Insights

New York – July 16, 2024: Crowell & Moring represented itselectric, a Brooklyn-based electric vehicle curbside charging company, in closing a $6.5 million in a seed funding round. The round was led by Failup Ventures and Uber Technologies, with additional participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. This new funding will support itselectric's expansion to seven U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco, and will help meet the growing demand for convenient and affordable curbside EV charging solutions.With the rapid growth of EV sales in the U.S. and the increasing need for charging infrastructure, itselectric's innovative Level-2 charging posts offer a scalable solution. These chargers connect behind-the-meter to draw spare electrical supply from adjacent buildings, eliminating the need for utility permitting and coordination. This approach allows for zero-cost installation to property owners and cities, while also providing a revenue-sharing model that benefits property owners. Additionally, itselectric's UL-certified detachable cable EV chargers emphasize safety, customer experience, and product quality.New York-based corporate partner Matthew Moisan led the deal with assistance from counsel Justin Lurie and associate Justin Porter.

Washington – June 24, 2024: Lexology honored Crowell & Moring at the North America Awards 2024 with the Banking and Financial Services, Insurance & Reinsurance Award. Presented with the Association of Corporate Counsel and Who’s Who Legal, “the purpose of the North America Awards is to identify both individual practitioners and teams that have excelled in their specific roles in the region over the past year.”

Washington – June 6, 2024: Crowell & Moring earned 78 rankings for 67 lawyers, as well as 41 national and statewide practice area rankings, in the Chambers USA 2024 guide. The rankings are driven by independent interviews of clients and lawyers at peer firms.

On April 25, 2024, the Department of Labor (“DOL”) published a final rule (the “Final Rule”) regarding when providing investment advice results in the advisor becoming a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Internal Revenue Code of 1986, as amended (the “Code”).  Under this guidance, an entity is a fiduciary if the provider of that advice to an ERISA plan or Individual Retirement Account:

On 19 March 2024, the Government followed through on a promise from the Ministry of Justice to introduce draft legislation to reverse the effect of  R (on the application of PACCAR Inc & Ors) v Competition Appeal Tribunal & Ors [2023] UKSC 28.  The effect of this ruling was discussed in our prior alert and follow on commentary discussing its effect on group competition litigation and initial government reform proposals. Should the bill pass, agreements to provide third party funding to litigation or advocacy services in England will no longer be required to comply with the Damages-Based Agreements Regulations 2013 (“DBA Regulations”) to be enforceable.

On March 6, 2024, the U.S. Securities and Exchange Commission (SEC) voted to finalize a rule that requires regulated issuers to disclose information regarding their greenhouse gas (GHG) emissions and other climate-related information. First proposed in 2022, the final rule has been scaled back in some significant ways from what was initially proposed. Notably, the final rule requires only large accelerated filers and non-exempted accelerated filers to disclose direct and energy-related (Scope 1 and 2)[1] GHGs—and only if such emissions are material to the business strategy, results of operations, or financial condition of a registrant—with no Scope 3 requirement to report on other indirect emissions (Scope 3). By comparison, the proposed rule would also have required Scope 1 and 2 emissions disclosures for all types of regulated entities regardless of materiality, and Scope 3 disclosures required of certain filers if material. The final rule reflects a heightened focus on materiality regarding disclosures of climate-related risks, and adjusts assurance requirements. It also extends the timing of GHG reporting, when required, to at least 2026 (for FY 2025 data) and phases in the assurance requirements. As soon as the SEC voted to finalize the rule, ten states (West Virginia, Georgia, Alabama, Alaska, Indiana, New Hampshire, Oklahoma, South Carolina, Virginia, and Wyoming) filed a petition for review in the Eleventh Circuit challenging the final rule.

Since the November 2022 release of ChatGPT, generative AI has been a regulatory accelerator for governance of AI writ large. Individuals, organizations, industries, and governments across the world have grappled with the implications of AI, including how it is and could be regulated using existing and new legal frameworks. For example, since our December 2023 update:

Please join us for a discussion to explore key issues in the business community as the war in Ukraine continues to reverberate through the global supply chain.

Payers, Providers, and Patients – Oh My! Is Crowell & Moring’s biweekly health care podcast, discussing legal and regulatory issues that affect health care entities’ in-house counsel, executives, and investors. In this episode, hosts Joe Records and Payal Nanavati talk with Lex Eley and Stephanie Willis about what private equity firms need to consider when investing in health care.

Crowell & Moring's "Fastest 5 Minutes" is a biweekly podcast that provides a brief summary of significant government contracts legal and regulatory developments that no government contracts lawyer or executive should be without. This latest edition is hosted by partner David Robbins and includes updates on GAO's Whistleblower Protections Pilot Program, the latest from the House of Representatives, and a DOJ FCA matter.

Crowell & Moring's "Fastest 5 Minutes" is a biweekly podcast that provides a brief summary of significant government contracts legal and regulatory developments that no government contracts lawyer or executive should be without. This latest edition is hosted by partners Peter Eyre and David Robbins and includes updates on DOJ Fraud Section guidance, GSA OIG's report on 18F, and an interesting Fourth Circuit decision.