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November 05, 2024
Lululemon Brass Face Derivative Suit Over Inventory Issues
Officers and directors of activewear retailer Lululemon Athletica Inc. have been hit with a shareholder derivative suit alleging they concealed challenges including inventory allocation that ultimately hurt the company's sales.
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November 05, 2024
'Fat Leonard' Gets 15 Years For Navy Bribery Scheme
Leonard Francis, the Malaysian defense contractor and ex-fugitive known as "Fat Leonard" who led a sprawling bribery scheme that authorities say caused over $20 million in losses for the U.S. Navy, was sentenced Tuesday in California federal court to 15 years behind bars, the U.S. Department of Justice said.
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November 05, 2024
Eye-Rolling Must Stop, Judge Warns Before False Ad Trial
A California federal judge overseeing a false advertising dispute set to go to trial Wednesday between Guardant Health and Natera cautioned lawyers for the medical diagnostic testing companies on Tuesday to stop their "eye-rolling" when opposing counsel speaks and also urged the rivals to keep trying for a last-minute settlement.
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November 05, 2024
SEC Risk Alert Flags Investment Fund Oversight, Disclosures
The U.S. Securities and Exchange Commission's exams unit is flagging common issues among investment funds in recent years, including funds mischaracterizing how so-called ESG factors play into their investment strategies and chief compliance officers failing to submit certain reports to fund boards.
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November 05, 2024
Groups Lose Early Bid To Undo Calif. Climate Disclosure Laws
A California federal judge rejected the U.S. Chamber of Commerce and other business groups' attempt to block California's corporate climate disclosure rules before discovery, ruling Tuesday that discovery is needed for the court to answer whether the laws facially violate the First Amendment.
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November 05, 2024
Ex-Money Transfer Co.'s Del. Suit Says Fintech Fraud Sank Biz
Sidelined money transfer venture Zelf Inc. has sued fintech Solid Financial Technologies Inc. in Delaware's Superior Court, accusing Solid of fraudulently representing that it could support anonymous banking and cryptocurrency services based only on a customer's name, email and phone number.
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November 05, 2024
Fubo Defends Block Of Sports Streaming Service At 2nd Circ.
Fubo is defending a New York federal judge's order blocking the launch of a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery at the Second Circuit, telling judges there that competitors wouldn't stand a chance in the sports streaming market without the programming that the three behemoths control.
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November 05, 2024
Texas Rebar Giant CMC Hit With $110M Antitrust Verdict
A California federal jury hit Commercial Metals Co. with a $110 million antitrust verdict on Tuesday, finding the Texas rebar giant liable for multiple antitrust violations and awarding Pacific Steel Group millions of dollars in lost profits and other damages.
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November 05, 2024
DC Circ. Wary Of FTC Changes To $5B Meta Privacy Deal
The Federal Trade Commission faced a skeptical D.C. Circuit panel Tuesday in its bid to modify a $5 billion privacy deal with Meta, with judges questioning why any private company would settle with the agency if the deal could later be reopened.
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November 05, 2024
FTC Defends Noncompete Ban In 11th Circ. Appeal
The Federal Trade Commission told the Eleventh Circuit the agency is authorized to make rules like the one banning the use of employee noncompetes and argued that a lower court was wrong to block the commission from enforcing the rule against a retirement community.
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November 05, 2024
Audio Worker Says Flagging Ethical Concerns Got Him Fired
An audio series platform reneged on a promise to offer full-time employment to an independent contractor after he raised concerns about discriminatory content the company was producing and then abruptly fired him when he asked about his promised employment contract, a lawsuit filed in California state court said.
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November 05, 2024
Binance Says New SEC Complaint Suffers Same Old Flaws
Cryptocurrency exchange Binance told a Washington, D.C., federal judge the U.S. Securities and Exchange Commission can't continue to argue that secondary sales of digital assets are securities transactions in its enforcement suit against the trading platform after the regulator acquiesced that the tokens themselves aren't investment contracts.
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November 05, 2024
Justices Appear Wary Of Higher FLSA Evidence Standards
The U.S. Supreme Court seemed skeptical of heightened evidence standards for the Fair Labor Standards Act overtime exemptions during oral arguments Tuesday, grilling workers' counsel about why such wage rights are more important than others.
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November 05, 2024
Meta Ruling Will Fuel Class Actions, Chamber Warns Justices
Business organizations are backing Meta's appeal of a Ninth Circuit ruling upholding damages class certification for a group of Meta advertisers claiming they were misled about Facebook's ad tools, with the industry outfits telling the U.S. Supreme Court that the Ninth Circuit is out of sync with other circuits on class questions.
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November 05, 2024
Lifeway Rejects Danone Buyout, Implements 'Poison Pill'
Illinois-based fermented foods maker Lifeway Foods Inc. said Tuesday it has rejected a roughly $283 million offer from Danone North America PBC to buy the remaining stake it doesn't own in the company, and Lifeway has also implemented a so-called poison pill strategy to prevent Danone from prevailing.
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November 05, 2024
Thermo Fisher Antitrust Counsel Returns To Ropes & Gray
A former Ropes & Gray LLP attorney has returned to the firm after a stint in-house at Thermo Fisher Scientific Inc., strengthening the firm's antitrust practice.
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November 05, 2024
Meta Owed No Coverage For Social Media MDL, Hartford Says
Two Hartford units told a Delaware state court they should have no duty to defend Meta Platforms Inc., parent of Facebook and Instagram, against numerous lawsuits accusing the social media giant of deliberately designing its platforms to be addictive to adolescents and concealing its harmful effects on them.
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November 05, 2024
Ex-Michael Best Litigator Joins Buchanan Ingersoll
Buchanan Ingersoll & Rooney LLP has added a litigator from Michael Best & Friedrich LLP in its Charlotte, North Carolina, office, with the firm touting the attorney's hire as part of its growth plans in the city.
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November 05, 2024
Glazer Sues In Del. For Appraisal In $7.2B Squarespace Deal
Five funds of Glazer Capital LLC sued late Monday for Delaware Court of Chancery appraisal of the investment management firm's more than 2.8 million shares of website builder Squarespace Inc., seeking to better the company's $46.50 per share price for a recently closed take-private acquisition by interests of Permira Advisers LLC.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 04, 2024
Va. Co., Execs Charged For Transshipping US Tech To Russia
A Virginia-based e-commerce company and two senior executives transshipped over $6 million worth of sensitive American technology to Russia through Turkey, Finland and Kazakhstan in violation of U.S. export law and sanctions imposed to counter Russia's ongoing war on Ukraine, a criminal complaint unsealed Monday in Virginia federal court alleges.
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November 04, 2024
Kroger, State AGs Finalize Sprawling $1.37B Opioid Deal
Kroger will pay $1.37 billion to dozens of states and thousands of counties, municipalities and Native American tribes to resolve allegations the grocery store chain contributed to the opioid crisis, with Ohio, California and Texas seeing the largest distributions, according to a finalized settlement unveiled Monday.
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November 04, 2024
SEC Must Prep For Legal Challenges To Regs, Watchdog Says
The U.S. Securities and Exchange Commission should prepare for more litigation over its rulemaking agenda and make sure its new regulations can pass judicial muster, particularly in light of budget constraints, the agency's inspector general warned in a Monday report.
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November 04, 2024
Robinhood Users Denied Class Cert. In Order Flow Suit
A proposed class of Robinhood customers must run their expert's damages model before asking a California federal judge to weigh their class certification bid in litigation alleging that the investing platform failed to disclose financial interests affecting order flow on the platform.
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November 04, 2024
BofA Unit Escapes Trading Firm's Spoofing Suit For Now
An Illinois federal judge has tossed a trading firm's proposed class action claiming that a Bank of America unit manipulated markets for U.S. Treasury futures and options, ruling that the firm fails to allege actual damages, but giving it an opportunity to amend the suit.
Expert Analysis
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How Cos. Can Leverage IP In Corporate Bankruptcy
In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.
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How Ripple Final Judgment Fits In Broader Crypto Landscape
The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.
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Strategies To Defend Against Healthcare Nuclear Verdicts
The healthcare industry is increasingly the target of megaclaims, particularly those alleging medical malpractice, but attorneys representing providers can use a few tools to push back on flimsy litigation and reduce the likelihood of a nuclear verdict, says LaMar Jost at Wheeler Trigg.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Bayer Antitrust Case Hinged On Evolving Market Definition
Generic flea and tick medication manufacturer Tevra's evolving market definition played a key role in the development and outcome of its five-year antitrust litigation against Bayer Healthcare, highlighting challenges that litigants may face when a proposed definition is assessed at trial, say Amy Vegari and Colleen Anderson at Patterson Belknap.
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Series
After Chevron: SEC Climate And ESG Rules Likely Doomed
Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.
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Examining Patent Subject Matter Eligibility Of AI Inventions
In light of U.S. Patent and Trademark Office data showing that patent applications for artificial intelligence inventions are likelier to get rejected based on patent-ineligible subject matter, inventors seeking protection should be aware of the difficulties and challenges pertaining to patent eligibility, say Georgios Effraimidis at NERA and Joel Lehrer at Goodwin.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU
Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.
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Pros, Cons Of Disclosing Improper Employee Retention Credit
Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Election Outlook: A Precedent Primer On Content Moderation
With the 2024 election season now in full swing, online platforms will face difficult and politically sensitive decisions about content moderation, but U.S. Supreme Court decisions from last term offer much-needed certainty about their rights, say Jonathan Blavin and Helen White at Munger Tolles.
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6 Considerations To Determine If A Cyber Incident Is Material
The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.
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How Anti-DEI Bill Could Affect Employers' Diversity Efforts
Sen. J.D. Vance's recently introduced Dismantle DEI Act would substantially limit employers’ ability to implement and promote workplace diversity, equity and inclusion, but there are still steps employers can take to support a diverse workforce, says Peter Ennis at Cozen O’Connor.