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Corporate
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July 10, 2024
Skydance, Paramount Unlikely To Hit Regulatory Roadblocks
After Skydance Media and Paramount Global finally inked a deal to merge, the parties will move through a 45-day go-shop period and a review from U.S. regulators, but experts told Law360 the deal is unlikely to hit any antitrust obstacles.
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July 10, 2024
Fantasy Sports Co. Can't Duck Claims It Ripped Off IP
A Georgia federal judge on Tuesday declined to dismiss a patent infringement suit between two fantasy sports tech companies, siding with a special master's finding that the technologies in question are likely concrete enough to warrant intellectual property protection.
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July 10, 2024
Nike Wins Another Look At TM Atty Fees Ruling At 3rd Circ.
The Third Circuit on Wednesday undid a $5 million attorney fee award to a Pennsylvania clothing manufacturer that sued Nike Inc. for trademark infringement, ordering a federal trial court to look more closely at the specifics of the case to determine if the outcome was truly "exceptional."
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July 10, 2024
Bang Energy Drink Co. Ex-CEO Urges DQ Of Ch. 11 Judge
The former CEO of the company that makes Bang energy drinks urged the disqualification of a Florida federal bankruptcy judge and called for an investigation, alleging that the judge committed misconduct in the company's Chapter 11 case, according to a complaint filed with the Eleventh Circuit.
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July 10, 2024
Archegos Founder Convicted Of $100B Fraud On Wall Street
A Manhattan federal jury on Wednesday convicted Archegos founder Bill Hwang of illegally injecting over $100 billion into Wall Street markets with lies to banks that ballooned stocks and his assets, before running his family-office hedge fund into the ground.
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July 10, 2024
Salt Co. CEO, Worker Settle Suit Over Spurned Affair
A Seattle-area gourmet sea salt company has settled a discrimination suit by an employee who says she was demoted and ostracized when she rejected sexual advances from its founder and CEO, who allegedly tried to win her over by paying for a new car, a new apartment and her student loans.
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July 10, 2024
X Corp., Musk Dodge $500M Severance Suit
X Corp. and Elon Musk can escape claims they owe former employees $500 million in severance following the business mogul's purchase of the social platform formerly known as Twitter, a California federal judge ruled, saying the facts don't show that federal benefits law governed the payments workers received.
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July 10, 2024
Former McElroy Deutsch CFO Hits Ch. 11 Amid Theft Cases
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer filed for bankruptcy in New Jersey this week as he awaits sentencing for embezzling over $1.5 million from the firm over a period of years via fraudulent bonuses.
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July 10, 2024
SEC Probes NYSE's Bid To Extend SPAC Merger Deadlines
The U.S. Securities and Exchange Commision wants more time to investigate a New York Stock Exchange proposal that would lengthen deadlines to complete certain mergers involving special purpose acquisition companies to 42 months, saying NYSE's proposal departs from typical time limits intended to protect investors.
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July 10, 2024
NLRB Outburst Order Violated Due Process, 5th Circ. Says
The National Labor Relations Board must reconsider its decision changing the analysis of whether worker outbursts are protected under federal labor law, the Fifth Circuit ruled, finding the board violated a company's due process rights by not hearing its arguments prior to the precedent shift.
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July 10, 2024
MSG Sports Raises GC To Permanent Chief Operating Officer
Madison Square Garden Sports Corp., which owns the NBA's New York Knicks and the NHL's New York Rangers, has promoted general counsel Jamaal Lesane to the position of chief operating officer, according to a securities filing on Tuesday.
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July 10, 2024
2 Roundup MDL Cases Axed After Plaintiffs Fail To Act
A California federal judge presiding over multidistrict personal injury litigation related to the Monsanto herbicide Roundup has ended two of the numerous cases, with one tossed for failure to prosecute and the second ending in an early win for Monsanto after the plaintiff failed to file a response, amid ongoing concerns that plaintiffs' attorneys are overtaxed.
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July 10, 2024
Bankruptcy Filing Halts Dueling Unions' Defamation Dispute
One of two security and law enforcement unions embroiled in defamation suits in Michigan federal court has informed the court that it has filed for bankruptcy in Pennsylvania, pausing the claims against it a week before trial.
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July 10, 2024
Keurig Dr. Pepper Sent Mass Anti-Union Texts, Workers Say
Keurig Dr. Pepper has been accused in Illinois state court of sending mass anti-union text messages to the personal cellphone numbers of its factory workers, in violation of their privacy.
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July 10, 2024
Ex-CEO Convicted In COVID Test Kit Fraud Case
A former healthcare software executive was found guilty of securities fraud Wednesday by a New Jersey federal jury in the retrial of a case that ended in a hung jury in December.
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July 09, 2024
FINRA Fines UBS For Missing Rep's $7.2M Sell-Away Scheme
The Financial Industry Regulatory Authority has fined UBS Financial Services Inc. $850,000 as part of a deal to resolve allegations that the firm failed to detect for more than two decades one of its representative's outside sales of mismarketed securities to his UBS clients.
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July 09, 2024
Bard Fights 'Patent Misuse' Ruling In $53M Suit At 9th Circ.
Bard urged the Ninth Circuit on Tuesday to reverse a lower court's finding that its attempt to collect $53 million in licensing payments from a medical-device company was a clear case of "patent misuse," arguing that the parties' licensing agreement allows for Bard to collect payments even after the patents-in-suit expired.
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July 09, 2024
With Chevron's End, LGBTQ+ Healthcare Regs Face New Risk
The end of Chevron deference is already disrupting regulation meant to protect LGBTQ+ access to healthcare, with three federal judges blocking enforcement of a Biden administration rule prohibiting discrimination based on gender identity in healthcare.
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July 09, 2024
FTC Deal Bars Messaging App From Allowing Users Under 18
Anonymous messaging app maker NGL Labs LLC and two of its founders will shell out $5 million and be banned from offering the service to anyone under age 18 to resolve the Federal Trade Commission and Los Angeles County's claims that they unfairly marketed the app to children and teens and falsely portrayed their content moderation efforts.
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July 09, 2024
Chase Bank Reaches Deal In Data Security Patent Suit
JPMorgan Chase Bank NA indicated Tuesday that it has settled a lawsuit in Texas federal court over data security patents developed by a former Israeli air defense officer who worked on technological solutions for "survivability capabilities against systemic failures."
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July 09, 2024
Private Funds Say 5th Circ. Ruling Sinks SEC's AI, Cyber Bids
Several trade groups for the private fund industry urged the U.S. Securities and Exchange Commission on Tuesday to withdraw rule proposals on artificial intelligence and investment adviser outsourcing and cybersecurity risk management, in light of a Fifth Circuit ruling that dealt a blow to the agency's private fund oversight.
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July 09, 2024
Chancery OKs $100K Incentive Fee In $18.8M Class Settlement
An $18.8 million settlement ended Tuesday a Delaware Court of Chancery derivative suit alleging a $220 million breach of fiduciary duty by Guggenheim Funds Investment Advisors LLC and trustees of a closed-end fund client, with the court also approving a rare $100,000 plaintiff incentive fee.
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July 09, 2024
Top DOJ Litigator Says Competition Issues Are 'Everywhere'
The senior official leading the U.S. Department of Justice's antitrust litigation efforts said Tuesday she sees a "competition problem" in nearly every American industry, as she discussed the growth in federal antitrust enforcement at an event in Denver.
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July 09, 2024
Fla. Judge Won't Nix Antitrust Claims Against Alcon
The Florida federal judge presiding over the multidistrict litigation alleging disposable contact lens sellers conspired to fix prices refused Tuesday to let Alcon escape antitrust claims by an online contact lens reseller and sent the suit back to New York.
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July 09, 2024
Amazon Gets 'Buy Box' Rigging Case Tossed, For Now
A Washington federal court has dismissed a proposed class action accusing Amazon of using its "Buy Box" feature to deceive consumers after finding that the two men bringing the claims failed to include any details about the transactions they made and allegedly overpaid for.
Expert Analysis
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What Law Firms Should Know Amid Rise In DQ Motions
As disqualification motions proliferate, law firms need to be aware of the types of conflicts that most often lead to disqualification, the types of attorneys who may be affected and how to reduce their exposure to these motions, says Matthew Henderson at Hinshaw.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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The Practical Effects Of Justices' Arbitration Exemption Ruling
The U.S. Supreme Court's recent decision in Bissonnette v. LePage Bakeries, that a transportation worker need not work in the transportation industry to be exempt from the Federal Arbitration Act, may negatively affect employers' efforts to mitigate class action risk via arbitration agreement enforcement, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Why Corporate DEI Challenges Increasingly Cite Section 1981
As legal challenges to corporate diversity, equity and inclusion initiatives increase in the wake of the U.S. Supreme Court's ruling on race-conscious college admissions last year, Section 1981 of the Civil Rights Act is supplanting Title VII as conservative activist groups' weapon of choice, say Mike Delikat and Tierra Piens at Orrick.
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How Duty Of Candor Figures In USPTO AI Ethics Guidance
The duty of candor and good faith is an important part of the artificial intelligence ethics guidance issued last week by the U.S. Patent and Trademark Office, and serious consequences can visit patent and trademark applicants who violate that duty, not just their attorneys and agents, says Michael Cicero at Taylor English.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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Del. Match.com Ruling Maintains Precedent In Time Of Change
Despite speculation that the Delaware Supreme Court could drive away corporations if it lowered the bar for business judgment review in its Match.com stockholder ruling, the court broke its recent run of controversial precedent-busting decisions by upholding, and arguably strengthening, minority stockholder protections against controller coercion, say Renee Zaytsev and Marc Ayala at Boies Schiller.
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The Future Of BIPA Insurance Litigation After Visual Pak
A recent Illinois appellate court decision, National Fire Insurance v. Visual Pak, may have altered the future of insurance litigation under the state's Biometric Information Privacy Act by diametrically opposing a prominent Seventh Circuit ruling that found insurance coverage for violations of the act, say attorneys at Jenner & Block.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.