The Market Participants Division of the Commodity Futures Trading Commission (CFTC) on December 19, 2025 issued CFTC Letter No. 25-50 (the Letter) providing that it will not recommend enforcement action against an investment adviser registered with the Securities and Exchange Commission (SEC) that operates a commodity pool offered solely to investors who are “qualified eligible
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Illinois Supreme Court Places Standing Limits on Plaintiffs’ Ability to Assert Statutory Claims in Illinois State Court
On November 20, 2025, the Illinois Supreme Court issued a decision that may help defendants establish that Illinois State Court plaintiffs lack standing when they have not suffered actual harm. In Fausett v. Walgreen Company d/b/a Walgreens, 2025 IL 131444 (2025), the court substantially limited plaintiffs’ ability to satisfy standing in Illinois state courts when…
Beware Plaintiffs Threatening the First Amendment – Colorado PTFA Listing Provision Litigation Seeks to Muzzle Freedom of Speech
What was intended as a safeguard against abusive telemarketing is being twisted into a potentially far more sweeping restriction, raising serious First Amendment concerns for corporate communicators of people’s contact information. Colorado’s Prevention of Telemarketing Fraud Act’s (“PTFA”) listing provision (“Listing Provision”) threatens corporate sharing of cell phone numbers, regardless of whether these cellular phone…
TCPA Turnstile: Living in a Post-McLaughlin World (TCPA Update Vol. 21)
Since our last TCPA update, the biggest development was the Supreme Court’s ruling in McLaughlin Chiropractic Associates, Inc. v. McKesson Corp., which we wrote about here, which established that federal courts are not bound by the FCC’s interpretation of the TCPA. In the wake of McLaughlin, courts and litigants alike have wrestled with how…
“Skyrocketing” Medicare Part B Claims Submissions on Skin Substitutes
The Department of Health and Human Services Office of Inspector General (OIG) recently issued a report focused on what it characterized as concerning trends related to Medicare Part B claims submissions for skin substitutes, i.e., skin grafts. Skin substitutes have become a critical part of wound care and tissue regeneration and are increasingly a part of…
FTC Again Targets Unfair Employee Non-Competes
In September 2025, the Federal Trade Commission (“FTC”) took steps to crack down on anticompetitive employee non‑competes even as the FTC abandoned the Biden Administration’s efforts to broadly ban them by rule. As a first step, on September 4, 2025, the FTC launched an inquiry seeking the public’s input on the prevalence and use of…
Treasury and IRS Finalize Regulations for Roth Catch-Up Contributions Under SECURE 2.0
On September 15, 2025, the Department of the Treasury and the Internal Revenue Service issued final regulations implementing key provisions of the SECURE 2.0 Act relating to Roth catch-up contributions. The final regulations focus primarily on requirements relating to the so-called mandatory Roth catch-up contributions for participants who made more than $145,000 in FICA wages…
Cross-State Regulatory Sweep Highlights Growing Legal Risk Around Consumer Data Opt-Outs
The recent announcement by the states of California, Colorado and Connecticut that they are working together to carry out a joint investigative sweep has raised eyebrows across the privacy world. Last week, California Attorney General Rob Bonta, the California Privacy Protection Agency (CPPA), and the attorneys general of Colorado and Connecticut announced that they are…
Popa v. Microsoft Corporation, et al.: Ninth Circuit Clarifies Article III Standing Requirements and Strengthens Defenses to Internet Privacy and Other Consumer Claims
Faced with waves of consumer lawsuits targeting common website tools like browser cookies, tracking pixels, and live chat features, businesses are often frustrated by the outsized exposure posed by seemingly “no-injury” claims. (See, for example, last week’s post about CIPA claims.) The Ninth Circuit Court of Appeals recently provided some comfort by clarifying what a…
Fifth Circuit Holds that Drag Show is Expressive Conduct Protected Under First Amendment
In a significant First Amendment ruling, the Fifth Circuit in Spectrum WT v. Wendler held that a drag show hosted by an LGBTQ+ student organization at West Texas A&M University qualifies as expressive conduct. The decision underscores that drag performances, like other forms of artistic and political expression, can fall within the core protections of…