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Corporate
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July 17, 2024
Puerto Rican Media Denied Injunction, Again, In Soccer Spat
A Puerto Rican judge has prevented a media company from having unfettered access to local soccer matches as it battles local and international soccer organizations over antitrust allegations, ruling the requested preliminary injunction has nothing to do with the underlying case.
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July 17, 2024
Ex-Cognizant Execs Bemoan Access Woes In Bribery Case
Former Cognizant executives accused of authorizing a bribe to a government official in India have told a New Jersey federal court that obstacles to their access to evidence and overseas witnesses undermine their right to a fair trial and could warrant the dismissal of the case.
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July 17, 2024
Burr & Forman Accused Of Aiding Health Insurance Fraud
Burr & Forman LLP has been hit with a malpractice suit in Georgia federal court by the liquidating trustees of two purported health insurance companies after the firm allegedly aided in a scheme to defraud customers by charging exorbitant fees and denying promised coverage, saying the attorneys helped create a web of LLCs to which it siphoned off millions.
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July 17, 2024
'Curious' CFPB Agenda Item Sparks Buzz Over Contract Rules
A mystery item tucked into the Consumer Financial Protection Bureau's latest regulatory agenda is fueling speculation among attorneys that the agency may soon try to clamp down on some terms and conditions included in lenders' contractual agreements with consumer borrowers.
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July 17, 2024
Monsanto Philly Roundup Victory Preserved After Trial
A Philadelphia state judge declined to overturn a jury verdict in favor of Monsanto in a Pennsylvania cancer patient's lawsuit alleging he developed his illness after using the weed killer Roundup.
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July 17, 2024
Top Vista Investor Opposes $2.1B Kinetic Sale To Czech Co.
Gates Capital Management Inc., a top shareholder in Vista Outdoor Inc., is urging the sporting goods maker not to move ahead with a plan to sell part of its business to a Czech defense group, pushing instead for a spinoff or sale of the entire company, according to a Wednesday letter.
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July 17, 2024
Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight
Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."
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July 17, 2024
Feds Ask To Quash OneTaste Exec's Netflix, Vice Subpoenas
Prosecutors on Wednesday asked a Brooklyn federal judge to nullify what they called overbroad subpoenas filed by an executive of the sexual wellness company OneTaste seeking information from major media companies including Vice and Netflix in connection with a forced-labor case.
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July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
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July 17, 2024
ArentFox Schiff Lands IP Atty From Morgan Lewis In SF
ArentFox Schiff LLP has added a former Morgan Lewis & Bockius LLP associate in the firm's office in San Francisco, strengthening its intellectual property practice with a former prosecutor and litigator who helped a client win a $268 million award.
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July 17, 2024
FINRA Hires JPMorgan GC For Senior Enforcement Role
The Financial Industry Regulatory Authority has hired two new senior vice presidents of enforcement, one of whom is returning to the agency after serving as general counsel of JPMorgan Chase's wealth management line, the agency announced Wednesday.
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July 17, 2024
Chamber Of Commerce Urges Justices To Limit RICO's Reach
Business groups including the U.S. Chamber of Commerce are urging the U.S. Supreme Court not to extend the scope of the Racketeer Influenced and Corrupt Organizations Act to include personal injury-related claims in civil suits, in a case over alleged false advertisement of hemp-derived CBD products.
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July 17, 2024
Ex-Goldman Sachs Analyst Gets Over 2 Years For Insider Tips
A Manhattan federal judge hit a former Goldman Sachs analyst with a 28-month prison sentence Wednesday for tipping his stepbrother and a friend to market-moving information, saying the Long Island native wanted to be "the big man" among his peers.
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July 17, 2024
SPAC Investor Sues Battery Co. In Del. Over Held-Back Shares
A Florida-based hedge fund that invested in a blank-check company that took battery company Solidion Technology Inc. public has sued for breach of contract in Delaware's Court of Chancery, alleging the company is refusing to issue more than 9.54 million shares of stock that are due under pre-merger agreements.
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July 17, 2024
Baker McKenzie Adds EY Partner To Mexico City Office
Baker McKenzie has appointed a new partner from EY Mexico to its North American tax practice group in Mexico City.
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July 17, 2024
Iger, Willow Bay Ink $250M Deal For Angel City Football Club
The Angel City Football Club has agreed to sell a controlling stake to Bob Iger, CEO of the Walt Disney Co., and his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, at an enterprise value of $250 million, the team said Wednesday.
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July 17, 2024
TikTok Loses 1st Challenge Against EU Big Tech Law
TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.
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July 16, 2024
Musk Says X, SpaceX Moving To Texas Over Calif. Gender Law
Elon Musk took to X Tuesday to announce he will be moving the headquarters of the social media company and his astronautics company, SpaceX, out of California to Texas, after Golden State Gov. Gavin Newsom signed a bill that bars policies mandating that teachers notify parents about students' gender identity.
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July 16, 2024
Gilead Asks Calif. Supreme Court To Ax 'Disastrous' Decision
Gilead Sciences on Monday urged the California Supreme Court to overturn an appellate panel's decision that the company can't ditch claims it held back a safer HIV drug to maximize profits on an older medication, saying that holding manufacturers liable for non-defective products would "yield disastrous policy consequences."
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July 16, 2024
Green Dot Brass Hid Declining Biz And Fed Action, Suit Says
The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.
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July 16, 2024
Apple's Slowed IPhone Derivative Deal OK'd After Tweaks
A California federal judge said Tuesday she would approve Apple's non-monetary settlement to resolve a derivative-shareholder suit over claims it secretly slowed iPhones and award counsel $6 million in attorney fees and expenses, after she rejected an earlier version of the deal because of the proposal's overbroad release of claims.
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July 16, 2024
Tesla Swaps Cravath Out, WilmerHale In For Antitrust Defense
WilmerHale has taken over from Cravath Swaine & Moore LLP as counsel for Tesla in a proposed class action in California federal court alleging the company runs an unlawful monopoly on parts for its electric vehicles.
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July 16, 2024
Rocket Cos. Investors Drop CEO Retweet Claims From Suit
Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.
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July 16, 2024
Tesla Says Chinese Co. Sells 'Dangerous' Charging Adapter
Tesla said on Monday that a Chinese company sells a "dangerous" charging adapter that lets owners of non-Tesla electric vehicles charge at its network, saying in a suit filed in California federal court that the device could injure consumers and damage the power infrastructure.
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July 16, 2024
Kaspersky To End US Operations After Commerce Dept.'s Ban
A Russian cybersecurity and antivirus provider will begin closing U.S. operations and laying off workers Sunday, after the U.S. Department of Commerce banned it from selling its products in the U.S. or to U.S. citizens.
Expert Analysis
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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One Contract Fix Can Reduce Employer Lawsuit Exposure
A recent Fifth Circuit ruling that saved FedEx over $365 million highlights how a one-sentence limitation provision on an employment application or in an at-will employment agreement may be the easiest cost-savings measure for employers against legal claims, say Sara O'Keefe and William Wortel at BCLP.
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Opinion
DOJ Messaging App Warnings Undermine Trust In Counsel
The U.S. Department of Justice Antitrust Division's increasingly ominous warnings to defense and in-house counsel about the consequences of not preserving ephemeral messaging and messages sent using collaboration tools could erode confidence and cooperation, says Mark Rosman at Proskauer.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Opinion
NEPA Final Rule Unlikely To Speed Clean Energy Projects
A recent final rule from the White House Council on Environmental Quality purports to streamline federal environmental reviews to accelerate the construction of renewable energy infrastructure — but it also expands consideration of climate change and environmental justice, creating vast new opportunities for litigation and delay, says Thomas Prevas at Saul Ewing.
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Opinion
USPTO's Proposed Disclaimer Rule Would Harm Inventors
The U.S. Patent and Trademark Office’s recently proposed rule on terminal disclaimers will make the patent system less available to inventors and will unfairly favor defendants in litigation, say Stephen Schreiner at Carmichael IP and Sarah Tsou at Omni Bridgeway.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.