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Corporate
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September 03, 2024
2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit
The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.
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September 03, 2024
Alphabet Beats Investor Suit Over Antitrust Issues, For Now
A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.
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September 03, 2024
PE Firm Investors Say False SEC Filings Caused Big Losses
Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.
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September 03, 2024
Phone Co. Sued In Del. For CEO Spending, Crypto Asset Docs
An OSOM Products Inc. stockholder has sued the crypto-focused former cellphone-maker for books and records access, citing allegations that CEO and controlling stockholder Jason Keats has diverted company assets for personal use and other undisclosed dealings involving OSOM and Solana cryptocurrency.
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September 03, 2024
Construction Disputes Mark Opening Of Texas Biz Court
The first cases were filed in the Texas Business Court on Tuesday, setting the stage for a new era of litigation in the Lone Star State.
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September 03, 2024
Monsanto Keeps Trial Win In Missouri Roundup Cancer Suit
A Missouri appeals panel on Tuesday let Monsanto Co. keep a trial court win in a suit by a man alleging he contracted non-Hodgkin's Lymphoma through exposure to glyphosate in the company's Roundup weed killer, finding the trial court rightly excluded one of his experts from testifying.
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September 03, 2024
Pedestrian Hit By Off-Duty Uber Driver Can't Sue Over Injuries
A California appellate panel held Uber can't be sued for the negligence of a driver who hit a pedestrian just minutes after he switched his status to "offline," saying it was speculative to assume the driver was still on duty due to his alleged manipulation of higher "surge" fares.
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September 03, 2024
3rd Circ. Preview: Starbucks Firing, Liquor Law In September
Two National Labor Relations Board cases grace the Third Circuit's September session, when panels will probe the agency's suits against Starbucks Corp. for firing Philadelphia workers attempting to unionize and a plastic company accused of firing a safety whistleblower.
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September 03, 2024
SEC Fines 6 Credit Rating Firms $49M Over Texting Records
The U.S. Securities and Exchange Commission announced Tuesday that six nationally recognized statistical rating organizations agreed to pay a combined $49 million for failing to preserve electronic communications, the latest wave of settlements in an ongoing crackdown that has yielded billions in fines.
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September 03, 2024
Union-Backed 'Captive Audience' Bill Heads To Calif. Governor
The California Senate voted in favor of a union-backed bill that would bar employers from requiring employees to attend meetings related to religious or political matters — including company-organized meetings used to discourage union-formation — sending the so-called captive audience bill to the governor's desk.
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September 03, 2024
Bill-Pay Co. Says Judge Already Scrapped Wash. CPA Claims
An online bill-pay platform has urged a Washington federal judge to throw out a consumer's proposed class action accusing the company of disguising itself as an official processor for legitimate service providers, pointing to disclosures on its website that the district court has already highlighted when dismissing comparable claims.
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September 03, 2024
Ga. Minor Says Hotel Knew About Trafficking But Didn't Help
An Atlanta-based hotel and its management company were hit with a lawsuit in Georgia federal court for allegedly doing nothing to stop the sex trafficking of a 17-year-old girl despite managers' and hotel employees' knowledge of the situation.
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September 03, 2024
Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial
A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.
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September 03, 2024
NBA, Warner Bros. Eye April 2025 Trial In Media Rights Spat
The NBA and Warner Bros. Discovery have told a New York state judge they want to complete an expedited discovery process in their broadcasting rights dispute, with a targeted trial start date in April.
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September 03, 2024
Alaska Says Nothing's Changed As Flyers Try Merger 'Do-Over'
Alaska Airlines wants a nixed flyer challenge to its $1.9 billion purchase of Hawaiian Airlines to stay nixed, telling a Hawaii federal judge that declarations from the plaintiffs about their travel plans could have been submitted months ago and are "too little, too late" to overcome the judge's ruling that they had no standing.
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September 03, 2024
Biz Groups Fail In 2nd Try To Stop NJ Temp Worker Law
A New Jersey law strengthening protections for temporary workers will stay in place because halting it would create more harm than good, a New Jersey federal judge ruled, turning down a renewed bid by staffing industry associations to pull the emergency brake on the law.
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September 03, 2024
Holland & Knight Taps EY Exec For Expanded C-Suite Role
Holland & Knight LLP announced Tuesday the addition of a longtime Ernst & Young executive as chief business development and marketing officer, a new position where he'll be tasked with driving growth and bolstering the firm's brand.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
NFL Senior VP Rejoins Robins Kaplan's White Collar Practice
B. Todd Jones, a former senior vice president and special counsel for conduct for the NFL, has returned to Robins Kaplan as a partner in its Minneapolis and New York offices, the firm announced Tuesday.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
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September 03, 2024
Paul Weiss Adds Ex-Fried Frank Atty To Lead Fund Finance
Paul Weiss Rifkind Wharton & Garrison LLP has added an asset management specialist previously with Fried Frank Harris Shriver & Jacobson LLP as head of its fund finance group, the firm announced Tuesday.
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September 03, 2024
NFL Sunday Ticket Subscribers Appeal $4.7B Verdict Reversal
The subscribers to the NFL's Sunday Ticket broadcast package whose $4.7 billion class action jury award was thrown out and antitrust claims erased by a federal judge last month are appealing the rulings to the Ninth Circuit.
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September 03, 2024
Founder Of Gibson Dunn Privacy Practice Joins McDermott
McDermott Will & Emery on Tuesday announced the firm added litigator Alexander Southwell, a former federal prosecutor who founded and co-led the privacy, cybersecurity and data innovation practice at Gibson Dunn & Crutcher LLP.
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September 03, 2024
Trump Loses Renewed Bid To Take Hush Money Case Federal
A New York federal court on Tuesday denied former President Donald Trump's bid to move the state's hush money case against him to federal court, ruling that the U.S. Supreme Court's July holding laying out grounds for immunity did not sway his opinion that the payments were "unofficial acts."
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September 03, 2024
'Price Of Innovation': Young Legal Tech Startups Lack Security
Many early-stage legal tech startups don't initially meet law firms' security requirements, and instead are focused on product development and marketing, according to legal industry experts.
Expert Analysis
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Series
After Chevron: Delegation Of Authority And Tax Regulators
The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.
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3 Ways To Lower Insider Trading Risk After First 10b5-1 Case
In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Series
After Chevron: What Loper Bright Portends For The NLRB
While the U.S. Supreme Court has a long history of deferring to the National Labor Relations Board's readings of federal labor law, the court's Loper Bright v. Raimondo decision forces courts to take a harder look at the judgment of an agency — and the NLRB will not be immune from such greater scrutiny, says Irving Geslewitz at Much Shelist.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Proposed NIL Deal Leaves NCAA Antitrust Liability Door Open
The proposed House v. NCAA settlement filed in California federal court creates the possibility of significant direct payments to student-athletes for the first time, but the resulting framework is unlikely to withstand future antitrust scrutiny because it still represents an agreement among competitors to limit labor cost, says Yaman Desai at Lynn Pinker.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days
In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Opinion
Data Breach Reporting Requirements Must Change In AI Age
Outdated data breach reporting laws are inadequate to protect consumers in the age of artificial intelligence, as AI’s ability to determine relationships coupled with its improvements to deepfake technology mean that the very definitions used in breach reporting laws are no longer sufficient, says Collin Walke at Hall Estill.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.