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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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Cristina M. Paneque

Florida Governor Proposes Anti-ESG Law

Posted by Cristina M. Paneque 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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Daniel Weiss

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

Posted by Daniel Weiss 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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