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December 09, 2024
Satellite Co. Sued In Del. For Docs After $450M Merger
Two stockholders of satellite venture Terran Orbital Corp. sued the business in Delaware's Court of Chancery Friday for access to company records, linking the demand to their investigation of events leading up to the company's $450 million, 25-cents-per-share sale to Lockheed Martin in October.
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December 09, 2024
Meet The Attys Arguing Over Trademark Liability At High Court
A Gibson Dunn partner who has argued before the U.S. Supreme Court 27 times will square off against the former solicitor general of West Virginia in a high court fight Wednesday over whether corporate affiliates must pay a real estate development company's $46.6 million trademark infringement judgment when they are not parties in the case.
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December 09, 2024
SocGen Unit To Pay FINRA $950K Over Fingerprinting Lapses
A U.S.-based unit of French financial services company Societe Generale will pay a $950,000 fine to the Financial Industry Regulatory Authority to settle the self-regulatory organization's claims that the firm failed to fingerprint roughly 2,000 current and former employees at certain affiliates as required by law.
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December 09, 2024
RealPage Says DOJ's Ended Multifamily Rental Criminal Probe
RealPage said the U.S. Department of Justice had ended a criminal probe into the multifamily rental housing industry's pricing practices, adding that the algorithmic pricing company was never identified as an investigation target.
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December 09, 2024
What's Next After Boeing 737 Max Deal Snags On DEI Clause
A Texas federal judge's recent rejection of Boeing's plea agreement with the U.S. Department of Justice underscores the increasing vulnerability of corporate and government diversity, equity and inclusion policies, experts say, spelling fresh complications for the embattled American aerospace titan and the legal saga over its 737 Max jets.
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December 09, 2024
Facebook Execs Deny Email Breach Harm In Del. Hearing
Two former Facebook directors turned to "chutzpah" in answering a stockholder class call for sanctions against them for deleting uncounted emails regarding privacy violations and the Cambridge Analytica scandal, a stockholder attorney told a Delaware vice chancellor on Monday.
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December 09, 2024
Judge Eyes Far Less Trial Time In Meta Case Than FTC Wants
The Federal Trade Commission likely has to cram much more trial in much less time than it had planned after a D.C. federal judge suggested Monday that the agency's social media monopolization case against Meta Platforms Inc. can't go much past the first week of June 2025.
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December 09, 2024
EV Carmaker Lucid Wants To Shed More Of Inflated Biz Suit
Electric carmaker Lucid Group has asked a California federal judge to toss most of the latest version of a proposed investor class action alleging its production forecasts were misleading, arguing that parts of the suit that remained intact after a recent dismissal order involved statements taken out of context.
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December 09, 2024
Amazon Says FTC Lacks Authority To Bring Antitrust Case
Amazon has told a Washington federal court that the Federal Trade Commission is overstepping its authority by bringing its antitrust case directly in court without pursuing an in-house case targeting the e-commerce giant's treatment of sellers on its platform.
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December 09, 2024
US Air Withdraws Fight For $139M In Costs After Sabre Deal
US Airways is dropping its demand for $139 million in attorney fees and costs after settling the issue with flight booking giant Sabre, a development poised to conclude the long-running New York federal court case accusing Sabre of monopolizing ticket distribution systems.
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December 09, 2024
BNSF Asks 9th Circ. To Upend Tribe's $400M Trespass Win
BNSF Railway Co. has argued the Ninth Circuit should reverse a lower court's finding that the company owes a Washington tribe nearly $400 million for years of illegally running oil cars across tribal territory, saying the "massive penalty" is excessive because it strips away lawfully earned profits.
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December 09, 2024
2nd Circ. Compares Trader Joe's Execs' COVID Trips For Bias
The way that Trader Joe's treated a similarly situated male employee is critical to the success of a sex discrimination lawsuit brought by a female ex-vice president who was fired after taking a vacation in the early days of the COVID-19 pandemic, judges of the Second Circuit suggested Monday.
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December 09, 2024
Ill. Congresswoman Denies Undue Influence From Madigan
U.S. Rep. Nikki Budzinski was called to the witness stand Monday in the racketeering trial of former Illinois House Speaker Michael Madigan, where she testified that while she received multiple job recommendations from Madigan as a former senior aide to Illinois Gov. J.B. Pritzker, those candidates were only hired if they were qualified.
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December 09, 2024
SEC's Trading And Markets Director Zhu To Leave Agency
Haoxiang Zhu is stepping down as head of the U.S. Securities and Exchange Commission's Division of Trading and Markets, the agency announced Monday, leaving the group that oversees orderliness of U.S. markets as leadership continues to change at regulatory bodies following President-elect Donald Trump's election victory.
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December 09, 2024
TikTok Seeks Halt On Sale-Or-Ban Law For High Court Appeal
TikTok Inc. and its users are pressing the D.C. Circuit to put on hold the implementation of a law that is set to bar the platform from the U.S. market next month while they appeal a ruling backing the measure to the U.S. Supreme Court.
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December 09, 2024
Pullman & Comley Blames Tech CEO's Statements For Firing
The ousted leader of WorldQuant Predictive Technologies LLC lost $6 million in company stock because he was legitimately fired for lying during a company probe into a lead salesperson's termination and not because of an alleged legal ethics gaffe, Connecticut law firm Pullman & Comley told a judge on Monday.
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December 09, 2024
Famous Steakhouse Chain's Ex-GC Gets Go-Ahead For Bias Suit
The ex-general counsel of iconic steakhouse chain The Palm Restaurant can move ahead with a discrimination lawsuit claiming she was ousted after a 2020 bankruptcy sale, a New York federal court ruled Monday.
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December 09, 2024
Anti-China Bias Tainted ADI Trade Secrets Case, 1st Circ. Told
A former Analog Devices Inc. microchip engineer convicted of pilfering valuable design schematics to launch a competing business has told the First Circuit the government singled him out for prosecution due to his Chinese ethnicity and investigators' hopes he would turn out to be a foreign spy.
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December 09, 2024
Reckitt Investors To Test Class-Action Rules In Opioid Case
The Court of Appeal will consider on Tuesday whether shareholders in Reckitt Benckiser and drug company Indivior can pursue litigation linked to America's opioid crisis as a "representative claim" that is similar to a U.S.-style class action.
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December 09, 2024
Justices Won't Review Massive Class In Fringe Benefits Fight
The U.S. Supreme Court refused Monday to hear a challenge to a 290,000-worker class in a suit alleging excessive health and retirement plan fees, despite an argument from benefits plan managers that the Fifth Circuit used the wrong standard to greenlight the massive suit.
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December 06, 2024
CFPB Loses Bid To Unfreeze Credit Card Late Fee Rule
A Texas federal judge Friday refused to lift a preliminary injunction blocking the Consumer Financial Protection Bureau's $8 credit card late fee rule from taking effect, ruling that the U.S. Chamber of Commerce and other trade groups are likely to succeed in their challenge to the rule.
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December 06, 2024
Allianz Exec Avoids Prison For $7B Investor Fraud
A New York federal judge on Friday declined to sentence a former portfolio manager for Allianz SE's U.S. unit to any time in prison for lying to investors about the riskiness of a group of private investment funds that lost over $7 billion when the COVID-19 pandemic hit.
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December 06, 2024
Billionaires Show New Interest In Texas' Intermediate Courts
Billionaire-backed funding in Texas helped push a wave of Republican judges who swept races for intermediate appellate courts across the state, representing a new level of corporate spending in judicial races often marked by underfunded campaigns and low voter awareness.
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December 06, 2024
Chinese Magnet Co. CEO Latest Charged In DOD Supply Scam
Federal prosecutors on Friday unsealed the latest indictment in an allegedly sprawling conspiracy involving Quadrant Magnetics LLC and its employees, charging Quadrant's CEO with conspiring to export sensitive U.S. defense data to China while illegally selling U.S. defense companies Chinese-made Quadrant magnets.
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December 06, 2024
Judge Denies Publix Bid To Appeal Opioid Coverage Ruling
A Florida federal judge on Friday rejected Publix's request for a judgment that would have allowed it to immediately appeal a decision that said seven of its insurance policies didn't provide coverage for opioid lawsuits the grocery chain is facing.
Expert Analysis
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From Concept To Capital: 5 Stages Of Evolving IP Needs
Companies must understand the shifting intellectual property needs throughout an organization’s life cycle in order to protect innovation, which can be done by fortifying the IP portfolio, expanding and leveraging IP assets, and more, says Keegan Caldwell at Caldwell Law.
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Series
In The CFPB Playbook: No Lazy, Hazy Days Of Summer
The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.
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FTC Focus: How Scrutiny Of PBMs And Insulin May Play Out
Should Express Scripts' recent judicial challenge to the Federal Trade Commission succeed, any new targets could add litigation and choice of forum to their playbooks, and potential FTC court action on insulin could be forced to parallel venues as the issues between the commission and PBMs evolve, say attorneys at Proskauer.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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A Class Action Trend Tests Limit Of Courts' Equity Powers
A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.
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Antitrust Issues To Watch Amid Google Ad Tech Trial
Regardless of the outcome of the U.S. Department of Justice's advertising technology antitrust suit against Google in Virginia federal court, matters ranging from market definition to unified pricing will likely have far-reaching implications for the digital advertising industry, competition and innovation, say attorneys at Holland & Knight.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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What To Know About Latest Calif. Auto-Renewal Law Update
While businesses have about nine months to prepare before the recently passed amendment to California's automatic renewal law takes effect, it’s not too early to begin working on compliance efforts, including sign-up flow reviews, record retention updates and marketing language revisions, say Gonzalo Mon and Beth Chun at Kelley Drye.
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How Lucia, Jarkesy Could Affect Grocery Merger Challenge
While the Federal Trade Commission is taking a dual federal court and administrative tribunal approach to block Kroger's merger with Alberstons, Kroger's long-shot unconstitutionality claims could potentially lead to a reevaluation of the FTC's reliance on administrative processes in complex merger cases, say attorneys at Saul Ewing.
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Kubient Case Shows SEC's Willingness To Charge Directors
The U.S. Securities and Exchange Commission's recent fraud charges against Kubient's former CEO, chief financial officer and audit committee chair signal a willingness to be more aggressive against officers and directors, underscoring the need for companies to ensure that they have appropriate channels to gather, investigate and document employee concerns, say attorneys at Jenner & Block.
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$200M RTX Deal Underscores Need For M&A Due Diligence
RTX's settlement with regulators for violating defense export regulations offers valuable compliance lessons, showcasing the perils of insufficient due diligence during mergers and acquisitions transactions along with the need to ensure remediation measures are fully implemented following noncompliance, say Thad McBride and Faith Dibble at Bass Berry.
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3 Coverage Tips As 2nd Circ. 'Swipes Left' On Tinder Claim
The Second Circuit's recent opinion in Match Group v. Beazley Underwriting, overturning Tinder's victory on its insurer's motion to dismiss a coverage action, reinforces three best practices policyholders purchasing claims-made coverage should adhere to in order to avoid late-notice defenses, say Lynda Bennett and Alexander Corson at Lowenstein Sandler.
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What PCOAB's Broadened Liability Rule Means For Auditors
The U.S. Securities and Exchange Commission’s recent vote agreeing to lower the Public Company Accounting Oversight Board's liability standard, allowing the board to charge individual auditors whose mere negligence leads firms into PCOAB violations, may erode inspection cooperation, shrink the talent pool and have anticompetitive outcomes, say attorneys at BakerHostetler.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Dealmaker Lessons From CFIUS' New Enforcement Webpage
The Committee on Foreign Investment in the United States’ recently launched webpage, which details the actions — and inactions — that led to enforcement activity, provides important insights for dealmakers about filing requirements, mitigation commitments and the cost of noncompliance, say attorneys at Dechert.