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Corporate
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July 09, 2024
Yellen Says Customer Due Diligence Proposal Planned For Fall
Treasury Secretary Janet Yellen told members of Congress Tuesday that her department is aiming to release a proposal this fall to revise the Financial Crimes Enforcement Network's customer due diligence rule, while facing criticism over "duplicative" reporting regimes.
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July 09, 2024
Fight Over Golf-Aid Sales Puts Amazon In RICO Hot Seat
A pair of golf marketing companies conspired with Amazon to cash in on the sale of popular equipment endorsed by top-ranked golfer Scottie Scheffler after tricking the manufacturer into selling it to them wholesale, the equipment-maker claimed in a fraud and RICO suit filed in California federal court on Tuesday.
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July 09, 2024
Feds Seek 37 Mos. For Tippee In JPMorgan Insider Case
California federal prosecutors are seeking a three-year prison sentence for a Los Angeles man who was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, saying that his repeated lies under oath suggest he does not fully understand the consequences of his actions.
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July 09, 2024
House Dems Seek Info From DOI Over Alleged Shale Cartel
House Democrats sitting on the House Natural Resources Committee penned a letter Tuesday seeking information from the U.S. Department of the Interior concerning eight oil companies accused of colluding with the Organization of Petroleum Exporting Companies to artificially inflate gas prices.
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July 09, 2024
Ackman's Pershing Square USA Kicks Off IPO Roadshow
Pershing Square USA Ltd., a closed-end fund backed by hedge-fund giant Bill Ackman, on Tuesday said it has launched a marketing roadshow for an initial public offering that could enable retail investors to own part of one of the U.S.'s largest listed funds.
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July 09, 2024
$2.4 Million Crate & Barrel BIPA Deal Gets Final OK
A Cook County judge on Tuesday gave his final signoff to a $2.4 million deal ending litigation accusing Crate & Barrel of violating Illinois' biometric privacy law by requiring employees at its stores to scan their fingerprints to track their time worked without first securing their written, informed permission.
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July 09, 2024
Alston & Bird Brings In Sidley Trio To Launch New Offices
Alston & Bird LLP announced on Tuesday that it has opened two new offices in Chicago and Century City with the addition of three lateral partners from Sidley Austin LLP, a move the firm said will strengthen its corporate, healthcare and real estate practices.
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July 09, 2024
Ex-NLRB Atty Rejoins Ogletree After In-House Stint
After a busy month of expansion, management-side labor and employment firm Ogletree Deakins Nash Smoak & Stewart PC announced Monday that it is welcoming a shareholder back to the firm following his in-house stint with wholesale grocery distributor UNFI.
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July 09, 2024
Ex-NRA Finance Chief Agrees To 10-Year NY Nonprofit Ban
A former chief financial officer of the National Rifle Association has agreed not to serve as a fiduciary of a New York nonprofit for 10 years as part of a settlement in the state attorney general's suit in state court alleging he and other executives misused donor money, according to deal terms disclosed Tuesday.
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July 09, 2024
5 Firms Steer $513M Ryan-Altus Cross-Border Tax Deal
Dallas-based tax services and software provider Ryan said Tuesday it has inked a deal to acquire the property tax business of Altus Group Ltd. for CA$700 million ($513.4 million), enlisting three firms to assist on a deal that will expand its footprint in Canada, the U.S. and the U.K.
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July 09, 2024
Akin Adds DOJ Atty As White Collar Defense Partner In DC
An experienced U.S. Department of Justice attorney who most recently served as an assistant chief of the Foreign Corrupt Practices Act unit has returned to private practice at Akin Gump Strauss Hauer & Feld LLP.
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July 09, 2024
BP Unit Slams 'Farfetched' $300M Franchise Termination Suit
The trio of companies that sued a BP subsidiary for terminating their truck stop franchise agreement have no claim to make, the BP unit has told an Ohio federal court, arguing that by their own admission the companies failed to hold up their end of the agreement at issue.
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July 09, 2024
Crowell & Moring Adds 'Swiss Army Knife' Atty In Calif.
Crowell & Moring LLP grew in San Francisco this week, announcing Tuesday that it has added a former state prosecutor and e-commerce in-house counsel who has a reputation as a "Swiss Army knife style of lawyer."
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July 08, 2024
Fintech Co. Current Can't Stop Ex-GC's Depo In Bias Case
Fintech company Current must allow the deposition of its former general counsel in a suit claiming it fostered a discriminatory work culture, a New York federal magistrate judge has ruled though the judge limited the deposition to focus on discrimination the general counsel may have personally experienced or witnessed.
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July 08, 2024
What's In Boeing's Tentative 737 Max Plea Deal With DOJ
Boeing's willingness to plead guilty to conspiring to defraud U.S. regulators over the 737 Max 8's development is a rare mea culpa from an embattled American aerospace titan eager to rebuild public trust after six years of overlapping government investigations, production pauses and mounting litigation.
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July 08, 2024
Boeing's Federal Contracts At Risk After Guilty Plea
Boeing's guilty plea for fraud related to the safety of its 737 Max 8 commercial aircraft will trigger additional scrutiny for a possible suspension or debarment from federal contracting, potentially putting lucrative future contracts at risk for the company.
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July 08, 2024
2nd Circ. Lets Rail Co. Retool Suit Against Big Banks
The Second Circuit on Monday restored Eddystone Rail Co. LLC's lawsuit targeting Bank of America NA and other banks for their alleged roles helping an oil transportation and logistics company evade liability in a roughly $140 million contract dispute, reasoning that the rail company still has time to amend its complaint.
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July 08, 2024
UnitedHealth Brass Face Investor Suit Over Merger Probe
Executives and directors of UnitedHealth Group were hit on Monday with a shareholder derivative suit alleging they concealed that the U.S. Department of Justice reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company and that its brass knowingly sold more than $100 million of shares before the information was publicly revealed.
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July 08, 2024
Class Attys Seek 24.4M Tesla Shares For Musk Pay Suit Win
A stockholder attorney whose team won an order voiding Tesla CEO Elon Musk's $56 billion, stock-based, 10-year compensation package in January urged Delaware's Court of Chancery on Monday to reject as "inherently wrong" the electric vehicle manufacturer's attacks on winning-side, stock-based attorney fee proposals ranging in value from $1.44 billion to more than $7 billion.
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July 08, 2024
Purdue Creditors Look To Sue Sacklers After Justices' Ruling
The official committee of unsecured creditors in the Chapter 11 case of drugmaker Purdue Pharma asked a New York bankruptcy judge on Monday for standing to bring actions against members of the Sackler family that own the company after the U.S. Supreme Court torpedoed a precarious settlement among the parties.
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July 08, 2024
3rd Truth Social Complaint Gets OK, Contempt Hearing Axed
Two former "Apprentice" contestants who claim to have created Donald Trump's social media app and are now alleging they are being cheated out of their Truth Social equity got Delaware Chancery Court's permission Monday to revise their complaint for a third time against the former president and his media company.
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July 08, 2024
Wall Street Watchdog Backs SEC In Texas Crypto Market Suit
Wall Street watchdog Better Markets Inc. threw its support behind the U.S. Securities and Exchange Commission on Monday as the agency seeks to thwart an attempt by crypto industry groups to strike down a new rule that expands the definition of "dealers" under securities law.
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July 08, 2024
UAW Monitor Says Union Must Turn Over Docs
The court-appointed monitor overseeing the United Auto Workers' compliance with a 2021 consent decree that resolved a corruption probe told a Michigan federal judge Monday that the union cannot withhold certain documents from him, saying the consent decree doesn't entitle the union to confidentiality.
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July 08, 2024
Justices Told To Ignore 'Hopeless' Challenge To Antitrust Test
A group of wholesalers who say the makers of 5-Hour Energy illegally favored Costco in distributing the energy drink shots told the U.S. Supreme Court on Monday to reject the drink-maker's certiorari petition, saying it asks the justices to take on the role of fact-finders.
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July 08, 2024
Pro-Trade Policies Outpace Barriers Amid Strains, WTO Says
Countries are moving to open themselves up to increased trade, even as armed conflicts, tense geopolitics and the effects of climate change continue to destabilize supply chains, the World Trade Organization said in a report released Monday.
Expert Analysis
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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.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Tenn. Law Protecting Artists From AI Raises Novel Issues
Tennessee recently enacted a law that extends the right of publicity protection to individuals' voices in an attempt to control the proliferation of artificial intelligence in the music industry, presenting fascinating questions about the First Amendment, the fair use doctrine and more, say attorneys at Davis Wright.
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Consumer Privacy Takeaways From FTC Extraterritorial Action
With what appears to be its first privacy-related consent agreement with a non-U.S. business, the Federal Trade Commission establishes that its reach is extraterritorial and that consumer internet browsing data is sensitive data, and there are lessons for any multinational business that handles consumer information, say Olivia Greer and Alexis Bello at Weil.
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Assessing Work Rules After NLRB Handbook Ruling
The National Labor Relations Board's Stericycle decision last year sparked uncertainty surrounding whether historically acceptable work rules remain lawful — but employers can use a two-step analysis to assess whether to implement a given rule and how to do so in a compliant manner, say attorneys at Seyfarth.