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Corporate
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September 24, 2024
Ex-Google Privacy Chief Joins Gibson Dunn As Practice Head
Gibson Dunn & Crutcher LLP has hired a former vice president and chief privacy officer at Google, who for more than 13½ years has helped lead a team of privacy specialists working to achieve Google's data protection and privacy goals.
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September 24, 2024
Star Witness Against Bankman-Fried Gets 2 Years In FTX Case
A Manhattan federal judge sentenced former cryptocurrency executive Caroline Ellison to two years in prison Tuesday, crediting her decision to testify against FTX founder Sam Bankman-Fried but saying the $11.2 billion fraud was too big to warrant a "get out of jail free card."
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September 24, 2024
Exxon Claims It Beat Weak Defense In $1.8B Tax Trial
Exxon Mobil urged a Texas federal judge to find that it defeated what it called a scattered defense by the U.S. government during a five-day bench trial in April when the company argued for a $1.8 billion tax refund on its natural gas deal with Qatar, according to newly released filings.
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September 24, 2024
DOJ Accuses Visa Of Monopolizing Debit Card Market
The U.S. Department of Justice accused Visa on Tuesday of illegally maintaining a monopoly over debit card networks by using its dominance to thwart competition from new and existing rivals, as the Biden administration continues its push to combat high prices using antitrust law.
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September 24, 2024
NJ Judge Leaves J&J Ch. 11 Venue Change To Texas Judge
A New Jersey bankruptcy judge on Tuesday declined the U.S. trustee's request to move Johnson & Johnson's latest talc-unit Chapter 11 from Texas to the Garden State, saying the issue could be as ably decided by a Texas court while avoiding a thorny issue of authority.
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September 24, 2024
Miller & Chevalier Adds Federal Tax Expert From White & Case
Miller & Chevalier Chtd. announced that it added a former partner at White & Case LLP to its tax controversy and litigation practice.
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September 24, 2024
SEC, CFTC Issue $118M Fines In Latest Text Message Actions
Federal regulators said Tuesday that the Canadian Imperial Bank of Commerce and nearly a dozen other financial firms have agreed to pay fines totaling nearly $120 million to settle recordkeeping violations tied to employee use of unapproved communication methods like text messages to conduct business.
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September 24, 2024
Do GCs Even Know Company's AI Use? Survey Raises Doubts
Top legal officers appear badly misaligned with other executives or are misinformed on the use of artificial intelligence at their companies, especially in the human resources area, according to a new survey released Tuesday.
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September 23, 2024
Chamber Says X Ruling Boosts Bid To Nix Calif. Climate Laws
The U.S. Chamber of Commerce and the state of California have filed competing briefs on how a recent Ninth Circuit decision blocking parts of a social media law applies to the state's corporate climate disclosure rules, with the Chamber arguing the ruling reinforces how the latter violate the First Amendment.
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September 23, 2024
3rd Circ. Probes SEC's 'Close To Vacuous' Reply To Coinbase
Members of a Third Circuit panel on Monday pressed the U.S. Securities and Exchange Commission on its brief denial of crypto exchange Coinbase's request for rulemaking around digital assets, digging into how much of an explanation the agency owes the industry about its decision to forego setting rules for now.
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September 23, 2024
Google Executive Says There's No Internal Ad Tech Advantage
A Google executive pushed back Monday on some of the U.S. Justice Department's most important allegations of a conflict of interest in the search giant's control over online display advertising placement technology, arguing that website publishers are in charge of how ads are placed and priced.
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September 23, 2024
Coinbase Brings On Ex-Citadel Legal Chief With SEC Chops
Coinbase announced on Monday it has hired Ryan VanGrack to serve as its vice president of legal, where he will be overseeing civil litigation, regulatory probes, employment and intellectual property matters for the crypto exchange after spending seven years with Citadel Securities as general counsel.
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September 23, 2024
Calif. Gov. Vetoes Privacy Bill, OKs Social Media Addiction Law
California's governor has refused to enact legislation that would have required browser developers to make it easier for consumers to stop the sale and sharing of their personal information, while approving a bill that will block online platforms from using algorithms to deliver addictive feeds to children without parental consent.
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September 23, 2024
Mallinckrodt Brass Can't Avoid Investor Suit Over 2nd Ch. 11
A New Jersey federal judge ruled Monday that senior leaders of drugmaker Mallinckrodt cannot escape a lawsuit brought by shareholders alleging the company tricked them into thinking it had recovered from bankruptcy and would make a $200 million payment to opioid claimants, finding the investors sufficiently pleaded securities law violations.
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September 23, 2024
Starbucks Wins At 9th Circ. In 'S'mores' Lip Gloss IP Theft Suit
The Ninth Circuit on Monday refused to revive lip balm company Balmuccino's claims that Starbucks breached an implied contract and misappropriated trade secrets by stealing its idea for coffee-flavored "S'mores Frappuccino" lip gloss, agreeing with the lower court's order that Balmuccino's claims were filed too late.
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September 23, 2024
Helicopter Co. Used Code Names To Oust Supplier, Jury Hears
Under the code name "Project Cicada," Fort Worth-based Bell Helicopter Textron Inc. worked for years to replace California-based digital avionics equipment supplier Rogerson Aircraft Corporation with a competitor, a jury heard in a Texas state court Monday, using Rogerson's trade secrets to prep the rival for the eventual shift.
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September 23, 2024
Petco, Shareholders Battle In Chancery Over Controller Clout
Attorneys for Petco Health & Wellness Co. Inc. face an "uphill battle" in branding as "wrongly decided" a landmark Court of Chancery ruling earlier this year that struck down an agreement giving a company's controlling stockholder board-trumping power, Delaware's chancellor cautioned on Monday.
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September 23, 2024
Toyota Accused Of 'Rotten' Forklift Emissions Compliance
Toyota has been misrepresenting the true emissions levels of the engines in its forklifts and construction machinery, leading businesses to believe the engines were far more environmentally friendly than they actually were, according to a proposed class action filed in California federal court.
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September 23, 2024
Battery Exec Can't Avoid Depo In $2B Plant Fight
Battery manufacturer Gotion cannot block the deposition of its U.S. President Li Chen in a legal fight over the future of a proposed gigafactory in a Michigan town, a federal magistrate judge ruled Monday.
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September 23, 2024
CFTC Fines Piper Sandler $2M In Latest Text Messaging Action
The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission both announced settlements Monday in their ongoing probe into the financial industry's use of personal devices to discuss company business, with the CFTC issuing a fine against a subsidiary of Piper Sandler & Co. while the SEC said that a cooperative investment adviser would not have to pay anything.
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September 23, 2024
DOJ Adds AI Risk To Corporate Compliance Program
The U.S. Department of Justice's Criminal Division is now weighing how companies manage risk related to artificial intelligence and potentially stymie whistleblowers, one of several updates to the division's policies on evaluating corporate compliance programs announced by a senior official on Monday.
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September 23, 2024
Oracle Wins $58M In Atty Fees In Software Copyright Suit
Attorneys representing Oracle in its long-running software copyright battle with Rimini Street Inc. were awarded $58 million in fees Monday by a Nevada federal judge who called the tech giant's $69 million request "slightly excessive."
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September 23, 2024
Calif. Sues Exxon For Plastic Pollution And Recycling Deception
California's attorney general and a coalition of conservation groups hit Exxon Mobil Corp. with a pair of lawsuits on Monday claiming the petrochemical giant has inundated the state with harmful plastic waste while misleading people about recycling's ability to ever make a dent in the problem.
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September 23, 2024
Fired Sotera Exec's Vesting Suit Goes Forward In Del.
Delaware's Court of Chancery dismissed on Monday some claims in a former Sotera Health Co. executive's suit accusing the lab-testing and sterilization firm of wrongly refusing to grant him severance benefits and equity awards worth millions, while holding other claims for trial.
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September 23, 2024
Walmart Keeps Win In Fabric Softener Slip-And-Fall Suit
An Ohio state appeals court on Monday declined to revive a man's suit alleging he slipped and fell on fabric softener while shopping at Walmart, finding that he hadn't produced any evidence that Walmart or its employees created or were aware of the spill in that aisle.
Expert Analysis
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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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.