On February 25, 2026, the U.S. Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that would establish a federal framework for issuance and administration of payment stablecoins by permitted payment stablecoin issuers (PPSIs). The NPRM would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by, among other things, establishing approval requirements, permissible and prohibited activities, reserve standards, redemption obligations, capital and operational safeguards, and reporting expectations for permitted payment stablecoin issuers. PPSIs also would be integrated into the OCC’s broader prudential framework, including its capital, assessment, and enforcement authorities. (more…)
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00Michael D. Lewishttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngMichael D. Lewis2026-03-06 15:44:312026-04-15 13:40:10U.S. Office of the Comptroller of the Currency Proposes Comprehensive Supervisory Framework for Payment Stablecoins Under GENIUS Act
U.S. sanctions enforcement activity in 2025 underscored the U.S. government’s continued commitment to robust enforcement of the various sanctions programs primarily administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s 2025 enforcement actions also signaled the agency’s substantive priorities and, perhaps most important, highlighted its compliance expectations.
Securities and Shareholder Litigation partner Alex J. Kaplan analyzes the Delaware Court of Chancery’s decision in Giuliano v. Grenfell-Gardner, which addresses Caremark oversight claims in the wake of a company’s bankruptcy. The court dismissed red flag claims against the directors but allowed allegations to proceed that the board failed to implement adequate reporting and compliance systems, while sustaining certain red flag claims against two officers based on internal communications. (more…)
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00Alex J. Kaplanhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngAlex J. Kaplan2026-02-17 14:28:082026-04-14 13:32:20Sidley Discusses a Unique Caremark Twist Amidst Bankruptcy
A recent analysis examines ongoing enforcement risks tied to drug pricing and Medicaid rebate reporting under the Medicaid Drug Rebate Program (MDRP), focusing on a federal court decision addressing how “strength” should be defined for products with the same concentration but different volumes. The court adopted a broader FDA-based definition and dismissed False Claims Act allegations, but the absence of clear statutory or regulatory guidance leaves room for continued scrutiny and potential shifts in agency interpretation. Read the full article for key takeaways on how courts may approach undefined MDRP terms, how FDA regulations can influence rebate reporting obligations, and practical steps manufacturers can take to mitigate False Claims Act risk through consistent, well documented compliance practices.
Within seven months of announcing its groundbreaking monetary whistleblower awards program for individuals who report potential violations, on January 29, 2026, the U.S. Department of Justice (DOJ) Antitrust Division and the U.S. Postal Service announced the first whistleblower award under the Antitrust Whistleblower Rewards Program, paying $1 million to an individual whose information led to criminal enforcement action. (more…)
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00Kenneth A. Polite Jr.http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngKenneth A. Polite Jr.2026-02-09 14:16:532026-04-14 13:34:26Million-Dollar U.S. DOJ Antitrust Reward Underlines Broader and Growing Commitment to Incentivize Corporate Whistleblowers
In a recent Caremark decision, the Delaware Court of Chancery largely denied a motion to dismiss, holding that most of Regions Bank’s board purportedly ignored red flags raised in a whistleblower report concerning the bank’s unlawful overdraft practices — practices that later led to the company paying US$191 million in penalties and remediation to the Consumer Financial Protection Bureau (CFPB). (more…)
Sidley achieved a breakthrough appellate win that fundamentally alters how the Port Authority of New York and New Jersey — and similar bistate agencies — can be sued. In Baroni v. Port Authority, the Second Circuit took the unusual step of issuing a “mini en banc” ruling to reverse its own long-standing precedent and strip the Port Authority of the sovereign immunity shield it has long used to avoid state-law claims in federal court.
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00Michael Levyhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngMichael Levy2025-12-17 14:05:432026-04-14 13:35:20Sidley Wins Landmark Ruling: Port Authority No Longer Shielded by Sovereign Immunity in Federal Court
The U.S. Department of Justice (DOJ) has signaled a renewed and sharpened focus on trade and customs-related misconduct, including tariff evasion. While DOJ’s emphasis on this enforcement area is notable in its own right, this Update highlights how DOJ’s prioritization of trade and customs fraud also brings Foreign Corrupt Practices Act (FCPA) exposure back to the forefront of risks for multinational companies. (more…)
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00White Collar Watchhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngWhite Collar Watch2025-12-09 18:21:262026-04-14 18:22:59Clear and Present Danger: How DOJ Trade-Fraud and Anti-Corruption Priorities Show Trade & Customs Risks Are Here to Stay
U.S. Office of the Comptroller of the Currency Proposes Comprehensive Supervisory Framework for Payment Stablecoins Under GENIUS Act
On February 25, 2026, the U.S. Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that would establish a federal framework for issuance and administration of payment stablecoins by permitted payment stablecoin issuers (PPSIs). The NPRM would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by, among other things, establishing approval requirements, permissible and prohibited activities, reserve standards, redemption obligations, capital and operational safeguards, and reporting expectations for permitted payment stablecoin issuers. PPSIs also would be integrated into the OCC’s broader prudential framework, including its capital, assessment, and enforcement authorities.
(more…)
Michael D. Lewis
Washington, D.C.
michael.lewis@sidley.com
David E. Teitelbaum
Washington, D.C.
dteitelbaum@sidley.com
Kristin S. Teager
Washington, D.C.
kteager@sidley.com
Jess Cheng
New York
jcheng@sidley.com
Stanley J. Boris
Washington, D.C.
sboris@sidley.com
Matthew S. Katz
Washington, D.C.
matthew.katz@sidley.com
Nathan Truong
Washington, D.C.
nathan.truong@sidley.com
Five Key Takeaways From 2025 U.S. Sanctions Enforcement
U.S. sanctions enforcement activity in 2025 underscored the U.S. government’s continued commitment to robust enforcement of the various sanctions programs primarily administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s 2025 enforcement actions also signaled the agency’s substantive priorities and, perhaps most important, highlighted its compliance expectations.
(more…)
Jen Fernandez
Washington, D.C.
jen.fernandez@sidley.com
Maura Rezendes
Washington, D.C.
maura.rezendes@sidley.com
Andrew W. Shoyer
Washington, D.C.
ashoyer@sidley.com
Ben Vallimarescu
Washington, D.C.
ben.vallimarescu@sidley.com
James Daher
Washington, D.C.
james.daher@sidley.com
Mine Orer
Washington, D.C.
morer@sidley.com
Sidley Discusses a Unique Caremark Twist Amidst Bankruptcy
Securities and Shareholder Litigation partner Alex J. Kaplan analyzes the Delaware Court of Chancery’s decision in Giuliano v. Grenfell-Gardner, which addresses Caremark oversight claims in the wake of a company’s bankruptcy. The court dismissed red flag claims against the directors but allowed allegations to proceed that the board failed to implement adequate reporting and compliance systems, while sustaining certain red flag claims against two officers based on internal communications. (more…)
Alex J. Kaplan
New York
akaplan@sidley.com
Drug Pricing and Medicaid Rebate Reporting: Enforcement Risk Remains
A recent analysis examines ongoing enforcement risks tied to drug pricing and Medicaid rebate reporting under the Medicaid Drug Rebate Program (MDRP), focusing on a federal court decision addressing how “strength” should be defined for products with the same concentration but different volumes. The court adopted a broader FDA-based definition and dismissed False Claims Act allegations, but the absence of clear statutory or regulatory guidance leaves room for continued scrutiny and potential shifts in agency interpretation. Read the full article for key takeaways on how courts may approach undefined MDRP terms, how FDA regulations can influence rebate reporting obligations, and practical steps manufacturers can take to mitigate False Claims Act risk through consistent, well documented compliance practices.
(more…)
Jaime L.M. Jones
Chicago
jaime.jones@sidley.com
Meenakshi Datta
Chicago
mdatta@sidley.com
Emily Schneider
Million-Dollar U.S. DOJ Antitrust Reward Underlines Broader and Growing Commitment to Incentivize Corporate Whistleblowers
Within seven months of announcing its groundbreaking monetary whistleblower awards program for individuals who report potential violations, on January 29, 2026, the U.S. Department of Justice (DOJ) Antitrust Division and the U.S. Postal Service announced the first whistleblower award under the Antitrust Whistleblower Rewards Program, paying $1 million to an individual whose information led to criminal enforcement action. (more…)
Kenneth A. Polite Jr.
Washington, D.C., New York
kpolite@sidley.com
Benjamin Nagin
New York
bnagin@sidley.com
Lisa H. Miller
Washington, D.C.
lisa.miller@sidley.com
Corey Roush
Washington, D.C.
corey.roush@sidley.com
Laura Collins
Washington, D.C.
laura.collins@sidley.com
Takayuki Ono
Chicago, Tokyo
tono@sidley.com
Anna Boardman
Connor Wise
New York
connor.wise@sidley.com
When a Whistleblower Complaint Becomes a Board-Level “Red Flag”
In a recent Caremark decision, the Delaware Court of Chancery largely denied a motion to dismiss, holding that most of Regions Bank’s board purportedly ignored red flags raised in a whistleblower report concerning the bank’s unlawful overdraft practices — practices that later led to the company paying US$191 million in penalties and remediation to the Consumer Financial Protection Bureau (CFPB). (more…)
Jim Ducayet
Chicago
jducayet@sidley.com
Barret V. Armbruster
Dallas
barmbruster@sidley.com
Sidley Wins Landmark Ruling: Port Authority No Longer Shielded by Sovereign Immunity in Federal Court
Sidley achieved a breakthrough appellate win that fundamentally alters how the Port Authority of New York and New Jersey — and similar bistate agencies — can be sued. In Baroni v. Port Authority, the Second Circuit took the unusual step of issuing a “mini en banc” ruling to reverse its own long-standing precedent and strip the Port Authority of the sovereign immunity shield it has long used to avoid state-law claims in federal court.
(more…)
Michael Levy
New York
mlevy@sidley.com
Christopher M. Egleson
Palo Alto, New York
cegleson@sidley.com
Michael D. Mann
New York
mdmann@sidley.com
Danica L. Muir
New York
danica.muir@sidley.com
Alyssa M. Hasbrouck
New York
ahasbrouck@sidley.com
Norman M. Hobbie Jr.
New York
nhobbie@sidley.com
Clear and Present Danger: How DOJ Trade-Fraud and Anti-Corruption Priorities Show Trade & Customs Risks Are Here to Stay
The U.S. Department of Justice (DOJ) has signaled a renewed and sharpened focus on trade and customs-related misconduct, including tariff evasion. While DOJ’s emphasis on this enforcement area is notable in its own right, this Update highlights how DOJ’s prioritization of trade and customs fraud also brings Foreign Corrupt Practices Act (FCPA) exposure back to the forefront of risks for multinational companies. (more…)
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Daniel D. Rubinstein
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Yuet Ming Tham
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Geeta Malhotra
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Alexa Poletto
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Karen A. Popp
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Jacqueline Pruitt
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Doreen M. Rachal
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Kevin Rubino
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Leslie A. Shubert
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Frank R. Volpe
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Marisa S. West
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Angela M. Xenakis
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Kenneth G. Coffin
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