Category:Uncategorized
How the Inflation Act of 2022 has Impacted the Pharmaceutical Industry
Prescription drug price increases have long been a detriment to Americans. The Inflation Reduction Act (the Act) is in part designed to assist in this corporate pharmaceutical problem. This Act plans to do this through the implementation of seven major prescription drug provisions. Two of the major ones are requiring negotiations for certain drug prices by the federal government and limiting the monthly cost-sharing for insulin to $35. Through these changes along with various others, advocates hope that the burden will be lifted off Medicare beneficiaries. It has also been estimated that the Act will work to reduce the federal deficit by $237 billion over 10 years (2022-2031).
Agency Officials Trade Stock in Companies their Agencies Oversee
More than 2,500 government officials ranging from the Commerce Department to the Treasury Department reported owning stock in companies whose share prices correspond to decisions made by their respective agencies. With obvious conflicts of interest arising, what has happened, and what are some major takeaways from this investigative report?
Google Becomes the First to Agree to Compliance Monitoring by the DOJ
In an action to keep company executives in check, the Justice Department (DOJ), created a policy where executives and compliance chiefs sign and personally attest to the effectiveness of their compliance programs. The individuals would therefore be held personally liable for their roles in the company’s wrongdoing. The DOJ and Google had a pending dispute, which was due to Google’s non-compliance with assisting authorities in an investigation. The DOJ and Google reached an agreement, with a stipulation attached, resolving the dispute over Google’s loss of data responsive to a 2016 search warrant. In the stipulation, Google has said that it has spent over 90 million dollars on additional systems and resources to improve its compliance programs, including an agreement to allow an Independent Compliance Professional to serve as a third party to monitor that Google is fulfilling its compliance legal obligations. This policy, as already seen in the settlement with Google, is forcing compliance to become a top-tier concern for big companies or face serious consequences.
The SEC and Its New Marketing Rule: Testimonials and Endorsements
The Securities and Exchange Commission’s (SEC) new marketing rule will take effect on November 4, 2022. Advertising and solicitation regulations have undergone a major overhaul after decades of continuity. Further, testimonials and endorsements are no longer prohibited, but their use will be conditioned on compliance with certain provisions. The new rule only applies to financial adviser’s communications that are advertisements, as defined in the new rule.
Return of the Union: How Workers are Organizing and Corporations Are Trying to Stop Them
In the last few years, especially after the start of the COVID-19 pandemic, there has been a noticeable growth in US labor organizing. Workers all over the country, from both large corporations and small companies, have gone on strikes and began forming labor unions in an effort to get better wages, working conditions, and benefits. Most recently, employees at large rail unions rejected a tentative deal to avert a walkout in September 2022 after it failed to adequately address their concerns. This is the latest, but certainly not the only, instance of workers demonstrating their increased bargaining power. We have also seen increased unionization movements by corporate employees at corporations like Amazon, Google, and Starbucks. However, as more corporate employees attempt to unionize, corporations have begun to push back, and the National Labor Relations Board (NLRB) has stepped in to put a stop to blatant anti-unionization efforts.
California’s COVID-19 Workplace Requirements Continue to Evolve
Emily Zhang Associate Editor Loyola University Chicago School of Law, J.D. 2024 On October 13, the California Department of Public Health’s (CDPH) issued a change to the California Division of Occupational Safety and Health (Cal/OSHA) Covid-19 emergency standard and issued a revised proposal for the non-emergency standard. The order updates the definition of “close contact” …
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What the Proposed Illinois Workers Rights Amendment Means for Your Company
November 8, 2022 marks the day Illinois constituents vote for midterm elections. That is if they have not already sent in early ballots. On the ballot this year, voters will see a proposed amendment that would add a new section to the Bill of Rights Article of the Illinois Constitution that would guarantee workers the fundamental right to organize and bargain collectively, and negotiate wages, hours, and working conditions. This post breaks down this new amendment, looks at the greater political debate, and analyzes how it affects Illinois businesses.
Grocery Stores Merging: Will the FTC Allow the Kroger-Albertsons Deal to Proceed?
The current largest supermarket powerhouse Kroger announced on October 14 their intent to merge with Albertsons Companies, Inc., another huge supermarket retailer in the industry. Kroger owns many well-known stores such as Mariano’s, Ralphs, and of course it’s’ namesake, Kroger. Albertsons Companies owns the Chicago-land staple Jewel Osco and Safeway, among other supermarkets as well. The companies have executed an agreement for Kroger to acquire Albertsons for $24.6 billion. The merger comes in response to the rise of grocery shopping being done at “big box” stores like Walmart and Target, on top of rising food and produce prices from inflation and supply chain issues. However, the merger is facing a lot of backlash, and many are questioning whether it will even be able to pass regulatory procedures. If the deal is approved, it is questionable whether the merger between the two grocery giants will trickle down benefits to consumers.
The Clock Continues to Tick for SEC Climate Proposal
Juhi Desai Associate Editor Loyola University Chicago School of Law, JD 2024 In March 2022, the U.S. Securities and Exchange Commission (SEC) released a 490-page proposal encouraging organizations to adopt climate-focused regulations. The policies could include climate disclosure requirements and an expense report detailing the effect climate change has on businesses. However, shortly after the …
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Twitter Whistleblower Exposes FTC’s Ineffective Efforts to Protect User Data
Danielle McNamara Senior Editor Loyola University Chicago School of Law, JD 2023 In July 2022, former Twitter board member Peiter Zatko filed a complaint against Twitter, alleging that the social media platform failed to develop a security system consistent with the Federal Trade Commission’s (FTC) requirement to implement a comprehensive information-security program, established in 2011. …
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