In a February 20, 2025 order, the District Court for the Northern District of California partially granted a motion to dismiss product liability claims based on theories that the descriptions of baby and infant bottles and cups as “BPA Free” were an affirmative misrepresentation. Miller v. Philips N. Am. LLC, Civil No. 3:24-CV-03781-RFL (N.D. Cal. 20 Feb. 2025).

On March 12, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter clarifying “reasonable steps” issuers can take to verify the accredited investor status of purchasers, as required under Rule 506(c) of Regulation D, a safe harbor promulgated under the U.S. Securities Act of 1933, as amended.

On March 12, 2025, the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the SEC) issued a no-action letter regarding Rule 506(c) under Regulation D, a safe harbor promulgated under the U.S. Securities Act of 1933, as amended, which will likely increase the number of private fund sponsors that publicly advertise their private funds (e.g., venture capital funds, private equity funds, etc.) to prospective investors.