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Corporate
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September 05, 2024
Chancery Presses Pause On $450M Bolt Financial Financing
Affiliates of multinational investors Hedosophia and BlackRock have won a Delaware Court of Chancery pause of a purported Bolt Financial Inc. $450 million equity financing that would eliminate and replace all the company's preferred stock while returning founder Ryan Breslow to his CEO seat.
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September 05, 2024
7-Eleven Owners Not Company Workers, Mass. Justices Say
The top court in Massachusetts ruled Thursday that 7-Eleven franchise owners aren't employees because they don't perform services for the corporation that licensed them the franchises.
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September 05, 2024
Ex-Siemens Exec Concedes Trade Secret Caper Merits Prison
A former executive of Siemens Energy Inc. has told a Virginia federal judge that he recognizes that a period of incarceration is merited after he pled guilty to stealing trade secrets from General Electric Co. and Mitsubishi Heavy Industries Ltd. to undercut their bids to build a gas turbine plant.
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September 12, 2024
Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth
Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.
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September 05, 2024
Cooley Hires Corporate Governance Pro As Strategic Adviser
Cooley LLP has hired a thought leader with expertise in securities regulation as a strategic adviser to provide content for clients, including a new blog to give guidance on all types of governance issues, the firm announced Thursday.
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September 04, 2024
Robinhood Inks $3.9M Deal In Calif.'s Crypto Withdrawal Probe
Robinhood's cryptocurrency trading platform will pay a $3.9 million penalty to resolve the state of California's claims that the Menlo Park-based company didn't allow customers to make withdrawals from their accounts from 2018 to 2022, California Attorney General Rob Bonta announced on Wednesday.
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September 04, 2024
SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal
The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.
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September 04, 2024
Albertsons CEO Takes Stand On Kroger Merger, Missing Texts
Federal Trade Commision attorneys on Wednesday pressed Albertsons Cos. Inc. CEO Vivek Sankaran in Oregon federal court about why he had such dire predictions about the company's future without a merger with Kroger despite previous statements about how his company had been crushing the competition.
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September 04, 2024
Ex-Discover Financial Exec Claims Bias Over Equity Clawback
A retired Discover Financial Services executive vice president sued the company in Illinois federal court on Wednesday alleging age and gender discrimination, saying she was the only woman to lose over $7 million in unvested equity awards over a credit card misclassification issue for which she wasn't even responsible.
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September 04, 2024
Icahn Enterprises Investor Sues Alleging 'Ponzi-Like' Scam
An Icahn Enterprises LP investor hit the partnership's billionaire founder Carl Icahn and its board with a derivative suit in Florida federal court Tuesday, accusing them of hiding "highly significant" risks, including the partnership's alleged "Ponzi-like" structure, which purportedly inflated its price and exposed it to regulatory probes and litigation.
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September 04, 2024
Virgin Galactic Investor Says Branson, Brass Hid Safety Risks
A Virgin Galactic stockholder sued the aerospace and space tourism company's founder Richard Branson and top executives in Delaware's Court of Chancery, alleging the billionaire profited by selling off equity at an inflated price while failing to publicly disclose his knowledge of purportedly pervasive safety issues.
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September 04, 2024
SEC Fines NJ Financial Cos. For Whistleblowing Violations
New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.
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September 04, 2024
Nonsolicits Don't Need Geographic Terms, Ga. Justices Say
The Supreme Court of Georgia said on Wednesday that restrictive covenants don't need to contain an explicit territorial component for them to be deemed reasonable under state law, reviving a marketing organization's attempt to enforce a nonsolicitation provision in its contracts with independent agents.
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September 04, 2024
Drink Co.'s Ex-CEO Must Face Suit Over Illegitimate Profits
A Florida federal bankruptcy judge on Wednesday denied a bid by the former CEO of the corporation that makes Bang Energy to toss a lawsuit alleging the company's profits were based on deception and that the chief executive left the business insolvent, but ordered that the complaint be clarified.
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September 04, 2024
Produce Co. With Bankrupt Parent Settles $1M Payment Suit
A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.
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September 04, 2024
Ex-CEO Sues Ferry Co.'s Private-Equity Buyer
The former CEO of a company that operates a ferry service has told a Michigan federal court that he was wrongly terminated and then badmouthed by the company's new private-equity owners.
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September 04, 2024
Apollo Defends $570M Controller Deal In Chancery Suit
An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.
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September 04, 2024
Tort Report: 'Landmark' $16M Crash Verdict Against Amazon
A "landmark" verdict out of Georgia that put Amazon on the hook for an independent contractor delivery driver's negligence and a hearing-impaired Florida physician's disciplinary matter lead Law360's Tort Report, which compiles recent personal injury and medical malpractice news that may have flown under the radar.
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September 04, 2024
9th Circ. Blocks Calif.'s Social Media Content Disclosure Law
The Ninth Circuit ruled Wednesday that a trial judge wrongly denied X Corp.'s bid to block parts of a new California law that requires social media giants to disclose their content-moderation policies, finding that provisions requiring the companies to disclose how and whether they define extreme content are likely unconstitutional.
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September 04, 2024
Chamber Backs Gilead's Immunity In COVID Appeal
The U.S. Chamber of Commerce and a trade association representing drug companies have urged a Michigan state appeals court to rule that Gilead Sciences is immune from a claim that a recalled batch of COVID-19 medication caused a man to suffer two strokes.
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September 04, 2024
LinkedIn Speech Not Covered By Labor Law, 5th Circ. Told
A logistics company told a Fifth Circuit panel during oral arguments Wednesday that an employee who was fired for allegedly disparaging comments made over LinkedIn wasn't protected under labor law, although the panel pointed out that an employee can take protected wage complaints to outside parties.
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September 04, 2024
Ex-Twitter Worker Class Conditionally Certified In Age Bias Suit
A California federal judge has conditionally certified a collective action on behalf of former Twitter workers aged 50 and older who were fired after Elon Musk acquired the company, saying while this isn't the stage "to weigh the evidence," the complaint shows "beyond mere speculation" Twitter may have discriminated against older employees.
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September 04, 2024
PVC Pipe Makers Accused Of Price-Fixing
A Tennessee farmer has hit the country's biggest PVC pipe manufacturers with a proposed price-fixing class action, claiming that since at least 2021 they've been colluding through a reporting agency to raise prices for consumers.
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September 04, 2024
2nd Circ. Says Free E-Book Library Not Fair Use
The Second Circuit on Wednesday rejected a nonprofit digital library's fair use defense of its practice of distributing copyrighted e-books for free, ruling in favor of a group of book publishers in a closely watched case.
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September 04, 2024
McElroy Deutsch's Former CFO Fights Bid To Sink Ch. 11 Case
The currently incarcerated former chief financial officer for McElroy Deutsch Mulvaney & Carpenter LLP denied that his Chapter 11 filing was a bad faith maneuver meant to stall ongoing civil litigation, claiming instead that the bankruptcy will allow for the liquidation of property for the benefit of creditors.
Expert Analysis
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How Uyghur Forced Labor Law Affects Importing Companies
Amid a growing focus on forced labor in supply chains and a likely increase in enforcement under the Uyghur Forced Labor Prevention Act, companies may face costly import delays unless they develop and implement compliance best practices, say Thad McBride and Lauren Gammer at Bass Berry.
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What Companies Should Consider Amid Multistate AG Actions
The rise of multistate attorney general actions is characterized by increased collaboration and heightened scrutiny across various industries — including Big Tech and gaming — and though coalitions present challenges for targeted companies, they also offer opportunities for streamlined resolutions and coordinated public relations efforts, say attorneys at Cozen O'Connor.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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Careful Data Governance Is A Must Amid Enforcement Focus
Federal and state regulators' heightened focus on privacy enforcement, including the Federal Trade Commission's recent guidance on consumer protection in the car industry, highlight the importance of proactive risk management, compliance and data governance, say Jason Priebe and Danny Riley at Seyfarth.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Opinion
Paid Noncompetes Offer A Better Solution Than FTC's Ban
A better alternative to the Federal Trade Commission's recent and widely contested noncompete ban would be a nationwide bright-line rule requiring employers to pay employees during the noncompete period, says Steven Kayman at Rottenberg Lipman.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Skip Versus File: The Patent Dilemma That Costs Millions
In the nearly 30 years since the inception of the provisional application, many have weighed the question of whether or not to file the provisional, and data shows that doing so may allow inventors more time to refine their ideas and potentially gain an extra year of protection, says Stanko Vuleta at Highlands Advisory.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.