Friday, October 30, 2009

News Flash: Federal Judge Blocks Red Flag Rules for Law Firms

In a surprise ruling, a federal judge in DC ruled in favor of the American Bar Association, agreeing that the FTC was wrong to extend Red Flag rules to law firms. The FTC can appeal the ruling, but it looks like flags down for the legal industry come Monday.

  • 11/03 Update: FTC further delays Red Flag rules until June 1, 2010. They're expected to appeal the ruling that these rules should not apply to law firms, so the issue is far from settled.

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