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Thomas T. Papain

SEC Settles Charges against First American Financial Corporation over Cybersecurity Vulnerability

Posted by Thomas T. Papain on 07/23/2021

On June 15, 2021, the SEC settled its charges against First American Financial Corporation ("First American"), a real estate company, in the amount of $487,616, for its "disclosure controls and procedures violations related to disclosures made in connection with a cybersecurity vulnerability involving the company's 'EaglePro' application for ...

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Taylor Crabill

Sexual Harassment Likely to Increase as Employees Return to the Office

Posted by Taylor Crabill on 07/15/2021

In 2020, as the Coronavirus pandemic forced millions of employees to work remotely, the number of charges filed with Equal Employment Opportunity Commission related to sexual harassment dropped by nearly 1,000.[1] This summer, many employees are beginning to return to the office, meaning they will be spending hours interacting with their coworkers ...

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Alex Hartzband

Biden White House Issues Sweeping Executive Order to Boost Competition and Increase Workers’ Pay

Posted by Alex Hartzband on 07/13/2021

After months of being prematurely heralded as a "modern F.D.R.," President Joe Biden recently took a significant step toward beginning to justify the lofty comparison. On July 9, 2021, Biden issued an expansive executive order (the "Order") focused on aggressive enforcement of antitrust law with, as Biden put it, "no tolerance for abusive ...

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Daniel Weiss

Supreme Court to Decide Whether PSLRA Discovery Stay Applies to State Securities Cases Under the Securities Act of 1933

Posted by Daniel Weiss on 07/08/2021

Under the Private Securities Litigation Reform Act of 1995 ("PSLRA"), all discovery in a Federal securities lawsuit is put on hold while the court decides whether to grant a motion to dismiss. The PSLRA provides "In any private action arising under this subchapter, all discovery and other proceedings shall be stayed during the pendency of ...

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Thomas T. Papain

Cybersecurity Risk Governance on SEC Agenda

Posted by Thomas T. Papain on 07/07/2021

On June 11, 2021, the Office of Information and Regulatory Affairs ("OIRA"), a part of the Office of Management and Budget and the U.S. Government's central authority for reviewing Executive Branch regulations, released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions. The purpose of the OIRA Agenda is to report on short ...

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Camilo Burr

NCAA to Vote to Suspend Rules Prohibiting Name, Image, and Likeness

Posted by Camilo Burr on 07/06/2021

On June 28, 2021, the NCAA's D-1 Council, made up of a group of school athletic directors, administrators, and faculty members who run the daily operations of the nation's highest collegiate athletics organization recommended a proposal to the NCAA's Board of Directors to suspend rules prohibiting college athletes from profiting from the use ...

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Christopher M. Lash

SEC APPROVES AMENDMENTS TO NYSE RELATED PARTY TRANSACTION APPROVAL REQUIREMENTS

Posted by Christopher M. Lash on 07/01/2021

The New York Stock Exchange ("NYSE") has long required NYSE-listed companies to have "an appropriate body" to review and evaluate related party transactions. However, Section 314.00 of the NYSE Listed Company Manual ("Section 314.00") did not explicitly define a related party transaction. Instead, the prevailing view was that a related party ...

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Raymond N. Barto

Chickens Come Home to Roost for Tyson Foods and Pilgrim’s Pride as Court Grants Final Approval in Price-Fixing Settlements

Posted by Raymond N. Barto on 06/30/2021

Direct purchasers of broiler chicken obtained final approval of their settlements with Tyson Foods and Pilgrim's Pride, for a total of $155 million for the class. The direct purchasers alleged that Tyson Foods, Pilgrim's Pride, and more than a dozen other producers of broiler chicken coordinated output restrictions and shared competitively ...

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Alex Hartzband

U.S. Department of Labor Issues COVID-19 Safety Standards for Healthcare-Sector Employers

Posted by Alex Hartzband on 06/11/2021

On June 10, 2021, the U.S. Department of Labor ("DOL") issued a long- and highly-anticipated emergency rule setting workplace safety parameters for employers in the healthcare sector that, once published in the Federal Register, will remain in effect throughout the remainder of the COVID-19 pandemic. The rule, which largely tracks recent guidance ...

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Nina Varindani

SEC Chair Addresses “Cracks” In Insider Trading Rules

Posted by Nina Varindani on 06/08/2021

Speaking at the CFO Network Summit on June 7, 2021, SEC Chair Gary Gensler informed the audience about his plans to "freshen up" Rule 10b5-1. Approximately 20 years ago, the SEC enacted Rule 10b5-1 as a means to regulate insider trading. Rule 10b5-1 provides a safe harbor for companies and company insiders to purchase and sell shares of stock ...

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