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Raymond N. Barto

State Attorneys General Press USDA to Further Police Competition in Livestock and Poultry Markets

Posted by Raymond N. Barto on 12/31/2021

A bipartisan coalition of state attorneys general of sixteen states penned a letter to the United States Department of Agriculture (USDA) urging stronger enforcement of the Packers and Stockyards Act of 1921. The Act stands independent of the nation's antitrust laws but nevertheless is, as described by the USDA, intended to "promote fairness ...

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Faruqi & Faruqi

SEC Investigating Tesla Over Defective Solar Panels

Posted by Faruqi & Faruqi on 12/30/2021

The Securities and Exchange Commission (SEC) is reportedly investigating Tesla (TSLA), known for its electric vehicles, solar panels, and CEO, Elon Musk, over the company's alleged failure to properly notify the public and its shareholders about the fire risks its solar panel systems posed. The SEC disclosed this investigation in a recent ...

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David Calvello

Facebook Allegedly Used Anticompetitive Practices to Destroy Potential Rival, Phhhoto

Posted by David Calvello on 12/27/2021

Last month, Facebook—now known as "Meta"—was sued by the makers of a rival social media app called Phhhoto, alleging that Facebook used anticompetitive practices to push Phhhoto out of the market. The antitrust complaint, filed in the Eastern District of New York, states that "[t]he Phhhoto app captured five frames in a single point-and-shoot ...

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Katherine M. Lenahan

SEC Finalizes Disclosure Rules For Foreign Issuers

Posted by Katherine M. Lenahan on 12/23/2021

This month, the U.S. Securities and Exchange Commission ("SEC") finalized disclosure rules that, according to Law360, "establish a framework to track and potentially delist foreign issuers that have evaded U.S. auditors or are subject to the 'influence' of foreign governments." The rules were established pursuant to the Holding Foreign Companies ...

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Faruqi & Faruqi

Supreme Court to Consider Enforceability of Arbitration Agreements Mid-Litigation, While Senate Democrats Try Yet Again to Chip Away at Forced Arbitration in Employment Disputes

Posted by Faruqi & Faruqi on 12/14/2021

Last month, the U.S. Supreme Court agreed to review a decision that could cut into the enforceability of arbitration agreements in the employment context. The decision under review was issued by the Eighth Circuit Court of Appeals, which reversed a holding from an Iowa federal court refusing to enforce an arbitration agreement between Taco ...

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Faruqi & Faruqi

Ninth Circuit Addresses Section 11 Standing in the Context of Direct Listings

Posted by Faruqi & Faruqi on 12/13/2021

Section 11 of the Securities Act of 1933 contains a strict liability cause of action for violation of certain securities registration requirements. Pursuant to longstanding case law, plaintiffs seeking to assert a Section 11 claim were required to "trace" their shares back to a relevant registered offering in order to establish Section 11 ...

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Faruqi & Faruqi

DOL’S VAX-OR-TEST REGULATION

Posted by Faruqi & Faruqi on 12/10/2021

The federal Occupational Safety and Health Administration (OSHA) issued an Emergency Temporary Standard, the Vax or Test Rule, that mandates that employers either require employees to be vaccinated or submit to weekly COVID-19 testing. This rule applies to private employers with 100 or more employees. Additionally, employers must determine ...

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Faruqi & Faruqi

SEC Announces Record Year for Whistleblower Program

Posted by Faruqi & Faruqi on 12/09/2021

In its annual report to Congress, the SEC announced that its whistleblower program set records in number of awards made, amount of dollars awarded, and number of whistleblower tips the SEC received. The SEC Whistleblower Program was created more than 10 years ago as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The ...

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Faruqi & Faruqi

Final Approval Granted in $28M Wells Fargo Settlement for Secret Recordings

Posted by Faruqi & Faruqi on 12/08/2021

On December 6, 2021, U.S. District Judge Rebecca Pallmeyer granted final approval of a class action settlement reached between consumers and defendants Wells Fargo Bank NA and First Data Merchant Services LLC. The settlement is valued at $28 million and includes settlement payments of up to $5,000 to eligible class members. The settlement ...

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Faruqi & Faruqi

SEC Holds Publicly Traded Companies Accountable for Weak Cyber Defenses and Data Breaches in Age of Increasing Cybersecurity Attacks

Posted by Faruqi & Faruqi on 12/07/2021

On September 14, 2021, Gary Gensler testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the first time as Chair of the Securities and Exchange Commission. After noting that "[t]oday's investors are looking for consistent, comparable, and decision-useful disclosures around climate risk, human capital, and cybersecurity", ...

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Faruqi & Faruqi

District Court in Connecticut weighs in on whether certain types of cryptocurrency are considered securities

Posted by Faruqi & Faruqi on 12/01/2021

Recently, the U.S. District Court for the District of Connecticut held trial for a case, Audet v. Fraser, that helped define when an asset is or is not a securities. The jury was asked to define if various forms of cryptocurrency (hashlets, hashpoints, hashtakers, or paycoin) were investment contracts, and therefore securities. The jury found, ...

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Taylor Crabill

Understanding Interference and Retaliation Claims under the Family Medical Leave Act

Posted by Taylor Crabill on 12/01/2021

At some point, you or a family member may suffer from an illness that requires you to take time off from work. Understandably, you may be concerned about how your employer will respond to the need to take leave and your job security. Fortunately, the Family Medical Leave Act ("FMLA") permits an eligible employee to take up to twelve weeks ...

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Katherine M. Lenahan

Cryptocurrencies Accounted For 93% Of All The Assets Seized By The IRS’s Criminal Investigation Unit In 2021

Posted by Katherine M. Lenahan on 12/01/2021

According to its Criminal Investigation Annual Report for 2021, the Internal Revenue Service ("IRS") seized $3.5 billion worth of cryptocurrencies in fiscal year 2021, which accounted for 93% of all assets seized by the agency's Criminal Investigations unit. The virtual currencies seized were "connected to cases involving a range of criminal ...

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Faruqi & Faruqi

SEC Mandates Use of Universal Proxy Cards in Contested Director Elections

Posted by Faruqi & Faruqi on 12/01/2021

On November 17, 2021, the Securities and Exchange Commission ("SEC") voted to amend the federal proxy rules to mandate the use of universal proxy cards in contested director elections. Currently, shareholders voting by proxy are generally limited to selecting director candidates nominated by the soliciting party. However, shareholders voting ...

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Camilo Burr

New York’s New and Improved Whistleblower Law to Take Effect January 26, 2022

Posted by Camilo Burr on 12/01/2021

In late October 2021, New York Governor Kathy Hochul signed a bill that greatly expands the rights afforded to employees under New York's current whistleblower statute, New York Labor Law § 740(2). Enacted in 1984, § 740(2) only protected employees from retaliation who reported an employer's activity that violated a law relating to public ...

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Raymond N. Barto

The DOJ Shows Its Sweet Tooth in Bid to Block Sugar Merger

Posted by Raymond N. Barto on 12/01/2021

As Americans settle into the holiday season, the Department of Justice has filed suit to protect consumers from potential price increases on a holiday cookie necessity: sugar. The DOJ aims to stop the sale of the Imperial Sugar Company ("Imperial") from the Louis Dreyfus Company to Imperial's competitor, the United States Sugar Corporation ...

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Kristyn Fields

American and JetBlue Move to Dismiss DOJ Antitrust Lawsuit

Posted by Kristyn Fields on 12/01/2021

On November 22, 2021, American and JetBlue airlines moved to dismiss a Department of Justice lawsuit challenging the airlines' agreement to coordinate flights in the Northeast. In their motion, American and JetBlue argue that the complaint is "defective" because the DOJ has not alleged that the agreement has caused higher prices or a reduction ...

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Faruqi & Faruqi

Attending a Concert? You Have a Right to be Kept Safe.

Posted by Faruqi & Faruqi on 11/15/2021

Over the weekend, the Astroworld Festival in Houston, TX was the site of immense tragedy when crowds surged during rapper and festival founder Travis Scott's set. Eight people were killed and several others injured. Several lawsuits have already been filed, many of which focus on Travis Scott himself and his failure both to realize that fans ...

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Faruqi & Faruqi

Industry Groups Mount Opposition to Federal Private Employer Vaccine Mandate on Dubious Grounds

Posted by Faruqi & Faruqi on 11/12/2021

On November 4, 2021, the U.S. Occupational Health & Safety Administration ("OSHA") issued an interim rule mandating that employers with at least 100 employees require that their staff either be vaccinated against COVID-19 or submit to weekly testing. The long-anticipated rule follows calls from President Joe Biden for OSHA to issue such a ...

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Faruqi & Faruqi

Potential for Federal Mandated Paid Family Leave

Posted by Faruqi & Faruqi on 11/08/2021

The United States is the only industrialized country in the world that does not guarantee paid family leave. In 1993, the United States enacted the Family Medical Leave Act (FMLA). FMLA provides that eligible employees are entitled to a maximum of 12 workweeks of leave during a 12 month period. To be eligible for FMLA, an employee must work ...

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