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Thomas T. Papain

SEC Orders KMS Financial Services to Pay $200,000 Penalty Over Failure to Adopt Written Policies and Procedures to Safeguard Customer Information and Records Against Cyberattacks

Posted by Thomas T. Papain on 09/20/2021

On August 30, 2021, the SEC ordered KMS Financial Services, Inc. ("KMS"), a dually registered broker-dealer and investment advisory firm with the SEC, to pay a penalty of $200,000 because KMS did not have written policies and procedures in place to safeguard customer information and records against cyberattacks and over a period spanning approximately ...

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Adam Steinfeld

(Cleaned Up): A Proposal to Streamline Legal Citation Gains Acceptance

Posted by Adam Steinfeld on 09/17/2021

Legal language changes slowly. Even ignoring lawyers' penchant for Latin, plaintiffs still "come now" before the court to "witnesseth" their testimony. Pushes to conduct law in "plain English" started in the sixteenth century. A mere five hundred years later, there are signs of progress in one of the most hidebound of legal conventions: citation. ...

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Robert W. Killorin

Third Circuit Decision Hands Plaintiffs a Victory Regarding the Relation-back Doctrine

Posted by Robert W. Killorin on 09/15/2021

In Southeastern Pennsylvania Transportation Authority v. Orrstown Financial Services, Inc., 2021 WL 3923389 (3d Cir. 2021), the Third Circuit Court of Appeals held that the relation-back doctrine outlined in Federal Rule of Civil Procedure 15(c) applies to statutes of repose, in addition to statutes of limitations. The case began in 2012 when ...

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Nina Varindani

SEC Commissioner Raises Concerns Over “Information Bundling”

Posted by Nina Varindani on 09/13/2021

In a public statement issued on September 3, 2021, SEC Commissioner Caroline Crenshaw raised concerns about the SEC's longstanding practice of considering corporate benefits when assessing penalties against corporate wrongdoers. Crenshaw's statement, published on the heels of the SEC's announcement of an enforcement action against Kraft Heinz ...

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Taylor Crabill

An Employee May Maintain a Retaliation Claim Even if There Was No Underlying Discrimination

Posted by Taylor Crabill on 09/09/2021

Elements of a Retaliation Claim An employee who feels that he or she has been subjected to discrimination (including being subjected to a hostile work environment related to sexual harassment) may be hesitant to complain to a supervisor or Human Resources out of fear of retaliation. However, the employment laws provide protections to employees ...

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Alex Hartzband

California Superior Court Finds Proposition 22 Unconstitutional

Posted by Alex Hartzband on 09/03/2021

As previously outlined here, on November 3, 2020, Californians passed a ballot initiative known as Proposition 22, or "the App-Based Drivers as Contractors and Labor Policies Initiative" ("Prop 22"), which asked voters to define app-based rideshare and delivery drivers as independent contractors, as opposed to employees. Prop 22 was a direct ...

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Dylan B. Weeks


Posted by Dylan B. Weeks on 09/02/2021

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), the Supreme Court rejected extraterritorial application of federal securities laws. The Court held that the federal securities laws reach only (1) transactions in securities listed on domestic exchanges and (2) domestic transactions in other securities. Since the decision in ...

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Christopher M. Lash

NYSE Revisits Related Party Transaction Approval Requirements

Posted by Christopher M. Lash on 08/31/2021

On August 19, 2021, the New York Stock Exchange ("NYSE") filed a Rule Proposal to immediately amend Section 314.00 of the NYSE Listed Company Manual ("Section 314.00"). The amendment modifies the definition of related party transactions to include the value and materiality thresholds contained in Item 404 of Regulation S-K of the Securities ...

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Katherine M. Lenahan

SEC Increases Disclosure Requirements for China-Based IPOs in the U.S.

Posted by Katherine M. Lenahan on 08/06/2021

On July 30, 2021, the U.S. Securities and Exchange Commission ("SEC") announced new disclosure requirements that will make it more difficult for China-based companies to launch initial public offerings ("IPOs") in the U.S. SEC Chair Gary Gensler stated that the new requirements were prompted in part by recent changes in China, which "include ...

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Camilo Burr

Judiciary Employees to Receive Same Protections Against Discrimination as Private Sector Employees

Posted by Camilo Burr on 08/05/2021

On Thursday, July 29, 2021, a bipartisan group of U.S. lawmakers introduced the Judiciary Accountability Act of 2021 which would afford approximately 30,000 federal judiciary workers the same rights and protections against discrimination, sexual harassment, and other misconduct given to other workers in the private and government sectors. ...

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