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November 05, 2024
'Fat Leonard' Gets 15 Years For Navy Bribery Scheme
Leonard Francis, the Malaysian defense contractor and ex-fugitive known as "Fat Leonard" who led a sprawling bribery scheme that authorities say caused over $20 million in losses for the U.S. Navy, was sentenced Tuesday in California federal court to 15 years behind bars, the U.S. Department of Justice said.
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November 05, 2024
Eye-Rolling Must Stop, Judge Warns Before False Ad Trial
A California federal judge overseeing a false advertising dispute set to go to trial Wednesday between Guardant Health and Natera cautioned lawyers for the medical diagnostic testing companies on Tuesday to stop their "eye-rolling" when opposing counsel speaks and also urged the rivals to keep trying for a last-minute settlement.
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November 05, 2024
SEC Risk Alert Flags Investment Fund Oversight, Disclosures
The U.S. Securities and Exchange Commission's exams unit is flagging common issues among investment funds in recent years, including funds mischaracterizing how so-called ESG factors play into their investment strategies and chief compliance officers failing to submit certain reports to fund boards.
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November 05, 2024
Groups Lose Early Bid To Undo Calif. Climate Disclosure Laws
A California federal judge rejected the U.S. Chamber of Commerce and other business groups' attempt to block California's corporate climate disclosure rules before discovery, ruling Tuesday that discovery is needed for the court to answer whether the laws facially violate the First Amendment.
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November 05, 2024
Ex-Money Transfer Co.'s Del. Suit Says Fintech Fraud Sank Biz
Sidelined money transfer venture Zelf Inc. has sued fintech Solid Financial Technologies Inc. in Delaware's Superior Court, accusing Solid of fraudulently representing that it could support anonymous banking and cryptocurrency services based only on a customer's name, email and phone number.
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November 05, 2024
Fubo Defends Block Of Sports Streaming Service At 2nd Circ.
Fubo is defending a New York federal judge's order blocking the launch of a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery at the Second Circuit, telling judges there that competitors wouldn't stand a chance in the sports streaming market without the programming that the three behemoths control.
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November 05, 2024
Texas Rebar Giant CMC Hit With $110M Antitrust Verdict
A California federal jury hit Commercial Metals Co. with a $110 million antitrust verdict on Tuesday, finding the Texas rebar giant liable for multiple antitrust violations and awarding Pacific Steel Group millions of dollars in lost profits and other damages.
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November 05, 2024
DC Circ. Wary Of FTC Changes To $5B Meta Privacy Deal
The Federal Trade Commission faced a skeptical D.C. Circuit panel Tuesday in its bid to modify a $5 billion privacy deal with Meta, with judges questioning why any private company would settle with the agency if the deal could later be reopened.
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November 05, 2024
FTC Defends Noncompete Ban In 11th Circ. Appeal
The Federal Trade Commission told the Eleventh Circuit the agency is authorized to make rules like the one banning the use of employee noncompetes and argued that a lower court was wrong to block the commission from enforcing the rule against a retirement community.
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November 05, 2024
Audio Worker Says Flagging Ethical Concerns Got Him Fired
An audio series platform reneged on a promise to offer full-time employment to an independent contractor after he raised concerns about discriminatory content the company was producing and then abruptly fired him when he asked about his promised employment contract, a lawsuit filed in California state court said.
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November 05, 2024
Binance Says New SEC Complaint Suffers Same Old Flaws
Cryptocurrency exchange Binance told a Washington, D.C., federal judge the U.S. Securities and Exchange Commission can't continue to argue that secondary sales of digital assets are securities transactions in its enforcement suit against the trading platform after the regulator acquiesced that the tokens themselves aren't investment contracts.
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November 05, 2024
Justices Appear Wary Of Higher FLSA Evidence Standards
The U.S. Supreme Court seemed skeptical of heightened evidence standards for the Fair Labor Standards Act overtime exemptions during oral arguments Tuesday, grilling workers' counsel about why such wage rights are more important than others.
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November 05, 2024
Meta Ruling Will Fuel Class Actions, Chamber Warns Justices
Business organizations are backing Meta's appeal of a Ninth Circuit ruling upholding damages class certification for a group of Meta advertisers claiming they were misled about Facebook's ad tools, with the industry outfits telling the U.S. Supreme Court that the Ninth Circuit is out of sync with other circuits on class questions.
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November 05, 2024
Lifeway Rejects Danone Buyout, Implements 'Poison Pill'
Illinois-based fermented foods maker Lifeway Foods Inc. said Tuesday it has rejected a roughly $283 million offer from Danone North America PBC to buy the remaining stake it doesn't own in the company, and Lifeway has also implemented a so-called poison pill strategy to prevent Danone from prevailing.
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November 05, 2024
Thermo Fisher Antitrust Counsel Returns To Ropes & Gray
A former Ropes & Gray LLP attorney has returned to the firm after a stint in-house at Thermo Fisher Scientific Inc., strengthening the firm's antitrust practice.
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November 05, 2024
Meta Owed No Coverage For Social Media MDL, Hartford Says
Two Hartford units told a Delaware state court they should have no duty to defend Meta Platforms Inc., parent of Facebook and Instagram, against numerous lawsuits accusing the social media giant of deliberately designing its platforms to be addictive to adolescents and concealing its harmful effects on them.
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November 05, 2024
Ex-Michael Best Litigator Joins Buchanan Ingersoll
Buchanan Ingersoll & Rooney LLP has added a litigator from Michael Best & Friedrich LLP in its Charlotte, North Carolina, office, with the firm touting the attorney's hire as part of its growth plans in the city.
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November 05, 2024
Glazer Sues In Del. For Appraisal In $7.2B Squarespace Deal
Five funds of Glazer Capital LLC sued late Monday for Delaware Court of Chancery appraisal of the investment management firm's more than 2.8 million shares of website builder Squarespace Inc., seeking to better the company's $46.50 per share price for a recently closed take-private acquisition by interests of Permira Advisers LLC.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 04, 2024
Va. Co., Execs Charged For Transshipping US Tech To Russia
A Virginia-based e-commerce company and two senior executives transshipped over $6 million worth of sensitive American technology to Russia through Turkey, Finland and Kazakhstan in violation of U.S. export law and sanctions imposed to counter Russia's ongoing war on Ukraine, a criminal complaint unsealed Monday in Virginia federal court alleges.
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November 04, 2024
Kroger, State AGs Finalize Sprawling $1.37B Opioid Deal
Kroger will pay $1.37 billion to dozens of states and thousands of counties, municipalities and Native American tribes to resolve allegations the grocery store chain contributed to the opioid crisis, with Ohio, California and Texas seeing the largest distributions, according to a finalized settlement unveiled Monday.
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November 04, 2024
SEC Must Prep For Legal Challenges To Regs, Watchdog Says
The U.S. Securities and Exchange Commission should prepare for more litigation over its rulemaking agenda and make sure its new regulations can pass judicial muster, particularly in light of budget constraints, the agency's inspector general warned in a Monday report.
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November 04, 2024
Robinhood Users Denied Class Cert. In Order Flow Suit
A proposed class of Robinhood customers must run their expert's damages model before asking a California federal judge to weigh their class certification bid in litigation alleging that the investing platform failed to disclose financial interests affecting order flow on the platform.
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November 04, 2024
BofA Unit Escapes Trading Firm's Spoofing Suit For Now
An Illinois federal judge has tossed a trading firm's proposed class action claiming that a Bank of America unit manipulated markets for U.S. Treasury futures and options, ruling that the firm fails to allege actual damages, but giving it an opportunity to amend the suit.
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November 04, 2024
'Don't Cut Corners, Counsel,' Judge In $110M Trial Warns
A California federal judge delayed rebuttal arguments in Pacific Steel Group's $110 million antitrust trial against rebar giant Commercial Metals Co. Monday after PSG complained that CMC's closings misled jurors about the standard for harm, saying the issue threw "a complete wrench" into the trial and warning CMC, "Don't cut corners, counsel."
Expert Analysis
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Proposed NIL Deal Leaves NCAA Antitrust Liability Door Open
The proposed House v. NCAA settlement filed in California federal court creates the possibility of significant direct payments to student-athletes for the first time, but the resulting framework is unlikely to withstand future antitrust scrutiny because it still represents an agreement among competitors to limit labor cost, says Yaman Desai at Lynn Pinker.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days
In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Opinion
Data Breach Reporting Requirements Must Change In AI Age
Outdated data breach reporting laws are inadequate to protect consumers in the age of artificial intelligence, as AI’s ability to determine relationships coupled with its improvements to deepfake technology mean that the very definitions used in breach reporting laws are no longer sufficient, says Collin Walke at Hall Estill.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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What Chevron's End Means For How Congress Does Business
The U.S. Supreme Court’s recent Loper Bright Enterprises v. Raimondo decision, overturning the Chevron doctrine, will have a far-reaching impact across the entire public policy life cycle, beginning with how Congress writes its laws and extending through agency implantation and judicial review, say attorneys at K&L Gates.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Alice Step 2 Trends Show Courts' Extrinsic Evidence Reliance
A look at recent trends in how district courts are applying Step 2 of the Alice framework shows that courts have increasingly relied on extrinsic evidence to help determine whether a claimed invention is "well-understood, routine, and conventional," says Jonathan Tuminaro at Sterne Kessler.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.