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Thomas T. Papain

SEC COMPLAINT ALLEGING INSIDER TRADING FILED AGAINST COINBASE: ARE CRYPTO ASSETS “SECURITIES”?

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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Annabel Stanley

Google Agrees to a Proposed $22 Million Settlement in Gender and Race Discrimination Suit

Posted by Annabel Stanley on 08/12/2022

Title VII prohibits employment discrimination based on race, color, religion, sex, and national origin. To establish a prima facie case of discrimination, an employee must show that: (1) he/she is a member of a protected class, (2) met the employer's legitimate job expectations, (3) suffered an adverse employment action, and (4) another similarly ...

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Dylan B. Weeks

UBS AGREES TO $25 MILLION SETTLEMENT WITH THE SEC

Posted by Dylan B. Weeks on 08/11/2022

On June 29, 2022, the Securities and Exchange Commission and UBS Financial Services agreed to a $25 million settlement to resolve claims that the company sold $2 billion of a complex investment strategy to customers without adequately explaining the risks of the strategy to both advisers and clients. The settlement stems from allegations that ...

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Cristina M. Paneque

5th Circ. Will Rehear In-House Courts Challenge, At The Request of the SEC

Posted by Cristina M. Paneque on 08/10/2022

On May 18, 2022, in Jarkesy et al. v. U.S. Securities and Exchange Commission, case number 20-61007, a divided panel ruled that the U.S. Securities and Exchange Commission's system of in-house courts was unconstitutional. Since that decision was issued, the SEC and Biden administration have pushed for a rehearing. Attorneys for the government ...

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Thomas T. Papain

Comments to SEC’s Proposed Rules on Cybersecurity Raise Concerns About Potentially Serious Consequences

Posted by Thomas T. Papain on 08/09/2022

On March 9, 2022, the Securities and Exchange Commission ("SEC") issued its Proposed Rules on Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure. As per the SEC press release from March 9th, "[t]he proposed amendments are intended to better inform investors about a registrant's risk management, strategy, and governance ...

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Katherine M. Lenahan

Ernst & Young To Pay $100 Million Penalty To Settle Cheating Scandal Charges—The Largest Ever Imposed By The SEC Against An Audit Firm

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

The U.S. Securities and Exchange Commission ("SEC") announced on June 28, 2022 that it charged accounting firm Ernst & Young LLP ("E&Y") for cheating on ethics tests and withholding evidence from the SEC's Enforcement Division. According to the SEC, E&Y admitted that a significant number of its auditors cheated on the ethics components of ...

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Annabel Stanley

COVID HAZARD PAY

Posted by Annabel Stanley on 08/03/2022

Under 29 C.F.R. § 778.201, lump sum premiums, which are paid without regard to the number of hours worked, and premiums delineated in the Fair Labor Standards Act (FLSA) §§ 207(e)(5)-(7), are considered non-overtime premiums and must be included in employees' regular rate upon which overtime rate is based. During the Covid-19 pandemic, ...

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Faruqi & Faruqi

Plaintiffs Appeal Summary Judgment in Long-Running Case Against Video Game Giant

Posted by Faruqi & Faruqi on 07/11/2022

In the case against Valve Corporation ("Valve"), the company behind the popular "Counter-Strike" video game, Plaintiffs are seeking to appeal the district court's decision granting Valve's motion for summary judgment. Should Plaintiffs lose their appeal, it would mark the end of the case, which has been a highly contested matter. The case ...

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Camilo Burr

Hawaii Becomes the First State to Increase the Minimum Wage to $18 Per Hour

Posted by Camilo Burr on 07/08/2022

On June 22, 2022, Hawaii's Governor, David Ige, signed a bill into law that will gradually increase the state's minimum wage from the current rate of $10.10 to $18 per hour by January 1, 2028. The bill, HB 2510, is the nation's first minimum wage law that will provide workers with a minimum wage of $18 per hour. Employers in Hawaii must pay ...

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