Compliance Hot Spots: How to Weather a Monitorship + FARA Defeat for DOJ + SEC Faces Another Crypto Industry Challenge
Veterans of compliance monitorships told an audience this week that companies facing a government-imposed monitor need to embrace the opportunity. "It can't be a battle," one lawyer said.
October 12, 2022 at 04:28 PM
10 minute read
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. Today, we have advice from experts on surviving corporate monitorships. Plus, DOJ is handed a major defeat in its civil enforcement of FARA, and a big name in the crypto industry has lined up an all-star legal team to challenge an SEC decision. Please get in touch with tips and feedback. Contact me at [email protected] and @AGoudsward on Twitter.
U.S. Justice Department headquarters in Washington. Photo: Diego M. Radzinschi/ALM Are Monitorships the 'New Normal' at DOJ? Not Necessarily.
Last year, the Justice Department announced that, to the extent compliance monitorships were perceived as being "disfavored" under the Trump administration, that would no longer be the case under the new leadership.
That announcement was followed by a succession of corporate criminal resolutions that included compliance monitorships: Balfour Beatty for defrauding the U.S. military, NatWest for securities fraud, Stericycle for violations of the Foreign Corrupt Practices Act, and two monitorships for Glencore, one for FCPA violations and a second for market manipulation.
So, does that mean monitorships are, to borrow a phrase that has lost all meaning these last few years, the "new normal" at DOJ?
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Law Firms Mentioned
- Morrison & Foerster LLP
- White & Case
- Jones Day
- Davis Polk & Wardwell
- Paul, Weiss, Rifkind, Warton & Garrison
- Amarchand & Mangaldas & Suresh A Shroff & Co
- Paul Hastings
- Sidley Austin
- Winston & Strawn LLP
- Steptoe & Johnson LLP
- Munger, Tolles & Olson
- Wilson Sonsini Goodrich & Rosati
- Crowell & Moring LLP
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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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