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Corporate
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September 06, 2024
Fast Food Co., EEOC End Suit Over Late Demographic Data
A California-based fast food franchisee has agreed to resolve a U.S. Equal Employment Opportunity Commission suit alleging it spurned its legal duty to share demographic information about its employees, the latest company to settle the agency's claims over tardy filings.
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September 06, 2024
Trump Sentencing Pushed Back Until After Election
The New York judge overseeing Donald Trump's hush money case said Friday he will not sentence the former president before Election Day, pushing the hearing date from Sept. 18 to Nov. 26 in an effort to avoid the appearance of political considerations.
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September 06, 2024
7-Eleven Parent Rejects Nearly $40B Buyout Offer
The Tokyo-based parent company of convenience store chain 7-Eleven has turned down a nearly $40 billion nonbinding buyout offer from Couche-Tard, nudging the Canadian convenience store owner in a Friday letter to offer something better, and stating that the bid undervalues the business and fails to acknowledge regulatory concerns.
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September 06, 2024
SEC Accuses Esmark Of Lying About US Steel Bid
A failed bid to acquire U.S. Steel has landed Pittsburgh-based Esmark Inc. in hot water with the U.S. Securities and Exchange Commission, which announced Friday that it had fined the company and its founder for falsely claiming they had the money to buy the manufacturing giant.
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September 05, 2024
Nvidia, Microsoft Face Patent, Cartel Allegations In Texas Suit
A new lawsuit accuses Nvidia of holding "monopoly power" over the market on graphics processing in the artificial intelligence space and alleges the tech company is colluding with Microsoft and a prominent patent risk management company to squeeze out a small startup that claims to have developed the "fundamental intellectual property" behind that technology.
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September 05, 2024
Texas Could Be Next Delaware, Attys Say As Biz Court Opens
Law firms have been preparing for the upcoming Texas Business Court since the state announced that it wanted to compete with the Delaware Court of Chancery, but many have adopted a wait-and-see approach to the Lone Star State's newest venue, which opened for cases this week.
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September 05, 2024
Coinbase, Execs Must Face Investor Suit Over Business Risks
A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.
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September 05, 2024
Labor, Industry Agree: Mich. Wage Ruling Should Stand
Hospitality groups and workers' rights campaigners have both slammed Michigan regulators' request that the state supreme court clarify its recent minimum wage ruling, the groups coming to opposite conclusions about the state's intent but agreeing that the justices should deny the request and let the ruling speak for itself.
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September 05, 2024
Class Attys Vie To Lead Drug Co. Insider Trading Suit In Del.
A courtroom face-off over lead stockholder counsel duties in a Delaware Chancery Court case accusing a biopharmaceutical company's directors of insider trading and fiduciary duty breaches got edgy Thursday, after one of the plaintiff-side legal teams contended that the other's case was irreparably hobbled by conflicts of interest.
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September 05, 2024
Ex-SEC Enforcement Atty Joins Whistleblower Law Boutique
Kohn Kohn & Colapinto announced Thursday that a former U.S. Securities and Exchange Commission enforcement attorney will join the whistleblower law firm as senior special counsel.
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September 05, 2024
NM AG Sues Snapchat Over Child 'Sextortion' And Abuse
New Mexico's attorney general on Thursday announced he has sued Snap Inc., alleging the social media company's policies and algorithm promote child sexual exploitation and the spread of child sexual abuse material.
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September 05, 2024
Judge Sharp No Stranger To Complex Cases Biz Court To See
Business Court Judge Stacy Sharp says that most of the cases she's litigated across her career would have been a perfect fit for the state's newest venue.
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September 05, 2024
FTC Staff Opposes Indiana Hospital Merger
Federal Trade Commission staff on Thursday urged Indiana's health department to reject Union Health's planned purchase of Terre Haute Regional Hospital LP from HCA Healthcare Inc.
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September 05, 2024
Unconstitutionality Of Transparency Act Clear, 11th Circ. Told
A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.
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September 05, 2024
Liberty Global Urges 10th Circ. To Grant $248M Tax Credit
The U.S. Tax Court improperly applied an Internal Revenue Code provision to some of the $2.8 billion gain from Liberty Global's sale of a Japanese entity, the telecommunications company said in urging the Tenth Circuit to overturn the resulting rejection of a $248 million tax credit.
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September 05, 2024
Circor Dodges SEC Fine As Ex-Exec Faces Falsified Docs Suit
The U.S. Securities and Exchange Commission on Thursday said industrial valve manufacturer Circor International Inc. has avoided a penalty after it self-reported and remediated an alleged accounting scheme, while the agency sued a former executive accused of falsifying the financial results for one of the company's business units.
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September 05, 2024
Google Wants To Know Now What Search Fixes DOJ Will Seek
The U.S. Department of Justice and Google are offering a D.C. federal judge opposing views about how the remedy phase should go in the search monopolization case, with Google pressing to know as soon as possible what enforcers will be asking for.
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September 05, 2024
Industry Presses House To Clear Broadband Permit Hurdles
Nearly a dozen industry groups on Thursday called for U.S. House leaders to finally pass a bill that would help clear various permitting hurdles for broadband network projects.
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September 05, 2024
DA Pans Trump Maneuvering On Hush Money Case Removal
Attorneys in the office of Manhattan District Attorney Alvin Bragg told the Second Circuit in a letter Thursday that Donald Trump is mischaracterizing a federal judge's recent order to further his baseless bid to move his hush money case to U.S. district court.
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September 05, 2024
OpenAI Slams YouTuber's AI Training Class Action
OpenAI told a California federal judge that a proposed class action accusing it of unjustly enriching itself by training its large language model programs with transcripts of YouTube videos is just a "carbon copy" of similar claims already thrown out by the courts, arguing the complaint should be dismissed.
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September 05, 2024
Biden To Block US Steel-Nippon, And More Deal Rumors
President Joe Biden is reportedly preparing to block the $14.9 billion merger of U.S. Steel and Nippon Steel, Blackstone and Vista Equity Partners may team up to buy Smartsheet, and Springer Nature is planning an initial public offering. Here, Law360 breaks down these and other notable deal rumors reported over the past week.
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September 05, 2024
CrowdStrike Brass Face Investor Suit Over Global Outage
Executives and directors of global cybersecurity company CrowdStrike have been hit with a shareholder derivative suit alleging that they overstated the capabilities of the company's technology that eventually caused a massive disruption over the summer when its system crashed.
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September 05, 2024
Target Says TikTok Claims Are No Match For Actual Facts
Target told a federal court Wednesday that allegations it secretly employed facial recognition technology to collect shoppers' biometric data without their consent have no basis in fact.
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September 05, 2024
Norton, Quinn Emanuel Decry $600M Patent, Contempt Ruling
NortonLifeLock and Quinn Emanuel Urquhart & Sullivan LLP again urged the Federal Circuit to overturn a $600 million patent infringement verdict against the company that was in part based on the firm's being held in contempt, with both saying the holding has serious flaws.
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September 05, 2024
Shoemaker Can't Avoid Birkenstock's Copycat Suit
A Massachusetts-based shoemaker and its manufacturer must face almost every intellectual property claim brought against it by Birkenstock after a federal judge declined to dismiss all but one claim in the popular brand's suit alleging design patent, trademark and trade dress infringement.
Expert Analysis
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Why DOJ's Whistleblower Program May Have Limited Impact
The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.
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How Calif. Justices' Prop 22 Ruling Affects The Gig Industry
The California Supreme Court's recent upholding of Proposition 22 clarifies that Uber, Lyft, DoorDash and other companies in the gig industry can legally classify their drivers as independent contractors, but it falls short of concluding some important regulatory battles in the state, says Mark Spring at CDF Labor.
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Takeaways From Virginia's $2B Trade Secrets Verdict Reversal
The Virginia Court of Appeals' recent reversal of the $2 billion damages award in Pegasystems v. Appian underscores the claimant's burden to show damages causation and highlights how an evidentiary ruling could lead to reversible error, say John Lanham and Kamran Jamil at Morrison Foerster.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Opinion
USPTO AI Patent Guidance Leaves Questions Unanswered
The U.S. Patent and Trademark Office’s recent guidance on artificial intelligence patent eligibility is unlikely to answer many of the open questions that AI patent applicants face, as it includes nominally new analysis that applicants can adopt to analyze their inventions, say attorneys at Fenwick & West.
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Gilead Drug Ruling Creates Corporate Governance Dilemma
If upheld, a California state appellate court's decision — finding that Gilead is liable for delaying commercialization of a safer HIV drug to maximize profits on another drug — threatens to undermine long-standing rules of corporate law and exposes companies to liability for decisions based on sound business judgment, says Shireen Barday at Pallas.