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June 21, 2024
Kaspersky Hit With Sanctions In Wake Of US Software Ban
The U.S. Department of the Treasury on Friday sanctioned a dozen AO Kaspersky Lab executives, just a day after the U.S. Department of Commerce prohibited the sale of the Russia-based company's antivirus software and cybersecurity products in the United States.
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June 21, 2024
4 Big Banks Cited For 'Living Will' Weaknesses By Fed, FDIC
Federal regulators said Friday that half of the nation's largest U.S. banks will need to shore up weaknesses identified in their most recent "living wills," plans that detail how they could be resolved quickly and safely in the event of severe distress or failure.
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June 21, 2024
Under Armour To Pay $434M To End Securities Fraud Claims
Under Armour Inc. has agreed to shell out $434 million to put to rest claims it inflated stock prices by hiding declining demand for its products, investors announced Friday, reaching a deal just weeks before a jury trial was set to kick off in Maryland federal court.
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June 21, 2024
Google Ditches Wiretap Suit Over AI Customer Service Calls
A California federal judge has tossed, for now, a proposed class action accusing Google LLC of using a "human-like" customer service product powered by generative artificial intelligence to illegally eavesdrop on Verizon users' calls, finding that Google was exempt from liability because it was acting as Verizon's agent.
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June 21, 2024
Nike Misled Investors On Sales Strategy, Ore. Class Suit Says
Nike and two executives were hit with a proposed class action lawsuit in Oregon federal court over securities law violations, with a Florida-based pension fund alleging stock value declined as the shoe corporation continued to mislead investors on the success of a change in sales strategy.
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June 21, 2024
Twitter Judge Skeptical Of Musk's Bid To Beat Investor Suit
A California federal judge considering allegations that Elon Musk misled Twitter investors by falsely tweeting that it had to provide information on its alleged bot problem before he'd proceed with his $44 billion acquisition appeared skeptical Friday of Musk's defense that investors knew he was obligated to close the deal regardless.
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June 21, 2024
Intel Investor Says Top Brass Hid Foundry Losses, Problems
Intel Corp. executives were hit with a shareholder derivative complaint alleging they misled investors as to the actual success of the company's newly created Foundry Services division, according to the suit filed Friday in Delaware federal court.
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June 21, 2024
Live Nation Investor Sues Leaders Over DOJ Antitrust Claims
Live Nation's executives and directors were hit with a shareholder derivative lawsuit Friday in California federal court that seeks damages in the wake of the U.S. Department of Justice's allegations that the company monopolized concert promotion and ticket sales following its 2010 merger with Ticketmaster.
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June 21, 2024
Manhattan DA Seeks To Retain Trump Gag Order, Amid Threats
The Manhattan District Attorney's Office urged a New York state judge Friday to leave in place most restrictions of the gag order preventing Donald Trump from speaking publicly about witnesses, jurors and others tied to his criminal trial, citing a barrage of threats from his supporters in recent months — including "actionable" death threats before and after the verdict.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
SEC Bypassed Congress On Climate Regs, Suing States Say
A coalition of Republican-led states suing the U.S. Securities and Exchange Commission over recently adopted climate disclosure regulations presented their opening pitch for vacating those regulations to the Eighth Circuit on Friday, arguing that Congress has passed on the opportunity to demand climate risk reporting from publicly traded companies.
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June 21, 2024
Lockheed Units To Pay $70M To End FCA Cost Inflation Suit
Sikorsky Support Services Inc. and Derco Aerospace Inc. have agreed to pay $70 million to settle a federal lawsuit alleging that they overcharged the U.S. Navy for spare parts and materials for training aircraft through an illegal subcontracting arrangement, the U.S. Department of Justice announced Friday.
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June 21, 2024
Employment Authority: PAGA's Faith At Stake
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on where California's Private Attorneys General Act stands as a proposed ballot measure call for repealing the law two years after the U.S. Supreme Court's decision in Viking River, major takeaways from a pair of recent rulings on the U.S. Equal Employment Opportunity Commission's pregnant worker accommodation and a look at the recent National Labor Relations Board judge's decision finding unlawful certain noncompete agreements.
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June 21, 2024
Texas Fines Major Carriers $10.2M For Deceptive Advertising
Some of the nation's biggest mobile carriers — including AT&T, T-Mobile and Verizon — have inked a $10 million deal with Texas to end the state's probe into what the Lonestar State says are the carriers' "deceptive and misleading" advertising practices.
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June 21, 2024
Delaware's Corporate Law Debate Left 'Blood On The Floor'
Delaware lawmakers have settled, for now, a rare, bitter, national fight over director rights to cede some powers to big stockholders, but the "Moelis" debate has also boosted friction between board and stockholder camps, with one retired law professor saying underlying litigation had left "blood on the floor."
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June 21, 2024
Meta's Child Porn Defense 'Disingenuous,' MDL Judge Says
A California federal judge appeared skeptical Friday of Meta's bid to cut child pornography possession allegations from sprawling multidistrict litigation over social media platforms' allegedly addictive designs, telling defense counsel that Meta's claim it didn't know about the illegal content on its platforms is "a bit disingenuous."
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June 21, 2024
Treasury Unveils Rules Curtailing Outbound Tech Investments
The U.S. Department of the Treasury on Friday proposed rules to implement President Joe Biden's executive order aimed at restricting American investments in certain technologies that China is developing, including artificial intelligence systems, that are deemed threats to national security.
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June 21, 2024
9th Circ. Axes 2 Symetra Structured Deal Recipient Classes
The Ninth Circuit on Thursday scrapped two classes in a lawsuit accusing an insurance conglomerate of wrongfully inducing personal injury settlement recipients to give up their rights to periodic payments in exchange for a discounted immediate lump sum payment, saying individual issues will predominate over common issues.
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June 21, 2024
Ex-CEO Found Liable For $1 Now Seeks Atty Fees For Del. Suit
The ex-CEO of a biopharma company who was found liable in 2021 for breaching his fiduciary duties but ordered to pay just $1 in damages after Delaware's Court of Chancery found that no real harm had been done is now suing for his attorney's fees and court costs.
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June 21, 2024
Aramark Sued In Wash. For Alleged Pay Transparency Lapses
Aramark has been accused of violating Washington state's pay transparency law by failing to give full pay ranges in job postings, according to a proposed class action the food services giant removed to Washington federal court on Thursday.
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June 21, 2024
DOJ Backs Antitrust Case Against Zillow, Realtors At 9th Circ.
The U.S. Department of Justice has urged the Ninth Circuit to revive antitrust claims from a defunct brokerage platform against Zillow and the National Association of Realtors based on design changes Zillow made to comply with association rules.
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June 21, 2024
Cathay Pacific Pilots Land $16.65M Deal In 7-Year Wage Fight
A group of 110 Cathay Pacific Airways Ltd. pilots will receive $16.65 million to settle a seven-year wage case alleging that the airline violated Golden State labor laws governing meal and rest periods, overtime and reserve duty pay, according to a preliminary motion for approval filed Thursday in California federal court.
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June 21, 2024
Uber, Lyft Can't Dodge Suit Via Arbitration, Calif. Tells Justices
California has urged the U.S. Supreme Court not to revive bids from Uber and Lyft to arbitrate allegations they unlawfully misclassified drivers as independent contractors, saying it's "commonly understood" that private parties' arbitration agreements have no bearing on whether state officials can sue for state law violations.
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June 21, 2024
Costco Sued Over PFAS In Kirkland Brand Baby Wipes
Costco is facing a proposed class action over its fragrance-free "natural" baby wipes, which consumers claim are made with toxic levels of forever chemicals, rendering them unsafe for use on children.
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June 21, 2024
Off The Bench: ACC-FSU Rematch, Supreme Win For Fla. Tribe
In this week's Off The Bench, the next round of venue tug-of-war begins between the Atlantic Coast Conference and Florida State University, the U.S. Supreme Court hands Florida and the Seminole Tribe a lucrative gaming win, and Roger Goodell and Jerry Jones defend the NFL's handling of its Sunday Ticket package.
Expert Analysis
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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.
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
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Del. Lessons For Director-Nominees On Sharing With Activists
The Delaware Chancery Court's recent decision in Icahn Partners v. deSouza finding that a director wasn't permitted to share certain privileged information with the activist stockholders that nominated him shows the need for companies to consider imposing appropriate confidentiality requirements on directors, say attorneys at Sullivan & Cromwell.
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3 Lessons From Family Dollar's Record $41.7M Guilty Plea
Family Dollar's recent plea deal in connection with a rodent infestation at one of its distribution facilities — resulting in the largest ever monetary criminal penalty in a food safety case — offers key takeaways for those practicing in the interconnected fields of compliance, internal investigations and white collar defense, says Jonathan Porter at Husch Blackwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Opinion
Anti-DEI Complaints Filed With EEOC Carry No Legal Weight
Recently filed complaints against several companies' diversity, equity and inclusion programs alleging unlawful discrimination against white people do not require a response from the U.S. Equal Employment Opportunity Commission, and should not stop employers from rooting out ongoing discriminatory practices, says former EEOC general counsel David Lopez.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.