Incorporated (collectively, “ACS”).  Defendant Bechtler, Parker & Watts, P.S.C. (“BPW”) is an accounting firm owned by Defendant Christopher J. Bechtler (“Bechtler”) that performed accounting services for ACS and Plaintiffs.  Defendants are alleged to have engaged in a scheme with ACS to solicit and defraud outside investors, including Plaintiffs.

RELATED UPDATES:
 New Revelations in Ukraine Lead to Tightening Global Sanctions (April 8, 2022)
 Western Companies Starting to Feel Impact of Russian Sanctions (March 24, 2022)
FinCEN Encourages “Increased Vigilance” and Highlights Red Flags for Evasion of Russian Sanctions including Use of Virtual Currency (March 16, 2022)
DOJ Launches “Task Force KleptoCapture” in Response to Russian Invasion (March 9, 2022)
U.S. and Allies Significantly Expand Sanctions and Related Restrictions on Russia and Belarus (Feb. 28, 2022)
Additional Sanctions on Russia and the Importance of Business Contingency Planning (Feb. 23, 2022)

In response to the deteriorating political and military situation on the Ukraine border, last night the Biden administration issued an initial set of sanctions targeting activities involving the Donetsk and Luhansk regions of Ukraine.

Pursuant to President Biden’s Executive Order, any new investment in, importation from or exportation to the so-called Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR) regions of Ukraine by a U.S. person or to or from the United States is prohibited. U.S. persons also are prohibited from approving, financing, facilitating or guaranteeing transactions by a non-U.S. person that would be prohibited if performed by a U.S. person or from the United States. These restrictions are similar to those imposed on the Crimea region of Ukraine following its annexation by Russia in 2014, which resulted in Crimea becoming functionally off limits to United States’ commerce. That trade embargo now has been extended to Donetsk and Luhansk.

424 Capital has announced it has closed a majority investment with MedHQ.

MedHQ, based in Westchester, Ill., is a national provider of human resources and financial management services to healthcare providers. Founded in 2003, the company mainly supports ambulatory surgery centers and physician practices with payroll, tax, benefits, insurance, credentialing and consulting services.

424 Capital…

On Thursday, February 10, 2022, the Senate Judiciary Committee approved the Eliminating Abusive and Rampant Neglect of Interactive Technologies Act (EARN IT Act), first introduced in 2020 by Sens. Lindsey Graham, R-SC, and Richard Blumenthal, D-Conn. The EARN IT Act aims to tackle the online proliferation of child sexual abuse material (CSAM) by paring back online service providers’ broad immunity under Section 230 of the Communications Act of 1934. The Act would open up websites and tech platforms to civil lawsuits and state criminal charges for user-created content hosted on their websites.

Avista Capital Partners has announced it will acquire Probo Medical from Varsity Healthcare Partners (VHP).

Probo, based in Fishers, Ind., is a supplier of refurbished diagnostic imaging equipment. Founded in 2014, the company’s set of services include equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and field-based repair service…

On Feb. 10, the Senate Judiciary Committee approved the Eliminating Abusive and Rampant Neglect of Interactive Technologies Act, which targets the online proliferation of child sexual abuse material by paring back online service providers’ broad immunity under the Communications Act of 1934.

Read on for analysis of this legislation, which could open websites and tech…