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December 03, 2024
SEC Says Biopharma's Cooperation Helped It Avoid Penalty
A Houston biopharmaceutical company accused of misleading investors about the regulatory status of two cancer drugs agreed to settle the U.S. Securities and Exchange Commission's action against it on Tuesday without paying a dime, in recognition of what the SEC said was the company's self-reporting and cooperation with investigators.
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December 03, 2024
Mich. Seat Co. On Hook For €4.1M German Lease, Suit Says
A German property owner has said in a new complaint that a Michigan-based automotive seat manufacturer is on the hook for a €4.1 million ($4.3 million at current exchange rates) lease after its European entity defaulted on payments and entered insolvency proceedings.
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December 03, 2024
9th Circ. Ponders AIDS Generic Drug Reimbursement
A Ninth Circuit panel heard arguments Tuesday on a Seattle pharmacy's dispute with a benefits manager over reimbursements for the generic version of the HIV/AIDS drug Truvada, with one judge asking if the pharmacy was stuck with a lopsided deal, but also questioning if the contract obligated the payments.
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December 03, 2024
ZoomInfo Brass Face COVID Customer Loss Derivative Suit
Leaders of software company ZoomInfo Technologies Inc. face new shareholder derivative action claims over the company's allegedly improper customer retention measures following its $33 million write-down in connection with the matter.
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December 03, 2024
Chancery Orders Revenue Trust For Healthcare Co. 'Poaching'
A home health company formed through secret poaching by an allegedly disloyal former CEO, two officers and two private equities has been ordered to earmark much of its future revenue to a trust for the corporate victims, in a Delaware Court of Chancery ruling that described the subterfuge as "stunning."
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December 03, 2024
Monthly Merger Review Snapshot
The U.S. Department of Justice moved to block a $3 billion UnitedHealth Group deal, a pair of fashion brand companies abandoned their planned tie-up and the Federal Trade Commission pushed its bid to pause Tempur Sealy's $4 billion purchase of retailer Mattress Firm.
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December 03, 2024
USPTO Abandons Polarizing Proposal Over Double Patenting
The U.S. Patent and Trademark Office has withdrawn an extremely controversial proposal tied to double patenting, citing "resource constraints" in a Federal Register notice set to be published Wednesday.
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December 03, 2024
OpenAI Must Disclose Execs' Messages To News Orgs.
The New York Times, Daily News, other news organizations and writers can gain access to the social media messages of executives at OpenAI in their litigation accusing the company of using copyright-protected material to train ChatGPT after a New York judge rejected efforts to block the disclosure of the messages.
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December 03, 2024
AmEx Loses Arbitration Bid Due To 'Ironic' Unpaid $17M Bill
A Rhode Island federal judge on Monday rejected sending a proposed antitrust class action over American Express Co.'s swipe-fee rules back to arbitration after the company refused to pay arbitration fees totaling $17 million, observing that AmEx's actions created its own "ironic dilemma: a credit card company not paying its bills."
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December 03, 2024
Microsoft Asks FTC Watchdog To Look Into Leaked Probe
A Microsoft deputy general counsel on Tuesday asked the Federal Trade Commission's inspector general to look into whether commission management improperly told a news outlet that the FTC had opened a broad antitrust investigation of the tech giant.
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December 03, 2024
Partner Of Ex-Abercrombie CEO Denies Guilt, Gets $10M Bail
The romantic partner of former Abercrombie & Fitch CEO Michael Jeffries was released on $10 million bond Tuesday after pleading not guilty in New York federal court to charges he helped operate a prostitution and trafficking ring that preyed on male models.
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December 03, 2024
Vidal Aimed To Put USPTO Rulemaking In The Spotlight
Kathi Vidal's tenure as director of the U.S. Patent and Trademark Office has been marked by dedication to making the agency's decisions and processes more transparent, attorneys said ahead of her mid-December departure.
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December 03, 2024
Insurance Execs Charged With $250M Fake Policy Scheme
An insurance company and two executives issued bogus insurance policies purporting to offer over $250 million in coverage to companies and homeowners, according to an indictment announced by the Manhattan district attorney Tuesday.
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December 03, 2024
Attys For Sears Ex-CEO, Appraisal Camp Clash In Chancery
A lawyer for Sears Hometown and Outlet Stores' former top fiduciary told a Delaware vice chancellor on Tuesday that case law does not support carving out stockholder proceeds from a fiduciary breach settlement in order to pay shareholders whose separate appraisal lawsuit was foiled by SHOS' bankruptcy.
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December 03, 2024
4 Mass. State Court Rulings You May Have Missed In Nov.
An age discrimination case was undone by the fine print of an employment agreement, while an "utterly inadequate" document search led to a five-figure sanctions order, among other notable recent decisions in Massachusetts state court.
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December 03, 2024
US-China Feud Simmers As Beijing Unveils New Export Curbs
The Chinese government on Tuesday banned exports of several critical minerals to the U.S., citing national security concerns, a day after the Biden administration announced new restrictions of its own targeting Beijing's semiconductor operations.
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December 03, 2024
Former FirstEnergy CEO Rips SEC's 'Belated' Suit Against Him
Former FirstEnergy Corp. chief executive officer Charles Jones slammed the U.S. Securities and Exchange Commission's enforcement action against him over his alleged part in the company's widely publicized bribery scandal relating to its nuclear program, calling the suit "belated" and arguing the agency failed to back up its claims.
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December 03, 2024
No Standing In 'Threadbare' Voice Assistant Suit, Google Says
Google wants a D.C. federal judge to toss a lawsuit accusing the tech giant of blocking rival voice assistant products from running on Android and other devices, contending that the complaint has failed to articulate an injury "with even a modicum of detail."
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December 03, 2024
Robotics Co. Hit With Investor Suit Over Accounting Errors
Investors in supply chain automation company Symbotic on Tuesday accused executives of hiding faulty accounting processes, prompting financial reporting errors that tanked the company's stock when the issues came to light.
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December 03, 2024
Trump Argues Immunity Extends To Local Prosecutions
President-elect Donald Trump told the New York state judge presiding over his hush money case that the criminal charges and guilty verdict should be thrown out, arguing in an expansive motion released Tuesday that allowing a local prosecution to proceed would upset the republic's balance of power.
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December 03, 2024
Judge Trims Fraud Claims From Mead Johnson Formula Suit
An Illinois federal judge on Monday partially granted a bid by Mead Johnson to toss a class action alleging at least seven types of infant formula it sold contained undisclosed heavy metals, throwing out some warranty and fraud claims and claims related to products the lead plaintiff didn't purchase, but allowing the rest of the complaint to move forward.
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December 03, 2024
Exelon Promotes Ex-FERC Commissioner To Top Legal Role
Utility company Exelon Corp. announced Tuesday that a former Reed Smith LLP partner and former member of the Federal Energy Regulatory Commission has been named its next chief legal officer, and also said it's also expanding the top legal role.
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December 03, 2024
Blank Rome Beats Subpoenas Seeking Attys' Comp Info
A Philadelphia federal judge on Tuesday tossed subpoenas that would have compelled Blank Rome LLP to share compensation information regarding three of its attorneys who are facing a malicious prosecution lawsuit, a day after the firm moved to quash the subpoenas.
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December 03, 2024
Celsius Founder Cops To Fraud That Sunk $25B Crypto Lender
Celsius Network founder Alex Mashinsky told a Manhattan federal judge Tuesday that he lied when he told the public that the fallen $25 billion crypto lender's tokens were a safe investment, pleading guilty to fraud charges ahead of a January criminal trial.
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December 03, 2024
Exelon Asks For Corp. AMT To Account For Repairs Deduction
Power companies should be allowed to account for an industry-specific tax deduction on repair costs to determine whether they're subject to the corporate alternative minimum tax, utility giant Exelon said in a comment letter to the U.S. Treasury Department released Tuesday.
Expert Analysis
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Secret Service Failures Offer Lessons For Private Sector GCs
The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.
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Opinion
Bill Is Key To Protecting US Economy From Patent Piracy
It is critical that Congress pass a recently introduced bill that would protect U.S. investors from intellectual property theft by restoring court-ordered injunctions as the default remedy in patent infringement cases to ensure inventors get the justice they deserve, says Andrei Iancu at Sullivan & Cromwell.
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Series
Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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Takeaways From TOTSA Settlement And Critical CFTC Dissent
The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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From Concept To Capital: 5 Stages Of Evolving IP Needs
Companies must understand the shifting intellectual property needs throughout an organization’s life cycle in order to protect innovation, which can be done by fortifying the IP portfolio, expanding and leveraging IP assets, and more, says Keegan Caldwell at Caldwell Law.
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Series
In The CFPB Playbook: No Lazy, Hazy Days Of Summer
The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.
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FTC Focus: How Scrutiny Of PBMs And Insulin May Play Out
Should Express Scripts' recent judicial challenge to the Federal Trade Commission succeed, any new targets could add litigation and choice of forum to their playbooks, and potential FTC court action on insulin could be forced to parallel venues as the issues between the commission and PBMs evolve, say attorneys at Proskauer.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.