Publications 07.01.24 ESG Litigation: What the Supreme Court’s Loper Bright Decision Means for ESG, and Other Key Trends For companies, navigating the ESG landscape means balancing various stakeholder demands, keeping abreast of rapidly-changing new laws and regulations, and calibrating contradictory litigation risks. Last week, this already-difficult landscape was complicated further by the Supreme Court’s June 28 decision in Loper Bright Enterprises v. Raimondo,[1] overturning the Court’s long-held approach to regulatory deference embodied in the 40-year old Chevron doctrine. The Loper Bright decision could... For companies, navigating the ESG landscape means balancing various stakeholder demands, keeping abreast of rapidly-changing new laws and regulations, and calibrating contradictory litigation risks. Last week, this already-difficult landscape was... For companies, navigating the ESG landscape means balancing various stakeholder demands, keeping abreast of rapidly-changing... Read more... 06.27.24 United States Supreme Court Rules That Insurer Is A “Party In Interest” And Can Intervene In Chapter 11 Bankruptcy Proceedings (Insurance Law Alert) (Article from Insurance Law Alert, June 2024) For more information, please visit the Insurance Law Alert Resource Center. Holding In a unanimous opinion, the United States Supreme Court ruled that an insurer can intervene in a Chapter 11 bankruptcy proceeding of manufacturers subject to asbestos claims, finding that the insurer has standing as a “party in interest” under federal bankruptcy law. Truck Ins. Exch. v. Kaiser Gypsum Co., 2024 U.S. LEXIS 2483 (U.S. June 6, 2024). Background Kaiser... (Article from Insurance Law Alert, June 2024) For more information, please visit the Insurance Law Alert Resource Center. Holding In a unanimous opinion, the United States Supreme Court ruled that an insurer can intervene in a Chapter 11 bankruptcy... (Article from Insurance Law Alert, June 2024) For more information, please visit the Insurance Law Alert Resource... Read more... 06.12.24 U.S. Expanding Prohibitions on Transfer of Sensitive Data to China and Other Countries of Concern On April 24, 2024, President Biden signed into law the Protecting Americans’ Data from Foreign Adversaries Act (“PADFA”). Effective June 23, 2024, the PADFA prohibits any “data broker” from transferring “personally identifiable sensitive data”—including both traditional categories of personally identifiable information and also emails, texts and photos kept for personal use—of United States individuals (defined as a natural person residing in the United States) to any “foreign adversary”... On April 24, 2024, President Biden signed into law the Protecting Americans’ Data from Foreign Adversaries Act (“PADFA”). Effective June 23, 2024, the PADFA prohibits any “data broker” from transferring “personally identifiable sensitive... On April 24, 2024, President Biden signed into law the Protecting Americans’ Data from Foreign Adversaries Act (“PADFA”).... Read more... 05.14.24 Some U.S. Regulators Re-Propose Incentive-Based Compensation Rules for Financial Institutions Under Dodd-Frank On May 6, 2024, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA) (collectively, the Agencies) jointly issued proposed rules for financial institutions’ incentive-based compensation arrangements as required under Section 956 of the Dodd-Frank Act, more than a decade after the rules were initially proposed in 2011 (and eight years after the agencies... On May 6, 2024, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA) (collectively, the Agencies) jointly... On May 6, 2024, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the... Read more... 05.13.24 Key Takeaways for Fund Sponsors Navigating ERISA’s New Investment Advice Rule On April 23, 2024, the Department of Labor released a new rule[1] (the “Retirement Security Rule”) that re-defines the test for when one provides non-discretionary “investment advice” under ERISA. This memorandum focuses on the likely effect of the Retirement Security Rule, which goes into effect on September 23, 2024, on sponsors of both registered and unregistered (i.e., private) funds, and includes key takeaways for sponsors of both types of funds below. Fund sponsors may communicate and... On April 23, 2024, the Department of Labor released a new rule[1] (the “Retirement Security Rule”) that re-defines the test for when one provides non-discretionary “investment advice” under ERISA. This memorandum focuses on the likely effect of the... On April 23, 2024, the Department of Labor released a new rule[1] (the “Retirement Security Rule”) that re-defines the test... Read more... 04.30.24 Seventh Circuit: Raises the Possibility of Sanctions Against Class Counsel Seeking Mootness Fees On April 15, 2024, the Seventh Circuit issued a long-awaited opinion addressing a would-be intervenor’s objection to mootness fees paid in connection with M&A strike suits brought challenging proxy disclosures in a public company merger transaction. Alcarez v. Akorn, 2024 U.S. App. LEXIS 9070 (7th Cir. 2024) (Easterbrook, J.). The Seventh Circuit vacated an order denying the shareholder’s motion to intervene and remanded, instructing the district court to treat him as an intervenor.[1] Notably,... On April 15, 2024, the Seventh Circuit issued a long-awaited opinion addressing a would-be intervenor’s objection to mootness fees paid in connection with M&A strike suits brought challenging proxy disclosures in a public company merger transaction.... On April 15, 2024, the Seventh Circuit issued a long-awaited opinion addressing a would-be intervenor’s objection to... Read more... 02.02.24 UPDATED: ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S. Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG measures in new variations. New York state legislators have proposed climate disclosure bills nearly identical to California’s groundbreaking SB 253 and SB 261 requiring disclosure of greenhouse gas emissions and climate risk reports, which are now the subject of litigation in a federal district court in California. Meanwhile, New Hampshire legislators have proposed a bill... Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG measures in new variations. New York state legislators have proposed climate disclosure bills nearly identical to California’s... Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG... Read more... 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