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What colorful method does Claire Miley use to keep up with the latest healthcare regulations as they relate to proposed transactions? Find out more>

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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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FCC Enters Data Security Arena, Ups the Ante in Federal Enforcement

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October 30, 2014

For the first time, on October 24, the Federal Communications Commission ("FCC") took action in the area of data security regulation, which until now primarily has been within the domain of the Federal Trade Commission. In an unprecedented move, the FCC announced $10 million in fines against two telecommunications companies, TerraCom, Inc. and YourTel America, Inc., pursuant to the Communications Act, for allegedly failing to safeguard sensitive personal information of their customers.

According to the FCC investigation, the phone carriers apparently stored customer Social Security numbers, names, addresses, driver's licenses, and other sensitive information in a format accessible via the Internet, readable by anyone. The data, collected to prove eligibility for the government's subsidy program for low-income individuals, should have been destroyed after the eligibility process was complete, or stored in a secure manner. Instead, the FCC contends the companies exposed the personal information of up to 300,000 low-income consumers to public view. The FCC claims that the companies compounded the problem by allegedly failing to notify all potentially-affected consumers after the data security breach was discovered.

While it is unclear the extent to which the FCC intends to focus on data privacy, its recent action signals the increasing importance of data security and sends a strong message to custodians of personal information about their obligation to protect such information. In particular, entities regulated by the Communications Act have a duty to reasonably secure the personal information of customers, and the FCC may hold those entities accountable for failure to do so.

Businesses that collect, store, or maintain any personal identifying information should have compliance programs in place to ensure adequate protection of that data, and should follow appropriate response measures when a data breach occurs. Our experienced data security team offers compliance counseling, together with time-critical breach response assistance.


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