Adriana Levandowski
Adriana Levandowski
Adriana is a second-year law student at the University of Denver Sturm College of Law, graduating in December. Before law school, Adriana received a Bachelor’s Degree focused in International/Global Studies with a concentration in Peace and Conflict Studies from the University of San Francisco. She obtained minor degrees in African Studies, Legal Studies, and Peace and Justice Studies. During her undergraduate degree, Adriana spent a semester in London working on a landmark LIBOR rigging case at Bark & Co. solicitors. Adriana then studied in Paris, gaining proficiency in French. In 2017, Adriana completed a U.K. law degree (equivalent to an L.L.B.) at BPP University London.
Adriana is an active member of both the law school's and Greater Denver's legal community. She spends her time volunteering with a number of projects and initiatives, including the Tribal Wills Project, Our Courts Program, and as a peer mentor and student ambassador. In addition to her work with The Race to the Bottom, Adriana is on the board of the Business Law Society, co-founder of Law Students Against Sexual and Domestic Violence, and is a member of the Colorado IP Inn of Court.
She is interested in business litigation and consumer protection work. Outside of law school, Adriana works at SoulCycle on the weekends and enjoys karaoke, trivia, and traveling.
The U.S. Food & Drug Administration (“FDA”) is looking to elbow its way into the medical testing business by mandating stricter regulations that would slow the process of bringing lab-developed tests (“LDTs”) to market. LDTs are common medical diagnostic tests that have led to both diagnostic advances and setbacks that affect the everyday consumer. (FDA News Release, U.S. Food and Drug Administration). The FDA’s regulation was previously opened for a 60-day comment period and was met with vigorous discussion. Regardless, the FDA moved forward with the regulations on April 29, 2024, and has been met with legal push back and Congressional commentary that could threaten the future of the proposed rule. (Chair Rogers, U.S. House Energy and Commerce Committee). This post examines the current structure of LDT regulations, their marketability, and how this regulation change will affect small startups and patient experiences.
Benjamin Franklin once said, "Nothing is certain except death and taxes." (Benjamin Franklin, Letter to Jean-Baptiste Le Roy). In a recent United States Supreme Court (“SCOTUS”) decision, the tax portion is more certain than ever. (Richard Rubin, Wall Street Journal). On June 20, 2024, SCOTUS rejected a challenge to a 2017 tax law (“Tax Law”) on certain foreign investments. (Moore v. United States, 144 S. Ct. 1680, 1697 (2024)). The decision keeps the foreign investment tax intact, while avoiding addressing a 16th Amendment interpretation. (Richard Rubin, Wall Street Journal). This article explores the case's background, the Court's reasoning, and how this decision will ultimately discourage individuals from investing in foreign companies
The Department of Justice (“DOJ”) recently filed a lawsuit against RealPage Inc. (“RealPage”), a real estate software company, alleging that the company’s algorithmic pricing software violated antitrust laws. (Press Release, U.S. Department of Justice). The DOJ brought the lawsuit under the Sherman Antitrust Act, the “first Federal act that outlawed monopolistic business practices” and prohibited activities restricting competition in the marketplace. (Sherman Antitrust Act, National Archives). Attorney General Merrick Garland stated, “[l[andlords colluding through mathematical algorithms may be new, but it violates the same bedrock principle of a free market fostering competition.” (Jennifer Ludden, NPR). This post explores RealPage’s background, discusses the DOJ’s and RealPage’s arguments for and against the suit, and examines the possible implications for algorithm-driven businesses.
The U.S. Consumer Financial Protection Bureau (“CFPB”) recently introduced a new proposed rule change that will expand its regulatory oversight to “‘general-use digital consumer payment apps.’” (Jessie Chang, ABA). The Consumer Financial Protection Act allows the CFPB to supervise nonbank entities in the mortgage, payday loan, and private student loan sectors, as well as service providers to banks and credit unions, but the CFPB can also oversee companies that pose consumer risks or are “larger participants in other markets.” (Consumer Financial Protection Bureau). While the CFPB has used its power to regulate “larger participants” in markets involved with consumer financial products and services before, this proposed rule will expand its oversight to a brand-new height by including more non-traditional banking companies. (A&O Shearman). CFPB Director Rohit Chopra stated the proposed “rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight.” (Consumer Financial Protection Bureau). This article examines the need for and the positive effects of this proposed rule, as well as the potential dangers.
Several prominent news organizations, including The New York Times, The Intercept, Raw Story, and Alternet, have filed lawsuits against OpenAI, an artificial intelligence research organization. (Yiwen Lu, The New York Times). The lawsuits allege that OpenAI used their journalists’ copyrighted content to train its artificial intelligence (“AI”) system, ChatGPT, without proper authorization or accurate citation. Id. They allege that OpenAI unlawfully used their copyrighted content to train its AI system, ChatGPT, violating the Digital Millennium Copyright Act (“DMCA”), which prohibits the “removal of information like author and title from protected works” thereby infringing upon their copyrights. Id.(Cade Metz, et al. & Katie Robertson, The New York Times). As a result of the training, ChatGPT can potentially produce similar content to the copyrighted material which would be grounds for a DMCA violation. Id. This article describes how OpenAI has responded to these lawsuits, how OpenAI has responded to news organizations’ claims, other stakeholders suing AI platforms, and possible outcomes of the lawsuits.
On August 23, 2023, the Securities and Exchange Commission (“SEC”) adopted New Rules under the Investment Advisers Act for private fund advisers to increase investor protection, transparency, and oversight. (Securities and Exchange Commission). The New Rules apply to all private fund advisers and restrict activities that are contrary to the public interest, while increasing the visibility of practices that could harm investors. Id. Under the New Rules, all private fund advisers are subject to the Restricted Activities Rule and the Preferential Treatment Rule. Id. While the New Rules are poised to protect investors, opponents argue the cost of compliance will negatively affect private fund advisers and stifle entrepreneurialism. (O’Melveny). This article reviews the New Rules, the arguments for and against the New Rules, and the potential impact they will have on private fund advisers moving forward.
The U.S. grocery industry witnessed a significant development with the proposed merger of two of its largest players: Kroger and Albertsons. Announced in October 2022, this merger aims to create a powerhouse capable of competing with giants like Walmart and Amazon. (Phil Lempert, Forbes). However, the Federal Trade Commission (“FTC”) pursued legal action to block Kroger's bid for Albertsons, citing concerns over potential harm to competition, which could lead to higher prices and lower wages. (Georgetown University). This article explores the FTC's challenge to the Kroger-Albertsons merger, detailing the FTC's competition concerns, Kroger’s perspective on the matter, strategic store divestitures, and the potential effects on the grocery industry and consumers.
Do the new SPAC regulations mean the end of SPAC IPOs? It sure seems that way. Earlier this year, the United States Securities and Exchange Commission (“SEC”) adopted new regulations to enhance disclosures and provide additional investor protections in initial public offerings (“IPO”) by Special Purpose Acquisition Companies (“SPAC”) and in subsequent business combination transactions between SPACs and target companies (“de-SPAC transactions”). (SEC; U.S. National Archives and Records Administration: Federal Register). The new SPAC regulations, which will go into effect on July 1, 2024, are designed to close many of the loopholes that allowed companies to “go public” through SPAC and de-SPAC transactions without the time, cost, and reporting requirements of traditional IPOs. (SEC; Brian Breheny et al., Skadden, Arps, Slate, Meagher & Flom LLP). This article provides a high-level overview of what led to the SPAC craze from 2019-2022, why the SEC adopted new SPAC regulations, and a prediction on the future of SPACs.
In 2023, the threat of cyberattacks continued to escalate. (Kim Nash, Wall Street Journal). Reports of cyberattacks, such as the cyberattack on Cisco IOS XE devices, dominated the news cycle. (Kyle Alspach, CRN). In response, the Securities and Exchange Commission (“SEC”) implemented new regulations which heightened disclosure requirements for corporate cybercrime risk management. (James Rundle, Wall Street Journal). As of December 15, 2023, the SEC is requiring companies to disclose management of cyber risk in their annual reports, also known as 10-Ks. Id. Additionally, companies must report significant cyberattacks to the SEC in a Form 8-K within four calendar days of discovering a “material” cyberattack. (James Rundle, Wall Street Journal). Federal case law has defined “material” as any potential harm that has a “substantial likelihood” that an investor thinks would have “significantly altered” the information made available. (Kate Azevedo, Bloomberg Law). Ultimately, the SEC’s new requirements for company disclosures on cybersecurity represent an outstanding strategy to enhance companies’ awareness and readiness against cybercrime.
In a financial world where every move seems to echo with the clink of coins and the rustle of bills, a seismic shift has rocked the securities market. On February 6, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted two new rules with a 3-2 vote along party lines. (SEC; Sidley). These rules aim to further define what it means to be a “dealer” and “government securities dealer” under the Securities Exchange Act of 1934. Id. The regulatory scheme requires implicated market participants to register with the SEC as “dealers” and conform to various regulatory requirements. Id. Despite the SEC’s good-faith attempt to curtail de facto market makers and promote fairness among market participants, the new rules have been met with harsh criticisms due to their various impracticalities. (Fluhr, et al., DLA Piper; SEC).
With the 2020 Presidential Election just around the corner, voting paraphernalia, media campaigns, and the like are hard to avoid. Now, Corporate America is jumping on the voting bandwagon. Some companies, like designer fashion brand Tory Burch, are donating proceeds from limited-edition “VOTE” branded merchandise to get-out-the-vote programs. (Kate Kelly and Sapna Maheshwari, New York Times). Restaurant chain Shake Shack is giving away free French fries to all customers that vote early.
It is impossible to ignore the protests and social justice initiatives surrounding the Black Lives Matter movement spanning the country, recently surpassing 100 consecutive days of protests. (Patience Womack & Tosca Ruotolo, The Daily Barometer). In light of national demands for racial justice, the California state legislature introduced Assembly Bill 979 (“Diversity Bill”) aimed at increasing corporate diversity. In short, the Diversity Bill requires corporations that have nine or more Board of Directors to include at least three minority members by the end of 2022. (Saijel Kishan, Bloomberg). Additionally, California’s Secretary of State will be required to publish annual board diversity reports evaluating corporate progress and compliance. Id. In 2018, California enacted a similar gender equity law, S.B. 826, 2017-18 Gen. Assemb., Reg. Sess. (Ca. 2018), requiring publicly held companies with a board of four or less to have at least one female director. (Women on Boards, California Secretary of State). Though the 2018 bill is widely criticized, its results are undeniable, increasing representation and corporate accountability. (See generally California Secretary of State, March 2020 Women on Boards Report).
As the COVID-19 pandemic reached the U.S. in early March, millions of American workers were furloughed or laid off, leaving many without a reliable income. (Kathryn Vasel, CNN Business). Unemployment in the U.S. rose to 17.8 million in June 2020, an almost 8% increase since February. (The Employment Situation, U.S. Dept. of Labor). Economists estimate unemployment could reach 32.1% in the second quarter of 2020, surpassing the Great Depression’s 24.9% peak. (Chris Morris, Fortune). Despite thousands of American workers struggling to pay their bills, Chief Executive Officers (“CEOs”) remain largely untouched. (Anders Melin, Bloomberg Law).
Following years of negotiations and various roadblocks, the Sprint and T-Mobile merger cleared its last big hurdle in federal court last month. (Laurel Wamsley, NPR) The “mega-merger” was announced in April 2018 but faced immediate backlash. The attorney generals of New York, California, the District of Columbia, and ten other states protested the potential merger as an anti-competitive practice. (Laurel Wamsley, NPR) The states argued the reduction of carriers in the telecom market creates less market competition, limits fair and free choice for consumers, and harms workers in this industry. (Id.)
In the booming era of blockchain, Facebook’s Libra Association markets itself as an “independent, not-for-profit, membership organization, headquartered in Geneva, Switzerland” aiming to increase access to the global financial system and services. (Libra.org). In a world where 1.7 billion adults don’t have adequate access to the global financial system, Libra’s cryptocurrency claims it has the answer. (Id.) Through distributed network governance, open internet access, and cryptography security, cryptocurrencies aim to increase accessibility to financial services. (Id.) Yet, the volatility and value fluctuation of existing cryptocurrencies has hindered their adoption by the mainstream market. (Id.)
Phone carrier giants Sprint and T-Mobile announced an unprecedented merger in the spring of 2018. The merger would create a $146 billion powerhouse company under the T-Mobile name. (Taylor Soper, GeekWire). As of now, T-Mobile and Sprint are the third and fourth-largest carriers in the U.S., just behind AT&T and Verizon. Id. However, the Department of Justice (DOJ) initially wasn’t sold and filed suit to block the merger. (U.S. D.O.J. Compl. 3. July 26, 2019). A deal of this size raises fair market and antitrust concerns for both the D.O.J. and Federal Communications Commission (F.C.C.) and is dependent on the regulators’ approval. (Taylor Soper, GeekWire).