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Delaware
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May 30, 2024
Chancery Rejects Do-Over Of THC-Drink Co. Legal Fee Fight
Two directors of a cannabis-infused drink startup who sued the Minnesota-based company for unpaid legal fees will not get a second chance to argue that they deserve more than what the court already awarded, Delaware's Court of Chancery said Thursday.
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May 30, 2024
Terraform, SEC Reach 'Settlement In Principle' In Crypto Case
Crypto firm Terraform Labs and its creator Do Kwon appear to have reached an agreement with the U.S. Securities and Exchange Commission to settle remedies after the firm and its founder were held liable for fraud by a Manhattan jury.
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May 30, 2024
The 'Not-Postings' Of A Delaware Chancery Court Judge
Close observers of Delaware's Court of Chancery have recently gotten a new window into the First State's preeminent court of equity: Delaware Vice Chancellor J. Travis Laster, one of seven judges on the court's bench, has recently rejoined LinkedIn.
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May 29, 2024
Chancery Sends Momentus De-SPAC Claims Toward Trial
A Delaware vice chancellor refused to dismiss any counts Wednesday in a suit filed by investors in the special purpose acquisition company that took commercial space venture Momentus Inc. public in August 2021, with the court noting that the case will be judged on plaintiff friendly entire fairness standards.
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May 29, 2024
Split 3rd Circ. Affirms Court's Revision To $10M SEC Deal
A split Third Circuit panel has affirmed a district court's decision to revise a nearly $10 million consent judgment between the U.S. Securities and Exchange Commission and a man it accused of misappropriating millions from a private equity fund after he was found in contempt of the judgment.
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May 29, 2024
Bankrupt EV Charger Co. Execs Hid Liquidity Woes, Suit Says
Three current and former executives of bankrupt electric-vehicle charging infrastructure company Charge Enterprises Inc. face an investor's proposed class action claiming the executives concealed a liquidity crisis involving the company's founder and his investment advisory firm that allegedly precipitated Charge's bankruptcy.
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May 29, 2024
Celadon Execs Seek Toss Of TA Dispatch Chancery Suit
Former executives of now-defunct Celadon Group Inc. who sold its business assets a few months before the transport and logistics company went bankrupt told Delaware's Court of Chancery on Wednesday that a lawsuit from the disgruntled Alabama buyer should be dismissed because it lacks specifics and rehashes already-settled claims.
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May 29, 2024
PJM Watchdog Challenges FERC's Meeting Roadblock
Monitoring Analytics, the independent market monitor for regional transmission organization PJM Interconnection, is asking the D.C. Circuit to review a Federal Energy Regulatory Commission order from March allowing PJM to keep the monitor out of its liaison committee meetings.
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May 29, 2024
Fed. Circ. Backs Claim Invalidity In Express Mobile Web Patent
The Federal Circuit has backed a Patent Trial and Appeal Board decision that a single claim of an Express Mobile website generation patent was invalid as obvious based on earlier inventions.
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May 29, 2024
Chancery Pins Down Musk, Tesla On Pay Bid, Del. Jurisdiction
Delaware's chancellor has nailed Elon Musk, Tesla Inc. and their counsel to assurances that the company won't flee state corporate law jurisdiction and a potentially massive stockholder attorney fee dispute by rushing votes on a struck-down, $56 billion compensation plan for Musk and proposed reincorporation in Texas.
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May 28, 2024
Chancery Finds Ex-CEO Owed $79M For Share Lockup Losses
The former CEO of a 3D building imaging company is owed more than $79 million in damages in his share value suit against the company, but not the more than $141 million he sought, the Delaware Chancery Court ruled Tuesday.
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May 28, 2024
Abbott, Dexcom Call For New Glucose Monitor Patent Trial
Just over two months after a jury in Wilmington, Delaware, handed down a mixed verdict in a patent lawsuit over glucose monitors, both sides are now asking the judge to give them another trial.
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May 28, 2024
Chancery Tosses Some Computing Co. Deal Breach Claims
Delaware's Court of Chancery on Tuesday thinned out the tangled technology investor brawl that emerged from Quantum Computing Inc.'s acquisition of QPhoton LLC in May 2022, dismissing individual parties from the case and narrowing claims against the two companies.
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May 28, 2024
States, Greens Want Judgment Over USPS' New Vehicle Plan
Environmentalists and a coalition of 17 states called on a California federal judge to grant them judgment in litigation alleging the U.S. Postal Service violated the National Environmental Policy Act when it decided to replace its aging delivery fleet with "gas-guzzling vehicles."
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May 28, 2024
Juul Gets PTAB To Examine Rival's Vape Patents
The Patent Trial and Appeal Board has sided with Juul Labs Inc. in a trio of decisions over electronic vape technology, refusing to review one of its patents while granting the company's challenges to two patents owned by another business.
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May 28, 2024
Catching Up With Delaware's Chancery Court
Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 28, 2024
Del. Justices Say Interest Includes Prejudgment Interest
Delaware's top court ruled Tuesday that accrued interest on judgments must include prejudgment interest, in a ruling on a $36 million Delaware Superior Court jury verdict in February 2023 favoring institutional broker-adviser LCT Capital in a merger services dispute with NGL Energy Partners.
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May 28, 2024
Beasley Allen, J&J Trade Barbs Over DQ Bid In Talc Litigation
Johnson & Johnson and the Beasley Allen Law Firm have accused each other by turns of "gamesmanship" and "unscrupulous conduct" in New Jersey courts in a fight over whether the firm should be disqualified from talcum powder litigation for allegedly collaborating in secret with a former J&J outside counsel.
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May 28, 2024
Feds Push Back At Hunter Biden's 2nd Bid To Ditch Gun Case
Special counsel for the government urged the Third Circuit to deny Hunter Biden's second attempt to appeal a Delaware federal judge's refusal to dismiss his felony firearm charges, stating Biden's interpretation of guiding precedent would "swallow the final judgment rule whole."
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May 28, 2024
Chancery Speeds Microsoft Query Over $68.7B Activision Deal
Microsoft Corp. is entitled to a quick court declaration on whether its $68.7 billion acquisition of Activision Blizzard Inc. in October was valid, and a pension fund shareholder that challenged the deal has a right to be involved in the process, Delaware's Court of Chancery said Tuesday.
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May 28, 2024
FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years
A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.
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May 28, 2024
Justices Pass On Fight Over FERC Power Market Cap Rule
The U.S. Supreme Court on Tuesday declined to review a D.C. Circuit decision backing the Federal Energy Regulatory Commission's change of bidding practices for electricity capacity auctions run by PJM Interconnection, the nation's largest regional grid operator.
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May 24, 2024
GE Immune From Navy Member's Cancer Suit, 3rd Circ. Says
The Third Circuit on Friday declined to revive a suit seeking to hold General Electric liable for failing to warn a deceased U.S. Navy veteran about asbestos risks at a government nuclear facility, ruling that derivative sovereign immunity bars the suit's claims.
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May 24, 2024
Moelis-Inspired Corporate Law Bill Introduced In Del.
Proposed amendments to Delaware's corporate code that some say could potentially upend the traditional power structure within corporations were introduced in Delaware's Legislature, despite outcry from many academics, corporate law attorneys, and some business groups that the changes are going too far, too fast.
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May 24, 2024
Xponential Fitness Sues Ex-CEO In Del. To Avoid Calif. Court
Fitness brand franchiser Xponential Fitness Inc. sued its recently resigned CEO in Delaware Chancery Court Friday, asking the court to find that the First State's laws, not California's, govern a dispute over the former CEO's right to inspect the company's books and records.
Expert Analysis
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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Chancery's Carvana Suit Toss Shows Special Committee Value
The Delaware Chancery Court’s recent dismissal of a stockholder complaint against Carvana illustrates how special litigation committees can be a powerful tool for boards to regain control after litigation alleging a breach of fiduciary duty, say attorneys at Morgan Lewis.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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What Law Firms Should Know Amid Rise In DQ Motions
As disqualification motions proliferate, law firms need to be aware of the types of conflicts that most often lead to disqualification, the types of attorneys who may be affected and how to reduce their exposure to these motions, says Matthew Henderson at Hinshaw.
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Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy
In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.
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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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NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors
Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.
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A Look At Ex Parte Seizures 8 Years Post-DTSA
In the eight years since the Defend Trade Secrets Act was enacted, not much has changed for jurisprudence on ex parte seizures, but a few seminal rulings show that there still isn’t a bright line on what qualifies as extraordinary circumstances warranting a seizure, say attorneys at Finnegan.
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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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Navigating Kentucky's New Consumer Privacy Law
On April 4, Kentucky passed a new law that imposes obligations on affected businesses relating to the collection, use and sale of personal data — and those operating within the state must prepare for a new regulatory landscape governing the handling of consumer data, say Risa Boerner and Martha Vázquez at Fisher Phillips.
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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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GSA's Carbon-Free Power Plan: Tips For Electricity Suppliers
The U.S. General Services Administration's recent request for information concerning its intent to acquire a large amount of carbon pollution-free electricity over the next decade in the PJM Interconnection region offers key insights for companies interested in becoming electric power suppliers to federal government agencies, say Shaunna Bailey and Nicholas Dugdale at Sheppard Mullin.
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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.