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September 19, 2024
Amazon, Bezos Deny Blue Origin Deal Challenges In Del.
An Amazon.com stockholder suit seeking damages from the e-commerce giant for purportedly conflicted dealing with company founder Jeff Bezos' Blue Origin space launch business can't get off the ground in Delaware's Court of Chancery, attorneys for the Amazon parties argued in a new brief filed late Wednesday.
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September 19, 2024
Quinn Emanuel Challenges Oro Negro Execs' Discovery Bid
Quinn Emanuel Urquhart & Sullivan LLP is pushing back against a bid for firm documents from its former client, Oro Negro Drilling Pte. Ltd., saying the company that provides oil services in Mexico and its subsidiaries are "weaponizing" the firm's party status to gain a tactical advantage in related legal battles.
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September 19, 2024
No Coverage For Santander Shareholder Suit, Allianz Says
Allianz told a Massachusetts federal court that it doesn't owe coverage to Santander Holdings for an underlying class action brought by shareholders over the company's $2.5 billion deal to take its consumer finance entity private, arguing that multiple exclusions bar coverage for claims arising from the transaction.
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September 19, 2024
AT&T Exec's Bribery Trial Ends With Hung Jury
An Illinois federal judge declared a mistrial in a key corruption case after jurors told him twice Thursday they could not reach a unanimous verdict on any of the charges against an AT&T executive accused of illegally influencing former Illinois House speaker Michael Madigan.
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September 19, 2024
Pro Volleyball League's Founders Claim Buyers Shorted Them
The co-founders of the Pro Volleyball Federation, a women's professional volleyball league, are seeking at least $500,000 in damages in a new suit that alleges they haven't been paid by several team owners in the league who formed an entity to buy the co-founders' Class A shares of the federation for $1 million.
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September 19, 2024
Pink Floyd, NFL And PE Take Limelight In Latest Deal Rumors
Sony Music could be on the verge of paying roughly $500 million for the rights to music recorded by Pink Floyd, and NFL teams including the Miami Dolphins and Los Angeles Chargers are exploring options to sell stakes to private equity firms. Here, Law360 breaks down these and other notable deal rumors from the past week.
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September 19, 2024
Nine Countries Sign Treaty For OECD Min. Tax On Payments
Indonesia, Turkey, Congo and six other countries signed a multilateral treaty aimed at implementing a 9% minimum tax on income sent from their jurisdictions to low-taxed entities within a corporate group, the OECD said Thursday.
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September 19, 2024
Apple Ruling Prompts EU Lawmakers To Call For Tax Justice
Citing the recent European court judgment requiring Apple to pay €13 billion ($14.5 billion) in taxes to Ireland, European Union lawmakers demanded Thursday that the fight against tax evasion and for corporate tax harmonization be stepped up.
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September 19, 2024
Insurers Wrestle With 'Cyberwar' Policy Exclusions
The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.
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September 18, 2024
Google Judge Wonders: Does Ad Tech Benefit Publishers?
The Virginia federal judge weighing the fate of Google's display advertising placement business zeroed in Wednesday on a key aspect of the search giant's defense against a Justice Department monopolization suit — the assertion that even if company practices disadvantaged rival ad exchanges, they benefited publishers.
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September 18, 2024
AI Musician Denies Purported $10M Streaming Scam
A North Carolina man facing a novel fraud case alleging he used artificial intelligence on platforms like Apple Music, Spotify and YouTube to generate around $10 million in illegal revenues denied wrongdoing at his initial court appearance Wednesday in New York.
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September 18, 2024
CVS Unit Pays $60M Over Alleged Insurance Kickback Scheme
CVS Health subsidiary Oak Street will pay $60 million to settle allegations it violated the False Claims Act by paying illegal kickbacks to third-party insurers in return for scouting and inducing Medicare and Medicaid beneficiaries to enroll in its primary care clinics, the U.S. Department of Justice announced Wednesday.
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September 18, 2024
7th Circ. Questions Nixing $183M Eli Lilly Drug Rebate Verdict
A Seventh Circuit judge seemed unsure Wednesday whether to disturb a $183 million verdict against Eli Lilly in a false claims case targeting more than a decade of drug rebate miscalculations, questioning whether the company skipped checking legal guidance before calling its price reporting requirements unclear.
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September 18, 2024
FBI Dismantles Chinese Botnet, Urges Victims To Seek Aid
FBI Director Christopher Wray announced Wednesday that the law enforcement agency has knocked out a botnet operated by a Chinese government-sponsored hacker group that was stealing confidential data by infecting internet-connected devices.
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September 18, 2024
Stonewalling Justifies Cab Co. Atty's Deposition, Court Rules
A Florida appeals court ruled Wednesday that counsel for Yellow Cab Co. can be deposed after the company's president stonewalled a personal injury plaintiff by answering "I have no idea" to virtually every question at his deposition, saying "exceptional circumstances" warrant the second deposition.
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September 18, 2024
Wynn Resorts To Pay Investors $70M Over Misconduct Claims
Wynn Resorts, its former CEO Stephen Wynn and others have reached a $70 million settlement in Nevada federal court to end an investor class action accusing the hotel and casino giant of deceiving shareholders by covering up allegations of Wynn's sexual misconduct, according to a Tuesday filing.
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September 18, 2024
SEC Must Clarify Murky Crypto Rules, Ex-Officials Tell House
Two former U.S. Securities and Exchange Commission officials who now represent crypto businesses told House lawmakers Wednesday that the agency's insistence on analyzing the economic realities of every crypto transaction in lieu of clear rulemaking has put the sector and its attorneys in unworkable situations.
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September 18, 2024
FTX Auditor Prager Metis Settles SEC Charges For Negligence
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.
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September 18, 2024
Loper Bright Undercuts SEC Climate Rule, Fracking Cos. Say
Two fracking companies suing the U.S. Securities and Exchange Commission over its climate disclosure rules have again urged the Eighth Circuit to vacate the measures, offering a diverging interpretation of how the U.S. Supreme Court's decision axing Chevron deference should apply.
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September 18, 2024
Fed. Circ. Revives Astellas Patent Axed As Natural Law
The Federal Circuit on Wednesday vacated a lower court's invalidation of an Astellas Pharma overactive bladder medication patent for claiming only a natural law, saying the holding was improper because the generics makers accused of infringement never made that argument.
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September 18, 2024
SEC Files Its 1st Suits Over 'Pig Butchering' Crypto Scams
The U.S. Securities and Exchange Commission has filed two first-of-their-kind suits against a series of entities and individuals behind a pair of so-called pig butchering schemes that allegedly solicited investments in fake crypto platforms by gaining people's trust over social media only to scam them out of nearly $3 million.
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September 18, 2024
$24.5M Fee Sought In Del. For $125M Discovery Suit Deal
Class attorneys who secured a proposed $125 million settlement in a Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022 proposed a $24.5 million fee for their efforts Wednesday.
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September 18, 2024
USPTO Makes Patent Amendment Program Permanent
The U.S. Patent and Trademark Office on Wednesday made permanent a pilot program that assists patent owners seeking to amend patent claims in America Invents Act reviews by providing preliminary feedback about proposed changes.
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September 18, 2024
Gov't Lifeline Gives Nippon A Fighting Chance On US Steel
The Biden administration has indicated it's poised to block Nippon Steel from proceeding with a controversial $14.9 billion acquisition of U.S. Steel, but the government is reportedly giving the Japanese steelmaker an additional 90 days to prove its case, a development that should give Nippon hope it can get the deal done, attorneys say.
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September 18, 2024
BIPA Doesn't Conflict With Kids Safety Law, Judge Rules
An Illinois federal judge on Tuesday rejected Meta's bid to dismiss a biometric privacy class action alleging it improperly stored Messenger and Messenger Kids users' facial geometries to apply bunny-ear and other filters, finding a federal child privacy law does not preempt the suit.
Expert Analysis
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Class Actions At The Circuit Courts: June Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers two recent decisions from the Third and Tenth Circuits, and identifies practice tips around class action settlements and standing in securities litigation.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares
In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.
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Top 5 Issues For Employers To Audit Midyear
Six months into 2024, developments from federal courts and regulatory agencies should prompt employers to reflect on their progress regarding artificial intelligence, noncompetes, diversity initiatives, religious accommodation and more, say Allegra Lawrence-Hardy and Lisa Haldar at Lawrence & Bundy.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.