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Corporate
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July 26, 2024
Ex-Wells Fargo Director Wins $22M Verdict In ADA Trial
A North Carolina federal jury Friday determined Wells Fargo must pay a former managing director $22.1 million after he accused the bank of failing to reasonably accommodate him for a paralyzed colon and bladder, and subsequently laid him off to avoid dealing with his disability, according to his attorney.
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July 26, 2024
DOJ Whistleblower Pilot On Deck As Cos. Boost Compliance
Corporations are making their compliance programs more proactive amid an ongoing push from the Biden administration for firms to come forward with information as the U.S. Department of Justice prepares to roll out a pilot program to reward whistleblowers who alert prosecutors to significant corporate misconduct.
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July 26, 2024
Apple Commits To White House Guidelines For Responsible AI
Apple Inc. has signed onto the Biden administration's voluntary guidelines for "responsible" artificial intelligence innovation, joining the likes of Amazon.com Inc., Google LLC, Microsoft Corp. and a dozen other leading tech companies, the White House announced Friday.
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July 26, 2024
Abbott Owes $495M In Baby Formula Bellwether Trial
A Missouri jury awarded $95 million in compensatory damages and $400 million in punitive damages Friday over bellwether claims that Abbott Laboratories' baby formula caused a premature baby to suffer a fully disabling condition.
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July 26, 2024
Off The Bench: NBA Signs Mega Deals, Jerry Jones Settles
In this week's Off The Bench, the NBA signed $77 billion worth of telecast and streaming deals while longtime league broadcaster TNT challenged the decision, Jerry Jones' suit against his alleged daughter settled while jurors were at lunch, and Pennsylvania's high court agreed to hear an appeal relating to Pittsburgh's jock tax, a fee applied to nonresident professional athletes.
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July 26, 2024
Adobe Exec Called Cancel Fee Trap 'Heroin' For Co., Suit Says
Adobe Inc. is so aware of the power, and financial benefits, of its allegedly hidden early termination fee for its most lucrative subscription plan that one executive described the fee as "a bit like heroin for Adobe," according to a newly unredacted complaint from the U.S. Department of Justice and the Federal Trade Commission.
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July 26, 2024
NCAA's $2.8B NIL Deal, Revenue-Sharing Plan Sent To Judge
A $2.78 billion deal to settle a massive class action targeting the NCAA's name, image and likeness compensation rules was submitted to a California federal judge for preliminary approval Friday, allowing for revenue sharing with athletes across all sports.
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July 26, 2024
Franklin Says DOJ, SEC Probing Western Asset Management
Western Asset Management, a global fixed-income manager, is facing parallel investigations from the U.S. Department of Justice and the U.S. Securities and Exchange Commission over some of its past trade allocations, its parent Franklin Resources Inc. said Friday.
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July 26, 2024
Matterport Stockholder Sues In Del. For Books On Merger
A shareholder of 3D-imaging and digitization venture Matterport Inc. has launched a Delaware Court of Chancery lawsuit seeking company documents, citing concerns that the business was selling itself to global real estate analytics company CoStar Group in part to protect insider equity from pending litigation.
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July 26, 2024
Real Estate Recap: CrowdStrike, CFIUS, Financial Services
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including the real estate sector's reaction to the CrowdStrike outage, heightened scrutiny of foreign investment in U.S. properties and a view of evolving financial services regulation from the general counsel of the Conference of State Bank Supervisors.
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July 26, 2024
Employment Authority: Tips For Dealing With Politics At Work
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on why employers should be cautious about handling employees' political differences in the workplace, how the labor movement is shifting its support for Vice President Kamala Harris after President Joe Biden drops out of the election and a look at the Third Circuit's decision over the NCAA and wage claims from college athletes.
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July 26, 2024
RTX Earmarks $1.2B For Anticipated Deals With DOJ, SEC
RTX Corp., formerly known as Raytheon, said it has set aside more than $1.2 billion for anticipated deferred prosecution agreements and other deals with U.S. regulators stemming from investigations that include allegations of improper payments tied to contracts in the Middle East.
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July 26, 2024
Shareholder Litigation To Watch: A Midyear Report
A pair of anticipated U.S. Supreme Court arguments, the fate of a new wave of lawsuits against special purpose acquisition companies and the future of shareholder claims of artificial intelligence malfeasance are among the issues that securities practitioners are following as the second half of 2024 unfolds in the courts.
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July 26, 2024
Biz Groups Call Corp. Transparency Act Unconstitutional
The U.S. government has failed to show how the Corporate Transparency Act meets narrow exceptions to the Fourth Amendment's search warrant requirements, a group of small businesses told a Michigan federal court Friday in contending that the statute is unconstitutional.
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July 26, 2024
LinkedIn Looks To End 'Fake Clicks' Suit With Very Real $6.6M
LinkedIn has agreed to cough up at least $6.6 million to put an end to a class action from online businesses who say the website deliberately overreported "clicks" on ads to fleece advertisers.
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July 26, 2024
Chancery Questions $3.5M Atty Fee For Failed Proxy Battle
An activist shareholder that launched a failed proxy contest at First Foundation Inc. struggled to convince a Delaware Chancery Court judge Friday that the settlement it reached with the Texas-based bank was worth a $3.5 million attorney fee.
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July 26, 2024
FTC Powers Get A Boost In Philly In Noncompete Ban Saga
The Federal Trade Commission's contested regulatory and enforcement powers got a much-needed endorsement Tuesday when a Pennsylvania federal judge refused to temporarily block a ban on employment noncompete agreements.
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July 26, 2024
Data Co. Told To Turn Over Contracts In Kochava Case
A D.C. federal judge plans to order TargetSmart to turn over supplier contracts to the Federal Trade Commission in the agency's case against TargetSmart client Kochava on Friday, after TargetSmart's attorney said she was "99% sure that there was no due diligence done by Kochava" regarding the data's provenance.
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July 26, 2024
Feds Want Mogul To Forfeit $1.5M In NC Bribery Case
Convicted insurance mogul Greg Lindberg should forfeit nearly $1.5 million he allegedly used to bribe North Carolina's insurance regulation chief in exchange for more friendly oversight of his companies, the U.S. government told a North Carolina federal court Friday.
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July 26, 2024
'Terrible Decisions': Ex-McElroy Deutsch CFO Gets 5 Years
McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer was sentenced Friday in a New Jersey state court to five years in prison and ordered to pay restitution for embezzling more than $1.5 million from the firm and failing to pay income tax.
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July 26, 2024
Boeing Sued In Del. For Docs On Safety, Quality Failures
Two Boeing Co. pension fund stockholders sued in Delaware's Court of Chancery late on Thursday seeking access to company documents on safety and quality issues involving the 737 MAX, 777 and 787 commercial passenger jets, alleging a "slow rolling" of responses by the industry giant.
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July 26, 2024
Uber Accused Of Illegally Charging Tax On Delivery Fees
Uber illegally collects sales tax on food delivery fees in Florida, a customer claimed in a proposed class action removed to federal court, saying the company cannot charge the tax if customers have the option of picking up the order themselves.
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July 26, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
What a news week! President Joe Biden started it off by announcing he would not seek re-election, but then said he would push for reform of the U.S. Supreme Court in his remaining time. And the Boeing Co. confirmed it has finalized its agreement with federal prosecutors to plead guilty to one count of criminal conspiracy to defraud, related to safety issues and two fatal plane crashes.
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July 26, 2024
Cadwalader Suing Lloyd's Over Cyberattack Coverage Denial
Cadwalader Wickersham & Taft LLP has filed suit against insurer Lloyd's of London in North Carolina state court, alleging the company has failed to reimburse the law firm for expenses related to a November 2022 data breach.
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July 26, 2024
Wait For Depositions May Delay Cognizant Bribe Trial Again
Trial in a five-year-old case alleging two former Cognizant executives authorized a bribe to a government official in India could be delayed again after New Jersey federal prosecutors said on Friday that the current Sept. 9 date is too soon to complete necessary depositions in that country.
Expert Analysis
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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How Calif. Ruling Alters Worker Arb. Agreement Enforcement
The California Supreme Court’s recent ruling in Ramirez v. Charter Communications should caution employers that while workers’ arbitration agreements will no longer be deemed unenforceable based on their number of unconscionable provisions, they must still be fair and balanced, says Sander van der Heide at CDF Labor.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Congress Quietly Amends FEPA: What Cos. Should Do Now
Last week, Congress revised the Foreign Extortion Prevention Act — passed last year to criminalize demand-side foreign bribery — to address inconsistencies and better harmonize the law with the Foreign Corrupt Practices Act, and companies should review their compliance programs accordingly, say Mark Mendelsohn and Benjamin Klein at Paul Weiss.
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Del. 3M Ruling Risks Upending Corporate Insurance Programs
A Delaware court's findings last week in the 3M earplug insurance litigation that a parent company's defense fee payments don't count toward a subsidiary's self-insured retention and that an insurer's duty to pay defense costs doesn't attach to multidistrict litigation merit closer scrutiny in light of the modern corporate form and the fundamental objectives of MDLs, say Julie Hammerman and Gary Thompson at Thompson HD.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
After Chevron: Slowing Down AI In Medical Research
The U.S. Supreme Court's recent decision overturning the Chevron doctrine may inhibit agencies' regulatory efforts, potentially slowing down the approval and implementation of artificial intelligence-driven methodologies in medical research, as well as regulators' responses to public health emergencies, say Ragini Acharya and Matthew Deutsch at Husch Blackwell.
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What High Court TM Rulings Tell Us About Free Speech
Recent U.S. Supreme Court rulings show tension between free speech and trademark law, highlighting that while political mockery is protected, established brands may be forced to adapt to evolving cultural values, says William Scott Goldman at Goldman Law Group.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Series
After Chevron: Uncertainty In Scope Of ITC Oversight
The U.S. International Trade Commission's long-standing jurisprudence on some of the most disputed and controversial issues is likely to be reshaped by the Federal Circuit, which is no longer bound by Chevron deference in the wake of the U.S. Supreme Court’s Loper Bright decision, say Kecia Reynolds and Madeleine Moss at Paul Hastings.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.