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Corporate
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July 30, 2024
Rite Aid Sued Over Data Breach That Affected 2.2M Customers
Rite Aid was hit with a proposed class action Friday in Pennsylvania federal court accusing it of failing to safeguard more than 2.2 million of its customers' personal information associated with purchases of certain retail products made seven years ago, after hackers accessed its network using an employee's credentials.
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July 30, 2024
Zillow Escapes Real Estate Agent's Trade Practices Claim
Zillow Inc. on Tuesday escaped a proposed class action by a Connecticut real estate agent who claimed the website's computer-based home value estimates and "contact agent" buttons interfered with the ability of on-the-ground professionals to manage listings, work with clients and accurately price properties.
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July 30, 2024
OnlyFans Dupes Users With Chatty Impersonators, Suit Says
OnlyFans knowingly allows professional "chatters" to impersonate content creators on the subscription platform, duping users into thinking they're having a direct conversation with an individual they paid to connect with and resulting in personal information being shared with that stranger, according to a proposed class action filed in California federal court.
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July 30, 2024
$147.5M Deal In Life Insurance Cost Suit Meets Resistance
A Connecticut federal judge should not give his preliminary approval to a $147.5 million class settlement that would end several lawsuits alleging that Lincoln insurance entities overcharged their policyholders because three later-filed cases in other jurisdictions could lead to even higher recoveries, counsel for a group of objectors said Tuesday.
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July 30, 2024
AI Co. Says Actors Can't Prove Voices Are Theirs In IP Suit
A startup that makes software to create voice-over narrations slammed a complaint in New York federal court from two voice actors who allege the company has used their voices without permission, saying they have not plausibly claimed that the voices they have heard on YouTube and other places are actually theirs and not a computer-generated synthetic voice.
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July 30, 2024
Christie's Hit With Data Breach Suit Over Cyberattack
Christie's Inc. is facing a proposed class action filed Monday in New York federal court alleging the auction house failed to protect the information of 500,000 clients stemming from a cyberattack carried out by Ransomhub, which claims it sold the information on the dark web after Christie's refused to pay up.
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July 30, 2024
$8.5B Gores-Led Metal Packaging Co. SPAC Draws Del. Suit
A former shareholder of the blank-check company that took Ardagh Metal Packaging Group SA public has packaged up a Delaware Court of Chancery lawsuit seeking damages in the wake of the merged company's stock plunge after going public in an $8.5 billion cash-and-share deal.
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July 30, 2024
Justices Urged To Certify Class Over Firm's Illegal Faxes
A Georgia-based recruiting agency is asking the U.S. Supreme Court to toss a Fourth Circuit ruling that the Telephone Consumer Protection Act's fax machine definition is limited to standalone fax machines and does not include online fax services, saying the January decision creates a circuit split that needs settling.
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Activist Investor Demands Against US Firms Spike 9%
The number of U.S. companies subject to shareholder activist demands in the first half of this year increased to 449 from 412 companies in the first half of last year, representing a 9% jump, according to a report published Tuesday by Diligent Market Intelligence.
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July 30, 2024
Randy Mastro Nominated As NYC Top Lawyer Amid Criticism
Renowned trial lawyer and King & Spalding LLP partner Randy M. Mastro was tapped to be New York City's next corporation counsel, Mayor Eric Adams announced Tuesday, over the objection of some city leaders.
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July 30, 2024
Husch Blackwell Hires UB Greensfelder Partner In St. Louis
Several years after Husch Blackwell LLP's newest partner, Garrett Reuter Jr., graduated from law school, he joined Greensfelder Hemker & Gale PC to work alongside his late father. Now, he's bringing clients he grew up watching his father work with, to a new platform.
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July 30, 2024
Vista Delays Vote On CSG Deal To Review Alternative Paths
Vista Outdoor Inc. on Tuesday delayed its shareholder vote on the sale of its sporting products division, The Kinetic Group, to Czech defense company Czechoslovak Group AS to begin a review of strategic alternatives, which includes evaluating a competing bid from Dallas-based MNC Capital Partners LP.
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July 30, 2024
Litigator Rejoins Faegre Drinker From Medical Device Co.
Faegre Drinker Biddle & Reath LLP's newest lateral hire is stepping back into private practice after two years as associate general counsel for orthopedic implant company Exactech, and should be a familiar face around the firm's Indianapolis office.
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July 30, 2024
Milbank Guiding Chorus Aviation On $1.4B Sale Of Leasing Biz
Canada's Chorus Aviation Inc. said Tuesday it has agreed to sell its regional aircraft leasing business to investment funds managed by HPS Investment Partners for about CA$1.9 billion ($1.4 billion).
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July 30, 2024
Fla.'s Workplace DEI Training Rules Get Permanently Blocked
A Florida federal judge made permanent a ban on a state law provision that prevents employers from promoting various sex- and race-based concepts in diversity training sessions after the state said it wouldn't challenge an Eleventh Circuit ruling upholding a preliminary injunction on the measure.
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
Quinn Emanuel Must Prove Authority In $486M Award Fight
A divided D.C. Circuit panel ruled Tuesday that a lower court should have determined whether Quinn Emanuel Urquhart & Sullivan LLP had authority to represent Doraleh Container Terminal SA before deciding whether to enforce a $486 million arbitral award issued against Djibouti.
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July 30, 2024
What Mass. Attys Will Be Watching In The 2nd Half Of 2024
Two potentially sweeping Massachusetts high court rulings and a long-awaited employment bill lingering in the State House are among the issues Bay State attorneys say they are monitoring closely heading into the latter half of 2024.
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July 30, 2024
Virginia Appeals Court Tosses Record $2B Trade Secrets Verdict
The Court of Appeals of Virginia on Tuesday reversed Appian Corp.'s $2 billion trade secrets judgment against competitor Pegasystems Inc., saying that the trial court made a series of errors on its way to the biggest jury award in state history and that a new trial was warranted.
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July 29, 2024
5th Circ. Pauses DOT's New 'Junk Fees' Rule Amid Review
The Fifth Circuit on Monday agreed to temporarily block a U.S. Department of Transportation rule requiring airlines to clearly disclose add-on fees upfront while the appellate court reviews the rule, which has been challenged by major airlines and airline associations.
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July 29, 2024
8th Circ. Tosses 'Windfall' $79M Legal Fee In T-Mobile Suit
The Eighth Circuit on Monday threw out a $78.7 million attorney fee award for plaintiffs' attorneys who negotiated a $350 million settlement with T-Mobile over a massive data breach in 2021, saying the award amounts to a "windfall" for class counsel.
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July 29, 2024
Live Nation Judge Tightens In-House Counsel's Access To Docs
A New York federal judge imposed new restrictions Monday on Live Nation in-house counsel's access to documents and testimony from witnesses from its rivals in the U.S. Department of Justice's antitrust lawsuit, tightening a days-old two-tiered system after hearing concerns from those competitors.
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July 29, 2024
Truth Social SPAC, Sponsors Battle In Chancery Over Payout
Attorneys for a founding investor in the special purpose acquisition company that took former President Donald Trump's social media site public told a Delaware vice chancellor Monday the SPAC ignored its charter and withheld information about the deal in order to avoid paying tens of millions in anti-dilution protection.
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July 29, 2024
Virtu Pushes For SEC Crackdown On 'Penny Stock' Listings
Virtu Financial Inc. is pressing the U.S. Securities and Exchange Commission to force Nasdaq and other exchanges to crack down on so-called penny stocks, petitioning the agency to initiate rulemaking that would stop companies struggling to stay above $1 per share from continuing to trade on the exchanges.
Expert Analysis
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Opinion
USPTO's Proposed Disclaimer Rule Would Harm Inventors
The U.S. Patent and Trademark Office’s recently proposed rule on terminal disclaimers will make the patent system less available to inventors and will unfairly favor defendants in litigation, say Stephen Schreiner at Carmichael IP and Sarah Tsou at Omni Bridgeway.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Behind Court Challenges To The FTC's Final Noncompete Rule
The Federal Trade Commission's recent final rule banning noncompetes may not go into effect any time soon amid a couple of Texas federal court challenges seeking to bar the rule's implementation, which will likely see appeals all the way to the U.S. Supreme Court, says Michael Elkins at MLE Law.
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Corporate Insurance Considerations For Trafficking Claims
With the surge in litigation over liability under the Trafficking Victims Protection Reauthorization Act, corporate risk managers and in-house counsel need to ensure that appropriate insurance coverage is in place to provide for defense and indemnity against this liability, says Micah Skidmore at Haynes Boone.
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Tips For Keeping Trade Secrets In The Vault
Key practices aimed at maintaining confidentiality can help companies establish trade secret status as the Federal Trade Commission's ban on noncompetes makes it prudent to explore other security measures, says John Baranello at Moses & Singer.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Navigating Title VII Compliance And Litigation Post-Muldrow
The U.S. Supreme Court’s recent ruling in Muldrow v. St. Louis has broadened the scope of Title VII litigation, meaning employers must reassess their practices to ensure compliance across jurisdictions and conduct more detailed factual analyses to defend against claims effectively, say Robert Pepple and Christopher Stevens at Nixon Peabody.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.