Compliance Hot Spots: Sanctions are 'The New FCPA' + SEC Expands Crypto Enforcement Unit + Elon Musk Joins SCOTUS Battle Over SEC Gag Orders
Deputy Attorney General Lisa Monaco told white-collar lawyers that it's "critically important" for companies to understand the business impact of recently imposed Russia sanctions.
May 04, 2022 at 05:17 PM
10 minute read
Risk and Compliance
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. It's been a quiet week on the legal front in D.C., but we had to find something to fill the newsletter. (Check out my colleague Marcia Coyle's coverage of "the leak" here.) Today, we examine the impact of sanctions enforcement emerging as potentially DOJ's top corporate enforcement priority. Plus, the SEC is expanding its crypto enforcement section and Elon Musk is jumping into a Supreme Court fight over SEC gag orders. Please reach out with tips and feedback. Contact me at [email protected] and @AGoudsward on Twitter.
Lisa Monaco, Deputy Attorney General at the U.S. Department of Justice, testifies before the Senate Judiciary Committee during a hearing entitled "Renewing and Strengthening the Violence Against Women Act," on October 5, 2021. Photo: Diego M. Radzinschi/ALM
Russia Sanctions Are 'The New FCPA'
To stress the importance of the DOJ's efforts to enforce newly imposed Russia sanctions, Deputy Attorney General Lisa Monaco used a comparison that would be instantly familiar to the room full of white-collar lawyers she addressed last week in New York City.
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Law Firms Mentioned
- Quinn Emanuel Urquhart & Sullivan
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- Perkins Coie
- Latham & Watkins
- Gibbons PC
- Morgan, Lewis & Bockius
- Squire Patton Boggs
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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