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Delaware
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June 13, 2024
Contentious Del. Corporate Law Changes Sail Through Senate
After triggering rare public dissent, a multipart Delaware General Corporation Law amendment that would let boards cede some governance rights to big stockholders whisked through the state's Senate on Thursday without debate or an opposing vote, with a House vote expected as early as next week.
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June 13, 2024
Senate Panel OKs Fix For Federal Courts' 'Genuine Crisis'
The Senate Judiciary Committee voted out unanimously on Thursday a bipartisan bill to create 66 new and temporary judgeships to alleviate the federal courts' workload.
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June 12, 2024
House IP Panel Eyes Transparency For Litigation Funders
A congressional committee on Wednesday began discussing whether to require more transparency of third-party litigation funding agreements to stem what lawmakers say are abusive patent lawsuits and national security concerns if hostile foreign governments meddle with cases anonymously.
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June 12, 2024
CalPERS Opposes $5B Atty Fee In Musk Pay Fight
The nation's largest public pension fund lined up Wednesday against a proposed $5 billion-plus fee for stockholder attorneys whose Delaware Court of Chancery suit blocked Tesla CEO Elon Musk's one-time $56 billion compensation plan, one day ahead of a Tesla shareholder vote to resurrect the pay deal.
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June 12, 2024
Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit
Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.
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June 12, 2024
QuantumScape Shareholders Seek Initial OK For $47.5M Deal
Investors of QuantumScape have asked a California federal judge to give the first green light to a $47.5 million settlement to end their class action suit, which alleged published articles revealed the company made false statements about the quality of its batteries and the tests it used to measure performance.
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June 12, 2024
Forte Biosciences Reaches $2M Deal To End Chancery Suit
Clinical-stage biopharmaceutical company Forte Biosciences has reached a multipart, $2 million concession-plus-cash settlement in Delaware's Court of Chancery with a private investment fund that ran a board proxy contest after its calls to liquidate the business were met with poison pill pushback.
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June 12, 2024
32 AGs Urge Justices Take Up Okla. PBM Law Fight
Thirty-two attorneys general urged the U.S. Supreme Court to take up Oklahoma's petition for review of a Tenth Circuit decision holding that federal law preempted portions of a state law regulating pharmacy benefit managers, arguing the justices needed to intervene to resolve a circuit split.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Gaming Co. Derides DraftKings' $2.3M Fee Bid In Patent Suit
The fallout from a testy patent dispute over DraftKings' geolocation technology intensified this week as Interactive Games pushed back against the online gambling giant's request for $2.3 million in legal fees in Delaware federal court.
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June 12, 2024
Shareholders To Settle Discovery-AT&T Merger Suit In Del.
Former shareholders of Discovery Inc. who sued in Delaware's Court of Chancery over the media entertainment company's $43 billion merger with AT&T in 2022 have agreed to settle their class action and intend to finalize settlement documentation by July 5, the parties told the court late on Tuesday.
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June 11, 2024
Alston Steers Transport Co. Coach Through Ch. 11
Bus company Coach USA Inc. announced Tuesday that it filed for Chapter 11 protection in Delaware bankruptcy court, saying it has struck asset purchase agreements to preserve jobs and continue offering its ground passenger transportation services.
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June 11, 2024
Pharmacy Co. Optio Gets Interim OK For $10M DIP Package
Illinois-based specialty pharmacy chain Optio received interim approval at a first-day hearing Tuesday in Delaware bankruptcy court to access a $10 million in new money debtor-in-possession financing to fund its Chapter 11.
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June 11, 2024
Auto Apprenticeship Program Sued In Del. For Documents
A stockholder and founder of Automotive Apprenticeship Group LLC sued the Kentucky-headquartered business Tuesday for a Delaware Court of Chancery-ordered release of company documents allegedly refused in the past after repeated, direct requests.
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June 11, 2024
Moelis-Inspired Del. Corporate Law Bill Clears Senate Panel
A string of law professors turned out Tuesday to oppose a Delaware Senate bill that would let boards cede some governance rights to big stockholders and some Delaware Court oversight to other jurisdictions, with the measure nevertheless cleared for a full Senate vote.
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June 11, 2024
AES Sued In Del. For 'Weaponized' Advance Notice Bylaws
Global utility and power company The AES Corp. has "weaponized" advance notice requirements in its bylaws to make it "unreasonably difficult, if not impossible," for stockholders to nominate candidates for the company's board, a stockholder has alleged in a new Delaware Court of Chancery suit.
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June 11, 2024
J&J Inks $700M Deal To End AGs' Talc Marketing Suits
Forty-three state attorneys general on Tuesday said there has been a $700 million nationwide settlement and a consent judgment has been reached with Johnson & Johnson that ends claims it misled consumers about the safety of its talc products.
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June 11, 2024
Elon Musk Sued Anew In Del. Over $16B Tesla Stock Sale
A Tesla shareholder has hit Elon Musk with a lawsuit over his 2021 sale of $16 billion worth of stock just before his purchase of Twitter, claiming the billionaire profited by concealing his intent to buy the social media platform and made the purchase in part to reinstate former President Donald Trump's account.
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June 11, 2024
Hunter Biden Found Guilty Of Federal Gun Charges
President Joe Biden's son Hunter Biden was found guilty of three felony gun charges by a federal jury in Wilmington, Delaware, on Tuesday.
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June 10, 2024
Microsoft Wants $242M IP Verdict Axed Or Cut To $1.9M
Microsoft has urged a Delaware federal judge to toss a $242 million jury verdict that found Microsoft's virtual assistant Cortana infringed a patent originally issued to a company that developed Apple's Siri software, arguing infringement wasn't proven and the "grossly inflated" award should at least be cut to $1.95 million.
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June 10, 2024
Bankrupt UpHealth Warned Of Criminal Charges In India
A court in India said it has received a criminal charge sheet issued by an investigative governmental agency in Calcutta against bankrupt American healthcare company UpHealth, targeting it and executives over accusations that they conspired to defraud a local healthcare system.
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June 10, 2024
Prosecutors Tell Jury To Ignore Hunter Biden's 'Stories'
Jury deliberations in Hunter Biden's trial on felony gun charges will continue Tuesday at a federal courthouse in Wilmington, Delaware, after a five-day trial ended Monday afternoon with Biden's attorney imploring jurors to avoid "conjecture and suspicion" and prosecutors urging them not to fall for "fictional stories."
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June 10, 2024
Chancery Retains Most Healthcare Tech Merger Suit Claims
Nearly all the allegations of fraud, breach of contract and related claims lodged by healthcare technology venture Trifecta Multimedia Holdings Inc. against acquirer WCG Clinical Services have survived dismissal challenges and will move toward trial, a Delaware vice chancellor ruled Monday.
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June 10, 2024
Catching Up With Delaware's Chancery Court
Big players and big moves dominated much of the past week in Delaware's Court of Chancery, as Tesla in particular and big corporations in general showed their pique over rulings that went toward stockholders or against conventional expectations.
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June 10, 2024
Ventilator Co. Vyaire Hits Ch. 11 As COVID Demand Wanes
Vyaire Medical Inc., a company that makes breathing ventilators and other respiratory treatment and diagnosis products, filed for Chapter 11 protection in Delaware after demand for its products waned following the COVID-19 pandemic.
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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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.
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Oracle Ruling Underscores Trend Of Mootness Fee Denials
The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Comparing Corporate Law In Delaware, Texas And Nevada
With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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A Snapshot Of The Evolving Restrictive Covenant Landscape
Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.