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Corporate
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July 18, 2024
Ga. Mineral Co. Can't Nab Win In Row Over Talc Suit Coverage
A Georgia federal judge declined to grant a win to a mineral products company trying to compel a Travelers unit to defend it against an underlying suit claiming that it supplied asbestos-containing talc products.
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July 18, 2024
PharMerica Inks $100M Deal In 13-Year-Old Whistleblower Suit
PharMerica Corp. has agreed to pay $100 million to settle a former New Jersey nursing home owner's long-running whistleblower litigation over an alleged drug kickback scheme, according to the plaintiff's law firm.
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July 18, 2024
SolarWinds Beats Most Claims In SEC's Data Breach Suit
A New York federal judge on Thursday delivered a heavy blow to the U.S. Securities and Exchange Commission's case against software developer SolarWinds Corp. by dismissing substantial portions of the lawsuit, including claims that the company committed securities fraud by minimizing the severity of a state-sponsored attack on its flagship product.
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July 18, 2024
Tender Greens And Tocaya Hit Ch. 11 With Post-COVID Woes
The Los Angeles-based casual restaurant chain that operates Tender Greens and Mexican eatery Tocaya, One Table Restaurant Brands LLC, filed for Chapter 11 bankruptcy Wednesday in Delaware bankruptcy court, with its CEO saying the COVID-19 pandemic was "catastrophic" to their business.
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July 18, 2024
Amphenol Corp. Paying $2.1B For CommScope Mobile Units
Amphenol Corp. has inked a deal to buy two mobile networks units from CommScope for $2.1 billion, with Latham & Watkins LLP and Alston & Bird LLP advising the companies, respectively, on the all-cash deal, according to statements Thursday.
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July 17, 2024
T-Mobile, AT&T, Verizon Accused Of Using Negotiating Cartel
An intellectual property licensing business on Wednesday filed yet another suit against AT&T, T-Mobile and Verizon Wireless, this time accusing the telecommunications companies of wielding their market power and conspiring to refuse to license innovative 4G and 5G wireless communications system technology.
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July 17, 2024
Politan Sues Masimo Over Delayed Board Election Meeting
Activist investment firm Politan Capital Management LP launched a lawsuit Wednesday against Masimo Corp. in Delaware Chancery Court just days after the medical technology company accused it of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 17, 2024
'Good Try': EEOC Can't Stop Tesla Talking To Putative Class
A California federal judge Wednesday rejected the U.S. Equal Employment Opportunity Commission's bid to bar Tesla from speaking to all putative class members in its lawsuit alleging the carmaker allowed rampant racism to overtake a California factory, rejecting the request while telling its attorney, "Good try, though."
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July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
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July 17, 2024
Fla. Co. Says NY Lender Charges Usurious 950% Interest Rate
A Florida-based startup has sued a New York small business lender, alleging the lender saddled it with "a high interest usurious loan" when it thought it was entering into a future receivables agreement.
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July 17, 2024
SEC Says Ex-CEO Of Trump-Tied SPAC Hid Merger Talks
The U.S. Securities and Exchange Commission on Wednesday accused the former CEO of Digital World Acquisition Corp. of falsely representing that the special purpose acquisition company had no potential merger targets when he was actually personally discussing a merger with former President Donald Trump's social media company.
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July 17, 2024
Off-Channel Comms Top Concern For Compliance Pros
Investment advisers' compliance officers have listed electronic communications surveillance as their hottest topic, beating out concerns about the U.S. Securities and Exchange Commission's marketing rule, according to a new survey of compliance professionals representing nearly 600 investment advisers.
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July 17, 2024
'Inflammatory' Atty Statement Axes $11M Stanley Injury Verdict
A Missouri appellate court has tossed an $11 million jury verdict in a suit alleging a Stanley Black & Decker unit caused a man to lose an eye due to a defective staple gun, saying plaintiff's counsel made improper "inflammatory" references to Stanley as a "billion-dollar company."
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July 17, 2024
AT&T Sued Over Breach Of 'Nearly All' Cell Users' Records
AT&T Inc. is facing separate class actions in Texas, Montana and New Jersey federal courts after the company disclosed Friday that hackers had downloaded phone call and text message records belonging to "nearly all" the telecom giant's wireless customers between May 2022 and early last year.
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July 17, 2024
SEC Awards $37 Million To Whistleblower
The U.S. Securities and Exchange Commission on Wednesday announced a $37 million award to a whistleblower who provided information that the commission did not previously know, which contributed to a successful enforcement action.
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July 17, 2024
1st Circ. Affirms SEC's $32M Win Against Investment Adviser
The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy.
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July 17, 2024
Calif. Asks 9th Circ. To Lift Injunction On Kids' Privacy Law
California urged the Ninth Circuit on Wednesday to remove an injunction blocking a groundbreaking new law requiring social media platforms to bolster privacy protections for children, defending the protections and arguing that any unconstitutional provision should be severed following the U.S. Supreme Court's Moody v. NetChoice decision.
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July 17, 2024
9th Circ. Open To X's Challenge To Content Disclosure Law
A three-judge Ninth Circuit panel appeared open Wednesday to granting X Corp.'s request to block at least some of a new California law requiring social media companies to provide semiannual disclosures regarding their content moderation policies, with each judge saying one particular provision appears to infringe free speech rights.
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July 17, 2024
FTC Cites 3rd Circ. In Defending Noncompete Ban
The Federal Trade Commission has continued to argue against a preliminary injunction a tree services company wants against its noncompete ban, directing a Pennsylvania federal judge to look at a Third Circuit decision from the day before calling for a high bar on initial court blocks absent immediate and permanent harm.
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July 17, 2024
Jimmy John's Biometric Info Suit 'Barely' Avoids Dismissal
An Illinois federal judge refused Wednesday to toss a putative class action alleging Jimmy John's LLC unlawfully records customers via technology embedded in drive-through intercoms in violation of the state's Biometric Information Privacy Act, but he remarked on the "thinness" of the allegations and said the complaint "barely" survives.
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July 17, 2024
Many AI Patent Eligibility Issues Still Hazy After Guidance
The U.S. Patent and Trademark Office's new guidance on patent eligibility for inventions involving artificial intelligence provides some helpful details for patent applicants, but attorneys say it leaves unanswered questions that will likely require court decisions or legislation to sort out.
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July 17, 2024
Merrill Lynch Urges Arbitration Of Sweeping RICO Lawsuit
Merrill Lynch told a Texas federal judge Tuesday that a wealthy telecommunications entrepreneur who is accusing the bank of a sweeping money laundering fraud doesn't have the right to bring the case to court, as the entrepreneur agreed to arbitration when he parked his money with Merrill.
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July 17, 2024
Del. Gov. Signs Hotly Contested Corp. Law Amendments
Delaware Gov. John Carney signed into law on Wednesday state code amendments allowing corporations to cede some governance rights to stockholders, as well as some state corporate oversight to other jurisdictions.
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July 17, 2024
Keep Consumer Protection Suit Against Bill Pay Co., FTC Says
Seattle-based online bill pay platform Doxo Inc. shouldn't be allowed to escape the Federal Trade Commission's claims that Doxo tricked consumers into using its services, the FTC has argued in a brief calling the company's dismissal bid a "jumble of arguments."
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July 17, 2024
Nasdaq Seeks To Tighten Delisting Rules Governing SPACs
Nasdaq is proposing to strengthen its rules governing delistings and trading suspensions of special-purpose acquisition companies that fail to complete mergers within 36-month deadlines or that violate other listing standards.
Expert Analysis
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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A Deep Dive Into The Evolving World Of ESG Ratings
Attorneys at Mintz discuss the salience of environmental, social and governance ratings in corporate circles in recent years, and consider certain methodologies underlying their calculation for professionals, as well as issues concerning the ESG ratings and products themselves.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Trademark In Artistic Works 1 Year After Jack Daniel's
In the year since the U.S. Supreme Court's Jack Daniel's v. VIP Products ruling, courts have applied Jack Daniel's inconsistently to deny First Amendment protection to artistic works, providing guidance for dismissing trademark claims relating to film and TV titles, say Hardy Ehlers and Neema Sahni at Covington.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Opinion
Bankruptcy Judges Can Justly Resolve Mass Tort Cases
Johnson & Johnson’s recent announcement of a prepackaged reorganization plan for its talc unit highlights that Chapter 11 is a continually evolving living statute that can address new types of problems with reorganization, value and job preservation, and just treatment for creditors, says Kenneth Rosen at Ken Rosen Advisors PC.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Exploring Alternatives To Noncompetes Ahead Of FTC Ban
Ahead of the Sept. 4 effective date for the Federal Trade Commission's noncompete ban, employers should seek new ways to protect their proprietary and other sensitive information, including by revising existing confidentiality and nondisclosure agreements, says Harvey Linder at Culhane.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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DOL's New OT Rule Will Produce Unbalanced Outcomes
The U.S. Department of Labor's new salary level for the Fair Labor Standards Act overtime exemption is about 65% higher than the current threshold and will cause many white collar employees to be classified as nonexempt because they work in a location with a lower cost of living, not because of their duties, says Stephen Bronars at Edgeworth Economics.