In a world marked by rapid and abrupt changes, it comes as no surprise when the legal realm around The Reports of Foreign Bank and Financial Accounts (FBARs) and the Foreign Account Tax Compliance Act (FATCA) is subjected to significant legal shifts. This summer, the legal climate has certainly not been idle, as new developments…
Former New York City Mayor Rudy Giuliani was deemed accountable for propagating false allegations regarding voter fraud, particularly associated with two Georgian election officials of 2020 by a federal judge last Wednesday. This legal finding was entered as judgment against Giuliani, who was aligned with then-president Donald Trump during that period. Apart from facing defamation…
In a significant shift, the Massachusetts Supreme Judicial Court (SJC) has denied Robinhood Financial LLC a victory, reverting the decision in favor of the Secretary of the Commonwealth. This change follows the unanimous upholding of the Massachusetts Fiduciary Duty Rule unique to the jurisdiction. This rule places a fiduciary duty standard on Massachusetts broker-dealers, with…
Last week, a crucial ruling by the Massachusetts Supreme Judicial Court opened the door for individual states to introduce a variety of regulations on broker-dealers offering investment advice to retail customers, according to K&L Gates partners based in Boston. On August 25, the Massachusetts’ high court affirmed unanimously that the Commonwealth’s Secretary, William Galvin, possesses…
Building a diverse, talented, and balanced team isn’t easy. It becomes even more challenging when it involves a large legal firm with over 601 attorneys. However, according to Law360’s Women in Law pipeline score methodology, one Biglaw firm stands apart from the others. The evaluative method takes into consideration how well firms are keeping pace…
In the intricate landscape of merger and acquisition (M&A) transactions, due diligence consistently proves to be an essential stage. By thoroughly assessing every facet of a potential deal, companies involved can flag potential dealbreakers, identify manageable risks and make well-informed decisions. This entire process begins with the critical step of due diligence. A report by…
As of September 1, the Department of Health and Human Services Office of Inspector General (HHS-OIG) began enforcing information blocking penalties against certain health care information technology (IT) actors. These regulatory actions follow the publication of the final rule by the HHS-OIG on June 27. According to the announcement via JD Supra, stringent penalties are…
In a move set to reshape the protection of aquatic species, the United States Fish and Wildlife Service (“Service”) has expressed its intent to list the salamander mussel as an endangered species under the Endangered Species Act (“ESA”), as per the rule proposed in the Federal Register dated August 22nd. It is worth noting that…
The manufacturer of OtterBox products has reportedly initiated a stringent legal action targeting numerous third-party vendors on Amazon Marketplace. These sellers are allegedly involved in the distribution of counterfeit mobile phone cases and other related items. A substantial number of consumer reports suggest that these imitation products are inferior in quality when compared to authentic…
On August 15, 2023, the U.S. Court of Appeals for the Tenth Circuit spoke on a significant development concerning Patient’s Right to Pharmacy Choice Act Title 36 § 6958 et seq of 2019 from Oklahoma. The verdict was laid out in Pharmaceutical Care Management Association v. Glen Mulready, where the official capacity of Glen Mulready…
Federal Judge M. Casey Rodgers has requested to understand the extent to which outside investors backing lawsuits will benefit from a $6 billion settlement established for military veterans who were injured by faulty earplugs manufactured by 3M Co. The disclosure came on the heels of 3M Co.’s announcement of a settlement to resolve the countless…
On August 29, 2023, new provisions under the Financial Services and Markets Act (FSMA) 2023 commenced. This represents a critical chapter in the establishment of the UK’s regulatory framework for digital assets. Specifically, the FSMA 2023 brings cryptoassets within the jurisdiction of the Financial Conduct Authority (FCA) and establishes a new regime for the regulation…
A recent ruling in the U.S. District Court for the Western District of New York has given the green light for a class-action lawsuit relating to alleged violations of the Fair Debt Collections Practices Act (FDCPA). The plaintiff’s argument centers on an apparent improper debt assignment notification. The initial motion for class certification was granted…
In a seminal development on August 18, 2023, the U.S. Court of Appeals for the Fifth Circuit broadened the spectrum of employment actions that may be deemed as ‘adverse employment action’ under Title VII. The case in point involved Hamilton v. Dallas Cnty., ruled on by the 5th Cir. en banc, carrying the identifier No….
In its previous term, the U.S. Supreme Court managed to bring a resolution to a circuit conflict that had been ongoing for decades with the Dupree v. Younger verdict, a ruling that stated that purely legal matters settled during summary judgment did not need to be revisited in post-trial motions adhering to Federal Rules of…
Auto insurers are frequently requested by their insured parties and third-party claimants to compensate for what is commonly referred to as “diminished value” damages linked to automobile accidents. Broadly speaking, “diminished value” signifies the loss of a damaged vehicle’s market value due to an accident. In various parts of the United States, the subject of…
In a recent announcement that could make waves in the world of tax law, the Internal Revenue Service (IRS) has decided to extend the compliance date for Roth Catch-up contributions until January 1, 2026. This follows Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0), which required catch-up contributions for individuals whose wages…
The difficulties faced by Arab-Israeli communities continue to be a significant concern in Israel. In an alarming reveal, Israeli Minister for Public Security, Itamar Ben Gvir, in a contentious televised interview on August 23, stressed that Israel should worry about the escalating rate of violent crime in Arab-Israeli localities predominantly due to the risk of…
In recent years, in-house legal counsel have been increasingly implementing strict and often intricate “billing guidelines” for outside counsel. These guidelines, often comprehensive and complex, are designed to help clients maintain control over legal spend, but many observe it as merely another layer of administrative red tape that delays payments. With a growing burden of…
As per a recent ruling by a panel of California’s Court of Appeal, employers in the state are now required to reimburse workers for expenses incurred due to COVID work-from-home arrangements. These expenses include, but may not be limited to, Internet access, telephone service, a headset, as well as computing necessities and associated accessories. This…
On August 23, 2023, an announcement by the U.S. Department of Commerce sent ripples through the solar sector. Their publication disclosed final affirmative circumvention determinations on solar products originating from Cambodia, Malaysia, Thailand and Vietnam. Predominantly, these findings aligned with those issued in a set of preliminary determinations from December 2022. This decision by Commerce…
The Securities and Exchange Commission (SEC) has implemented a milestone set of rules and amendments under the Investment Advisers Act of 1940, expanding substantially the regulatory compliance requirements for certain investment advisors. This information, vital for several professionals who deal with financial regulations and legal compliance, is now ready for review and implementation. The changes…
On August 21, the U.S. Supreme Court declined a plea from West Virginia Attorney General (AG) Patrick Morrisey and 26 fellow state AGs to partake in oral arguments in the case of Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America. The request was made by a primarily Republican group of state…
The Internal Revenue Service (IRS) released guidance on August 25, 2023, laying the groundwork for the implementation of Section 603 of the SECURE 2.0 Act of 2022. This provision requires high-paid employees to make age-based catch-up contributions to 401(k), 403(b), or governmental 457(b) plans on a Roth after-tax basis. The enforcement of this requirement was…
The Federal Financial Institutions Examination Council (FFIEC) recently unveiled the fifth phase of updates to the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the Manual) on August 2, 2023. As outlined in a report by Perkins Coie, although the Manual is not explicitly intended as guidance for the banking industry, it offers critical insight…