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Corporate
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November 08, 2024
Colo. City Says Software Co. Trying To Dodge $20M Verdict
A city in Colorado has urged a federal court to force a software developer to turn over customer contracts and other documents to prove the company is not transferring assets to avoid paying a $20 million judgment, accusing the firm of playing a "corporate shell game."
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November 08, 2024
Orrick Gets Final OK On $8M Deal To End Data Breach Case
A California federal judge granted final approval Friday to Orrick Herrington & Sutcliffe LLP's $8 million deal to end putative class claims over a data breach that purportedly exposed 638,000 individuals' information, praising the parties for their "efficiency" in handling the case and "good faith" approach to reaching a resolution.
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November 08, 2024
5th Circ. Remands Texas Social Media Law Challenge
The Fifth Circuit remanded to the district court a challenge to Texas' social media law prohibiting platforms from employing certain content moderation practices, ruling that the record on the case is still too undeveloped to resolve.
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November 08, 2024
Mark Zuckerberg Beats Liability In Social Media MDL
A California federal judge dismissed claims against Mark Zuckerberg in multidistrict litigation alleging Meta concealed social media's risks to young users, finding that plaintiffs failed to show Zuckerberg directly participated in or authorized the alleged concealment despite his control over the company.
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November 08, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Most in-house attorneys in a new survey are looking to advance their career by moving elsewhere. And antitrust heads the list of legal areas where general counsel can expect change under the upcoming Donald Trump administration.
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November 08, 2024
Steptoe & Johnson Adds Veteran Corporate Atty In Dallas
Steptoe & Johnson PLLC announced that a veteran corporate attorney who previously served as the top attorney for a major auto repair company has joined the firm's Dallas office as of counsel, in a move the firm said will help strengthen its private credit practice.
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November 08, 2024
Kirkland Aiding Navy SEAL Nonprofit's Governance Policies
Kirkland & Ellis LLP capital markets partner Bob Hayward actively counsels pro bono the Navy SEAL Foundation, a nonprofit that provides over 30 programs for SEALs, veterans and their families. Hayward talked to Law360 Pulse ahead of Veterans Day on why he chooses to give his time to the cause.
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November 08, 2024
Chancery Rejects $2.4M Fee Request In 'Poison Pill' Case
Cautioning that class attorneys in virtual lookalike settlements shouldn't expect to match big, early fee awards, a Delaware vice chancellor on Friday approved a $300,000 attorney fee — downsized from a $2.4 million request — for those who secured a company agreement to scuttle an overreaching shareholder rights "poison pill."
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November 08, 2024
US Exec To Sell Homes In Settlement With Swedish Airgun Co.
The chief executive of a North Carolina airgun company left in shambles over allegations of gross mismanagement has agreed to fork over $950,000 by selling two residences as part of a settlement ending the contentious yearlong litigation brought by his Swedish partner.
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November 08, 2024
NLRB Ups Scrutiny Of Employer Statements On Union Impact
Employers that tell workers during organizing drives that having a union would cut off direct relationships with managers may violate federal labor law, the National Labor Relations Board said Friday in a decision reversing nearly 40-year-old precedent.
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November 07, 2024
Ex-Celsius CEO OK'd To Seek Testimony From Abroad
A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform.
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November 07, 2024
OpenAI Beats Copyright Suit By 2 News Websites, For Now
OpenAI preliminarily escaped one of the many copyright suits it's facing from journalism publishers on Thursday, as a New York federal judge found that two alternative news websites didn't sufficiently allege harm from the removal of author information in ChatGPT training sets.
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November 07, 2024
Masimo Spinoff's Ex-CTO Denies Giving Apple Trade Secrets
Cercacor Laboratories' former chief technology officer testified Thursday that he privately emailed Apple CEO Tim Cook offering to help the tech giant become a top health and wellness device brand, but denied accusations that he gave Apple any of the Masimo spinoff's pulse oximetry trade secrets.
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November 07, 2024
Ex-Natera VP Defends Ad Campaign Against Rival Guardant
A former Natera Inc. marketing vice president defended the company Thursday in a false advertising case launched by Guardant Health Inc., testifying that there was a sales and marketing campaign against Guardant's Reveal colorectal cancer test, but its aim was to address Guardant's "misleading" claims.
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November 07, 2024
Super Micro Top Brass Face Suit Over Governance 'Red Flags'
The top brass of Super Micro Computer Inc. have been hit with a shareholder derivative suit in California federal court alleging they caused the artificial intelligence server manufacturer to make false assurances about the effectiveness of the company's internal controls, the accuracy of its financial statements and other corporate governance red flags.
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November 07, 2024
Chancery Mulls Stay, Toss Of SPAC Suit Pending NJ Ruling
Attorneys for the sponsor of a deal that took digital health equipment venture Butterfly Network public in February 2021 argued Thursday for a stay or dismissal of a Delaware Court of Chancery suit challenging the deal, citing extensive overlap with an earlier-filed federal securities action in New Jersey.
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November 07, 2024
HSBC, Exec Agree To End Racial Bias Promotion Row
An HSBC executive has agreed to end her racial discrimination lawsuit against her employer over an allegedly denied promotion, the parties informed a Manhattan federal court Thursday.
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November 07, 2024
JPMorgan Sues Adviser Who Jumped To Morgan Stanley
The broker-dealer arm of JPMorgan has accused a former Michigan-based employee of using its confidential information to lure its customers at her new job at Morgan Stanley's wealth management unit, including a half a dozen clients with nearly $12 million in combined assets who have already jumped ship from JPMorgan.
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November 07, 2024
Privilege Overruled In Firm's Suit Against Drinks Co. Founder
A Florida state court judge Thursday ordered the founder of the company that makes Bang Energy drinks to sit for a deposition in a lawsuit over unpaid fees brought by counsel who formerly represented him in a bankruptcy case, overruling attorney-client privilege asserted in a previous attempt to depose him.
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November 07, 2024
Vanguard Investors Ink $40M Settlement In Tax Liability Suit
Vanguard investors have asked a Pennsylvania federal judge to give the first green light to a $40 million settlement reached with the firm over it allegedly breaching its fiduciary duty when it triggered a sell-off of assets that left investors with massive tax bills.
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November 07, 2024
Alaska Flyers Lodge Emergency 9th Circ. Bid To Halt Merger
Flyers and travel agents hoping to block Alaska Airlines' $1.9 billion merger with Hawaiian Airlines are asking the Ninth Circuit for an emergency halt to any further integration between the companies while they appeal a district court's dismissal of their suit, telling the judges consumers will be hurt if the merger continues.
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November 07, 2024
Navy Federal Inks $95M Settlement Of CFPB Overdraft Claims
Navy Federal Credit Union on Thursday agreed to refund more than $80 million to its members and pay a $15 million civil penalty to the Consumer Financial Protection Bureau to settle allegations that it charged illegal "surprise" overdraft fees.
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November 07, 2024
FINRA Grants Client Poach Injunction To TD Bank
The Financial Industry Regulatory Authority has issued a permanent injunction against Raymond James Financial and its subsidiary Crescent Point Private Wealth that bars their solicitation of certain TD Bank clients until April 2025, according to a status report filed in a federal lawsuit in the District of Connecticut.
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November 07, 2024
Dell, Lattice Semiconductor Attys Work Through AI Risks
A Dell in-house attorney picked up errors artificial intelligence made in his daughter's math homework, while a Lattice Semiconductor attorney was surprised that a rough translation AI provided was actually accurate, leading them to encourage a room of patent attorneys on Thursday to be cautious.
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November 07, 2024
Attys For Solar Co. Ex-CEO Should Be DQ'd, Plaintiffs Say
The lawyers representing the former CEO of a bankrupt solar energy company should be disqualified, attorneys for the plaintiffs in a suit against him said Wednesday, arguing that the firm had multiple conflicts of interest with its work as in-house counsel for the solar energy company and was intentionally delaying discovery because of its "obvious web of conflicting obligations."
Expert Analysis
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Increased IPOs In '24 Shows Importance Of Strategic Planning
Initial public offerings, debt issuances and M&A activity so far in 2024 have shown substantial increases over comparable periods in 2023, highlighting why counsel should educate clients on market trends and financing alternatives to proactively prepare them to be ready to take advantage of opportunities, say attorneys at Skadden.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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The State Law Landscape After Justices' Social Media Ruling
Following the U.S. Supreme Court’s recent NetChoice ruling on social media platforms’ First Amendment rights, it’s still unclear if state content moderation laws are constitutional, leaving online operators to face a patchwork of regulation, and the potential for the issue to return to the high court, say attorneys at Crowell & Moring.
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Navigating New Enforcement Scrutiny Of 'AI Washing'
The U.S. Securities and Exchange Commission's recent lawsuit against Joonko Diversity, its first public AI-focused enforcement action against a private company, underscores the importance of applying the same internal legal and compliance rigor to AI-related claims as other market-facing statements, say attorneys at Fried Frank.
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Avoiding Corporate Political Activity Pitfalls This Election Year
As Election Day approaches, corporate counsel should be mindful of the complicated rules around companies engaging in political activities, including super PAC contributions, pay-to-play prohibitions and foreign agent restrictions, say attorneys at Covington.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Ways Life Sciences Cos. Can Manage Insider Trading Risk
In light of two high-profile insider trading jury decisions against life sciences executives this year, public companies in the sector should revise their policies to account for regulators' new and more expansive theories of liability, says Amy Walsh at Orrick.
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Series
A Day In The In-House Life: Narmi GC Talks Peak Productivity
On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.
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How Cos. Can Leverage IP In Corporate Bankruptcy
In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.
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How Ripple Final Judgment Fits In Broader Crypto Landscape
The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.
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Strategies To Defend Against Healthcare Nuclear Verdicts
The healthcare industry is increasingly the target of megaclaims, particularly those alleging medical malpractice, but attorneys representing providers can use a few tools to push back on flimsy litigation and reduce the likelihood of a nuclear verdict, says LaMar Jost at Wheeler Trigg.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Bayer Antitrust Case Hinged On Evolving Market Definition
Generic flea and tick medication manufacturer Tevra's evolving market definition played a key role in the development and outcome of its five-year antitrust litigation against Bayer Healthcare, highlighting challenges that litigants may face when a proposed definition is assessed at trial, say Amy Vegari and Colleen Anderson at Patterson Belknap.