On October 26, 2022, the Securities and Exchange Commission (the “SEC”) adopted a long-awaited rule that will require listed companies to adopt and publicly file so-called “clawback” policies. As we discuss in more detail in this alert, the rule requires listed companies to adopt clawback policies to recover, reasonably promptly, incentive-based compensation that proves
Even After Campbell-Ewald, a Refund Offer Can Still Sometimes Moot a Case
In Campbell-Ewald Co. v. Gomez, 577 U.S. 153, 163 (2016), as revised (Feb. 9, 2016), the Supreme Court held that an unaccepted offer of judgment cannot moot a plaintiff’s claims. While that decision left some questions unanswered, recent Court of Appeals decisions have applied its reasoning to broader situations, such as holding that an unaccepted
SEC Requires Clawback Policy
On October 26, 2022, the Securities and Exchange Commission (the “SEC”) adopted a long-awaited rule[1] that will require listed companies to adopt and publicly file so-called “clawback” policies to recover erroneously awarded incentive-based compensation following accounting restatements. Companies with securities listed on national securities exchanges, including NYSE and Nasdaq, will be required to implement
Germany significantly tightens Drug Pricing and Reimbursement Laws
The German regulation of pricing and reimbursement of pharmaceuticals is probably one of the most complicated legal areas in the entire world of life sciences laws. Now, the German government is adding another layer of complexity to the existing rules.
On 20 October 2022, the German Parliament has accepted the draft Act for the Financial
Ranking of Companies on PoliticalDisclosure Now Expanded to Russell 1000
The CPA-Zicklin Index, which ranks companies’ political disclosure practices, has issued a newreport ranking companies in the Russell 1000 Index. This is a significant expansion of the Index,which previously only covered companies from the S&P 500. The expansion will impact manypublic companies that have not previously been subject to scrutiny by political disclosureactivists.
The
U.S. AI, IoT, CAV, and Privacy Legislative Update – Third Quarter 2022
This quarterly update summarizes key legislative and regulatory developments in the third quarter of 2022 related to Artificial Intelligence (“AI”), the Internet of Things (“IoT”), connected and autonomous vehicles (“CAVs”), and data privacy and cybersecurity.
This quarter, Congress has continued to focus on the American Data Privacy Protection Act (“ADPPA”) (H.R. 8152), which
ICO Fines Easylife £1.48 Million For Data Protection and E-Marketing Violations
Earlier this month, the UK Information Commissioner’s Office (“ICO”) announced a fine in a case that involved inferring health data and using this for marketing. The ICO found that catalogue retailer Easylife Limited (“Easylife”) had profiled 145,400 individuals for inferred health conditions without their consent, based on certain “trigger products” that they had purchased from
FTC Hosts Event Regarding Children’s Experiences with Digital Advertising
On Wednesday, the Federal Trade Commission (“FTC”) hosted a virtual event on “Protecting Kids from Stealth Advertising in Digital Media.” The event featured industry professionals, legal and child development experts, researchers, and consumer advocates to discuss the regulation of digital advertising to children. Panelists examined the online advertising techniques children are exposed to, children’s capacity
Change is Coming for Software and AI Medical Devices in the UK
The UK has reaffirmed its commitment to leading the way in regulatory innovation in software as a medical device (“SaMD”) and artificial intelligence as a medical device (“AIaMD”). On 17 October 2022, the UK Medicines & Healthcare products Regulatory Agency (“MHRA”) published its Guidance on “Software and AI as a Medical Device Change Programme
Illinois BIPA jury verdict highlights rising prominence of class actions based on state privacy statutes
Following a week-long trial, a jury in Illinois awarded a plaintiff class of truck drivers a $228 million verdict against BNSF Railways for violations of the Illinois Biometric Information Privacy Act (“BIPA”). The large verdict, arising from the first case to go to trial under the 2008 law, highlights the potential impact of class actions