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Corporate
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August 21, 2024
Legal, Policy Orgs Urge Justices To Toss FCA Interpretation
Two groups are defending AT&T subsidiary Wisconsin Bell Inc. in its challenge to the use of the False Claims Act for E-Rate program reimbursement fraud, telling the Supreme Court in amicus briefs Tuesday that the Seventh Circuit's ruling in the case would make the FCA's qui tam powers too expansive.
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August 21, 2024
Full 3rd Circ. Won't Hear Distillery Investor's RICO Case
An investor in a Pennsylvania craft distillery who accused his former business partner and a bevy of associates of racketeering, fraud and trade secret violations has failed to persuade a Third Circuit panel or the full court to take another look at his arguments about reviving the dismissed case.
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August 21, 2024
High Court Told Nvidia Case Could Damage Crypto Industry
The Digital Chamber is warning that a U.S. Supreme Court dispute between chipmaker Nvidia Corp. and some of its investors poses a "grave risk" to the entire cryptocurrency industry by threatening to expose it to costly litigation should the justices uphold a lower court ruling allowing the lawsuit to move forward.
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August 21, 2024
Western Asset Exec Takes Leave Of Absence Amid SEC Probe
Western Asset Management's co-chief investment officer, Ken Leech, has taken an immediate leave of absence from the global fixed-income manager after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission and as the company faces parallel government investigations.
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August 21, 2024
NC Biz Court Bulletin: Wrinkle In Textile Family's $17M Fight
The fate of a $17 million trust battled over by its trustees and Atrium Health, as well as attorney fees in a $1.1 million data breach settlement were cemented by the North Carolina Business Court in the first half of August. In case you missed those and others, here are the highlights.
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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.
Expert Analysis
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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.
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How Uyghur Forced Labor Law Affects Importing Companies
Amid a growing focus on forced labor in supply chains and a likely increase in enforcement under the Uyghur Forced Labor Prevention Act, companies may face costly import delays unless they develop and implement compliance best practices, say Thad McBride and Lauren Gammer at Bass Berry.
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What Companies Should Consider Amid Multistate AG Actions
The rise of multistate attorney general actions is characterized by increased collaboration and heightened scrutiny across various industries — including Big Tech and gaming — and though coalitions present challenges for targeted companies, they also offer opportunities for streamlined resolutions and coordinated public relations efforts, say attorneys at Cozen O'Connor.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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Careful Data Governance Is A Must Amid Enforcement Focus
Federal and state regulators' heightened focus on privacy enforcement, including the Federal Trade Commission's recent guidance on consumer protection in the car industry, highlight the importance of proactive risk management, compliance and data governance, say Jason Priebe and Danny Riley at Seyfarth.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Opinion
Paid Noncompetes Offer A Better Solution Than FTC's Ban
A better alternative to the Federal Trade Commission's recent and widely contested noncompete ban would be a nationwide bright-line rule requiring employers to pay employees during the noncompete period, says Steven Kayman at Rottenberg Lipman.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Skip Versus File: The Patent Dilemma That Costs Millions
In the nearly 30 years since the inception of the provisional application, many have weighed the question of whether or not to file the provisional, and data shows that doing so may allow inventors more time to refine their ideas and potentially gain an extra year of protection, says Stanko Vuleta at Highlands Advisory.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.