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Corporate
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August 09, 2024
Vidal's Sanctions Make It Clear: Don't Mess With The PTAB
The Patent Trial and Appeal Board has only faced a handful of instances where sanctions took center stage, but the U.S. Patent and Trademark Office director's rulings have made attorneys increasingly aware that pushing ethical boundaries at the board could put their cases and their careers at risk.
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August 09, 2024
Lucid Narrows Securities Suit Over EV Production Targets
A California federal judge has trimmed a suit alleging electric-vehicle startup Lucid Group Inc. misled investors about its production target, trimming the case down to four out of 30 statements the investors said were misleading.
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August 09, 2024
'Outrageous': Dems Grill JPMorgan Over Potential New Fees
Two Senate Banking Committee Democrats have ripped into JPMorgan Chase & Co. over an executive's recent warning that it may hike some costs for customers in response to pending fee rules from the Consumer Financial Protection Bureau, calling it an "outrageous" threat and demanding more details from the megabank.
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August 09, 2024
Aetna Illegally Axed Exec's Disability Benefits, Judge Says
A California federal judge said Aetna was wrong to end an executive's disability benefits after it found he suffered from a mental illness instead of a physical disability, stating the insurer used flawed doctor opinions and may have been motivated by cutting costs.
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August 09, 2024
Marketer Seeking Dismissal Of Mass. Data Privacy Suit
Texas-based online marketing company InMarket Media LLC is asking a Massachusetts federal judge to toss a proposed class action by two women who say the company secretly collected and sold location data through its apps, arguing in a motion to dismiss that the court lacks jurisdiction over the company.
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August 09, 2024
Kraft-Heinz Investor Can't Revive Del. Insider Trading Suit
Attorneys for a Kraft Heinz stockholder lost a bid to convince Delaware's Court of Chancery that new evidence justified reopening a dismissed suit alleging that company insiders with ties to a controlling investor, Brazilian private equity firm 3G Capital Inc., sold $1.2 billion worth of shares on nonpublic information.
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August 09, 2024
Virtu Financial Can't Cut Down SEC's Information Security Suit
A Manhattan federal judge declined Friday to trim a U.S. Securities and Exchange Commission lawsuit over Virtu Financial Inc.'s protection of customer investment data, saying discovery is needed to determine whether the platform designed reasonable safeguards to wall this information off from its own in-house traders.
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August 09, 2024
Wash. AG Says Kroger Refusing To Delay Merger For Ruling
The Washington Attorney General's Office told a state court that Kroger will not agree to put off closing its planned merger with Albertsons until after a final ruling in the state's merger challenge, but the companies say they've already agreed not to finalize the deal until litigation plays out in another state.
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August 09, 2024
Palm Owner Says Its Ch. 11 Should Halt Ex-GC's Bias Suit
The bankrupt parent company of iconic steakhouse chain The Palm Restaurant wants a federal court to halt a lawsuit filed by its ousted general counsel because its 2019 bankruptcy case has not been dismissed.
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August 09, 2024
Croke Fairchild Adds Ex-Chicago Transactions Lead
Chicago-based Croke Fairchild Duarte & Beres LLC announced Friday the hiring of a general counsel at venture firm Anzu Partners who was a former head transaction attorney for the corporate department of the city of Chicago.
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August 09, 2024
Phillips Lytle Adds Ex-Benderson Development In-House Atty
An attorney who started his career at Phillips Lytle LLP has returned to the firm as special counsel on its real estate industry team in New York state after five years as in-house counsel at Benderson Development.
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August 09, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A former in-house lawyer has alleged she was terminated after witnessing a deputy general counsel engage in sexually inappropriate conduct with an intoxicated subordinate attorney at a work-related gathering, and Nasdaq is hoping to accelerate the delisting procedures for companies whose shares fall below $1 for extended periods. These are among the stories in corporate legal news you may have missed in the past week.
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August 09, 2024
Home Depot's ERISA Win At 11th Circ. Deepens Circuit Split
The Eleventh Circuit's recent ruling backing Home Depot's defeat of a suit from workers who showed their 401(k) plan was mismanaged, but couldn't tie those lapses to financial losses, adds to a growing circuit split that attorneys say warrants guidance from the U.S. Supreme Court.
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August 09, 2024
3 Notable Trade Disputes Of 2024: A Midyear Report
This year the U.S. Supreme Court refused its last outstanding challenge to the president’s tariff power, a split Federal Circuit panel expanded decades-old duties on plumbing pipes, and the first North American trade pact labor panel tossed Washington’s claims. Here, Law360 revisits the most notable international trade cases of 2024 so far.
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August 08, 2024
Feds Say Tenn. Man Helped North Korea Via IT Worker Ploy
Federal prosecutors say a Tennessee man schemed to get North Koreans hired for remote information technology positions at American and British companies, part of an effort to help generate revenue for North Korea's weapons program, according to an indictment unsealed Thursday.
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August 08, 2024
Investors, Banks Pitch Next Steps In Saved Bond-Rigging Suit
Investors accusing major banks of conspiring to rig corporate bonds have told a New York federal court they want to file a new complaint after the Second Circuit revived the suit last month over a potential conflict with the previous judge, while the defendants say this would take the case "back to square one."
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August 08, 2024
SPAC Investors Can't Sue Lucid Over Merger, 9th Circ. Says
The Ninth Circuit on Thursday refused to revive investors' proposed class action alleging that Lucid duped them into buying stock in a special purpose acquisition company ahead of the electric-vehicle maker's $11.75 billion merger, saying an acquiring company's investors can't sue the target company over its alleged misstatements before the merger.
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August 08, 2024
Oracle's $115M Deal For Selling Internet Users' Data Gets OK
A California federal judge on Thursday preliminarily approved Oracle's $115 million deal to end a proposed class action alleging that the software company illegally sold internet users' electronic profiles, but expressed concern over an "overly burdensome" opt-out process that Oracle's lawyer said would prevent "mass" opt-outs.
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August 08, 2024
Uber's $200M Deal To End Investors' 'Train Wreck' IPO Suit OK'd
A California federal judge granted preliminary approval Thursday to Uber's $200 million class action deal with investors who claim the ride-hailing giant made false and misleading statements ahead of its $8.1 billion initial public offering regarding its passenger safety record, financial condition and the legality of its business model.
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August 08, 2024
Parts Supplier Says Price Hikes Not Sabotaging Supply Chain
Pennsylvania-based supplier Modern Industries Inc. urged a federal court to deny a request for a preliminary injunction that would force it to provide key parts to auto parts manufacturer BorgWarner Turbo Systems LLC, which the supplier said has refused to pay increased prices.
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August 08, 2024
Ford Hid High Warranty Costs From Investors, Suit Says
A Ford Motor Co. investor launched a putative securities fraud class action Thursday alleging the automaker hid quality issues dating back to 2022, only disclosing the higher-than-expected warranty costs in its recently released second quarter 2024 financial results.
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August 08, 2024
Calif. Justices Side With Hartford Unit In Virus Coverage Fight
The California Supreme Court on Thursday reversed an appellate court's finding that a virus endorsement rendered a restaurant's policy illusory in a coverage dispute with a Hartford entity over pandemic-related losses, instead ruling that the endorsement clearly provides coverage "only if the virus results from certain specified causes of loss."
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August 08, 2024
Fla. Judge Won't Pause E-Scooter Co.'s Ch. 11 Plan
California plaintiffs with tort claims against Bird Global Inc. can't stop a Chapter 11 plan for the bankrupt e-bike and e-scooter rental company while they appeal its confirmation because of the plan's third-party releases, a Florida bankruptcy judge ruled Thursday.
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August 08, 2024
Instacart Shopper's Costco Injury Suit Sent To Arbitration
A Maryland federal judge has sent to arbitration a suit seeking to hold Costco liable for an Instacart shopper's slip-and-fall injuries, saying the warehouse club chain is a third-party retailer that falls under the arbitration clause in the grocery delivery company's independent contractor agreement.
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August 08, 2024
Tesla Shareholder Attys Seek Merger Of Twitter, Other Suits
Two Tesla stockholder attorney teams have asked Delaware's Court of Chancery to consolidate three derivative suits challenging billions of dollars' worth of stock moves by Elon Musk and other actions in connection with his Twitter purchase, his artificial intelligence venture and alleged insider trading.
Expert Analysis
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Takeaways From SEC's New Data Breach Amendments
The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.
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8 Steps Companies Should Take After An Internal Investigation
Given the U.S. Department of Justice’s increasing focus on corporate compliance and remediation of misconduct, companies must follow through in several key ways after an internal investigation to ensure history does not repeat itself, say Jonathan Aronie and Joseph Jay at Sheppard Mullin.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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Series
In The CFPB Playbook: Regulatory Aims Get High Court Assist
Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.
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3 Infringement Defenses To Consider 10 Years Post-Nautilus
In the 10 years since the U.S. Supreme Court’s influential Nautilus ruling, the spirit of the “amenable to construction” test that the opinion rejected persists with many patent litigators and judges, so patent infringement defense counsel should always consider several key arguments, says John Vandenberg at Klarquist Sparkman.
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9th Circ. COVID 'Cure' Case Shows Perks Of Puffery Defense
The Ninth Circuit's March decision in a case surrounding a company's statements about a potential COVID-19 cure may encourage defendants to assert puffery defenses in securities fraud cases, particularly in those involving optimistic statements about breakthrough drugs that are still untested, say attorneys at Cahill Gordon.
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After Years Of Popularity, PAGA's Fate Is Up In The Air
The last two years held important victories for plaintiff-side employment attorneys in California Private Attorneys General Act litigation at the trial and appellate court levels, but this hotbed of activity will quickly lose steam if voters approve a ballot measure in November to enact the California Fair Pay and Employer Accountability Act, says Paul Sherman at Kabat Chapman.
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FTC Focus: Exploring The Meaning Of Orange Book Letters
The Federal Trade Commission recently announced an expansion of its campaign to promote competition by targeting pharmaceutical manufacturers' improper Orange Book patent listings, but there is a question of whether and how this helps generic entrants, say Colin Kass and David Munkittrick at Proskauer.
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3 Recent Decisions To Note As Climate Litigation Heats Up
Three recent rulings on climate-related issues — from a New York federal court, a New York state court and an international tribunal, respectively — demonstrate both regulators' concern about climate change and the complexity of conflicting regulations in different jurisdictions, say J. Michael Showalter and Robert Middleton at ArentFox Schiff.
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National Security And The Commercial Space Sector: Part 1
The recently published U.S. Department of Defense space strategy represents a recalibration in agency thinking, signaling that the integration of commercial space capabilities has become a necessity and offering guidance for removing structural, procedural and cultural barriers to commercial-sector collaboration, say Jeff Chiow and Skip Smith at Greenberg Traurig.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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How Employers, Attorneys Can Respond To Noncompete Ban
As the Federal Trade Commission's recently issued noncompete ban faces ongoing legal challenges, now is a good time for employers to consider whether they want to take a wait-and-see approach before halting use of noncompetes and for practitioners to gain insight into other tools available to protect their clients' business interests, says Jennifer Platzkere Snyder at Dilworth Paxson.
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New TSCA Risk Rule Gives EPA Broad Discretion On Science
The U.S. Environmental Protection Agency's recent final amendments to its framework for evaluating the risks of chemical substances under the Toxic Substances Control Act give it vast discretion over consideration of scientific information, without objective criteria to guide that discretion, say John McGahren and Debra Carfora at Morgan Lewis.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.