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Energy
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September 30, 2024
Kids Face 'Very Uphill' Climb To Save Reworked Climate Suit
A California federal judge indicated Monday that he will likely toss amended allegations that the U.S. Environmental Protection Agency's climate policies run afoul of children's constitutional rights, saying the plaintiffs face a "very uphill" battle to conform the lawsuit with binding Ninth Circuit precedent.
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September 30, 2024
Missouri Drops Appeal Intended To Save ESG Regulations
Missouri has asked the Eighth Circuit to dismiss its appeal of a federal judge's decision finding that the state's anti-environmental, social and governance regulations for brokers and advisers violate the First Amendment and are preempted by federal laws.
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September 30, 2024
Fla. Judge Tosses NextEra Stock Drop Suit
A Florida federal judge on Friday dismissed a proposed class action against NextEra that sought to hold the energy company liable for a drop in its share price after political interference allegations emerged against its subsidiary Florida Power and Light Co.
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September 30, 2024
Marathon Unit Wants 8th Circ. To Nix Appeal In Pipeline Fight
A Marathon Petroleum Corp. subsidiary is asking the Eighth Circuit to dismiss an appeal by tribal landowners trying to intervene in its lawsuit challenging the Interior Department's reversal of prior decisions related to a pipeline crossing part of the Fort Berthold Indian Reservation in North Dakota.
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September 30, 2024
Morgan Stanley Investment Arm Nabs $750M For Climate Fund
Morgan Stanley's investment management arm revealed Monday that its climate private equity fund, which is focused on investing in North American and European companies working to avoid or remove one gigaton of carbon dioxide-equivalent emissions from the atmosphere, closed at $750 million of equity capital commitments.
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September 30, 2024
Chevron-Hess 2nd Oil Merger To Get FTC OK With CEO Ban
A divided Federal Trade Commission signed off Monday on a deal allowing Chevron to buy Hess, permitting the $53 billion megamerger on the condition that Hess CEO John B. Hess be banned from Chevron's board, in the second such CEO-banning deal the FTC has inked in the last year.
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September 27, 2024
Norfolk Derailment Victims' Attys Get $162M After $600M Deal
A federal judge said Friday that she signed off on a $162 million award to attorneys for a class of residents and others affected by last year's Norfolk Southern train derailment and toxic chemical spill in East Palestine, Ohio, partly because of the "historic participation" in the $600 million settlement.
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September 27, 2024
Twitter Investors Win Cert. In Suit Over Musk's Backpedaling
A California federal judge on Friday certified a class of thousands of Twitter investors over claims Elon Musk fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition, rebuffing the billionaire businessman's contention that individual issues in the suit eclipse common questions.
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September 27, 2024
Elliot Unit To Pay $7.29B As Citgo Parent Co. Sale Looms
An affiliate of hedge fund Elliott Investment Management LP has emerged as the successful bidder in an upcoming auction of Citgo's parent company aimed at satisfying billions of dollars in Venezuelan debt, agreeing to pay $7.286 billion to purchase the shares in PDV Holding Inc.
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September 27, 2024
Calif. Appeals Court Won't Revive Suit Targeting Zero Emission Reg
A California appeals court has refused to jump-start a natural gas vehicle coalition's lawsuit targeting an Advanced Clean Trucks regulation aimed at boosting the sale of electric zero-emission medium- and heavy-duty vehicles, ruling state regulators properly considered alternatives and impacts.
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September 27, 2024
GAO Says DOE Could Save Billions On Hanford Waste Plan
A government watchdog said in a report Friday that the U.S. Department of Energy should heed experts who say the agency could save billions of dollars by distinguishing between high- and lower-level waste at the Hanford Nuclear Site in Washington, one of the biggest cleanups in the world.
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September 27, 2024
Energy Cases To Watch In This US Supreme Court Term
The new U.S. Supreme Court term could be just as action-packed as the previous term was for the energy industry, as the justices will weigh in on how federal agencies conduct environmental reviews and field petitions over climate change policies and lawsuits. Here's a list of energy-related cases to watch this term.
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September 27, 2024
DC Circ. Skeptical Of Transformer Co.'s Union Vote Objections
Judges on the D.C. Circuit pressed an attorney for power transformer company VTCU on why it believes a National Labor Relations Board-overseen vote authorizing a union for the company's workers was flawed when both sides agreed to how it would go down.
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September 27, 2024
Puerto Rico Utility Creditors Seek OK For Bond Claims Suit
Representatives of the Puerto Rico Electric Power Authority's unsecured creditors are asking a New York federal judge to allow them to contest what they say is the wrongful lumping of $8.4 billion in bondholder claims with their own claims against the utility.
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September 27, 2024
Life Sciences Firms Energize IPO Market As Recovery Builds
Initial public offerings are closing the year's third quarter on an upswing, led mostly by pre-revenue drug developers and select large companies that are seizing opportunities in friendlier capital markets buoyed by interest-rate cuts, generating momentum that experts say could carry over into next year.
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September 27, 2024
GM, LG Get Go-Ahead On $150M EV Battery Settlement
A Michigan federal judge has given preliminary approval to a $150 million settlement to resolve claims that General Motors LLC sold Chevrolet Bolt electric vehicles with faulty batteries made by LG units, finding the deal to be fair and reasonable in resolving the claims.
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September 27, 2024
EPA Will Review Wood Stove Emissions Rules To Settle Lawsuit
The U.S. Environmental Protection Agency agreed to revisit its emissions standards for residential wood-burning stoves, resolving 10 states' D.C. federal court lawsuit accusing it of slacking on its obligation to do so.
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September 27, 2024
$36M Oil Cleanup Row Isn't A Case For Fed. Court, Judge Says
An Oklahoma federal court tossed a pipeline owner's lawsuit seeking coverage from its excess insurers for an oil spill on tribal land that it said cost over $36 million to clean up, finding the court lacked the subject matter jurisdiction to hear the case.
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September 27, 2024
Colo. Law Voids Cos.' Coverage Agreement, Judge Rules
An oil and gas production company isn't owed coverage by an electrical drilling company for an underlying lawsuit brought by an injured worker, a Colorado federal judge ruled, finding that defense, indemnification and insurance provisions within the companies' agreement are void under state law.
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September 27, 2024
Arctic Seal Habitat Nixed By Alaska Federal Judge
An Alaska federal judge vacated the National Marine Fisheries Service's designation of critical habitat for bearded seals and Arctic ringed seals.
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September 27, 2024
Houston Firm Gets Time In Zeta MDL To Fend Off DQ Bid
A Texas state judge overseeing a multidistrict litigation created to handle claims stemming from Hurricane Zeta agreed Friday to give a Houston law firm more time to respond to a disqualification bid from plaintiff firm Arnold & Itkin, which says an ex-law clerk who now works for the defense improperly accessed relevant case files.
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September 27, 2024
FERC Can't Defend Backtrack On Grid Plan, DC Circ. Told
The Federal Energy Regulatory Commission can't legally justify its about-face on a Southwest Power Pool plan to regionally allocate the costs of some transmission projects within the grid operator's 14-state footprint, the D.C. Circuit heard.
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September 27, 2024
Ill. Justices Won't Hear Baker McKenzie's London Transfer Bid
Illinois' top court has declined to take on a petition from Chicago-based Baker McKenzie urging the justices to send to London a malpractice suit accusing the firm of botching a client's bid to reacquire a Russian coal mine.
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September 27, 2024
Taxation With Representation: Kirkland, Skadden, Cleary
In this week's Taxation With Representation, Blackstone and Vista Equity Partners acquire Smartsheet Inc., Macquarie Asset Management takes a stake in D.E. Shaw Renewables Investment Group, and Apogee Enterprises Inc. buys UW Interco LLC from Heartwood Partners.
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September 27, 2024
EPA, Ohio Refinery Ink $169M Wastewater Cleanup Deal
A Cenovus Energy unit has reached a $169 million deal to resolve the U.S. Environmental Protection Agency's complaint over pollution from a petroleum refinery in Lima, Ohio, the U.S. Department of Justice and the EPA announced Friday.
Expert Analysis
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DOE Funding And Cargo Preference Compliance: Key Points
Under the Bipartisan Infrastructure Law, the U.S. Department of Energy will disburse more than $62 billion in financing for innovative energy projects — and recipients must understand their legal obligations related to cargo preference, so they can develop compliance strategies as close to project inception as possible, say attorneys at White & Case.
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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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Tips For Balanced Board Oversight After A Cyberincident
The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.
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Cos. Must Prepare For Calif. Legislation That Would Ban PFAS
Pending California legislation that would ban the sale or distribution of new products containing intentionally added per- and polyfluoroalkyl substances could affect thousands of businesses — and given the bill's expected passage, and its draconian enforcement regime, companies must act now to prepare for it, say attorneys at Alston & Bird.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.
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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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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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Energy Community Tax Credit Boost Will Benefit Wind Sector
Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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An Energy Industry Case Study In Expropriation Risk
Andrés Chambouleyron at Berkeley Research breaks down how expropriation risk and damage mitigation calculations vary considerably by different energy sources, and uses Argentina as a case study for how energy investors might protect their interests.
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Exploring Patent Trends In Aerospace Electrification
As blue-chip companies lead the charge to power large-scale commercial airplanes with electricity, and startups advance the trend on a regional scale, patent applications directed at improving energy storage and electric motor efficiency are on the rise, say attorneys at Finnegan.
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Opinion
Federal MDL Rule Benefits From Public Comments
The new Federal Rule of Civil Procedure concerning multidistrict litigation that was approved this week by the Advisory Committee on Civil Rules incorporates ideas from public comments that will aid both plaintiffs and defense attorneys — and if ultimately adopted, the rule should promote efficient, merits-driven MDL case management, say Robert Johnston and Gary Feldon at Hollingsworth.