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Katherine M. Lenahan

SEC Announces Settled Charges Against Two Investment Advisers Regarding Their AI Claims

Posted by Katherine M. Lenahan on 03/22/2024

On March 18, 2024, the U.S. Securities and Exchange Commission ("SEC") announced that it settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading claims about their use of artificial intelligence ("AI"). According to Bloomberg Law, the charges mark "the beginning of a ...

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Matthew A. Conrad

SEC Adopts New Disclosure Rules Governing SPAC IPOs and De-Spac Transactions

Posted by Matthew A. Conrad on 03/21/2024

The use of Special Purpose Acquisition Companies ("SPAC")[1] for going public transactions ("IPOs") has grown significantly over the last few years. So has litigation involving SPACs. On January 24, 2024, the Securities and Exchange Commission ("SEC") adopted new rules to widen the disclosure requirements for SPAC IPOs and subsequent transactions ...

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Finn W. Dusenbery

McDonald’s Workers Sue for Lack of Breaks and Private Space for Nursing, in Violation of PUMP Act

Posted by Finn W. Dusenbery on 03/20/2024

On February 14, 2024, McDonald's workers Kathleen Faber and Lexis Mays brought a nationwide collective action against the company and its franchisees for failing to provide sufficient breaks or private spaces for employees who were lactating, in violation of the Providing Urgent Maternal Protections for Nursing Mothers Act (the "PUMP Act"). ...

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Shawn R. Clark

New York State to Expand Protections for Freelance Workers

Posted by Shawn R. Clark on 03/19/2024

Employees possess a wide range of legal protections and benefits that freelancers, who work for themselves, do not. This often leaves freelancers vulnerable to the whims of their clients, who can potentially threaten a freelancer's livelihood in ways that would be plainly illegal if done to an employee. On March 20, 2024, New York will make ...

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Kyle J. Conway

FDA Announces Formal End to PFAS in Food Packaging Products

Posted by Kyle J. Conway on 03/18/2024

On February 28th, 2024, the Food and Drug Administration (FDA) officially announced an end to per- and polyfluoralkyl substances (PFAS) in food packaging. This effects potential exposure to these harmful substances from materials like "fast-food wrappers, microwave popcorn bags, take-out paperboard containers and pet food bags". This update, ...

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Camilo Burr

New York Prohibits Employers from Requesting Access to Employees or Applicants’ Social Media Accounts

Posted by Camilo Burr on 03/15/2024

On March 12, 2024, bill S2518A/A836 will go into effect, prohibiting employers from requesting employees and/or job applicants provide usernames, passwords, and/or other personal information necessary to access their social media accounts or from requesting or requiring an employee access their accounts in the employer's presence. Employers ...

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Thanh T. Hoang

ESG Investing and Securities Class Actions

Posted by Thanh T. Hoang on 02/28/2024

Social media was envisioned to network people, and its development has shifted global perspectives and redefined the Information Age. In securities class actions, social media has made it more convenient to issue notices for suits and to help investigations of potential witnesses, class members, and defendants. But social media has revolutionized ...

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Faruqi & Faruqi

SECOND CIRCUIT DECERTIFIES CLASS IN GOLDMAN, ENDING 13-YEAR SAGA

Posted by Faruqi & Faruqi on 02/16/2024

After thirteen years, several trips to the Second Circuit and one to the U.S. Supreme Court, last year the Second Circuit delivered the death blow to the securities fraud 10b-5 class action Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., 77 F. 4th 74 (2d Cir. 2023), when it held that the Southern District of New York had erroneously ...

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Finn W. Dusenbery

NYC Enacts Law Allowing Lawsuits for Violations of Earned Safe and Sick Time Act

Posted by Finn W. Dusenbery on 02/08/2024

On January 20, 2024, New York City enacted a law allowing employees to sue for violations of the City's Earned Safe and Sick Time Act ("ESSTA"). Until now, the only way to enforce rights under the ESSTA was to file a complaint with the NYC Department of Consumer and Worker Protection ("DCWP"). The DCWP would investigate the complaint and, ...

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Katherine M. Lenahan

SEC Approves 11 Exchange-Traded Products Holding Bitcoin In Landmark Order

Posted by Katherine M. Lenahan on 01/24/2024

On January 10, 2024, the U.S. Securities and Exchange Commission ("SEC") approved 11 exchange-traded products ("ETPs") holding bitcoin, known as spot bitcoin ETPs, in a landmark decision for crypto advocates. ETPs are investment instruments that track underlying securities, commodities, or other financial products, and trade on exchanges just ...

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Camilo Burr

New Jersey Passes Legislation Affording Domestic Workers $15.13 in Minimum Wages and Other Protections

Posted by Camilo Burr on 01/23/2024

On January 12, 2024, New Jersey Governor, Phil Murphy signed the New Jersey Domestic Worker Bill of Rights, which guarantees New Jersey's approximately 50,000 domestic workers, including childcare providers, home caretakers, and caregivers, a minimum wage of $15.13 along with other protections. Previously, domestic workers were exempt from ...

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Matthew A. Conrad

Southern District of New York Concurs with SEC Finding That Terraform Cryptocurrencies Are Securities

Posted by Matthew A. Conrad on 01/10/2024

On December 28, 2023, the Southern District of New York granted summary judgment in favor of the Securities and Exchange Commission ("SEC") on their claim that Terraform Labs Pte Ltd. and DO Hyeong Kwon ("Defendants") offered and sold unregistered securities in violation of Section 5(a) and 5(c) of the Securities Act of 1933[1] ("Securities ...

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Thanh T. Hoang

Securities And Exchange Act Claims Against TaskUs, Inc. Survive Motion To Dismiss

Posted by Thanh T. Hoang on 01/09/2024

Recently, the Southern District of New York affirmed that repeated assertions conveying a false impression—i.e., a positive workplace culture backed by "low attrition" and Glassdoor ratings—were actionable. Although the analysis was not in favor of Plaintiffs in this case, the District Court tacitly supported the "core operations" doctrine ...

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Kyle J. Conway

FTC Considering Significant Expansion of Children’s Online Data Privacy

Posted by Kyle J. Conway on 12/22/2023

The Federal Trade Commission ("FTC") is poised to open its updated rulemaking for the Children's Online Privacy Protection Act (COPPA) open for public comment. First adopted in 2000, the Rule forbids online service providers and websites from collecting the personal information of individuals under the age of 13 absent verified consent from ...

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Lisa Omoto

FTC Bans Rite Aid from Using AI Facial Recognition

Posted by Lisa Omoto on 12/22/2023

On December 19, 2023, the Federal Trade Commission and Rite Aid agreed that Rite Aid will be banned from using facial recognition technology for surveillance purposes for five years to settle FTC charges that the retailer failed to implement reasonable safeguards to prevent its consumers from being falsely identified as shoplifters. In a complaint ...

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Finn W. Dusenbery

NYC Enacts Law Requiring Employers to Provide “Workers’ Bill of Rights” to Employees

Posted by Finn W. Dusenbery on 12/21/2023

On December 3, 2023, NYC enacted a new law, Int 0569, requiring employers to provide a yet-to-be-drafted "workers' bill of rights" to employees, beginning July 1, 2024. NYC's Department of Consumer and Worker Protection (DCWP) will write the workers' bill of rights in coordination with the Mayor's Office of Immigrant Affairs (MOIA), the NYC ...

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Finn W. Dusenbery

NYC Law Prohibiting Height and Weight Discrimination Goes Into Effect

Posted by Finn W. Dusenbery on 12/08/2023

On November 22, 2023, the New York City law prohibiting employment discrimination based on a person's height or weight went into effect. The law amends the NYC Human Rights Law ("NYCHRL") to include height and weight as classes or characteristics protected against employment discrimination. Prior to the amendment, the NYCHRL protected the ...

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Taylor Crabill

Recent Second Circuit Decision Blunts Protections Afforded by the Equal Pay Act by Making it Easier for Employers to Prove the Act’s Catch-All Affirmative Defense

Posted by Taylor Crabill on 12/07/2023

The Second Circuit's recent decision in Eisenhauer v. Culinary Institute of America made it easier for employers to defeat pay-discrimination claims under the Equal Pay Act ("EPA"), the federal law that makes pay discrimination based on sex unlawful. Specifically, the Second Circuit made it easier for employers to establish the "factor other ...

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Camilo Burr

Walmart App-Based Delivery Driver Accuses Company of Wage Theft

Posted by Camilo Burr on 12/06/2023

On November 27, 2023, a class action complaint filed in Washington State court was moved to federal court alleging Walmart improperly misclassified its app-based delivery drivers as independent contractors as opposed to employees, who must receive minimum and overtime wages and other benefits depending on which State an individual resides. ...

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Kyle J. Conway

Biden Executive Order Makes a Head Start on AI Regulatory Framework

Posted by Kyle J. Conway on 11/17/2023

In the past few years, the presence of artificial intelligence has boomed in the workforce with little to no formal regulation directly addressing its impact. This week, President Biden signed a broad executive order aiming to provide a framework for protecting consumers and workers from the potential downsides presented by artificial intelligence. ...

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