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Richard W. Gonnello

Wells Fargo Settles with DOJ and SEC for $3 Billion

Posted by Richard W. Gonnello on 02/25/2020

Wells Fargo has entered settlement agreements with the United States Department of Justice and the United States Securities and Exchange Commission to resolve outstanding charges that, from 2002 to 2016, thousands of its employees opened fake checking and savings accounts for current customers. As a result of this behavior, Wells Fargo collected ...

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Katherine M. Lenahan

The G20 Urges Countries To Adopt Strict Cryptocurrency Rules

Posted by Katherine M. Lenahan on 02/25/2020

On Monday, February 24, 2020, the Group of Twenty ("G20" or the "Group") urged more countries to adopt regulations that would require cryptocurrency exchanges to collect customer information as part of an effort to combat money laundering, terrorist financing, and other potential macroeconomic problems. The G20, an international forum for ...

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Christopher M. Lash

WARREN BUFFETT DISCUSSES CORPORATE GOVERNANCE IN HIS ANNUAL LETTER TO BERKSHIRE HATHAWAY SHAREHOLDERS.

Posted by Christopher M. Lash on 02/24/2020

Warren Buffett, the "Oracle of Omaha", issued his annual letter to Berkshire Hathaway shareholders on Saturday, February 22, 2020. While providing information on Berkshire Hathaway's performance and offering other investment insights, a large portion of Buffet's letter focuses on what he perceives to be flaws in corporate governance. Initially, ...

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David Felderman

TECHS URGE SUPREME COURT TO ELIMINATE IP DAMAGES “LOOPHOLE”

Posted by David Felderman on 02/21/2020

Several of the country's largest tech companies expressed their support of Apple's Supreme Court petition challenging a $439 million patent infringement verdict, urging the justices to close a Federal Circuit "loophole" that allows for inflated damages. The High Tech Inventors Alliance ("HTIA"), whose members include Amazon, Google and Microsoft, ...

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Megan Sullivan

The SEC Aims To Lighten Several Disclosure Obligations In Regulation S-K

Posted by Megan Sullivan on 02/14/2020

On January 30, 2020, the United States Securities and Exchange Commission ("SEC") proposed amendments to Regulation S-K that are intended to modernize, simplify, and enhance certain financial disclosure obligations imposed upon companies registered with the SEC. Based upon recommendations in the Report on Review of Disclosure Requirements ...

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Raymond N. Barto

Executive at Generic Drug Manufacturer Indicted on Price-Fixing Charges

Posted by Raymond N. Barto on 02/13/2020

A federal grand jury indicted Ara Aprahamian, an executive at Taro Pharmaceutical Industries, for violating the antitrust laws and for lying to FBI investigators. Aprahamian is now the third executive charged in the DOJ's investigation into the generic drug industry, with the other two executives having already pled guilty. Two manufacturers, ...

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Alex B. Heller

PROPOSED FEDERAL BUDGET WOULD TRANSFER THE AUTHORITY OF THE PCAOB TO THE SEC

Posted by Alex B. Heller on 02/13/2020

The Trump administration released its proposed fiscal year 2021 federal budget on February 10, 2020. Under the proposed budget, the authority of the Public Company Accounting Oversight Board ("PCAOB") would be transferred to the Securities and Exchange Commission ("SEC") beginning in 2022. According to the budget, this would eliminate the ...

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Patrick J. Collopy

Third Circuit Protects Philly Workers from Improper Salary History Inquiries

Posted by Patrick J. Collopy on 02/13/2020

On February 6, 2020, the Third Circuit Court of Appeals, the highest federal court in Pennsylvania, upheld the constitutionality of a city ordinance prohibiting Philadelphia employers from asking job applicants about their salary histories. The Third Circuit determined that Philadelphia lawmakers relied on substantial evidence that banning ...

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Nina Varindani

SEC Proposal to Modernize Shareholder Proposal Rule Met with Criticism

Posted by Nina Varindani on 02/11/2020

On November 5, 2019, the SEC announced two proposed rules, the first of which proposed amendments to its rules governing proxy voting advice businesses (the "Proxy Advisory Amendment") and the second of which proposed amendments to modernize the rule governing the process for submitting shareholder proposals to be included in a company's proxy ...

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Alex Hartzband

Federal Courts Field Legal Challenges to California Law Expanding “Employee” Status

Posted by Alex Hartzband on 02/11/2020

2020 has already proven to be an exciting year for the California employment bar, with two recent, high-stakes challenges to new legislation signed into law by Governor Gavin Newsom. The new law, A.B. 5, codifies and expands upon the three-prong "ABC test" adopted by the California Supreme Court in its landmark Dynamex v. Lee decision. Rather ...

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