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June 24, 2024
Sirius XM Made Millions Off Hidden Royalty Fee, Suit Alleges
Sirius XM Radio Inc. has been tricking customers into paying an extra 21% every month by tacking a hidden "royalty fee" onto bills, according to a new proposed class action alleging that the fee is responsible for every bit of the company's profits for the last several years.
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June 24, 2024
Judge Blocks Part Of DOL Construction Prevailing Wage Rule
A Texas federal judge on Monday blocked parts of a U.S. Department of Labor rule changing how prevailing wages are determined for federally funded construction projects from going into effect, saying the department had overstepped its authority under the Davis-Bacon Act.
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June 24, 2024
Fintech Exec Gets 45 Months For Crypto Market Manipulation
A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.
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June 24, 2024
Red Roof Ignored Years Of Trafficking, Victim Tells Ga. Jurors
The corporate owners of two metro Atlanta Red Roof Inn locations knew about and ignored trafficking at the hotels, a woman who said she had been trafficked at the two hotels and others in the surrounding area for six years told Georgia federal jurors Monday.
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June 24, 2024
O'Melveny Adds Katten Credit Finance Trio In California
An experienced trio of finance attorneys who specialize in private credit transactions has jumped from Katten Muchin Rosenman LLP to O'Melveny & Myers LLP in California, the firm said Monday.
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June 24, 2024
Catching Up With Delaware's Chancery Court
Amendments to Delaware's General Corporation Law topped the news out of the Court of Chancery again last week, as the hotly contested measure sailed through the state's legislature. Tesla and its shareholders continued their tug-of-war over attorney fees for Chancery litigation about Elon Musk's pay package, and new cases were filed involving biotechs, car rental companies, workout platforms, telecom towers, and a cargo ship fire in Brazil.
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June 24, 2024
DOL Still Mulling Changes To Pension De-Risking Guidance
The U.S. Department of Labor told Congress in a new report Monday it hasn't ruled out changing guidance used by retirement plan managers when selecting an annuity provider for pension de-risking transactions, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
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June 24, 2024
Google's Brin, Pichai Must Face Texas Ad Tech Depos
Google CEO Sundar Pichai is bound for the deposition chair for four hours of testimony while company co-founder Sergey Brin is facing two and a half hours after a Texas federal judge refused Friday to spare the executives from a state enforcer antitrust lawsuit targeting the search giant's digital advertising placement technology.
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June 24, 2024
CSG Ups Purchase Price For Vista's Kinetic Group To $2B
Marking the latest update in its bid to scoop up Vista Outdoor Inc.'s various businesses, Czech defense company Czechoslovak Group AS has raised its proposal to purchase Vista's sporting products division to $2 billion, a $90 million increase over the original price lobbed by the defense company back in October.
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June 24, 2024
2nd Circ. Reopens Insider Trading Suit Against Hedge Fund
The Second Circuit on Monday revived a lawsuit accusing hedge fund Raging Capital Management LLC of profiting off its position as a corporate insider of 1-800-Flowers, rejecting arguments that a recent U.S. Supreme Court ruling overturned circuit precedent allowing shareholders to sue beneficial owners who partake in short-swing trading.
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June 24, 2024
High Court To Review $46.6M Award Over 'Dewberry' TM Fight
The U.S. Supreme Court on Monday granted a real estate development company's request to review a $46.6 million trademark infringement award that petitioners argued violated federal law by making its corporate affiliates responsible for the amount.
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June 24, 2024
Apple Becomes 1st Target Of New EU Digital Markets Law
European authorities provisionally accused Apple's App Store of violating its new digital antitrust law designed to curtail the power of Big Tech, claiming the iPhone maker's guidelines unfairly prevent developers from steering consumers to alternative platforms.
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June 21, 2024
Quinn Emanuel Rips Columbia's 'Utterly Meritless' Filing Bid
Quinn Emanuel Urquhart & Sullivan LLP told the Federal Circuit on Friday that Columbia University's bid to introduce a former Norton Lifelock computer scientist's declaration claiming the company's former lawyers at the firm are lying about his refusal to testify in the school's decade-long $600 million patent case is "utterly meritless."
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June 21, 2024
Apple Won't Offer AI Tools In EU Due To Regulatory Concerns
Apple confirmed Friday that the tech giant isn't planning on releasing new artificial intelligence features in the European Union this year due to "regulatory uncertainties" involving the bloc's new Digital Markets Act and the potential security risks that complying with the DMA could pose to Apple users.
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June 21, 2024
Real Estate Recap: Distressed Deals, Housing Hurdles, Infill
Catch up on this week's key state developments from Law360 Real Estate Authority — including tips for guiding distressed office deals, the latest intel from Harvard University's Joint Center for Housing Studies, and how one U.S. city has been a magnet for federal funding of brownfield projects.
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June 21, 2024
Kaspersky Hit With Sanctions In Wake Of US Software Ban
The U.S. Department of the Treasury on Friday sanctioned a dozen AO Kaspersky Lab executives, just a day after the U.S. Department of Commerce prohibited the sale of the Russia-based company's antivirus software and cybersecurity products in the United States.
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June 21, 2024
4 Big Banks Cited For 'Living Will' Weaknesses By Fed, FDIC
Federal regulators said Friday that half of the nation's largest U.S. banks will need to shore up weaknesses identified in their most recent "living wills," plans that detail how they could be resolved quickly and safely in the event of severe distress or failure.
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June 21, 2024
Under Armour To Pay $434M To End Securities Fraud Claims
Under Armour Inc. has agreed to shell out $434 million to put to rest claims it inflated stock prices by hiding declining demand for its products, investors announced Friday, reaching a deal just weeks before a jury trial was set to kick off in Maryland federal court.
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June 21, 2024
Google Ditches Wiretap Suit Over AI Customer Service Calls
A California federal judge has tossed, for now, a proposed class action accusing Google LLC of using a "human-like" customer service product powered by generative artificial intelligence to illegally eavesdrop on Verizon users' calls, finding that Google was exempt from liability because it was acting as Verizon's agent.
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June 21, 2024
Nike Misled Investors On Sales Strategy, Ore. Class Suit Says
Nike and two executives were hit with a proposed class action lawsuit in Oregon federal court over securities law violations, with a Florida-based pension fund alleging stock value declined as the shoe corporation continued to mislead investors on the success of a change in sales strategy.
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June 21, 2024
Twitter Judge Skeptical Of Musk's Bid To Beat Investor Suit
A California federal judge considering allegations that Elon Musk misled Twitter investors by falsely tweeting that it had to provide information on its alleged bot problem before he'd proceed with his $44 billion acquisition appeared skeptical Friday of Musk's defense that investors knew he was obligated to close the deal regardless.
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June 21, 2024
Intel Investor Says Top Brass Hid Foundry Losses, Problems
Intel Corp. executives were hit with a shareholder derivative complaint alleging they misled investors as to the actual success of the company's newly created Foundry Services division, according to the suit filed Friday in Delaware federal court.
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June 21, 2024
Live Nation Investor Sues Leaders Over DOJ Antitrust Claims
Live Nation's executives and directors were hit with a shareholder derivative lawsuit Friday in California federal court that seeks damages in the wake of the U.S. Department of Justice's allegations that the company monopolized concert promotion and ticket sales following its 2010 merger with Ticketmaster.
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June 21, 2024
Manhattan DA Seeks To Retain Trump Gag Order, Amid Threats
The Manhattan District Attorney's Office urged a New York state judge Friday to leave in place most restrictions of the gag order preventing Donald Trump from speaking publicly about witnesses, jurors and others tied to his criminal trial, citing a barrage of threats from his supporters in recent months — including "actionable" death threats before and after the verdict.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
Expert Analysis
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Fintech Compliance Amid Regulatory Focus On Sensitive Data
The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Cos. Must Stay On Alert With Joint Employer Rule In Flux
While employers may breathe a sigh of relief at recent events blocking the National Labor Relations Board's proposed rule that would make it easier for two entities to be deemed joint employers, the rule is not yet dead, say attorneys at Day Pitney.
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Key Insurance Considerations After $725M Benzene Verdict
The recent massive benzene verdict in Gill v. Exxon Mobil will certainly trigger insurance questions — and likely a new wave of benzene suits — so potential defendants should study Radiator Specialty v. Arrowood Indemnity, the only state high court decision regarding benzene claim coverage, says Jonathan Hardin at Perkins Coie.
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Fed. Circ. Scrapping Design Patent Tests Creates Uncertainty
The Federal Circuit last week discarded established tests for proving that design patents are invalid as obvious, leaving much unknown for design patent applicants, patentees and challengers, such as what constitutes analogous art and how secondary references will be considered and applied, say attorneys at Sterne Kessler.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How AI Cos. Can Cope With Shifting Copyright Landscape
In the evolving landscape of artificial intelligence, recent legal disputes have focused on the utilization of copyrighted material to train algorithms, meaning companies should be aware of fair use implications and possible licensing solutions for AI users, say Michael Hobbs and Justin Tilghman at Troutman Pepper.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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One Contract Fix Can Reduce Employer Lawsuit Exposure
A recent Fifth Circuit ruling that saved FedEx over $365 million highlights how a one-sentence limitation provision on an employment application or in an at-will employment agreement may be the easiest cost-savings measure for employers against legal claims, say Sara O'Keefe and William Wortel at BCLP.
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Opinion
DOJ Messaging App Warnings Undermine Trust In Counsel
The U.S. Department of Justice Antitrust Division's increasingly ominous warnings to defense and in-house counsel about the consequences of not preserving ephemeral messaging and messages sent using collaboration tools could erode confidence and cooperation, says Mark Rosman at Proskauer.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.