On June 30, 2019 two shareholders of XpresSpa Group, Inc. (XSPA) filed a derivative action against certain members of the Board of Directors and related parties. In the action, plaintiffs alleged that the defendants had used deceptive accounting and other means to drive down the price of the stock by over 95%.

The latest ERISA trend involves lawsuits against universities alleging excessive fees were paid out of their sponsored retirement plans. José M. Jara provides an ERISA overview, examines recent decisions, and advises on how to mitigate these risks.

In late January 2019, the French Commission Nationale de l’Informatique et des Libertés (CNIL) (in English, the National Data Protection Commission) imposed a significant financial penalty of 50M € ($57M) against Google for violations of the General Data Protection Regulation (GDPR) of the European Union. The CNIL found that Google’s knowing and continuing violations of the transparency, accessibility, and consent obligations in the GDPR justified a large fine.

On March 1, 2019, the two-year implementation period under the New York State Department of Financial Services (“DFS”) Cybersecurity Regulation, 23 NYCRR 500 (the “Regulation”), will expire and the final requirement (third party service providers) will become effective.

CKR Law LLP is happy to report that its Bankruptcy and Financial Restructuring Group was selected this week as counsel to the Chapter 11 Trustee in the Giga Watt, Inc. bankruptcy case. The selection is approved by the United States Bankruptcy Court for the Eastern District of Washington. Pamela M. Egan will lead the team.

CKR Law LLP is proud to report that its Bankruptcy and Financial Restructuring Group was selected this week as counsel to the Official Committee of Unsecured Creditors in the Centerstone Linen Services, LLC, d/b/a Clarus Linen Systems bankruptcy cases. The selection is pending approval of the United States Bankruptcy Court for the Northern District of New York.

Ripple (XRP) is one of the top decentralized blockchain-based multidimensional platforms. It serves as a direct solution to vulnerabilities in the system of cross-border remittance and the general transference of money from a sending point to a receiving one.

On December 20, 2018, the Office of Compliance Inspections and Examinations ("OCIE") of the United States Securities and Exchange Commission ("SEC") published its 2019 Examination Priorities. OCIE oversees investment advisers, mutual funds and exchange-traded funds, broker-dealers, transfer agents, clearing agencies, national securities exchanges, municipal advisors, the Financial Industry Regulatory Authority ("FINRA"), the Municipal Securities Rulemaking Board ("MSRB"), the Securities Investor Protection Corporation ("SIPC") and the Public Company Accounting Oversight Board ("PCAOB").

The M&A Advisor announced the winners of the 13th Annual Turnaround Awards on Thursday, December 20th. CKR Law LLP was named winner of the Financial Deals of the Year Award. The awards will be presented at a Black Tie Gala on Thursday, March 28th at The Colony Hotel, Palm Beach, FL.

Landmark new California legislation signed into law on Sept. 23, 2018, and going into effect Jan. 1, 2019, requires the two largest pension funds in the country with over $550 billion in combined assets under management — the California Public Employees’ Retirement System, or CalPERS, and the California State Teachers’ Retirement System, or CalSTRS — to publicly report on their climate-related financial risks every three years starting in 2019.