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Corporate
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September 16, 2024
UniCredit Launches €1.7B Share Buyback After Profit Gains
UniCredit SpA said Monday that it has kicked off a share buyback worth up to €1.7 billion ($1.9 billion) as the Italian commercial bank moves to reward its shareholders after it reported bumper profits.
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September 13, 2024
The 2024 Regional Powerhouses
The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.
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September 13, 2024
Real Estate Recap: Foreclosure Legal Fees, Climate Resilience
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including trends in legal fees from commercial mortgage foreclosures and insights into property resilience in areas affected by extreme weather events.
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September 13, 2024
Bankman-Fried Lays Blame On Trial Judge In 2nd Circ. Appeal
FTX founder Sam Bankman-Fried on Friday launched an appeal of his fraud conviction over the cryptocurrency exchange's historic collapse, issuing a broadside against the judge who oversaw his trial and saying FTX's debtor counsel Sullivan & Cromwell LLP acted as an arm of the prosecution.
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September 13, 2024
Judiciary Panel Dems Endorse Amicus Funding Disclosure
A plan to overhaul required financial disclosures in appellate amicus briefs has generated strong early reaction, including from two key congressional Democrats who endorsed the proposals.
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September 13, 2024
Samsung Hit With $192M Verdict In Wireless Charging IP Fight
A Texas federal jury on Friday found that Samsung owes Mojo Mobility Inc. $192.1 million for infringing five wireless charging patents with its Samsung Galaxy smartphones and other devices.
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September 13, 2024
23andMe Inks $30M Data Breach Deal With 6.4M Users In MDL
Personal genomics company 23andMe has reached a $30 million settlement to resolve multidistrict class action litigation on behalf of more than 6 million customers whose personal data was stolen and in some cases leaked onto the dark web, according to a California federal court filing Thursday.
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September 13, 2024
Exxon Owes $816M For Man's Cancer After Judge Ups Verdict
Exxon Mobil Corp. is on the hook for $816 million to a New York service station mechanic who blames the oil giant for his leukemia diagnosis, after a Philadelphia judge upheld a jury's verdict and added delay damages.
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September 13, 2024
Sandoz Awarded $137M In Generic Hypertension Drug Fight
United Therapeutics Corp. owes Sandoz Inc. $137.2 million for conduct that breached an earlier settlement agreement between the parties and effectively blocked the sale of Sandoz's generic version of an injectable drug to treat hypertension, a New Jersey federal judge has ruled.
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September 13, 2024
Yellow Corp.'s Bid To Ax $7.8B Pension Liability Rejected
A Delaware bankruptcy judge sided with the Pension Benefit Guaranty Corp. in its dispute with trucking firm Yellow Corp. over $7.8 billion in retirement fund withdrawal liability, ruling Friday that special federal funds from a 2021 COVID-19 stimulus package do not reduce or eliminate the debtor's liability.
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September 13, 2024
Walgreens To Pay $107M To End 3 False Billing Claims Suits
Walgreens has agreed to pay $106.8 million to settle claims across three lawsuits that it violated the False Claims Act and state laws for billing government health programs for prescriptions it never dispensed, the U.S. Department of Justice announced Friday.
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September 13, 2024
Vista Hails Sweetened CSG Bid, But Leaves MNC Door Open
Vista Outdoor Inc. on Friday voiced support for an increased offer from Czech defense company Czechoslovak Group AS to buy a slice of the ammunition and outdoor company, while also urging MNC Capital Partners LP to make its "best and final" bid in a competing campaign.
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September 13, 2024
Google, Cognizant Are Joint Employers, Union Tells DC Circ.
The union representing workers at YouTube Music's content operation urged the D.C. Circuit to uphold a National Labor Relations Board decision that Google and contractor Cognizant jointly employ the video site's workers, saying there's a "mountain of evidence" to support the board's ruling that both companies need to bargain with the union.
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September 13, 2024
SEC Fines Zymergen $30M Over Misleading Pre-IPO Claims
Now-shuttered biotechnology company Zymergen Inc. has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission allegations that it misled investors in its initial public offering when it used "unsupported hype" about the market potential for its technology for foldable touch screens.
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September 13, 2024
Trio Of BigLaw Mergers Expected To Drive More Deal Talks
After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.
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September 13, 2024
Boeing Machinists Strike For First Time Since 2008
Thousands of Boeing machinists and other workers walked off the job Friday after rejecting a proposed contract that union leadership had recommended for approval.
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September 13, 2024
Skanska On The Hunt For New Top Atty As GC Departs
Skanska said Friday that its top attorney is leaving the Stockholm-based construction and development company.
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September 13, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Harder-fought and more complex lawsuits may mean double-digit increases in the amount that companies spend on litigation; accuracy remains a top concern for law firms as they increasingly use artificial intelligence technology; and Norfolk Southern Corp. saw a major leadership shakeup after its chief legal officer and CEO engaged in a consensual relationship.
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September 13, 2024
Former Y Combinator GC Joins Freshfields In Silicon Valley
The former general counsel for a well-known startup accelerator that has backed companies including Airbnb, Coinbase, DoorDash and Instacart has jumped to Freshfields and its Silicon Valley office, the law firm announced on Friday.
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September 13, 2024
Ex-ABL Space Counsel Jumps To Barnes & Thornburg
A former Barnes & Thornburg associate is returning to the firm after an in-house stint with space launch service provider ABL Space Systems, but this time as a partner.
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September 12, 2024
8th Circ. Nixes $563M Verdict Against BMO Harris Over Ponzi
The Eighth Circuit on Thursday struck down a $563 million verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion dollar Ponzi scheme, ruling that the bank should have been allowed to raise a defense that would have barred the suit in the first place.
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September 12, 2024
Wells Fargo Ordered To Overhaul Sanctions, AML Compliance
Wells Fargo faces fresh restrictions on launching new products and entering new markets, and must beef up its compliance and monitoring efforts around sanctions, anti-money laundering and other international business risks, under an enforcement action announced Thursday by the Office of the Comptroller of the Currency.
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September 12, 2024
Southwest Leave Penalty Suit Cleared For Class Treatment
A California judge gave her blessing Thursday to a class action accusing Southwest Airlines Co. of penalizing flight attendants who take family or medical leave, letting the suit move ahead on behalf of thousands of workers.
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September 12, 2024
2nd Circ. Rejects Another Trump Bid To Halt Hush Money Case
The Second Circuit on Thursday rejected former President Donald Trump's request for an emergency order pausing his criminal hush money case, citing New York state court Justice Juan M. Merchan's decision to push his sentencing hearing from Sept. 18 until after the election.
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September 12, 2024
RealPage Win On Phishing Recovery A Policyholder Boon
A federal judge's holding that an AIG unit cannot lay claim to RealPage's recoveries of phishing losses that it did not originally insure is a win for policyholders as disputes over cyber loss coverage and related subrogation become more common, experts told Law360.
Expert Analysis
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Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage
The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.