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September 06, 2024
Ex-CEO Of Defunct Solar Co. Seeks Sanctions In Fraud Suit
The former CEO of a bankrupt solar energy firm filed a motion for sanctions Friday in Michigan federal court, alleging the plaintiffs' counsel misrepresented the ex-CEO's inability to produce information during a discovery meeting regarding claims he defrauded customers by selling faulty solar systems.
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September 06, 2024
Fed's Barr To Give Sneak Peek Of Revised Basel III Plan
The Federal Reserve's vice chair for supervision will preview revisions to a scaled-back version of the controversial Basel III endgame plan to toughen big-bank capital requirements at a Brookings Institution event on Tuesday.
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September 06, 2024
X Corp. Shorted 3 Execs Millions In Severance, Suit Says
Three former executives of Twitter, now known as X, said in a California federal court suit that Elon Musk prevented them from collecting millions in severance benefits following his takeover of the social media company by falsely claiming they were fired for failing to cooperate in investigations.
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September 06, 2024
Ex-Conn. Utility Execs Can't Shake Convictions At 2nd Circ.
The Second Circuit issued a mammoth 140-page decision Friday upholding punishments including a $748,000 restitution order for three former executives convicted of stealing from a Connecticut utility cooperative, but the court threw out the utility's bid for a $9.6 million reimbursement for fronting the defendants' attorney fees.
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September 06, 2024
Biopharm Co., Directors Sued In Del. Over 'Extreme' Scheme
A five-year run of "extreme and unconscionable self-dealing" has left 62% of Navidea BioPharmaceuticals Inc. equity in the hands of a single stockholder-director, a Delaware Court of Chancery suit has alleged, with the company now deregistered and currently without a viable product.
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September 06, 2024
DOT Probe Of Airlines' Rewards Spells Fresh Headaches
A new U.S. Department of Transportation investigation into frequent flyer rewards programs at the so-called Big Four U.S. airlines will cause fresh regulatory headaches for an airline industry that's already smarting from a rash of Biden administration competition- and consumer-driven initiatives.
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September 06, 2024
Ingersoll Rand Blocks Rival From Hiring Ex-Exec In NDA Fight
A Colorado state court has preliminarily blocked the former chief executive of a company acquired by industrial products giant Ingersoll Rand Inc. from working for rival Avantor, finding Ingersoll Rand will likely win its claims that the executive specifically agreed not to work for Avantor as a condition of the acquisition.
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September 06, 2024
Investment Co. Appeals Sanction In Highland Ch. 11
An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.
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September 06, 2024
CFPB's Zelle Scrutiny Leaves Banks Guessing On Next Moves
As federal regulators turn up the heat on major banks over long-simmering complaints about fraud and scams on Zelle, the largest U.S. peer-to-peer payments platform, it remains unclear whether more banks could face scrutiny and what they can do to get ahead of it.
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September 06, 2024
DOJ Must Give Google 'Something Concrete' On Search Fixes
The Justice Department cannot wait until February to propose remedies meant to address Google's default contract exclusionary thumb on the scales of online search, a D.C. federal judge told the agency during a hearing Friday, adding that the government needs to put a definitive proposal on the table much sooner.
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September 06, 2024
Off The Bench: NCAA Flops, NBA Trial, Sunday Ticket Appeal
In this week's Off The Bench, the $2.78 billion deal to settle a vast class action targeting the NCAA's name, image and likeness compensation rules hits a snag, the NBA and Warner Bros. aim for an April trial in their media rights fight, and NFL Sunday Ticket subscribers look to reinstate their $4.7 billion antitrust victory over the league.
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September 06, 2024
No Redo On Eminem Licensing Ruling Over Spotify Plays
A Tennessee federal judge refused to rethink her decision in favor of Spotify on its third-party claims against the collection agent for Eminem's music publisher over a licensing dispute, stating Friday that the agent's arguments have been addressed already.
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September 06, 2024
Boeing Loses Bid To Toss Investor Suit Over Blowout
A Virginia federal judge gave the green light to Boeing investors to continue their securities fraud proposed class suit against the company over one of its planes' midair door blowout in January, rejecting the aerospace giant's motion to dismiss and telling Boeing it had a "real problem" on its hands.
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September 13, 2024
WilmerHale, Hanotiau Duo Launch New Arbitration Boutique
Two international arbitrators from WilmerHale and Hanotiau & van den Berg have left their previous firms after near-20-year stints to set up their own boutique practice.
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September 06, 2024
4 ERISA Arguments To Watch In September
The Ninth Circuit will weigh two cases involving whether class claims under the Employee Retirement Income Security Act can be forced into solo arbitration, and the Second Circuit will hear Yale University workers' bid to revive their retirement plan mismanagement suit. Here are four upcoming oral argument sessions that benefits attorneys should have on their radar.
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September 06, 2024
Trustee Backs Tossing Ex-McElroy Deutsch CFO's Ch. 11 Case
The U.S. Trustee's Office has urged a New Jersey bankruptcy court to dismiss a Chapter 11 petition from McElroy Deutsch Mulvaney & Carpenter LLP's former CFO, who is currently incarcerated for embezzling millions from the firm, because he has stonewalled the trustee's requests for information about his finances.
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September 06, 2024
$147.5M Life Insurance Class Deal Gets First OK In Conn.
A Connecticut federal judge has given his initial approval to a $147.5 million settlement in a class action accusing two insurers of overcharging policyholders when deducting costs from savings accounts attached to universal life insurance plans, turning away objections from plaintiffs in parallel cases in other states.
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September 06, 2024
Judge Barnard Says It's 'About Time' For Texas Biz Court
Law360 recently talked with Judge Marialyn Barnard, who transitioned this month from the 73rd District Court to Texas Business Court, about the newly created court.
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September 06, 2024
NY Gov. Taps WilmerHale Leader For Counsel Position
New York Gov. Kathy Hochul announced Friday that a WilmerHale partner and leader will be the next counsel to the governor, appointing an attorney who has served as New York deputy attorney general and the attorney general's chief of staff and as senior adviser to the New York City mayor.
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September 06, 2024
Fox Rothschild Lands Entertainment Atty From Netflix In NY
An attorney who most recently worked for streaming giant Netflix is bringing his lifelong love of film and past working as a writer and producer to Fox Rothschild LLP.
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September 06, 2024
NLRB Denied Indicative Ruling Bid In SpaceX Dispute
The National Labor Relations Board can't have an indicative ruling to pause an unfair labor practice case against SpaceX amid a challenge to the constitutionality of the board's structure, a Texas federal judge ruled, saying the agency didn't file a separate motion requesting such relief.
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September 06, 2024
Legal Job Market Continued Downward Trend In August
The legal industry lost 2,300 jobs in August, the fourth month in a row of declines, according to preliminary data released Friday by the U.S. Bureau of Labor Statistics.
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September 06, 2024
Baker McKenzie M&A Partner Jumps To Bell Nunnally
Dallas-based business law firm Bell Nunnally & Martin LLP has hired former Baker McKenzie partner Jonathan Farrokhnia, who told Law360 on Friday that his decision to join the firm was based on the advantages that come from working for a smaller firm.
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September 06, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A contracting company has launched a $59 million malpractice suit against Troutman Pepper, alleging the firm and a partner in its construction practice failed to provide adequate representation in two underlying cases, while artificial intelligence was atop the list of new technologies law firms have used this year. These are among the stories in corporate legal news you may have missed in the past week.
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September 06, 2024
As Biden Looks To Block US Steel Deal, Rival Co. Weighs In
Cleveland-Cliffs is lauding President Joe Biden's reported decision to block U.S. Steel's $14.9 billion planned merger with Nippon Steel and says it is ready to scoop up U.S. Steel's union assets, as the rival steelmaker weighed in on the matter following a flurry of quick developments this week indicating that the Nippon deal is all but dead.
Expert Analysis
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Opinion
USPTO AI Patent Guidance Leaves Questions Unanswered
The U.S. Patent and Trademark Office’s recent guidance on artificial intelligence patent eligibility is unlikely to answer many of the open questions that AI patent applicants face, as it includes nominally new analysis that applicants can adopt to analyze their inventions, say attorneys at Fenwick & West.
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Gilead Drug Ruling Creates Corporate Governance Dilemma
If upheld, a California state appellate court's decision — finding that Gilead is liable for delaying commercialization of a safer HIV drug to maximize profits on another drug — threatens to undermine long-standing rules of corporate law and exposes companies to liability for decisions based on sound business judgment, says Shireen Barday at Pallas.
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Class Action Law Makes An LLC A 'Jurisdictional Platypus'
The applicability of Section 1332(d)(10) of the Class Action Fairness Act is still widely misunderstood — and given the ambiguous nature of limited liability companies, the law will likely continue to confound courts and litigants — so parties should be prepared for a range of outcomes, says Andrew Gunem at Strauss Borrelli.
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Jarkesy Ruling May Redefine Jury Role In Patent Fraud
Regardless of whether the U.S. Supreme Court’s Jarkesy ruling implicates the direction of inequitable conduct, which requires showing that the patentee made material statements or omissions to the U.S. Patent and Trademark Office, the decision has created opportunities for defendants to argue more substantively for jury trials than ever before, say attorneys at Cadwalader.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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How Justices' E-Rate Decision May Affect Scope Of FCA
The U.S. Supreme Court’s eventual decision in Wisconsin Bell v. U.S., determining whether reimbursements paid by the E-rate program are "claims" under the False Claims Act, may affect other federal programs that do not require payments to be made by the U.S. Department of the Treasury, says David Colapinto at Kohn Kohn.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.