Compliance & Ethics

The U.S. Department of Justice has reached a settlement with Legends Hospitality Parent Holdings LLC (Legends) following allegations of illegal premerger coordination in connection with its proposed acquisition of ASM Global Inc. (ASM). The settlement, announced on Monday, requires Legends to pay $3.5 million in civil penalties and mandates significant compliance measures to prevent future antitrust violations.

The U.S. Department of Justice's recently launched whistleblower reward program is drawing both praise and criticism from legal experts in the field. While many welcome the initiative, concerns have emerged about key aspects of the three-year pilot program.

In a landmark decision, U.S. District Judge Amit Mehta has ruled that Google violated U.S. antitrust law by maintaining a monopoly in the search and advertising markets. This ruling marks a significant victory for the Department of Justice (DOJ) in its ongoing efforts to curb the power of major technology companies.

The European Commission has accepted TikTok's commitment to permanently withdraw its TikTok Lite Rewards program from the European Union. This move comes as part of TikTok's efforts to comply with the stringent requirements of the Digital Services Act (DSA), following concerns raised by the Commission earlier this year.

The Federal Trade Commission (FTC) has initiated a lawsuit against TikTok, its parent company ByteDance, and affiliated companies for alleged violations of the Children's Online Privacy Protection Act (COPPA). The Department of Justice filed the suit on behalf of the FTC on August 2, 2024, in the U.S. District Court for the Central District of California.

Pershing LLC, a major clearing firm, has agreed to pay a $1.4 million fine to the Financial Industry Regulatory Authority (FINRA) for distributing inaccurate interest rate information on variable rate securities over a 12-year period. The firm, headquartered in Jersey City, New Jersey, settled the matter without admitting or denying the findings.

The U.S. Department of Justice (DOJ) has unveiled its groundbreaking Corporate Whistleblower Awards Pilot Program, signaling a significant shift in its approach to combating corporate crime. Launched on August 1, 2024, this initiative represents a strategic move to fill crucial gaps in existing federal whistleblower programs while enhancing the DOJ's investigative capabilities.