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SEC Approves PCAOB's Proposed 2025 Budget
SEC Approves PCAOB's Proposed 2025 Budget On December 18, 2024, the SEC approved the PCAOB's proposed 2025 budget and the related annual Accounting Support Fee (ASF).
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PCAOB Sanctions Four Audit Firms For Violations Related To Required Audit Committee Communications
On September 24, 2024, the PCAOB issued settled orders sanctioning four audit firms. As part of an ongoing enforcement sweep, the PCAOB found that Accell Audit & Compliance P.A. ("Accell")...King & Spalding - Article
CTA Preliminary, Nationwide Injunction Reinstated; FinCEN Suspends Compliance With CTA; Briefing Schedule On The Merits Established
On December 26, 2024, a three-judge "merits panel" for the U.S. Court of Appeals for the Fifth Circuit vacated the December 23, 2024, order issued by a separate three-judge...King & Spalding - Article
Delaware Supreme Court Affirms Lender's Exercise Of Right To Replace Officers
On September 23, 2024, the Delaware Supreme Court affirmed a lower court's ruling that Byju's Alpha, Inc. was in default under the terms of a credit agreement for a $1.2 billion...King & Spalding - Article
Saudi Arabia Issues Real Estate Transaction Tax (RETT) Law
Pursuant to Royal Decree number M/84 dated 19/3/1446H (corresponding to 22 September 2024G) and Council of Ministers Resolution number 239 dated 14/3/1446H...King & Spalding - Article
Divided Ninth Circuit Panel Reaffirms "Ponzi Scheme Presumption" Of Intent To Defraud In Fraudulent Transfer Action
On August 23, 2024, a divided panel of the U.S. Court of Appeals for the Ninth Circuit affirmed a jury's verdict for a Chapter 7 trustee in an actual fraudulent transfer claim...King & Spalding - Article
The U.S. Court Of Appeals For The Fifth Circuit Grants The Government's Emergency Motion For A Stay Of The District Court's Decision; CTA Requirements Remain In Effect But Deadlines Are Extended
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit granted the U.S. government's motion for a stay of a preliminary (nationwide) injunction of the Corporate Transparency Act ("CTA")...King & Spalding - Article
Health Headlines January 13, 2025
On December 18, 2024, a bipartisan group of four Senators on the Senate Finance Committee released draft legislation...King & Spalding - Article
Is Your D&O Coverage Adequate - Strategies To Avoid Personal Contribution By Outside Directors In The Event Of Claims
Last month a federal court preliminarily approved a $55.95 settlement involving securities claims against outside directors in In re Peregrine Systems, Inc. Securities Litigation, Case No. 02-CV-0870-BEN (S.D. Calif.).King & Spalding - Article
SEC Enforcement Fiscal Year 2024 Results – A Look Behind The Numbers
SEC Chair Gary Gensler announced November 21 that he will leave his post January 20, 2025. The next day, the SEC announced its enforcement results for fiscal year 2024, which ended September 30.King & Spalding - Article
EPA Approves Indirect Source Rule To Reduce Emissions From Warehouses In Southern California Air District, Potentially Paving The Way For Other Air Regulators Across The United States To Issue Similar Rules
On September 11, 2024, the EPA approved under the Clean Air Act an indirect source rule that is intended to reduce emissions associated with warehouses located within the South Coast Air Quality Management District, in Southern California.King & Spalding - Article
Texas Bankruptcy Court Significantly Reduces Damages Claims In Connection With Uptier Transaction
On August 21, 2024, the U.S. Bankruptcy Court for the Southern District of Texas held that, while the debtor breached an agreement arising from an uptier transaction...King & Spalding - Article
Record "Gun Jumping" Penalty Imposed By FTC
On January 7, 2025, the Federal Trade Commission ("FTC") filed and resolved a merger "gun jumping" action, imposing a penalty of $5.6 million on Verdun Oil Company II LLC ("Verdun"), XCL Resources Holdings.King & Spalding - Article
Health Headlines – October 28, 2024
A recent OIG report found that diagnoses reported in 2022 Medicare Advantage (MA) encounter data based only on health risk assessments (HRA) and HRA-linked chart reviews resulted in CMS...King & Spalding - Article
President Trump Issues Memorandum Summarizing Initial Course Of Action And Key Priorities Of The Administration's "America First Trade Policy"
The President's memorandum does not implement tariffs or other immediate relief, but previews the statutory authorities that will guide future trade action.King & Spalding - Article
USTR Initiates Section 301 Investigation On China's Semiconductors
On December 23, 2024, the Office of the United States Trade Representative (USTR) initiated an investigation under Section 301 of the Trade Act of 1974, as amended (Section 301)...King & Spalding - Article
Enforcement In Africa: Investor Disputes Under New Regimes
Regime change can bring about changes for foreign investors. Jasmine Curtoni of King & Spalding considers the measures through which those investors can protect their investments.King & Spalding - Article
Federal District Court In Texas Grants "Nationwide" Preliminary Injunction Against CTA Enforcement; FinCEN Suspends Compliance With The CTA While Injunction Remains In Effect; DOJ Files Notice Of Appeal
On December 3, 2024, the United States District Court for the Eastern District of Texas entered a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act ("CTA")...King & Spalding - Article
NLRB General Counsel Announces Intention To Pursue Expansive Remedies For Non-Compete Agreements And To Target So-Called "Stay Or Pay" Agreements
On October 7, 2024, National Labor Relations Board ("NLRB") General Counsel Jennifer A. Abruzzo issued Memorandum GC 25-01, where she argues for expansive remedies for employers who violate the National Labor Relations Act...King & Spalding - Article
Biden Administration's Eleventh-Hour Executive Order Imposes New Software Requirements On Companies
On January 16, 2025, President Biden issued Executive Order 14144 on Strengthening and Promoting Innovation in the Nation's Cybersecurity (the "EO").King & Spalding