Payments News Update – July 30, 2021

Legal and Regulatory Developments SPOTLIGHT: Why Biden’s Executive Order Is a Green Light for Us Open Banking Finextra – July 28, 2021 On July 9 2021, President Biden didn’t just throw a bone to US open banking, he underwrote the mortgage, laid the welcome mat, and set the table to officially welcome open banking to the neighbourhood. Yes, open banking is nothing new to the US. With numerous American unicorns storming...

Partner Mary Inman Speaks about Research Fraud with Science Whistleblower Dr. Elisabeth Bik at the HCCA’s Research Compliance Conference

On June 16, 2021, Constantine Cannon partner Mary Inman spoke at the Health Care Compliance Association’s (HCCA) Research Compliance Conference on the topic of ‘The Vital Role of Whistleblower Scientists in Exposing Fraudulent Research During the Pandemic.’  Mary was joined by co-panelist Dr. Elisabeth Bik, the Founder and Editor of the Science Integrity Digest, a blog about scientific integrity aimed at exposing discrepancies in and manipulation of data in academic...

The Antitrust Week In Review

Here are some of the developments in antitrust news this past week that we found interesting and are following. Biden's executive order to promote competition in the U.S. economy includes over 70 initiatives.  President Joe Biden will sign an executive order that includes 72 initiatives he wants over a dozen agencies to undertake to promote competition throughout the U.S. economy, according to a fact sheet released by the White House....

Payments News Update – June 18, 2021

Legal and Regulatory Developments SPOTLIGHT: Lina Khan, Prominent Big Tech Critic, Will Lead the FTC NPR – June 15, 2021 President Joe Biden has named Lina Khan as the chairwoman of the Federal Trade Commission, giving the regulatory authority's top spot to one of Silicon Valley's most prominent critics. The surprise move elevating Khan to one of the most powerful regulatory positions in Washington was announced by Sen. Amy Klobuchar,...

June 16, 2021

Bedrock Group LLC agreed to pay $3.5 million to Massachusetts to resolve allegations that the company violated the Massachusetts False Claims Act by failing to fully and timely refund the state following the company's failure to deliver one million N95 masks ordered by the state.  Massachusetts placed an emergency purchase order with the company, agreeing to pay $3.6 million for the one million masks, which were to be delivered by...

June 3, 2021

The CFTC obtained a default judgment against Florida resident James Frederick Walsh, who was ordered to pay a penalty of more than $500,000.  Walsh, who was not registered with the CFTC, marketed himself through social media as an experienced foreign exchange trader who could conduct retail forex trades for customers.  Walsh advertised that the COVID-19 pandemic created an opportunity for increased forex trading profits,  guaranteed returns, and claimed to have...

Payments News Update – May 27, 2021

Legal and Regulatory Developments SPOTLIGHT: European Commission Plans to Hit Facebook With Official Antitrust Probe PYMNTS – May 26, 2021 The European Commission (EC) is launching an official investigation into allegations that Facebook engaged in anti-competitive behaviors, the Financial Times reported on Wednesday (May 26). The EC is also doing a deep dive to get a sense of Facebook’s classified advertising tactics and will determine if it undermines competitors. Officials have so far hit...

The Antitrust Week In Review

Here are some of the developments in antitrust news this past week that we found interesting and are following. Buoyed by Federal Covid Aid, Big Hospital Chains Buy Up Competitors.  Billions of dollars in Covid aid cushioned financial losses caused by the pandemic at some of the nation’s largest hospital chains. But those bailouts also helped sustain the big chains’ spending sprees as they expanded even more by scooping up...

Private-Equity Red Flags Signal Potential False Claims Act Liability

Private equity (PE) firms that manage healthcare entities have further reason to take note of the growing record of exposure for False Claims Act (FCA) liability. Martino-Fleming Case In the latest shot across the bow, the PE firm, a majority shareholder of a for-profit mental-health provider, knew about the false claims and played a sufficiently active role in operations potentially to have caused them. Evidence supporting these facts against PE...

Payments News Update – May 14, 2021

Legal and Regulatory Developments SPOTLIGHT: A Fed Report on Debit Costs Could Fuel a Movement to Reduce a Decade-Old Fee Cap Digital Transactions News – May 10, 2021 Pressure may be building on the Federal Reserve to take action on a debit card interchange-fee regulation that it has left intact for 10 years despite sweeping changes in the payments business, including an onrush of e-commerce transactions over the past year....