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December 12, 2024
Cantor Fitzgerald To Pay SEC $6.75M Over SPAC Disclosures
Cantor Fitzgerald on Thursday agreed to pay a $6.75 million penalty to the U.S. Securities and Exchange Commission to resolve claims that it caused two special purpose acquisition companies that it controls to make misleading statements to investors ahead of the SPACs' initial public offerings.
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December 12, 2024
Vidal Reflects On USPTO Achievements As She Leaves Office
Kathi Vidal will serve her last day as U.S. Patent and Trademark Office director on Friday and rejoin her former firm, Winston & Strawn LLP, on Monday. She talked to Law360 as she prepared her exit from the agency, with internal changes top of mind as she looked back on her tenure.
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December 12, 2024
Align Tech's $27.5M Antitrust Deal Hits Nerve With Judge
A California federal judge said Thursday that a proposed $27.5 million deal for teeth-aligner buyers to resolve antitrust claims alleging Align Technologies Inc. colluded with the now-bankrupt SmileDirectClub to illegally restrict competition might be "inherently improper" due to a coupon component that "would bring additional business to the monopolist."
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December 12, 2024
Keller Postman Sues Jenner & Block In Escalating Tubi Fight
Keller Postman LLC added a new front Wednesday to its heated legal fight with Jenner & Block LLP, filing a California state court lawsuit accusing the BigLaw firm of employing a host of unethical tactics to gain leverage in mass arbitration against the streaming service Tubi.
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December 12, 2024
DOJ Seizes Rydox Cybercrime Site, Charges Administrators
A Pennsylvania federal judge on Thursday unsealed an indictment charging two Kosovo citizens who ran the illicit website Rydox with multiple criminal counts after the U.S. government seized the website, which has been used by cybercriminals to buy and sell thousands of Americans' personal information and dating profiles.
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December 12, 2024
SEC Will Be GOP-Only Without Crenshaw's Vote, Groups Warn
More than 40 organizations sent a collective letter to U.S. senators in support of Democrat Caroline Crenshaw's reconfirmation to the U.S. Securities and Exchange Commission on Thursday, a day after Senate Republicans blocked a closed-door vote on her nomination.
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December 12, 2024
Ch. 7 Trustee Must Explain $200M Holdback Bid, Court Told
The owner of two bankrupt real estate companies has asked a Connecticut state court for permission to question the Chapter 7 trustee who wants a $200 million placeholder in connection with a shareholder's derivative claims, arguing the trustee must detail his allegations of the owner diverting millions to other business interests.
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December 12, 2024
Texas AG Targets Instagram, Reddit Over Youth Data Security
Texas Attorney General Ken Paxton announced Thursday that his office is looking into minors' privacy and safety policies of more than a dozen tech companies, including Character.AI, Reddit and Instagram, as part of his long-running campaign to stop companies from selling minors' personal information without permission from their parents.
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December 12, 2024
AT&T Exec Can't Get Bribery Acquittal After Jury Deadlocks
An Illinois federal judge on Thursday denied a former AT&T executive's bid for acquittal on charges he bribed ex-Illinois House Speaker Michael Madigan after his case resulted in a hung jury earlier this year, saying the government presented sufficient evidence of a quid pro quo.
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December 12, 2024
DC Circ. Leans Toward BofA In Pandemic Market Loss Bout
The D.C. Circuit is set to decide whether Bank of America had a duty to try harder to stop one of its clients from dumping his investments when the market tanked at the beginning of the COVID-19 pandemic, but at arguments Thursday morning, the panel did not seem to think so.
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December 12, 2024
TD Bank Sued Over AML Controls After Ex-Employee's Arrest
Toronto-Dominion Bank and its top brass concealed and downplayed issues with the bank's anti-money laundering controls, according to a class action filed one day after a former employee was arrested and charged with assisting in a money laundering scheme that sent millions of dollars in narcotics proceeds from the U.S. to Colombia.
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December 12, 2024
Amazon Can't Nix Class, Collective Claims In Pay Bias Suit
A Washington federal judge on Thursday said Amazon cannot throw out proposed class and collective claims that it systematically paid women less than their male counterparts, saying the case is not "so hopeless" that certification is impossible down the road.
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December 12, 2024
IRS Chief Makes Case To Restore $20B Funding Shortfall
Congress should reverse a $20 billion IRS funding gap in a year-end budget bill to help the agency modernize its technology, improve customer service and collect unpaid taxes from wealthy businesses and individuals, Internal Revenue Commissioner Daniel Werfel said Thursday.
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December 12, 2024
Mobile Trade Group's CEO To Leave Organization Next Year
The president and CEO of mobile industry lobbying group CTIA will leave the organization when her contract expires next year, the group said Thursday.
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December 12, 2024
'Love Is Blind' Cast Members Are Employees, NLRB GC Says
Cast members of the Netflix reality series "Love Is Blind" are employees under federal labor law, the NLRB's Minneapolis office alleged in a complaint obtained by Law360, claiming the producers have unlawful provisions in agreements demanding thousands of dollars if participants quit the reality show or breach the pacts.
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December 12, 2024
Ex-DOJ Antitrust Litigator Joins Winston & Strawn In DC
Winston & Strawn LLP announced Thursday that it has hired an antitrust pro who formerly worked for the U.S. Department of Justice and most recently worked at Kellogg Hansen Todd Figel & Frederick PLLC to strengthen its litigation department.
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December 12, 2024
Saul Ewing Named In Wage Class Reps' Hidden-Asset Suit
A Pittsburgh-based home health care company and its counsel from Saul Ewing LLP are improperly shuffling assets in order to avoid paying future judgments, according to a lawsuit by representatives of a proposed wage class seeking $12.2 million.
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December 12, 2024
IRS Hopes To Issue Amount B Pricing Guidance Within Weeks
Treasury is working to finish its guidance on the simplified transfer pricing approach to baseline marketing and distribution known as Amount B by the end of the year, a U.S. official said Thursday.
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December 12, 2024
Former CFO Admits To Stealing $1.3M From SF Law Firms
A former chief financial officer of two San Francisco law firms admitted to stealing more than $1.3 million from his former employers via several fraudulent schemes, including redirecting firm payments to a nonprofit organization he set up privately.
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December 12, 2024
Ex-OMB GC Mark Paoletta Returns To Role In Trump Admin
The attorney who served as the general counsel of the Office of Management & Budget in President-elect Donald Trump's first administration has been tapped by the incoming president to once again take the reins of that agency's legal work.
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December 12, 2024
Ex-Recruitment Firm GC Joins Gordon Rees In San Diego
Gordon Rees Scully Mansukhani LLP has bolstered its employment law practice group with the hiring of a civil litigator who previously worked in-house at a staffing agency.
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December 12, 2024
Holland & Knight's Latest Corporate Atty Joins From WilmerHale
Holland & Knight LLP announced the addition of a former WilmerHale attorney to its New York office Wednesday, touting his work for clients in sectors such as technology, life sciences, municipal services, financial services, specialty manufacturing and energy.
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December 12, 2024
Jury Clears Blank Rome Attys In Malicious Suit Case
Three Blank Rome attorneys and an aviation company have been cleared by a Pennsylvania federal jury of claims that they maliciously pursued litigation over alleged misuse of confidential information against a lawyer who formerly represented the company and switched to plaintiffs work.
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December 12, 2024
FTC Dusts Off Price Bias Law In Booze Distributor Suit
The Federal Trade Commission sued Southern Glazer's Wine and Spirits LLC in California federal court on Thursday, dusting off a long-dormant price discrimination law with allegations that the country's largest alcohol distributor offered dramatic and unjustified discounts to large retailers that left smaller stores in the lurch.
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December 12, 2024
US Takes Hard Line Against WTO Litigating Security Matters
The Biden administration issued a stern warning against the dangers of litigating national security matters at the World Trade Organization, stressing that allowing international tribunals to decide the legality of a sovereign country's security policies is untenable.
Expert Analysis
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How A Trump Win Might Affect The H-1B Program
A review of the Trump administration's attempted overhaul of the H-1B nonimmigrant visa program suggests policies Donald Trump might try to implement if he is reelected, and specific steps employers should consider to prepare for that possibility, says Eileen Lohmann at BAL.
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Challenge To Ill. Card Fee Law Explores Compliance Hurdles
A recent federal lawsuit challenging an Illinois law that will soon forbid electronic payment networks from charging fees for processing the tax and tip portions of card transactions, fleshes out the glaring compliance challenges and exposure risks financial institutions must be ready to face next summer, says Martin Kiernan at Amundsen Davis.
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Recent Securities Cases Highlight Risks In AI Disclosures
Increasing public disclosure about the use and risks of artificial intelligence, and related litigation asserting that such disclosures are false or misleading, suggest that issuers need to exercise great care with respect to how they describe the benefits of AI, say Richard Zelichov and Danny Tobey at DLA Piper.
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Harris Unlikely To Shelve Biden Admin's Food Antitrust Stance
A look at Vice President Kamala Harris' past record, including her actions as California attorney general, shows why practitioners should prepare for continued aggressive antitrust enforcement, particularly in the food and grocery industries, if Harris wins the presidential election, says Steve Vieux at Bartko.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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5th Circ. Shows Admin Rules Can Survive Court Post-Chevron
The Fifth Circuit's textual analysis of the Fair Labor Standards Act, contributing to its recent affirming of the U.S. Department of Labor’s authority to set an overtime exemption salary threshold, suggests administrative laws can survive post-Chevron challenges, say Jessi Thaller-Moran and Erin Barker at Brooks Pierce.
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Applying High Court's Domestic Corruption Rulings To FCPA
After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.
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Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'
The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Licensing And Protections For Voice Actors In The Age Of AI
While two recently enacted California laws and other recent state and federal legislation largely focus on protecting actors and musicians from the unauthorized use of their digital likenesses by generative artificial intelligence systems, the lesser-known community of professional voice actors also stands to benefit, says attorney Scott Mortman.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.
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John Deere Penalty Shows Importance Of M&A Due Diligence
The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.
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Opinion
FTC's Report Criticizing Drug Middlemen Is Flawed
The Federal Trade Commission's July report, which claims that pharmacy benefit managers are inflating drug costs, does not offer a credible analysis of PBMs, and its methodology lacks rigor, says Jay Ezrielev at Elevecon.
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2 High Court Securities Cases Could Clarify Pleading Rules
In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.