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Delaware
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July 17, 2024
Yellow Corp. Says It Has No Pension Withdrawal Liabilities
Bankrupt trucking firm Yellow Corp. hit back at a motion for summary judgment sought by multiple pension funds including Central States Pension Fund, telling a Delaware bankruptcy court that it has no withdrawal liability for backing out of a multistate pension fund for truckers.
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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
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 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
Fed. Circ. OKs Judge Connolly's Fine Against IP Biz Owner
A precedential ruling from the Federal Circuit on Tuesday found that Delaware's top judge has the right to fine a Texas paralegal who is the sole owner of patent litigation outfit Backertop Licensing LLC $200 a day for refusing to show up in court as part of the judge's investigation into whether Backertop and others hid their connection to big-name intellectual property consulting firm IP Edge.
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July 16, 2024
Apollo's $1.85B Mining Co. Deal Sparks Del. Suit For Docs
An investor sued a mining and logistics company in Delaware's Court of Chancery seeking documents regarding the firm's $1.85 billion go-private deal with affiliates of asset management giant Apollo, approved Tuesday by the mineral producer's stockholders, asserting that there are credible concerns over pre-transaction communications between its executives and Apollo about their jobs.
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July 16, 2024
Development Co. Says Chubb Unit Must Cover Defense Costs
An economic development company told a Delaware federal court its insurer must cover the over $7.6 million it has incurred while facing a government agency's allegations that it violated the False Claims Act in connection with the agency's claim that one of its subcontractors overbilled the agency.
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July 16, 2024
Chancery Orders Illumina Docs Released In Grail Merger Fight
Benefit fund shareholders of biotech giant Illumina Inc. won a Delaware Court of Chancery order on Tuesday for a rare, limited release of legal advice documents on Illumina's merger agreement with cancer-testing firm Grail Inc., a deal that has cost the company billions in fines and lost value.
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July 16, 2024
3rd Circ. Backs Tossing Over 1K Suits In Merck Vaccine MDL
The Third Circuit on Tuesday affirmed the dismissal with prejudice of 1,189 cases in multidistrict litigation alleging Merck & Co. Inc.'s shingles vaccine, Zostavax, caused the disease, saying the district court did not abuse its discretion by requiring medical tests to support the claims.
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July 16, 2024
Chancery OKs $42.5M Brookfield-GGP Settlement, $11.4M Fee
Shareholders of mall operator GGP Inc. who sued in 2018 to stop its $9.25 billion acquisition by Brookfield Property Partners LP got the Chancery Court's nod Tuesday to settle the litigation for $42.5 million, including an $11.4 million fee for the plaintiffs' counsel and incentive awards for three shareholder plaintiffs.
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July 16, 2024
AI Robotics Investor Sues In Delaware For Duty Breaches
A shareholder of a special purpose acquisition company that took artificial intelligence robotics company Berkshire Grey Inc. public filed a putative class action in Delaware's Court of Chancery late Monday against the company's officers and directors, seeking damages for breaches of fiduciary duty.
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July 16, 2024
Pentagon, GSA Seek 'Record-Setting' Clean Energy Projects
The U.S. Department of Defense and the U.S. General Services Administration say they are going for "record-setting federal purchases of clean energy" in a joint statement seeking contractors who will be able to get multiple federal facilities running entirely on carbon-pollution-free power by 2030.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 15, 2024
Acuitas Seeks Credit For IP Tied To COVID Vax
Acuitas Therapeutics wants to set the record straight about its involvement in a handful of patents that Alnylam Pharmaceuticals asserts were swiped to create the COVID-19 vaccine developed by Pfizer, BioNTech and Acuitas, saying in a lawsuit in Delaware federal court Monday that Acuitas scientists should be listed as co-inventors.
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July 15, 2024
CD&R Tells Del. Court Covetrus Sale 'Fully Informed'
An attorney for private equity firm Clayton Dubilier & Rice LLC told a Delaware vice chancellor Monday that stockholders of animal health company Covetrus Inc. were fully informed when they approved a $21-per-share takeover by CD&R and TPG Capital in 2022, disputing allegations of knowing standstill agreement violations and disclosure failures.
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July 15, 2024
Owner Of Bankrupt Gov't Contractor Charged With Perjury
The owner of a bankrupt government water contractor has been indicted on perjury charges, accused of falsifying the company's bankruptcy filings by failing to report millions in assets transferred to her and other company insiders.
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July 15, 2024
Fed. Circ. Upholds Some HVAC Patent Claims In Google Fight
The Federal Circuit has affirmed a Patent Trial and Appeal Board decision that handed a partial win to EcoFactor Inc. in a patent challenge brought by Google LLC.
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July 15, 2024
Cybersecurity Investor Sues For Docs On PE Merger Wipeout
California-based cybersecurity company Exabeam Inc. has been hit with a books and records request by a shareholder seeking to halt the company's private stock-for-stock merger with competitor LogRhythm, which is owned by private equity firm Thoma Bravo.
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July 15, 2024
Chancery Finds Truth Social SPAC Should Get Docs
The sponsor of the special purpose acquisition company that took former President Donald Trump's Truth Social public must turn over most of the documents the SPAC sought as part of the parties' Delaware litigation, a Chancery Court judge ruled Monday, teeing the case up for trial on July 29.
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July 15, 2024
3rd Circ. Wants Higher Bar For Halting Delaware Gun Laws
The Third Circuit held Monday that courts have lowered the bar for issuing preliminary injunctions too much, allowing Delaware to keep its ban on "assault weapons" and extended magazines because the gun rights groups challenging the law hadn't met the burden of showing the harm necessary for "extraordinary relief."
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
B. Riley, Others Sued In Del. After Franchise Group Buyout
Four Franchise Group LLC stockholders sued the company's principals and top investors in Delaware's Court of Chancery Friday, alleging that they and others were shortchanged by an insider-controlled $2.8 billion take-private sale of the business after an allegedly sham marketing effort and undisclosed conflicts.
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July 15, 2024
J&J Agrees To Pay $505M In Talc Producers' Ch. 11
Talc mining companies Imerys and Cyprus Mines asked the Delaware bankruptcy court to approve a Chapter 11 settlement in which Johnson & Johnson would pay $505 million in cash and insurance proceeds into a talc injury trust, even if it petitions for bankruptcy a third time.
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July 15, 2024
PBGC Seeks Early Win In $7.8B Pension Fight In Yellow Ch. 11
The Pension Benefit Guaranty Corp. has filed a motion for partial summary judgment in the Chapter 11 case of trucking firm Yellow Corp., telling a Delaware bankruptcy judge the $7.8 billion dispute over Yellow's withdrawal from multistate employee pension programs is a pure question of law that can be decided in the PBGC's favor.
Expert Analysis
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4 Tips For Drafting Earnouts To Avoid Disputes
Amid slowed merger and acquisition activity, buyers and sellers are increasingly turning to earnout provisions to get deals done, but these must be carefully drafted to avoid interpretative differences that can lead to later disputes, say attorneys at Cooley.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Yellow Corp. Lease Assumption Shows Landlord Protections
Yellow Corp.’s recent filing of a motion to assume unexpired leases is a helpful reminder to practitioners to maintain a long-term approach about what is most beneficial for an estate and to not let a debtor's short-term cash position dictate business decisions, says Kyle Arendsen at Squire Patton.
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Skip Versus File: The Patent Dilemma That Costs Millions
In the nearly 30 years since the inception of the provisional application, many have weighed the question of whether or not to file the provisional, and data shows that doing so may allow inventors more time to refine their ideas and potentially gain an extra year of protection, says Stanko Vuleta at Highlands Advisory.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Patent Lessons From 7 Federal Circuit Reversals In May
A look at recent cases where the Federal Circuit reversed or vacated decisions by the Patent Trial and Appeal Board or a federal district court provide guidance on how to succeed on appeal by clarifying the obviousness analysis of design patents, the finality of a judgment, and more, say Denise De Mory and Li Guo at Bunsow De Mory.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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NY Combined Hearing Guidelines Can Shorten Ch. 11 Timeline
The Southern District of New York’s recently adopted guidelines on combining the processes for Chapter 11 plan confirmation and disclosure statement approval may shorten the Chapter 11 timeline for companies and reduce associated costs, say Robert Drain and Moshe Jacob at Skadden.
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Opinion
Bankruptcy Judges Can Justly Resolve Mass Tort Cases
Johnson & Johnson’s recent announcement of a prepackaged reorganization plan for its talc unit highlights that Chapter 11 is a continually evolving living statute that can address new types of problems with reorganization, value and job preservation, and just treatment for creditors, says Kenneth Rosen at Ken Rosen Advisors PC.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.