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Corporate
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August 06, 2024
7th Circ. Rejects Lion Air Families' Bid For Boeing Jury Trial
The Seventh Circuit ruled Tuesday that a more-than-century-old law governing fatal accidents on the high seas does not allow two remaining victims' estates suing Boeing over 2018's Lion Air crash to demand a jury trial.
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August 06, 2024
4 Takeaways From Landmark Google Search Ruling
A landmark ruling in D.C. federal court Monday found that Google illegally maintains its search engine monopoly, and experts say the case could have broad implications for the company as well as the wider internet and shows how existing antitrust laws can apply to modern technology.
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August 06, 2024
AstraZeneca Can't Duck $107.5M Patent Loss To Pfizer Unit
An Illinois federal judge on Tuesday refused to upend a jury's determination that AstraZeneca owes $107.5 million in royalty damages for infringing Pfizer-brand cancer treatment patents, rejecting AstraZeneca's arguments that the patents are unenforceable and the asserted claims are invalid.
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August 06, 2024
Fed. Circ. Told Edwards Filed Safe Harbor Suit With Bad Intent
The Federal Circuit rightfully held Meril Life Sciences was protected by a patent safe harbor when bringing its preapproval transcatheter heart valve system to an industry conference and that Edwards Lifesciences' attempts to prove otherwise are just delay tactics, Meril told the full court.
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August 06, 2024
KKR & Co., 2 Founders Sued In Del Over $500M Exit Deal
A union pension fund has sued KKR & Co. Inc. founders Henry Kravis and George Roberts and 14 others in connection with no-tax share conversion payment rights lined up in connection with the company's October 2021 switch from an umbrella partnership "C" company into a regular corporation.
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August 06, 2024
Lumen Top Brass Sued Over Slow Internet Fiber Rollout
A Lumen Technologies shareholder has filed suit against the company's top brass, alleging they misled investors and the public about Lumen's plans to roll out a high-speed internet fiber network and how much the company was investing in its consumer fiber business.
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August 06, 2024
Anti-Rape Org. Told To Turn Over Docs In Uber Assault MDL
A D.C. federal judge on Tuesday directed the Rape, Abuse and Incest National Network to produce documents in response to a subpoena seeking information about the anti-sexual violence organization's work with Uber Technologies Inc. as part of multidistrict litigation in California over the sexual assault of Uber passengers.
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August 06, 2024
Piper Sandler Says It Will Pay $16M In Recordkeeping Fines
Piper Sandler Cos. disclosed Tuesday that it has reached tentative agreements with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to end investigations into off-channel business communications for a total of $16 million.
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August 06, 2024
Cadwalader Slams Lloyd's For 'Needless' Disclosure, Mockery
Cadwalader Wickersham & Taft LLP has opposed a bid by a Lloyd's of London syndicate to unseal the law firm's complaint seeking $1 million of coverage for a November 2022 data breach, telling the North Carolina Business Court that Lloyd's has chosen to "mock and insult their own customer" while exposing confidential information in its filing to the court.
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August 06, 2024
Amazon Contractor Can't Escape Worker's Welding Injury Suit
A Texas federal judge ruled Tuesday that a construction company hired by Amazon must face a trial over a worker's blindness from a welding torch light flash, saying there is a factual dispute regarding whether the company had control over all workers on site the day of the incident.
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August 06, 2024
Ex-Mayor's Fight With Law Firm No RICO Case, 5th Circ. Told
Counsel for convicted fraudster and former Texas Mayor Laura Maczka-Jordan said it's significant that a law firm accusing her and her husband of racketeering represented itself during oral arguments before the Fifth Circuit Tuesday, arguing that the case deals with a lease dispute rather than a racketeering scheme.
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August 06, 2024
CPSC Makes Moves On Powers Of Recall Over Amazon
The U.S. Consumer Product Safety Commission's recent decision that Amazon is legally responsible for recalling hundreds of thousands of unsafe products sold on its site is a big step forward for the agency in its authority over online platforms that sell third-party products, although the opinion is still limited to the sorts of products at issue, attorneys say.
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August 06, 2024
9th Circ. Kills Trustee Fee Refunds After Justices' Ruling
The Ninth Circuit on Tuesday reversed a district court decision that granted a partial refund of $600,000 in fees a tobacco distributor paid to the U.S. Trustee's Office, noting that the U.S. Supreme Court found in June that a disparity in fees paid by debtors in different jurisdictions was not to be remedied by returning overpayments.
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August 06, 2024
Amazon Seeks Early Exit From Military Service Bias Suit
Amazon asked a Washington federal judge to end a proposed class action accusing it of demoting or terminating workers who take time off for military service, arguing that one of the plaintiffs was inadvertently fired while the other wasn't qualified for a promotion because he was "unprofessional."
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August 06, 2024
EPA Emergency Bans Pesticide Chem Over Risks To Unborn
The U.S. Environmental Protection Agency said Tuesday it's imposing an emergency ban on all pesticide products that contain a chemical used since the 1950s that it says puts fetuses at risk of thyroid problems and a cascade of other health issues.
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August 06, 2024
Pharma Co. Founder Beats Suit Over Short-Swing Trading
The founder of Y-mAbs Therapeutics Inc. beat back a suit alleging he realized more than $2.5 million in so-called short-swing profits after he exchanged his Y-mAbs stock for those of another company, with a New York federal judge saying in a ruling of first impression that the founder does not need to return the gains he received.
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August 06, 2024
Cannabis Co. Sued For Docs On Insider-Tied Note, Sale Plans
A stockholder of cannabis sourcing company Eaze Technologies Inc. — now facing a foreclosure auction — sued in Delaware's Court of Chancery Tuesday for books and records surrounding a founder- and insider-controlled note purchase and security agreement and alleged "take-under" sale scheme.
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August 06, 2024
Dem Lawmakers Back FTC's Kroger-Albertsons Challenge
A group of Democratic lawmakers is supporting the Federal Trade Commission in its suit to block Kroger's $25 billion acquisition of Albertsons, telling an Oregon federal judge in a friend-of-the-court brief that the agency's fears the deal would harm grocery workers and consumers are well-founded.
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August 06, 2024
Feds Seek $3.5M Premerger Penalty From Sporting Events Biz
Federal prosecutors have struck a deal requiring sports and entertainment event company Legends Hospitality to pay a $3.5 million penalty to settle allegations that it illegally conducted business with acquisition target ASM Global Inc. before finalizing the deal.
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August 06, 2024
Ex-Pfizer Worker Who Traded On Paxlovid Secrets Gets 9 Mos.
A Manhattan federal judge sentenced a former Pfizer Inc. statistician from New Jersey to nine months in prison Tuesday after a jury convicted him of insider trading on secrets about his former company's COVID-19 therapy trials for an illegal $272,000 profit.
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August 06, 2024
Elon Musk's X Sues CVS, Mars, Ads Group Claiming 'Boycott'
Elon Musk's X Corp. sued the World Federation of Advertisers, Unilever, Mars Inc., CVS Health and Ørsted in Texas federal court Tuesday, inspired by a House Judiciary Committee Republican staffer report decrying efforts to avoid advertising next to hate speech and other "disfavored" content as an anticompetitive group boycott.
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August 06, 2024
SEC Decries Coinbase's 'Sweeping' Discovery Demand
The U.S. Securities and Exchange Commission has urged a New York federal judge to deny crypto exchange Coinbase's "additional, sweeping" request for all documents and communications the regulator may have made surrounding how securities laws apply to digital assets, arguing most of the documents are privileged or irrelevant to the case.
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August 06, 2024
SEC Defends Climate Disclosure Rules At 8th Circ.
The U.S. Securities and Exchange Commission on Tuesday cited the U.S. Supreme Court's decision axing Chevron deference and the agency's 50-plus year history of considering additional environmental-related disclosures in an effort to defend its recently adopted climate disclosure rules.
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August 06, 2024
39 Law Firms Call On 6th Circ. To Reverse FirstEnergy Ruling
Dozens of law firms have signed on to an amicus curiae brief urging the Sixth Circuit to reverse a decision in a FirstEnergy shareholder litigation, the latest voices in the legal, insurance and business communities to call on the appellate court to reverse an Ohio federal judge's ruling they warn will threaten attorney-client privilege.
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August 06, 2024
Jones Day Slams Ex-Client's Bid To Exit $2M Fee Fight
Jones Day wants to prevent former client Soverain Software LLC from exiting a decade-long spat over $2 million in unpaid legal fees, telling an Illinois state court that Soverain's bid to bring the litigation to a close "is a house of cards that collapses with the slightest breeze."
Expert Analysis
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Asset Manager Exemption Shifts May Prove Too Burdensome
The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.
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Bankruptcy Courts Have Contempt Power, Del. Case Reminds
A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Opinion
Climate Change Shouldn't Be Litigated Under State Laws
The U.S. Supreme Court should reverse the Hawaii Supreme Court's October decision in Honolulu v. Sunoco that Hawaii could apply state law to emissions generated outside the state, because it would lead to a barrage of cases seeking to resolve a worldwide problem according to 50 different variations of state law, says Andrew Ketterer at Ketterer & Ketterer.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Protecting IP May Be Tricky Without Noncompetes
Contrary to the Federal Trade Commission's view, trade secret law cannot replace noncompetes' protection of proprietary information because intellectual property includes far more than just trade secrets, so businesses need to closely examine their IP protection options, say Aimee Fagan and Ching-Lee Fukuda at Sidley.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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Keeping Up With Class Actions: A New Era Of Higher Stakes
Corporate defendants saw unprecedented settlement numbers across all areas of class action litigation in 2022 and 2023, and this year has kept pace so far, with three settlements that stand out for the nature of the claims and for their high dollar amounts, says Gerald Maatman at Duane Morris.
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Fostering Employee Retention Amid Shaky DEI Landscape
Ongoing challenges to the legality of corporate diversity, equity and inclusion programs are complicating efforts to use DEI as an employee retention tool, but with the right strategic approach employers can continue to recruit and retain diverse talent — even after the FTC’s ban on noncompetes, says Ally Coll at the Purple Method.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Is The Digital Accessibility Storm Almost Over?
Though private businesses have faced a decadelong deluge of digital accessibility complaints in the absence of clear regulations or uniformity among the courts, attorneys at Epstein Becker address how recent federal courts’ pushback against serial Americans with Disabilities Act plaintiffs and the U.S. Department of Justice’s proposed government accessibility standards may presage a break in the downpour.