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Corporate
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November 12, 2024
Businessman Blames Dentons For Failed $54M Currency Swap
A Venezuelan businessman involved in a $54 million bolivar-to-dollars currency swap told a Miami jury on Tuesday that a former Dentons US LLP attorney told him several times that he needed to deposit more bolivars to meet a threshold minimum in order to receive U.S. dollars, but those promises never materialized.
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November 12, 2024
Visa To Fight Market Definition In DOJ Antitrust Case
Attorneys for Visa told a New York federal judge on Tuesday that the company plans to argue the U.S. Department of Justice's debit card monopolization case should be tossed because it ignores a key payment method and attacks legitimate contracts.
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November 12, 2024
SEC Quietly Shelves Private Fund Rules After 5th Circ. Loss
The U.S. Securities and Exchange Commission has formally withdrawn rules that would have increased agency oversight of hedge funds and private equity funds after declining to appeal a Fifth Circuit decision that vacated the rules, which would have required fund advisers to disclose detailed information about their operations.
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November 12, 2024
Huawei Urges Judge To Toss US IP Theft, Fraud Charges
China's Huawei Technologies and its affiliates have asked a Brooklyn federal judge to dismiss the majority of a criminal indictment, slamming allegations that it tried to steal intellectual property from U.S. rivals and deceived banks and the U.S. government about its business dealings with sanctioned countries.
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November 12, 2024
Ex-ComEd Exec Asked If Madigan Hires Truly An 'Exchange'
Defense attorneys got their chance Tuesday to grill an ex-Commonwealth Edison executive who testified the utility hired people who did little to no work at the behest of former Illinois House Speaker Michael Madigan, asking if it truly traded those jobs for Madigan's action on ComEd legislation or if the company was just building goodwill with a key decision-maker.
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November 12, 2024
Web App Antitrust Suit Backed By Epic-Apple, 9th Circ. Told
A proposed class of iPhone buyers urged the Ninth Circuit on Friday to revive their antitrust claims over Apple's barriers against advanced web-based apps, saying a California federal judge's dismissal order directly contradicts binding precedent from Epic Games' landmark monopoly suit against the tech giant.
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November 12, 2024
Elanco Pays $15M SEC Fine To Settle Sales Incentive Claims
Elanco Animal Health Inc. has agreed to pay a $15 million fine to resolve U.S. Securities and Exchange Commission allegations that it deceptively juiced revenues with distributor sales incentives between 2019 and 2020, the regulator announced Tuesday.
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November 12, 2024
American Airlines Escapes Pandemic Early Retirement Suit
A Texas federal court on Tuesday agreed to permanently toss a group of flight attendants' suit against American Airlines Inc. alleging they were misled into taking a less favorable retirement package during the height of the COVID-19 pandemic, finding a suit dismissed earlier over the same conduct bars their claims.
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November 12, 2024
Chipotle's Portions Are Eating Away Profits, Investor Suit Says
Fast-casual restaurant chain Chipotle has been hit with a proposed shareholder class action alleging the company downplayed concerns about meager portion sizes, an issue the company later acknowledged it would correct, sacrificing profitability.
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November 12, 2024
Developers Seek Dual $15M Deals In Conn. Mixed-Use Case
A pair of companies connected to Connecticut developers Paxton Kinol and Brandon E. Lacoff have indicated that they'd be willing to accept two settlements of $15 million each to end their accusations that investors diverted $293.5 million in sale proceeds through a self-serving transfer agreement.
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November 12, 2024
Pencil Importer Rebuts Commerce's Transformation Analysis
A pencil importer told the U.S. Court of International Trade that the federal government was wrong to implement duties on pencils made from Chinese raw materials when they are made into finished products in the Philippines.
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November 12, 2024
Amazon Harassing Drivers Via Discovery Demand, Court Told
Amazon is harassing delivery drivers with an overly broad request for documents, including a decade's worth of tax returns and cellphone records, and its request should be tailored to reflect that many claims in an 8-year-old lawsuit were recently nixed, the workers told a Washington federal court.
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November 12, 2024
Former FTX Top Atty Joins Lowenstein Sandler In NY
Lowenstein Sandler LLP announced Tuesday that the former general counsel at crypto exchange FTX will join the firm's New York office as a partner and chair of its new commodities, futures and derivatives practice group.
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November 12, 2024
Paul Hastings Commits To Texas With New Office Leases
More than 12 years after first hanging a shingle in Houston and months after opening a Dallas outpost, Paul Hastings announced Tuesday that it had ambitious plans to continue its recent expansion in Texas with the signing of two commercial leases to boost the firm's capabilities in the Lone Star State.
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November 12, 2024
Deloitte In-House Atty Joins Foley & Lardner In LA
Jose Sanchez, a former senior trial counsel in the U.S. Securities and Exchange Commission's Enforcement Division, has joined Foley & Lardner's Los Angeles office following nearly six years in Deloitte's office of the general counsel.
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November 12, 2024
Vidal To Leave USPTO For Private Sector
U.S. Patent and Trademark Office Director Kathi Vidal is stepping down from her role at the agency and will be heading back to the private sector in mid-December, she said in a Tuesday letter.
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November 12, 2024
Skadden Adds Former Solar Company General Counsel In DC
Skadden Arps Slate Meagher & Flom LLP has hired the former general counsel of solar company Summit Ridge Energy to beef up its energy and infrastructure practice in Washington, D.C., the firm announced on Tuesday.
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November 12, 2024
Freddie Mac Gets Partial Win In SEC Probe Coverage Dispute
Government-backed mortgage buyer Freddie Mac cannot obtain coverage solely because its employees received subpoenas from the U.S. Securities and Exchange Commission, a D.C. federal court ruled while also holding that the lender's excess insurers cannot challenge a lower-layer insurer's coverage determination.
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November 12, 2024
DOJ Suing To Block UnitedHealth Unit's $3.3B Amedisys Deal
The U.S. Department of Justice and four U.S. states filed a lawsuit Tuesday seeking to block UnitedHealth Group's Optum unit from going through with its planned $3.3 billion purchase of Amedisys Inc., arguing the deal will harm competition in the home health and hospice services.
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November 12, 2024
FTX Sues Binance, Former CEO Zhao Seeking $1.8B Clawback
The estate of fallen cryptocurrency exchange FTX has sued Binance and its former CEO Changpeng Zhao to recover $1.76 billion it says the defunct company illegally transferred prior to its collapse two years ago, alleging FTX used customer money to complete a share repurchase that it couldn't otherwise afford.
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November 12, 2024
LIV Golf Taps New Top Atty As PGA Tour Deal Saga Persists
Saudi Arabia-backed upstart golf league LIV Golf, which last year agreed to combine with the PGA Tour in a bombshell move to end antitrust and contract litigation between them, on Tuesday announced that it had hired a chief legal officer.
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November 12, 2024
TikTok Refused To Pay Sales Reps Overtime, Court Told
TikTok misclassified its inside sales representatives as overtime-exempt and declined to pay them overtime wages despite their often clocking in far more than 40 hours per week, two former employees told a California federal court.
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November 12, 2024
Trump's NY Case Paused As DA Weighs Impact Of Election
A New York state judge agreed to a joint motion to freeze the proceedings in Donald Trump's hush money case following his electoral victory last week, allowing the Manhattan district attorney time to brief the court on "appropriate steps going forward."
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November 12, 2024
High Court Turns Away Appeal From 'Insider' Hedge Fund
The U.S. Supreme Court on Tuesday declined to take up hedge fund Raging Capital Management LLC's petition to review whether its status as a large investor in 1-800-Flowers should leave it vulnerable to a derivative suit claiming it made illegal swing-trades.
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November 18, 2024
Davis Polk Hires Sidley Restructuring Heads In London
Davis Polk & Wardwell LLP has hired two restructuring experts as partners in its London office, where they will advise a wide range of clients on financially troubled companies.
Expert Analysis
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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.
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A Class Action Trend Tests Limit Of Courts' Equity Powers
A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.
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Antitrust Issues To Watch Amid Google Ad Tech Trial
Regardless of the outcome of the U.S. Department of Justice's advertising technology antitrust suit against Google in Virginia federal court, matters ranging from market definition to unified pricing will likely have far-reaching implications for the digital advertising industry, competition and innovation, say attorneys at Holland & Knight.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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What To Know About Latest Calif. Auto-Renewal Law Update
While businesses have about nine months to prepare before the recently passed amendment to California's automatic renewal law takes effect, it’s not too early to begin working on compliance efforts, including sign-up flow reviews, record retention updates and marketing language revisions, say Gonzalo Mon and Beth Chun at Kelley Drye.
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How Lucia, Jarkesy Could Affect Grocery Merger Challenge
While the Federal Trade Commission is taking a dual federal court and administrative tribunal approach to block Kroger's merger with Alberstons, Kroger's long-shot unconstitutionality claims could potentially lead to a reevaluation of the FTC's reliance on administrative processes in complex merger cases, say attorneys at Saul Ewing.
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Kubient Case Shows SEC's Willingness To Charge Directors
The U.S. Securities and Exchange Commission's recent fraud charges against Kubient's former CEO, chief financial officer and audit committee chair signal a willingness to be more aggressive against officers and directors, underscoring the need for companies to ensure that they have appropriate channels to gather, investigate and document employee concerns, say attorneys at Jenner & Block.
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$200M RTX Deal Underscores Need For M&A Due Diligence
RTX's settlement with regulators for violating defense export regulations offers valuable compliance lessons, showcasing the perils of insufficient due diligence during mergers and acquisitions transactions along with the need to ensure remediation measures are fully implemented following noncompliance, say Thad McBride and Faith Dibble at Bass Berry.