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Competition
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May 20, 2024
Simpson Thacher Leads Blackstone In $705M Biltmore Sale
Blackstone said Monday it has closed the sale of the Arizona Biltmore in Phoenix to private equity real estate firm Henderson Park for $705 million, confirming January reports that the transaction was under contract and revealing Simpson Thacher & Bartlett LLP and Jones Day as counsel behind the deal.
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May 20, 2024
Latham-Led CyberArk Buying PE-Backed Venafi In $1.54B Deal
Latham & Watkins LLP is guiding Newton, Massachusetts-based CyberArk on a new deal to buy fellow cybersecurity company Venafi from Chicago-based private equity firm Thoma Bravo, represented by Kirkland & Ellis LLP, at an enterprise value of $1.54 billion, CyberArk said Monday.
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May 20, 2024
Davis Polk, Wachtell Guide $2B SouthState Banking Deal
Florida-based SouthState Corp. said Monday it has agreed to purchase Texas-based Independent Bank Group Inc. in an all-stock transaction valued at approximately $2 billion, with Davis Polk and Wachtell steering the regional lenders on the deal.
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May 17, 2024
Apple OK'd New App Fees Despite Antitrust Ruling
An Apple Inc. executive conceded during a high-stakes antitrust hearing Friday over Apple's compliance with a court-ordered ban on App Store anti-steering rules that executives decided to implement a new 27% fee on out-of-app transactions despite knowing a jury had recently found that similar Google fees violated antitrust laws.
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May 17, 2024
Boeing Jury Urged To Award Startup At Least $163M At IP Trial
An electric-jet company told a Seattle jury Friday that Boeing misappropriated its trade secrets to build a copycat plane under the guise of investing in the startup, entitling it to an award of more than $163 million.
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May 17, 2024
T-Mobile Must Face Sprint Merger Suit Before Appealing
The Seventh Circuit summarily rejected T-Mobile's move for interlocutory appeal in a proposed consumer class action targeting the company's 2020 merger with Sprint, allowing the case to advance to discovery after the district court denied T-Mobile's motion to dismiss in the fall.
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May 17, 2024
Las Vegas Sun Wants Day In Court Against Review-Journal
The Las Vegas Sun asked a Nevada federal judge Thursday to schedule trial in its antitrust suit against the Las Vegas Review-Journal, arguing the larger paper and soured distribution partner cannot be allowed to continue running out the clock in an effort to put the Sun out of business.
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May 17, 2024
Judge Won't Bar Thermo Fisher Exec's Jump To Repligen
A Massachusetts judge won't block a former Thermo Fisher Scientific executive from jumping to smaller rival Repligen, calling a noncompete agreement signed by the employee overbroad and suggesting that it was really aimed at stifling competition in a ruling released Friday.
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May 17, 2024
Google Says Payment Means No Need For DOJ Ad Tech Jury
Google is arguing in Virginia federal court the government has no right to a jury trial in a case accusing the company of monopolizing key digital advertising technology, especially after Google issued a check for the money enforcers could be awarded if they won.
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May 17, 2024
Industry Emboldened After Justices Galvanize Agency Attacks
In the year since the U.S. Supreme Court said "extraordinary" and "far-reaching" attacks on administrative enforcers can skip agency tribunals and go straight to federal district court, ambitious challenges to regulatory powers are rapidly gaining traction, and the high court is poised to put them on an even firmer footing.
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May 17, 2024
Debevoise Hires Former Clifford Chance US Antitrust Head
Tim Cornell, former head of the U.S. antitrust group at Clifford Chance LLP, will join Debevoise & Plimpton LLP's Washington, D.C., office as partner, Debevoise announced Friday.
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May 17, 2024
Glass Lewis, ISS Split On Chevron-Hess Deal Guidance
Hess Corp. shareholders got mixed advice from the two leading proxy advisory firms on whether to vote in favor of a $53 billion takeover by Chevron Corp., further muddling the oil and gas giants' path to closing the mega-deal amid an ongoing dispute with Exxon Mobil Corp.
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May 17, 2024
Sports Direct Loses Newcastle Replica Kit Injunction Bid
Sports Direct has failed to force Newcastle United to stock its stores with replica kits of the Premier League football club, as an appeals court found Friday that the damage caused by a wrongly granted injunction would be "more fundamental" to the club.
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May 17, 2024
Local Authorities Bid To Toss Truck Makers' Pass-On Defense
A lawyer acting for 136 local authorities across the U.K. urged a tribunal on Friday to prevent European truck manufacturers from arguing that they passed on higher costs allegedly paid for vehicles through higher tax and service charges for residents.
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May 16, 2024
$2B Default Recommended For Making Fair Trial 'Impossible'
Years of lies should put a pair of Chinese electronics companies on the hook for over $2 billion in default judgment, a special master told a California federal judge, adding that their yearslong no-show and disregard of U.S. counsel advice to retain documents have rendered a fair trial "impossible."
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May 16, 2024
Klobuchar Reintroduces Sweeping Antitrust Reform Bill
Sen. Amy Klobuchar, D-Minn., reintroduced sweeping legislation Thursday aimed at restoring competition by strengthening antitrust laws to help enforcers better deal with harmful conduct and mergers, garnering support from the American Antitrust Institute, Consumer Reports and others.
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May 16, 2024
FTC Can't Make Albertsons, Kroger Produce Divestiture Docs
An administrative law judge on Thursday denied the Federal Trade Commission's "premature" bid to compel Kroger and Albertsons to fork over documents related to negotiations for the companies' expanded divestiture plan amid the commission's in-house challenge to the grocers' merger.
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May 16, 2024
3rd Circ. Shuns Teva's 'Novel' Appeal On Israeli Investor Class
The Third Circuit on Thursday turned away an appeal brought by Teva Pharmaceutical Industries Ltd., saying the class certification stage was not the right time to hear arguments over the "novel" question of the applicability of U.S. securities laws to Israeli-listed shares.
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May 16, 2024
FTC Deputy Director Rao On Healthcare Antitrust Agenda
The reason behind the Federal Trade Commission's changed attitude toward antitrust in healthcare in recent years isn't simple, according to Rahul Rao, deputy director of the FTC's Bureau of Competition.
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May 16, 2024
NJ Judge Scrutinizes J&J Unit's Libel Claim Over Talc Study
A bankrupt Johnson & Johnson unit's libel claims over a scientific article linking talcum powder to mesothelioma intrigued a New Jersey federal judge during an oral argument on Thursday, prompting her to muse that the author's consideration of other exposures seemed to bolster the study at issue.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
Apple Exec Must Produce All Docs On 27% App Fee Decision
A California federal judge presiding over a high-stakes antitrust hearing over Apple's compliance with a court-ordered ban on App Store anti-steering rules ordered a company executive Thursday to hand over all of his communications and notes on Apple's decision to impose a new 27% fee after her injunction.
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May 16, 2024
Gilead, Teva Want 17 HIV Drug Antitrust Appeals Consolidated
Gilead Sciences Inc. and Teva Pharmaceuticals are asking the Ninth Circuit to consolidate 17 appeals contesting their win in a case alleging they delayed generic versions of HIV medications, saying the three groups of buyers are raising largely the same issues but refuse to commit to combining their briefs.
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May 16, 2024
11th Circ. Tries To Untangle Aftermath Of Judge's Early Exit
An Eleventh Circuit panel on Thursday quizzed attorneys for rival breeders of disease-resistant shrimp about whether a $10 million trade-secrets jury verdict should be overturned after a federal magistrate judge presided over the trial's ending because a federal district judge had to catch a flight, with one of the panel judges saying the parties had been put "in a very difficult position."
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May 16, 2024
US Soccer Hopes To Bounce Antitrust Lawsuit Absent FIFA
U.S. Soccer is once again attempting to quash an antitrust lawsuit filed by an event promoter, but this time with a letter questioning whether settlement talks the judge recently ordered are worth the money and effort it would have to expend.
Expert Analysis
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EU Rejection Of Booking.com Deal Veers From Past Practice
The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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7 Critical Copyright And AI Questions Courts Need To Address
U.S. courts have yet to rule on many copyright issues regarding generative artificial intelligence technologies, so developers and users should consider several questions when evaluating risks, developing risk mitigation plans and making decisions about particular use cases, say John Delaney and Sean West at Perkins Coie.
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Mitigating Antitrust Risk Amid Increased Dealmaking Scrutiny
While deals continue to get done despite 60% of significant merger investigations in the U.S. last year concluding with a complaint or abandoned transaction, private equity firms should identify and assess potential antitrust risks and develop strategies to mitigate them early in the deal process, say attorneys at Dechert.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Managing ANDA Venue Issues As Del. And NJ Filings Rise
Delaware and New Jersey have prevailed as the primary forum for pharmaceutical litigation as more generic companies file abbreviated new drug applications, but this venue scheme presents traps for the unwary, and legislation may still be necessary to ensure fairness and predictability, say Timothy Cook and Kevin Yurkerwich at WilmerHale.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Why Criminal No-Poach Cases Can Be Deceptively Complex
Mark Rosman at Wilson Sonsini discusses the reasons many criminal no-poach cases that appear simple are actually more complicated than they seem, following several jury trial acquittals and two dismissed cases.
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Forecasting The Impact Of High Court Debit Card Rule Case
John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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What's At Stake In Bystolic 'Side Deals' Litigation
In re: Bystolic Antitrust Litigation, which has oral argument set for next month, will likely shed light on how the U.S. Court of Appeals for the Second Circuit views side deals, and could create a circuit split in pleading standards for reverse payment cases, say attorneys at Axinn.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.