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Alex Hartzband

Despite Relatively Few Employment Law Cases on the Docket, the U.S. Supreme Court’s Upcoming Term Could Have Major Implications in the Workplace

Posted by Alex Hartzband on 10/28/2022

In recent years, the U.S. Supreme Court's docket has seemingly been jam-packed with employment law cases of massive consequence each and every term. The upcoming term, however, is uncharacteristically light in this regard. Nevertheless, it is highlighted by several disputes that could have massive implications in employment law—some dealing ...

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Thomas T. Papain

Boeing and Former CEO Settle with SEC for $201 Million Over Charges of Misleading Investors about Safety of 737 MAX Aircraft that Killed 346 People

Posted by Thomas T. Papain on 10/25/2022

Last month, the Securities and Exchange Commission ("SEC") issued a Cease-and-Desist Order against Boeing Co. (NYSE: BA) and its former CEO, Dennis A. Muilenburg, both of whom agreed to pay civil money penalties to the SEC in the amounts of $200 million and $1 million, respectively, regarding the SEC's charges that Boeing and Muilenburg misled ...

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Dylan B. Weeks


Posted by Dylan B. Weeks on 10/14/2022

On September 1, 2022, the Securities and Exchange Commission ("SEC") called for public comments on a proposal to create a 24-hour securities exchange. Currently, no securities exchange registered with the SEC allow investors to trade between 8:00 p.m. and 4:00 a.m. Eastern time. The proposal comes from 24X National Exchange LLC ("24X"), which ...

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Camilo Burr

New Jersey to Ban Non-Disparagement Language in Employment Related Settlement Agreements

Posted by Camilo Burr on 10/13/2022

On September 30, 2022, the New Jersey Assembly took a step toward allowing employees who endured discrimination, retaliation, or harassment at the workplace to speak about their experiences on the job. Specifically, New Jersey lawmakers advanced a bill barring settlement agreements in employment related cases from including language that require ...

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Faruqi & Faruqi

NY Dept. of Financial Services’ first enforcement action against a crypto company, and what it means for crypto trading

Posted by Faruqi & Faruqi on 10/12/2022

On August 2, the New York Department of Financial Services issued a $30 million consent order against Robinhood Crypto LLC, a wholly owned subsidiary of Robinhood Markets Inc., which offers cryptocurrency trading. DFS' order states that Robinhood failed to maintain a compliant anti-money laundering program, an appropriate transaction monitoring ...

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Zachary Crane

Regulations May Be Coming For Cryptocurrency ‘Staking’

Posted by Zachary Crane on 10/04/2022

John Wu, the President of Ava labs, believes that securities regulations for cryptocurrencies utilizing "staking" could be coming in the future. This comes on the heels of Securities and Exchange Commission Gary Gensler signaling that the recent Ethereum "Merge" could lead to securities regulation.[1] [1] Lydia Beyoud, SEC Chair Gensler Raises ...

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Katherine M. Lenahan

SEC Seeks To Obtain Penalties Greater Than A Defendants’ Gain

Posted by Katherine M. Lenahan on 10/03/2022

The U.S. Securities and Exchange Commission ("SEC") is seeking a ruling in the Ninth Circuit Court of Appeals upholding a fine larger than what a defendant individually gained from an allegedly illegal scheme. According to Bloomberg Law, the SEC obtained a ruling in SEC v. Imran Husain, et al., No. 16-cv-03250 (C.D. Cal.), that imposed "a ...

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Annabel Stanley

Garden Leave Slowly Gains Traction in the United States

Posted by Annabel Stanley on 09/26/2022

A non-compete agreement is an agreement or clause in a contract specifying that an employee must not work for a competitor or enter into business in competition with the employer during or after employment. Non-competes are used to protect company trade secrets and client relationships. Eleven states in the United States ban non-competes for ...

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Thomas T. Papain

SEC’s Draft Fiscal Years 2022-2026 Strategic Plan Is Available for Public Comment

Posted by Thomas T. Papain on 09/21/2022

On August 24th of this year, the Securities and Exchange Commission ("SEC") released for public comment its draft strategic plan for the fiscal years 2022 to 2026. Prepared pursuant to the Government Performance and Results Modernization Act of 2010, the draft strategic plan lists three primary goals: • Protecting working families against ...

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Alex Hartzband

New York City Passes Landmark AI Bias Law, with Similar Legislation Across the Country Likely on the Rise

Posted by Alex Hartzband on 09/19/2022

New York City will soon enact novel legislation, Local Law Int. No. 1894-A, aimed at curbing bias in hiring and promotion decisions aided by artificial intelligence ("AI"), which has increasingly been employed by businesses in recent years. The new law, which requires employers to conduct an independent audit of the automated tools they use, ...

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Taylor Crabill

Fourth Circuit Holds that Transgender People Suffering from Gender Dysphoria are Entitled to Protections Under American with Disabilities Act

Posted by Taylor Crabill on 09/16/2022

The Fourth Circuit recently held that people suffering from gender dysphoria qualify for protections under the American with Disabilities Act ("ADA"). The ADA protects people who suffer from disabilities. Under the ADA, "disability" is broadly defined to include "a physical or mental impairment that substantially limits one or more major life ...

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David Calvello

Apple Likely to Face Antitrust Lawsuit by the Department of Justice

Posted by David Calvello on 09/15/2022

As reported recently by Politico and TechCrunch, the Department of Justice ("DOJ") is likely drafting an antitrust lawsuit against Apple Inc., potentially related to its dominance and control of its App Store, as well as other aspects of its business. Confidential sources suggest that the lawsuit may be filed by the end of this year. According ...

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Dylan B. Weeks

Eleventh Circuit Holds That Certain Yearly Estimates Are Forward Looking Statements

Posted by Dylan B. Weeks on 09/07/2022

On August 1, 2022, the Eleventh Circuit affirmed dismissal of a putative securities class action against medical technology company Axogen, Inc. ("Axogen") ruling that certain yearly estimates about the number of injuries requiring a medical procedure were "forward-looking statements" protected by the Private Securities Litigation Reform Act ...

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Alex Hartzband

New Jersey High Court Rules That Drywall Workers Are “Employees” Under ABC Test

Posted by Alex Hartzband on 09/06/2022

On August 2, 2022, the New Jersey Supreme Court unanimously reversed a finding that workers for a drywall installation company were independent contractors, instead ruling that the workers had been misclassified and were, in fact, employees. As previously outlined here, in 2018, the Supreme Court of California established the so-called "ABC ...

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Faruqi & Faruqi

Florida Governor Proposes Anti-ESG Law

Posted by Faruqi & Faruqi on 09/02/2022

On July 28, Florida Governor Ron DeSantis proposed legislation that would ban state pension funds from selecting investments based on environmental, social and governance factors, typically considered "ESG investing." The proposed legislation would amend Florida's state statute on deceptive and unfair trade practices to prohibit practices ...

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Camilo Burr

Chipotle Settles Fair Workweek Suit for $20 Million

Posted by Camilo Burr on 09/01/2022

On August 10, 2022, Chipotle Mexican Grill, Inc. ("Chipotle") and New York City reached a $20 million settlement to resolve a suit filed by the city in April 2021 alleging the restaurant committed approximately 599,693 violations of the Fair Workweek Law ("FWL") and failed to provide its employees the requisite 56 hours of paid sick leave ...

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Faruqi & Faruqi

Ninth Circuit Panel Holds Investors Should Know Better Than to Rely on “Vague” Statements of Optimism

Posted by Faruqi & Faruqi on 08/31/2022

A Ninth Circuit appellate panel has affirmed a lower court decision dismissing a securities fraud class action brought under Rule 10b-5 against Align Technology, Inc. ("Align Tech" or the "Company"). Align Tech is a medical device manufacturer best known for its "Invisalign" braces. Between 2013 and 2018, the Company experienced an explosive ...

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Katherine M. Lenahan

U.S. Treasury Department Blacklists Cryptocurrency Platform Tornado Cash Over Money Laundering Allegations

Posted by Katherine M. Lenahan on 08/30/2022

On August 8, 2022, the U.S. Department of the Treasury prohibited Americans from using Tornado Cash, a cryptocurrency platform, alleging that the service has helped criminals launder over $7 billion worth of cryptocurrencies and calling it a "threat to U.S. national security." Although "[t]he ability to operate anonymously is a central tenet ...

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Thomas T. Papain


Posted by Thomas T. Papain on 08/24/2022

On July 21, 2022, the Securities and Exchange Commission ("SEC") announced insider trading charges in connection with an action it filed against Ishan Wahi, a former Coinbase manager, Nikhil Wahi, and Sameer Ramani, in the U.S. District Court, Western District of Washington, Seattle Division, "for perpetrating a scheme to trade ahead of multiple ...

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Adam Steinfeld

COVID Response Prompts Proposed Changes to Civil Procedure

Posted by Adam Steinfeld on 08/22/2022

During the height of pandemic chaos, federal district courts were left to their own devices to manage docket disruption. This resulted in hundreds of orders across the federal courts, ranging from a handful in one district, to dozens in another. Perhaps hoping to address the ad hoc nature of the judicial branch's pandemic response, Congress ...

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