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Corporate
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August 27, 2024
Tile, Stalking Victims Asked To Weigh In On Appellate Ruling
A San Francisco federal judge mulling tracking device manufacturer Tile Inc.'s bid to arbitrate some claims that its Bluetooth trackers are dangerous because they empower stalkers asked the parties at a hearing Tuesday to brief her on the effect of a recent California appellate court decision regarding arbitrability.
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August 27, 2024
Exec To Pay SEC $190K Over Macquarie Insider Trading Claim
The U.S. Securities and Exchange Commission says a New York man who used inside information he learned as a Macquarie Group investor relations executive to profit from a then-pending deal to sell its airport services business to KKR & Co. has agreed to pay nearly $190,000 to settle the agency's claims that he violated securities laws.
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August 27, 2024
X Wins Dismissal of Former Workers' Sex Bias Suit, For Now
A California federal judge agreed to throw out former X Corp. workers' suit claiming Elon Musk's takeover of the company formerly named Twitter caused women to lose their jobs, but the judge gave the workers another opportunity to amend their claims.
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August 27, 2024
Capital One Accused Of Selling Account Data To Meta, Google
A group of Golden State consumers have hit Capital One Financial Corp. with a proposed class action in California federal court, alleging that the financial giant surreptitiously disclosed the personal financial information of millions of consumers to Meta Platforms Inc., Google LLC, Microsoft Corp. and other third parties without consumers' consent.
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August 27, 2024
Navy Shipbuilder Pleads Guilty To Accounting Fraud
A shipbuilder that contracts with the U.S. Navy pled guilty Tuesday to accounting fraud as part of a settlement to resolve criminal and civil investigations.
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August 27, 2024
NY Pension Funds Join Illumina Deal Suit Pile-On In Del.
New York state's retirement system and fund have added a new derivative suit to widening stockholder litigation over Illumina Inc.'s $8 billion reacquisition of cancer testing company Grail Inc. despite European Commission regulatory agency opposition.
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August 27, 2024
SEC Cites Amazon's FTC Loss In Coinbase Document Dispute
The U.S. Securities and Exchange Commission on Tuesday told a New York federal judge that a recent ruling denying Amazon's request to review internal documents from the Federal Trade Commission bolsters its own bid to shield internal communications in its enforcement suit against crypto exchange Coinbase.
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August 27, 2024
Self-Driving Truck Co. Inks $189M Deal To End Investor Suit
Self-driving trucking company TuSimple Holdings Inc. has agreed to pay $189 million to settle a class action lawsuit alleging it misled investors about its safety record and payments to a Chinese rival that opened it up to U.S. government investigations, according to a filing in California federal court.
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August 27, 2024
Del. Court Nixes Trump Media Contempt Bid In Share Suit
A Delaware vice chancellor declined on Tuesday to find Donald Trump's social media venture in contempt for suing in Florida to block the release of two Trump Media & Technology Group founders' shares, while the same founders are battling for the stock in the Court of Chancery.
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August 27, 2024
Judges Upend Alaska Airlines Loss, Blame Jury Instruction
A Washington state appeals court on Tuesday threw out a jury verdict granting an Alaska Airlines flight attendant workers' compensation for catching COVID-19 while away from home for her job, in an opinion that said a jury instruction misstated a legal doctrine covering traveling workers.
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August 27, 2024
Chamber Backs Duke Bid To Review Monopoly Suit's Revival
The U.S. Chamber of Commerce is backing Duke Energy Carolinas' bid for an en banc rehearing in the Fourth Circuit after a panel there revived NTE Energy's antitrust suit against the company.
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August 27, 2024
Taco Bell Franchisee Will Pay $2M To End Job-Posting Suits
A Taco Bell franchisee, Sharp Electronics and DoorDash are among the latest employers to reach class deals in Washington state court to end job seekers' allegations they failed to include salary or wage ranges in job postings, in violation of Evergreen State pay transparency laws.
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August 27, 2024
Polluted Conn. Property Owner's Fraud Suit Deemed Too Late
The former owner of a contaminated Connecticut industrial property waited too long to sue the company that bought the site in 1999 on claims that the buyer fraudulently transferred funds to avoid paying for environmental cleanup, a state court judge has ruled.
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August 27, 2024
Chancery Voids Bank Board Picks In Scheduling Suit
A Delaware Chancery Court judge on Tuesday invalidated an annual meeting where a board election was held by directors of Golden Mountain Financial Holdings, restoring the preelection boards of the venture, which emerged from the bankruptcy of First NBC Bank Holding Co.
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August 27, 2024
Asbestos Claimants Tell 4th Circ. Bestwall Isn't Distressed
The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress.
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August 27, 2024
Car-Sharing Co. Turo Accused Of Shirking Own Arb. Terms
California-based car-sharing company Turo has been hit with a proposed class action in Illinois federal court claiming it violated its own terms of service by refusing to arbitrate consumers' disputes or pay its required portion of the arbitration filing fees.
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August 27, 2024
No Coverage For Tire Co.'s Unpaid Invoices, Judge Rules
A tire manufacturer cannot get insurance coverage for millions in unpaid invoices it is owed, a Florida federal court has ruled, finding that the manufacturer made a material misrepresentation in its insurance application concerning the creditworthiness of one of its largest customers.
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August 27, 2024
Salesforce To Pay $1.35M To 50K-Plus ERISA Class
Salesforce will pay $1.35 million to more than 50,000 employees who accused the company, its board and its investment committee of violating the Employee Income Retirement and Security Act by picking expensive investment options and underperforming funds, according to a preliminary approval motion filed in California federal court.
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August 27, 2024
NY Fines Nordea Bank $35M In Panama Papers-Linked Action
New York's Department of Financial Services announced Tuesday that Nordea Bank Abp will pay $35 million to settle allegations of "significant" anti-money laundering compliance failures, including helping customers set up offshore accounts for tax-sheltered companies tied to the Panama Papers.
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August 27, 2024
Treasury Asked To Scrap Stock Buyback Tax's Funding Rule
Business groups urged the U.S. Treasury Department on Tuesday to remove what's known as the funding rule in forthcoming final regulations on the stock buyback tax, saying the provision would go beyond Congress' intentions for the levy, which aims to deter companies from giving outsize rewards to shareholders.
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August 27, 2024
Colo. Startup Founder Disbarred For Conflicts, Dishonesty
A Denver attorney who co-founded and provided legal services for a publicly traded software startup has been disbarred in Colorado for widespread misconduct including failing to inform the company that he issued stock in excess of what had been authorized, practicing law with a suspended license, and conversion of thousands of dollars in corporate funds.
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August 27, 2024
Google Privacy Class Action Delays Irk Discovery Judge
A California federal judge expressed frustration Tuesday with discovery delays in a years-old class action alleging Google Assistant-enabled devices surreptitiously recorded conversations, telling attorneys they've already "been around and around and around" on discovery fights, and "we need to keep this moving."
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August 27, 2024
New Cigna CLO Vows To Help Co. Navigate 'Dynamic' Industry
Cigna has promoted one of its in-house lawyers, who has spent her in-house and private practice career in the healthcare space, to chief legal officer, according to a LinkedIn post.
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August 27, 2024
SXSW, Chubb Unit Settle Ticket Coverage Dispute
The organizers of the South by Southwest festival and a Chubb insurer told a Texas federal court they settled their dispute over coverage for costs stemming from a class action by ticket holders seeking refunds after the 2020 festival was canceled because of the COVID-19 pandemic.
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August 27, 2024
Morgan Stanley Applicant Drops Suit After Pseudonym Order
A Massachusetts woman on Tuesday dropped her proposed class action claiming Morgan Stanley illegally used protected criminal history information to discriminate against applicants, after a federal judge ruled she couldn't advance the lawsuit under a pseudonym.
Expert Analysis
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days
In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Opinion
Data Breach Reporting Requirements Must Change In AI Age
Outdated data breach reporting laws are inadequate to protect consumers in the age of artificial intelligence, as AI’s ability to determine relationships coupled with its improvements to deepfake technology mean that the very definitions used in breach reporting laws are no longer sufficient, says Collin Walke at Hall Estill.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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What Chevron's End Means For How Congress Does Business
The U.S. Supreme Court’s recent Loper Bright Enterprises v. Raimondo decision, overturning the Chevron doctrine, will have a far-reaching impact across the entire public policy life cycle, beginning with how Congress writes its laws and extending through agency implantation and judicial review, say attorneys at K&L Gates.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Alice Step 2 Trends Show Courts' Extrinsic Evidence Reliance
A look at recent trends in how district courts are applying Step 2 of the Alice framework shows that courts have increasingly relied on extrinsic evidence to help determine whether a claimed invention is "well-understood, routine, and conventional," says Jonathan Tuminaro at Sterne Kessler.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.
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DOJ Innovasis Settlement Offers Lessons On Self-Disclosure
The recent $12 million settlement with Innovasis and two of its executives demonstrates the U.S. Department of Justice's continued prioritization of Anti-Kickback Statute enforcement amid the growing circuit split over causation, and illustrates important nuances surrounding self-disclosure, say Denise Barnes and Scott Gallisdorfer at Bass Berry.