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Bradley J. Demuth

Direct Purchaser Class Certified in Zetia MDL

Posted by Bradley J. Demuth on 08/26/2020

In an order entered on August 21, 2020 in the Zetia (Ezetimibe) Antitrust Litigation MDL, Senior United States District Judge Rebecca Beach Smith overruled Defendants' objections and adopted and approved in full United States Magistrate Judge Douglas E. Miller's prior Report and Recommendation proposing to certify a 35-member class of Zetia ...

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Stephen Doherty

Tiffany & Co. Victory Loses Its Luster On Appeal

Posted by Stephen Doherty on 08/25/2020

Tiffany & Co. was born when then 25 year old Charles Lewis Tiffany borrowed $1,000 from his father to start a "stationary and fancy goods" store on Broadway in New York City in 1837. By the turn of the Century, Tiffany had become "America's premier silversmith and purveyor of jewels and timepieces" with branches in the world's most fashionable ...

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Megan Sullivan

FinCEN Issues Statement to Explain Its Approach to Enforcement Actions Under the Bank Secrecy Act

Posted by Megan Sullivan on 08/21/2020

On August 18, 2020, the United States Financial Crimes Enforcement Network ("FinCEN") issued a statement to clarify its enforcement response under the Bank Secrecy Act ("BSA"). FinCEN is a bureau in the Department of Treasury that was organized to implement, administer, and enforce compliance with the BSA, the nation's first and most comprehensive ...

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Richard W. Gonnello

SEC Charges Former Hertz CEO

Posted by Richard W. Gonnello on 08/19/2020

On August 13, 2020, the Securities and Exchange Commission ("SEC") charged former Hertz Rental Car CEO and Chairman Mark Frissora with aiding and abetting Hertz in its filing of inaccurate financial statements and disclosures. While Hertz previously paid $16 million in fines in 2018 to settle SEC charges stemming from this same conduct, the ...

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Alex Hartzband

Court Stops Trump Administration from Rolling Back Anti-Discrimination Protections for LGBTQ Patients

Posted by Alex Hartzband on 08/19/2020

On August 17, 2020, a New York federal court granted a preliminary injunction blocking the U.S. Department of Health and Human Services ("HHS") from rolling back anti-discrimination protections for LGBTQ patients. On June 12, 2020, HHS issued new rules governing health programs administered by federal agencies or with the help of federal financial ...

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David Felderman

Ralph Lauren Corp. sues insurer over Covid-19 losses

Posted by David Felderman on 08/18/2020

Last week, Ralph Lauren Corp. sued its insurer, Factory Mutual Insurance Co. ("FMIC"), for breach of contract, declaratory judgment, and violation of the New Jersey Consumer Fraud Act as a result of an alleged "fraudulent scheme" to limit payouts for losses resulting from the coronavirus pandemic. The complaint, filed in U.S. District Court ...

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Dillon Hagius

SEC Issues Covid-19 Risk Alert

Posted by Dillon Hagius on 08/18/2020

On August 12, 2020, the Securities and Exchange Commission's (the "SEC") Office of Compliance and Examinations ("OCIE") issued a Risk Alert for broker-dealers and investment advisers. The OCIE explained that it issued this alert because registrants were facing new operational, technological, and commercial challenges stemming from the Covid-19 ...

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Ruhandy Glezakos

Consumers Get Big Ninth Circuit Win in False Advertising Case

Posted by Ruhandy Glezakos on 08/10/2020

On July 28, 2020, the Ninth Circuit Court of Appeals reversed a decision to dismiss claims in Moore v. Mars Petcare US, Inc., a case brought against pet food manufacturers for false and misleading advertising of certain pet food products. The plaintiffs had alleged that certain products were marketed as "prescription" pet food even though ...

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Michael Van Gorder

SEC Announces New Team Focused on Risks Associated with COVID-19

Posted by Michael Van Gorder on 07/31/2020

On Tuesday, July 28, 2020, the SEC announced the formation of a new unit, the Event and Emerging Risks Examination Team, within the Office of Compliance Inspections and Examinations. The new team, comprised of specialized analysts, accountants, and examiners, is tasked with "proactively engag[ing]" financial firms about "current market events" ...

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David Calvello

Faruqi & Faruqi Successfully Defends Class Certification of Direct Purchasers of Suboxone at Third Circuit

Posted by David Calvello on 07/29/2020

The Third Circuit, by unanimous decision, recently affirmed class certification for direct purchasers of the opioid addiction treatment Suboxone in an antitrust case alleging that Reckitt Benckiser (now Indivior) took several actions to suppress competition from generic versions of Suboxone, including reformulating Suboxone into a film for ...

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