DOJ False Claims Act (FCA) settlements related to cybersecurity typically have focused on false representations by a government contractor of its compliance with cybersecurity requirements. A recently announced settlement shows that private equity owners are not immune from potential FCA liability.

On August 7, President Trump signed an Executive Order directing the DOL, the SEC, and Treasury (including the IRS) to review and revise guidance to facilitate the inclusion of alternative investments—such as private equity, cryptocurrency, and other non-traditional assets—in defined contribution retirement plans. The Executive Order follows action in May of this year by the DOL to rescind its 2022 guidance that discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans.