Lisa O. 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 Compliance Hot Spots: Monaco Speech Prompts 'Carrots and Sticks' Debate + Loretta Lynch in Airline FCPA Case + All the Firms in Major SEC Bank Settlements
A series of changes to the Justice Department's corporate crime policies may change the calculus for companies on whether to voluntarily report wrongdoing to the government, defense attorneys said.
September 28, 2022 at 05:40 PM
10 minute read
Compliance Hot Spots
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. We're back after a one-week pause during an active period in the white-collar world. Today, new DOJ policies have some defense lawyers worried that the government has upset the balance of carrots and sticks in corporate enforcement. Plus, it's been a busy couple of weeks for the SEC enforcement division ahead of the end of the fiscal year. We have the latest on the law firms involved in major resolutions. Please get in touch with tips and feedback. Contact me at [email protected] and @AGoudsward on Twitter.
Of 'Carrots and Sticks'
In a major speech earlier this month, Deputy Attorney General Lisa Monaco sought to reinforce the careful balance of incentives and deterrents, often called "carrots and sticks" by white-collar practitioners, that the U.S. Justice Department uses to compel major companies to cooperate with federal investigations.
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11 minute readLaw Firms Mentioned
- Skadden, Arps, Slate, Meagher & Flom LLP
- Drinker Biddle & Reath LLP
- Wilmer Cutler Pickering Hale and Dorr LLP
- Katten Muchin Rosenman
- Williams & Connolly
- Paul, Weiss, Rifkind, Warton & Garrison
- Morrison & Foerster LLP
- O'Melveny & Myers
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- Latham & Watkins
- Covington & Burling
- Venable
- Cleary Gottlieb Steen & Hamilton
- Kindel & Anderson
- Kirkland & Ellis
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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