Commodity Futures Trading Commission Chair, Rostin Benham, announced that he plans on stepping down from his position as President-elect Trump takes office on January 20th. Benham served as the CFTC’s chairman for close to three years. He took the position in 2022 after his predecessor resigned when President Biden took Read More
The United States Court of Appeals for the Fifth Circuit ruled that the Corporate Transparency Act (“CTA”) is once again being put on hold as the court assesses its constitutional validity. The CTA is a law that is purposed for requiring businesses to disclose the identities of their beneficial owners. Read More
Bank of America announced that it has settled with the Office of Comptroller of the Currency regarding a cease-and-desist order against the bank for deficiencies related to the Bank Secrecy Act and sanctions compliance programs. The settlement does not require that Bank of America pay a fine but rather take Read More
The Consumer Financial Protection Bureau announced that it has sued Bank of America, JPMorgan, Wells Fargo, and the operator of Zelle, Early Warning Services, for failing to protect consumers from widespread fraud. Zelle is America’s most widely available payment network. According to the lawsuit, customers of the three banks have Read More
A U.S. Court of Appeals court ruled that Nasdaq can no longer enforce its board diversity rules, vacating the Securities and Exchange Commission’s approval of a rule that requires disclosure of each board member’s racial, gender, and LGBTQ+ identification. The court found that the SEC went beyond the scope of Read More
The Federal Trade Commission announced that it has finalized a Junk Fees Rule which essentially prohibits businesses in the live-event ticketing and short-term lodging industries from using bait-and-switch pricing and other tactics used to hide total prices and bury “junk fees.” The rule will ensure that pricing information is provided Read More
G lobal consulting firm McKinsey & Co. has agreed to pay $650 million to settle a Department of Justice investigation into the firm’s consulting work with opioids manufacturer Purdue Pharma. The DoJ had accused McKinsey of fueling the opioid epidemic with its aggressive sales and marketing advice to Purdue, including Read More
In April 2023, the Federal Trade Commission announced that that it would be banning noncompete agreements in order to promote competition. Although this historic announcement was meant to change the entire landscape of the employment industry within the U.S., the FTC’s push to ban these agreements raised much skepticism from Read More
The Securities and Exchange Commission announced that it settled charges against New York-based registered transfer agent Equiniti Trust Company LLC, , for failing to assure that client securities and funds were protected against theft or misuse. Those failures led to the loss of more than $6.6 million of client funds Read More
After an 8-yearlong battle, the insurance giant Humana agreed to pay $90 million to settle claims that it violated the False Claims Act when it submitted fraudulent bids for Medicare prescription drugs contracts. The allegations claim that by misrepresenting the value of its Part D drug plan, also known as Read More
