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September 27, 2024
Meta's Password Storage Flub Draws €91M Irish Fine
Ireland's data protection authority has hit Facebook parent company Meta Platforms Inc. with a €91 million ($101.5 million) penalty for allegedly storing users' passwords without encryption or other necessary safeguards, the regulator announced Friday.
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September 27, 2024
Apple, Visa And Mastercard Want Out Of 'Tap Pay' Fee Suit
Apple, Visa and Mastercard on Thursday urged an Illinois federal court to toss several retailers' proposed antitrust class action accusing the three of conspiring to restrain competition in point-of-sale transaction payment networks, saying in separate motions that allegedly unlawful agreements they entered "expressly preserve" Apple's right to compete.
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September 27, 2024
Constitution Permits Blocked Anti-Laundering Law, Panel Told
The U.S. government urged the Eleventh Circuit on Friday to reinstate the Corporate Transparency Act passed in 2021, arguing that the anti-money laundering law is within Congress' powers to regulate economic activity and necessary to have businesses report beneficial ownership to combat crimes like tax evasion and terrorist financing.
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September 27, 2024
Ex-CEO To Pay SEC Fine For Pre-SPAC Disclosure Failures
The U.S. Securities and Exchange Commission announced Friday it has reached a settlement with the former CEO of an electric vehicle battery company who allegedly concealed its supply chain issues ahead of its merger with a blank check company, leading to a nearly 20% drop in the company's share price once the shortage was revealed.
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September 27, 2024
Disney Warns Investor Streaming Suit Could Chill Innovation
Allowing securities litigation over The Walt Disney Co.'s underperforming streaming service to go forward would discourage companies from trying "new, risky business plans," counsel for the entertainment giant told a California federal judge in an attempt to toss the suit Friday.
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September 27, 2024
Employment Authority: NLRB GC Broadens Noncompete Fight
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on how the National Labor Relations Board general counsel's complaint against a company's no-poach provisions in contracts broadens her theory on the legality of noncompetes, a look at exemption questions arising from former President Donald Trump's campaign proposal to eliminate federal taxes on overtime compensation and why experts say recent U.S. Equal Employment Opportunity Commission suits highlight the risks of inflexible medical restriction policies.
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September 27, 2024
UK Man Indicted On $4M 'Hack-To-Trade' Scheme
New Jersey federal prosecutors announced Friday that a U.K. man has been arrested and is awaiting extradition on charges of hacking into the email accounts of several corporate executives in order to steal nonpublic information that he used to turn a profit of almost $4 million.
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September 27, 2024
Juul Stockholder Class Sues In Del. Over Controller Windfall
Two stockholders of e-cigarette venture Juul Labs Inc. sued the company's controllers and board on Friday in a proposed class derivative action seeking damages for an alleged top stockholder scheme to avoid huge liabilities under terms said to have cost the company billions.
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September 27, 2024
Musk Skirts Sanctions In Missed Twitter Deposition, For Now
A California federal judge on Friday declined to sanction Elon Musk, for now, after he skipped a deposition over his $44 billion Twitter takeover, allowing the parties to resolve the issue and advising them to wait to see if he appears for the deposition that's been rescheduled for this coming Friday.
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September 27, 2024
2nd Circ. Won't Revive Danimer Investors' 'Greenwashing' Suit
The Second Circuit on Friday upheld the dismissal of a lawsuit accusing Danimer Scientific Inc. of over-hyping the environmentally friendly nature of a plastics alternative it produced, with the appellate court saying that there was no proof that company executives purposefully misled investors.
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September 27, 2024
RealPage Wants DOJ Antitrust Case Moved To Tennessee
RealPage has asked a North Carolina federal court to transfer the government's antitrust case against it to Tennessee, where private litigation has been playing out over claims the software company helps residential landlords fix rental prices.
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September 27, 2024
Why Many Drugs Remain Pricey 40 Years After Hatch-Waxman
In the four decades since Congress passed the Hatch-Waxman Act in an effort to make generic drugs more available, the pharmaceutical industry has used patent thickets, "evergreening" and pay-for-delay tactics to block competition and keep prices of life-saving specialty drugs astronomical, several legal experts told Law360, while the industry argues other parties shoulder more of the blame.
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September 27, 2024
Off The Bench: College Sports Dominates Legal Landscape
In this week's Off The Bench, the NCAA and the athletes in the big name, image and likeness settlement try to redo the terms to satisfy the overseeing judge, Reggie Bush says his image has been exploited by his alma mater and the NCAA for years, and the Pac-12 claims that it's being strong-armed by a rival conference for coaxing away its teams.
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September 27, 2024
NY Court Won't Transfer DOJ's Live Nation Antitrust Case
The New York federal judge overseeing the government's antitrust case against Live Nation said Friday he will not transfer the action to Washington, D.C., where a court handled a settlement clearing the concert promotion giant's 2010 purchase of Ticketmaster.
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September 27, 2024
Honigman Not Conflicted Out Of $40M Detroit Embezzling Suit
A Michigan state judge said Friday that the law firm that investigated suspected fraud at the Detroit Riverfront Conservancy can also represent the organization in its civil suit against its former chief financial officer, who is accused of embezzling $40 million.
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September 27, 2024
Lawyer Wields Blank Rome Atty Voicemail To Bolster DQ Bid
An attorney who is suing three lawyers from Blank Rome LLP and has asked a federal court to disqualify the firm's other attorneys from representing their colleagues — alleging they contacted one of her witnesses — told the court Friday she accessed a phone message that strengthens her arguments.
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September 27, 2024
TPG Sues In Del. For Control Of Md. Data Center Project
An affiliate of global asset manager TPG sought a fast-tracked declaratory judgment in Delaware's Court of Chancery late Thursday that Quantum Loophole Inc. was validly removed as manager of a potential multisite, $5 billion "gigawatt" data center project near Frederick, Maryland.
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September 27, 2024
Ballard Spahr Adds Former In-House Atty From Dayforce
Ballard Spahr LLP has added a veteran financial services regulatory attorney who most recently worked in-house at human resources software firm Dayforce, formerly known as Ceridian.
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September 27, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
General counsel reported in a recent survey that their median total compensation has increased nearly 25% in the past five years, rising at a higher rate than CEO pay. And U.S. regulators continue to slap financial firms with millions in fines for letting employees use text messages and other forms of unapproved communications to conduct business.
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September 27, 2024
Fox Corp. Paid $36.5M To 2 Legal Leaders For Fiscal Year '24
Fox Corp.'s former chief legal and policy officer and his successor earned about $36.5 million in total compensation in fiscal year 2024, most of which went to departed top attorney Viet Dinh, who now serves in a special advisory role at the company, according to a public filing.
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September 27, 2024
Gunster Says Absence Of Damages Sinks Data Breach Case
Gunster Yoakley & Stewart PA wants a proposed class action lawsuit against it tossed in Florida federal court, arguing plaintiffs who had their personal information compromised when the law firm fell victim to a cyberattack can't show any harm was done.
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September 27, 2024
Sen. Bill Would Curb ESG Factors In Retirement Fund Choices
A bill in the Senate would prohibit asset managers from prioritizing environmental, social and governance, or ESG, factors over financial gain when selecting retirement investments.
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September 27, 2024
Womble Bond Adds Holland & Knight Business Litigator
Womble Bond Dickinson has added a former Holland & Knight LLP business litigation partner to its office in Nashville who before his more than 20-year legal career was a U.S. Navy lieutenant on the USS Gettysburg, the firm announced Thursday.
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September 27, 2024
Transportation Biz GoTriangle's GC Takes Over As Acting CEO
North Carolina public transportation company GoTriangle announced that its general counsel has taken over as acting CEO and president after the resignation of its leader for the past four years.
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September 26, 2024
SEC Fines Cassava $40M Over Alzheimer's Treatment Claims
Neuroscience-focused biopharmaceutical company Cassava Sciences Inc. and two of its former executives agreed to pay over $40 million to resolve U.S. Securities and Exchange Commission claims related to allegedly misleading statements about clinical trial results for a potential Alzheimer's disease therapeutic, the regulator announced on Thursday.
Expert Analysis
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Proposed NIL Deal Leaves NCAA Antitrust Liability Door Open
The proposed House v. NCAA settlement filed in California federal court creates the possibility of significant direct payments to student-athletes for the first time, but the resulting framework is unlikely to withstand future antitrust scrutiny because it still represents an agreement among competitors to limit labor cost, says Yaman Desai at Lynn Pinker.
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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.