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Corporate
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August 21, 2024
Cyber Tech Biz Sued In Del. After Thoma Bravo-Backed Merger
An Exabeam Inc. stockholder sued in Delaware's Court of Chancery on Wednesday for post-merger appraisal of his shares, in part to assure access to books and records related to a tie-up with LogRhythm Inc., alleging multiple disclosure concerns prior to the Thoma Bravo-aligned deal.
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August 21, 2024
Judge Rules Lack Of Expert Dooms Families' Tylenol MDL
Families trying to show that prenatal exposure to acetaminophen causes ADHD cannot rely on the "cherry-picked statements" of a defense expert to keep their claims alive, a New York federal judge ruled, delivering yet another blow to plaintiffs in the sprawling multidistrict litigation.
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August 21, 2024
Wells Fargo Hires Jones Day After $22M ADA Trial Loss In NC
Wells Fargo has beefed up its legal representation with a powerhouse appellate litigator and an employer-side labor lawyer, both from Jones Day, following a jury's decision last month to enter more than $22 million in damages against it in a former director's disability discrimination case in North Carolina federal court.
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August 21, 2024
Boeing Seeks Chancery Bar To Early Books Suit Depositions
The Boeing Co. has asked a Chancery Court magistrate to shoot down a stockholder push for an order requiring early-stage depositions of company officials in support of a recent books and records suit, saying it's a new litigation pressure tactic.
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August 21, 2024
3rd Circ. Rejects Ex-Engineering Co. GC's Benefits Suit
The Third Circuit refused Wednesday to revive a former general counsel for an engineering company's suit claiming he was stiffed on over $100,000 in retirement benefits, rejecting his argument that a $1 million payout he got from the company should have been factored into his benefits package.
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August 21, 2024
Nonprofit Can Step Into Ex-CFO's $40M Embezzlement Case
A Michigan federal judge said Tuesday that the Detroit Riverfront Conservancy can intervene in the federal government's embezzlement case against its former chief financial officer, who is alleged to have stolen $40 million from the nonprofit tasked with revamping Detroit's riverfront.
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August 21, 2024
X Corp. Shuts Down Disability Bias Suit Over Musk Takeover
A California federal judge scrapped a proposed class action Wednesday alleging Twitter targeted employees with disabilities for termination following Elon Musk's takeover of the business, but left the door open for the former worker behind the suit to revise his claims.
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August 28, 2024
Paul Weiss Hires TDR Capital's GC For Private Equity Team
Paul Weiss Rifkind Wharton & Garrison LLP said Wednesday that it has recruited a partner from private equity firm TDR Capital as it continues its expansion in London.
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August 20, 2024
Duke Energy Wants 4th Circ. Rethink On Antitrust 'Haven'
Duke Energy sought a full Fourth Circuit rehearing Monday against a panel decision reviving NTE Energy Services' antitrust lawsuit, arguing the panel upended decades of U.S. Supreme Court precedent and risked making the circuit a space for plaintiffs to "escape" those rules.
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August 20, 2024
Ex-Goldman Analyst's Stepbro Ducks Prison For Inside Trades
A Long Island man on Tuesday was spared time in prison for his role in an insider scheme in which he traded on tips gleaned from his stepbrother and ex-Goldman Sachs analyst, largely due to his prompt cooperation with the FBI.
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August 20, 2024
Chancery Flummoxed By Long-Voided Corporate Plaintiff
An unusual corporate law dilemma had a Delaware vice chancellor saying Tuesday that she was without options for dealing with a Philippines-based zombie company recently deemed void since 2020 despite also acting as one plaintiff in a Court of Chancery stock purchase dispute filed in 2022.
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August 20, 2024
SharkNinja Urges Mass. Court To Reject Dyson Patent Claims
SharkNinja is asking a federal judge in Massachusetts to deem it has not infringed five patents held by rival vacuum-maker Dyson, three months after Dyson brought a patent infringement claim against SharkNinja in Texas over the same patents.
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August 20, 2024
Ex-SEC Senior Counsel, AUSA Joins Tech Co. As CCO
A former assistant U.S. attorney with senior counsel experience at the U.S. Securities and Exchange Commission has joined technology company Tools For Humanity, a startup co-founded and chaired by OpenAI head Sam Altman, as deputy general counsel and chief compliance officer.
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August 20, 2024
Feds Want 20 Years For Backpage Trio In Prostitution Case
Prosecutors asked an Arizona federal judge Monday to sentence two former executives of the defunct classifieds service Backpage.com and the site's co-founder to 20 years in prison after they were found guilty of several counts over an alleged $500 million prostitution scheme.
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August 20, 2024
UN Dives Into Murky Waters Of Taxing Digital Services
The United Nations has its sights set on cross-border services in the digital economy as its framework convention on tax takes shape, but it remains unclear how countries will define that broad and hotly contested topic as they work toward a treaty.
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August 20, 2024
NFL Hangs Onto Victory In Sunday Ticket Antitrust Fight
A California federal judge on Tuesday entered judgment in favor of the NFL against all claims by a class of Sunday Ticket television package subscribers, including their bid seeking to block the league from engaging in anticompetitive conduct, more than two weeks after he upended a jury's $4.7 billion antitrust verdict against the league.
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August 20, 2024
Texas Franchisee Accuses Party City Of Monopolizing Market
An operator of Party City franchise stores accused the party supply retailer's parent company of monopolizing the party goods market, saying the company seeks to drive its competitors, including franchisees, out of business through its use of unfair competition, illegal price-fixing and bad faith business practices.
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August 20, 2024
Albertsons Stole 'Schedule & Save' Tech, Seattle Co. Says
A Seattle software company is claiming Albertsons breached a deal to develop an automated service for customers to replenish their go-to purchases, saying the grocery giant abandoned the contract amid its pending merger with Kroger and launched a "nearly identical" system in a trade secret ripoff.
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August 20, 2024
Texas Judge Blocks FTC's Impending Ban On Noncompetes
A Texas federal judge on Tuesday permanently blocked the Federal Trade Commission's looming ban on noncompete agreements in employment contracts, setting aside the regulation with a conclusion that it's beyond the agency's authority.
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August 20, 2024
Split SEC Adopts PCAOB Rules On Auditor Liability
The U.S. Securities and Exchange Commission approved Tuesday to hold accountants to a higher standard when auditing public companies, which the majority said provided a necessary and long-awaited update to the Public Company Accounting Oversight Board's rules while detractors argued it could dissuade people from working in the industry.
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August 20, 2024
Mondelez Customer Calls Cocoa Sourcing Label Deceptive
Oreo cookies maker Mondelez International Inc. has been hit with proposed class claims in Illinois federal court that its snack packaging misleads customers into thinking the company sources its cocoa ethically when its supply chain really contributes to "grievous and unsustainable labor abuses."
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August 20, 2024
Local Chamber Can't Keep CFPB Case In Texas, Agency Says
The Consumer Financial Protection Bureau told a Texas federal judge that the Fort Worth Chamber of Commerce has, at most, a flimsy connection to a challenge to a new $8 credit card late fee rule, renewing its call to dismiss the local chamber and transfer the case in its latest brief.
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August 20, 2024
Burford Fights Order Backing Chicken Price-Fixing Settlement
A Burford Capital Unit tried again Monday to unbind itself from a chicken price-fixing settlement that Sysco sealed via email with Pilgrim's Pride, arguing in Illinois federal court that the Seventh Circuit has criticized the order backing the settlement as "fatally flawed."
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August 20, 2024
NLRB Is An 'Illegitimate Decisionmaker,' Auto Parts Co. Claims
The National Labor Relations Board is an "illegitimate decisionmaker" with agency officials who are unconstitutionally protected from removal by the president, an auto parts maker alleged in federal court, seeking a halt to an unfair labor practice proceeding against the company.
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August 20, 2024
AMC Shareholder Wants Opt-Out Fight In US High Court
Arguing that stockholder rights to opt out of class-wide monetary settlements should no longer be "dependent on the accident of geography," attorneys for an AMC Entertainment Inc. stockholder asked the U.S. Supreme Court Tuesday to review opt-out denials in a deal that ended a Delaware Court of Chancery suit last year.
Expert Analysis
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Crafting An Effective Workplace AI Policy After DOL Guidance
Employers should take proactive steps to minimize their liability risk after the U.S. Department of Labor released artificial intelligence guidance principles on May 16, reflecting the reality that companies must begin putting into place policies that will dictate their expectations for how employees will use AI, say David Disler and Courtnie Bolden at Porzio Bromberg.
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Patent Lessons From 7 Federal Circuit Reversals In May
A look at recent cases where the Federal Circuit reversed or vacated decisions by the Patent Trial and Appeal Board or a federal district court provide guidance on how to succeed on appeal by clarifying the obviousness analysis of design patents, the finality of a judgment, and more, say Denise De Mory and Li Guo at Bunsow De Mory.
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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A Deep Dive Into The Evolving World Of ESG Ratings
Attorneys at Mintz discuss the salience of environmental, social and governance ratings in corporate circles in recent years, and consider certain methodologies underlying their calculation for professionals, as well as issues concerning the ESG ratings and products themselves.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Trademark In Artistic Works 1 Year After Jack Daniel's
In the year since the U.S. Supreme Court's Jack Daniel's v. VIP Products ruling, courts have applied Jack Daniel's inconsistently to deny First Amendment protection to artistic works, providing guidance for dismissing trademark claims relating to film and TV titles, say Hardy Ehlers and Neema Sahni at Covington.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.