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Delaware
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October 23, 2024
American Tire Hits Ch. 11 Again With $1.9B Of Debt, Sale Plan
Tire and wheel seller American Tire Distributors Inc. has filed for Chapter 11 protection in Delaware bankruptcy court with $1.9 billion of debt and plans to sell the company through a court-supervised process.
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October 22, 2024
AMC Fights Insurer Bid For Toss Of $99.3M Settlement Claim
AMC Entertainment has asked a Delaware judge to summarily toss four insurers' refusals to approve a $99.3 million claim for losses related to the theater chain's settlement with stockholders after the company settled a battle over a preferred share conversion and reverse stock split.
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October 22, 2024
Bondholders Cry Foul On Proposed Citgo Auction Process
The holders of nearly $2 billion in defaulted Venezuelan bonds are fighting a proposed sales order under which an affiliate of hedge fund Elliott Investment Management LP is set to buy Citgo's parent company for $7.286 billion, arguing the order would gut the collateral guaranteed under a pact with Venezuela.
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October 22, 2024
Hertz Board Panel Takes Control Of Shareholder Buyback Suit
Delaware's chancellor has granted a Hertz Global Holdings Inc. board special committee's request to investigate stockholder-filed derivative claims challenging the fairness of $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position, in a ruling that also sidelined related direct damage claims.
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October 22, 2024
Del. Justices Set Guardrails For How Courts Can Use AI
The Delaware Supreme Court has adopted a brief interim policy to guide judicial officers and court personnel in the use of generative artificial intelligence, permitting the "safe and appropriate" use of the technology in First State courts.
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October 22, 2024
Coach USA, Injury Plaintiffs Strike Deals To Lift Ch. 11 Stay
Bankrupt bus operator Coach USA Inc. has reached deals to undo Chapter 11's automatic stay and allow over a dozen state lawsuits to move forward, an attorney for the transportation group told a Delaware bankruptcy judge on Tuesday, with personal injury plaintiffs agreeing to limit collection for any damages to Coach's insurance policies.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 21, 2024
Apple Tells Del. Jury It Wants Smartwatch Infringing To Stop
An Apple attorney told a federal jury in Delaware on Monday that the company is willing to accept only a token damage award from Masimo Corp. for the health tech company's infringement of Apple's smartwatch, but wants the alleged copying barred.
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October 21, 2024
3rd Circ. Urged To Rethink $60M Moroccan Hotel Award Fight
An investment group wants the Third Circuit to reconsider its decision reviving a dispute over the enforcement of a $60 million arbitral award favoring the current owner of a luxury hotel in Casablanca, saying the ruling is unprecedented and disregards well-established Delaware law.
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October 21, 2024
Big Lots Can Tap Final $10M DIP Draw To Fund Ch. 11 Sale
Discount retailer Big Lots Inc. got a Delaware bankruptcy judge's approval Monday to access the final $10 million in new money being funded under its debtor-in-possession loan package after it struck a last-minute deal to quell objections that a slate of landlords raised against final DIP approval.
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October 21, 2024
Basic Fun Resolves Objection, Gets Nod For Ch. 11 Plan
A Delaware bankruptcy judge agreed Monday to confirm the Chapter 11 restructuring plan of toymaker Basic Fun, saying the company's creditors had been adequately informed and he appreciated the work done to reach terms that satisfied all parties involved.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
Judge Slams 'Lazy Lawyering' In Amazon Biometric Data Suit
The judge overseeing a proposed biometric privacy class action against Amazon Web Services Inc. in Delaware federal court chastised the plaintiffs' counsel for identically repleading a previously dismissed claim, calling the move "lazy lawyering" and warning of potential ramifications for "lying to the court."
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October 18, 2024
Chancery Keeps Better Therapeutics SPAC Suit Alive
A Delaware vice chancellor on Friday refused to dismiss a suit challenging the take-public merger of now-defunct Better Therapeutics, saying the investors have sufficiently pleaded direct breach of fiduciary duty claims against the medical technology business' special purpose acquisition company partner and its directors.
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October 18, 2024
Fed. Circ. Won't Question Reviving Vascepa Skinny Label Row
The Federal Circuit has said the full appellate court will not rethink a panel's decision reinstating Vascepa maker Amarin Pharma Inc.'s skinny label patent case against rival U.K. drugmaker Hikma.
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October 18, 2024
Chancery Calls For Status Quo Order In Del Monte Loan Suit
A Delaware vice chancellor has given the nod for a hold-the-status quo order sought by a collateral agent accusing Del Monte Foods Inc. officials of carrying out a corporate restructuring and "lien-stripping" said to have jeopardized lender claims under a $725 million term loan agreement.
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October 18, 2024
AGs Slam 4th Circ. Bid To Restore NC Abortion Drug Limits
In a joint amicus brief to the Fourth Circuit, a coalition of 17 states and the District of Columbia has said the abortion drug mifepristone is a part of women's reproductive healthcare, assailing the "needless" limits that states including North Carolina have sought to impose on the drug's access.
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October 18, 2024
Paramount-Skydance Merger Triggers Class Atty Fight In Del.
A five-firm stockholder attorney team investigating the proposed $7 billion Paramount Global-Skydance Media LLC merger has urged Delaware's Court of Chancery to put the brakes on another firm's motion for co-lead plaintiff appointment for a deal challenge, arguing that the move would reward a rush to the courthouse.
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October 18, 2024
SunPower Corp. Gets OK For Chapter 11 Plan
A Delaware bankruptcy judge Friday approved residential solar technology company SunPower Corp.'s plans to distribute the proceeds of its asset sales to the creditors in its Chapter 11 case after hearing all objections had been resolved or put off.
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October 17, 2024
Stockholders Sue Tech Co. Controllers Over Equity Shuffle
Stockholders of materials science venture Footprint International have sued the company, several current and former board members and its controlling shareholders in Delaware Chancery Court, seeking damages for allegedly conflicted refinancing moves that stripped regular shareholders of their interests and rights.
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October 17, 2024
VLSI To Del. Judge: 'There Is Nothing Else To Disclose'
VLSI Technology LLC has fully complied with its disclosure requirements for ownership and litigation funding, and Intel Corp.'s claims otherwise in patent licensing litigation don't hold up, VLSI told a Delaware federal judge.
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October 17, 2024
Zoox Investors Battle Amazon Sale Suit Toss In Chancery
An attorney for self-driving robotaxi venture Zoox Inc., its directors and Amazon.com told Delaware's chancellor on Thursday that insolvency was days away when Zoox agreed to a $1.3 billion acquisition by Amazon.com in June 2020, despite conflicting claims from stockholders who challenged the deal.
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October 17, 2024
Northwestern Hits Moderna With Patent Suit Over COVID Vax
Northwestern University has launched a patent infringement lawsuit in Delaware federal court accusing Moderna of wrongly taking research that the school did when the company was making its COVID-19 vaccine.
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October 17, 2024
Amgen Faces Derivative Suit In Del. Over Tax Disclosures
An Amgen Inc. stockholder has sued the company in Delaware's Court of Chancery seeking derivative recoveries for the multinational biopharmaceutical company from its directors and officers based on allegedly false and misleading statements regarding $10.7 billion in federal tax bills and penalties.
Expert Analysis
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Sublimit And Policy Interpretation Lessons From Amtrak Case
The recently settled dispute between Amtrak and its insurers over sublimit coverage illustrates that parties with unclear manuscript policies may wish to avoid litigation in favor of settlement — as the New York federal court declined to decide the case by applying prior term interpretations, says Laura Maletta at Chartwell Law.
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3rd Circ. Hertz Ruling Highlights Flawed Bankruptcy Theory
The Third Circuit, in its recent Hertz bankruptcy decision, became the latest appeals court to hold that noteholders were entitled to interest before shareholders under the absolute priority rule, but risked going astray by invoking the flawed theory of code impairment, say Matthew McGill and David Casazza at Gibson Dunn.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Licensing And Protections For Voice Actors In The Age Of AI
While two recently enacted California laws and other recent state and federal legislation largely focus on protecting actors and musicians from the unauthorized use of their digital likenesses by generative artificial intelligence systems, the lesser-known community of professional voice actors also stands to benefit, says attorney Scott Mortman.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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Opinion
Bill Is Key To Protecting US Economy From Patent Piracy
It is critical that Congress pass a recently introduced bill that would protect U.S. investors from intellectual property theft by restoring court-ordered injunctions as the default remedy in patent infringement cases to ensure inventors get the justice they deserve, says Andrei Iancu at Sullivan & Cromwell.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Allergan Ruling Reinforces Value Of Patent Term Adjustments
The Federal Circuit’s recent ruling in Allergan v. MSN, which held that patent term adjustment awards for first-filed, first-issued patents cannot be stripped away by later-issuing child patents that expire earlier, means practitioners must consider the potential impact of any action that might reduce the adjustment amount, say attorneys at Cooley.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.