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June 12, 2024
Oppenheimer, Cybersecurity Co. Settle $12M SPAC Bill Spat
Oppenheimer & Co. and an Israeli cybersecurity company have reached a settlement to end claims that the company refused to pay $12 million in fees for SPAC merger-related services the investment bank provided, according to a New York federal court filing made Wednesday.
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June 12, 2024
2nd Circ. Backs Brokerage In Suit Over Biotech's Failed IPO
The Second Circuit on Wednesday declined to reinstate a Texas company's suit against an investment brokerage that advised biotech Inpellis on an initial public offering that failed and sent the company to file Chapter 7, ruling a lower court rightly found a global settlement eclipsed the need for a jury trial.
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June 12, 2024
Microsoft, OpenAI Call Papers' Suit A 'Copycat' Of NYT's Case
OpenAI and Microsoft Corp. have asked a New York federal court to toss the bulk of a copyright complaint from eight newspapers that accuses the companies of stealing their content to develop versions of ChatGPT, contending the lawsuit is modeled after one from The New York Times and saying the allegations mischaracterize the technology.
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June 12, 2024
League's Antitrust Case Against US Soccer, MLS Survives
Major League Soccer and the sport's U.S. governing body must face allegations that they colluded to impose standards in a lopsided manner in order to hamper the North American Soccer League, after a New York federal judge refused to toss the claim.
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June 12, 2024
4 Charged In $50M Email, Romance Fraud Schemes
Four people were charged by Brooklyn federal prosecutors with participating in a series of fraudulent email and romance fraud schemes that resulted in $50 million in losses to the alleged victims.
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June 12, 2024
Miss. Social Media Age Law Faces Free-Speech Challenge
Mississippi is the latest state to enact a law that requires social media companies to verify the age of all users, but a challenge seeking to block that law from taking effect is already on the docket in federal court with a preliminary injunction hearing slated for this month.
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June 12, 2024
NY AG, Firms Beat Cuomo Subpoenas In Sex Harassment Suit
Former New York Gov. Andrew Cuomo can't force Cleary Gottlieb Steen & Hamilton LLP and Vladeck Raskin & Clark PC to produce information about an investigation into sexual misconduct accusations that forced him to resign, a federal judge ruled Wednesday, finding the firms were acting under the state attorney general's authority.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
'Natural' Toothpaste Brand Loaded With PFAS, Moms Say
Natural toothpaste company RiseWell LLC falsely advertised its kids toothpaste as "natural" and "safe to swallow," two mothers alleged Tuesday in a proposed class action, saying a U.S. Department of Defense-certified laboratory test found 750 times more "forever chemicals" in the toothpaste than researchers found in heavily tainted kale.
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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
Ex-WWE Employee's Sex Abuse Suit Paused For 6 Months
A former World Wrestling Entertainment Inc. legal staffer's sexual abuse and trafficking lawsuit against the company, WWE founder Vince McMahon and a former executive will remain paused until December, a Connecticut federal judge ordered, about two weeks after a prosecutor entered an appearance in the case.
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June 12, 2024
Transit Insurer Seeks To Limit Loss From $60M No-Fault Scam
A taxi and livery insurer told a Brooklyn federal judge Wednesday that it is pursuing settlement in its effort to recoup $3.2 million lost in a massive, $60 million no-fault scam led by a former clinic operator now headed for prison.
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June 12, 2024
Freshfields Adds Ex-Kirkland, Davis Polk Attys In New York
Freshfields Bruckhaus Deringer LLP bolstered its corporate offerings in New York this week with M&A partner Joshua Ayal and capital markets partner Jacqueline Marino.
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June 12, 2024
Brazil's Suzano Buys Minority Stake In Lenzing For $248M
Brazilian pulp producer Suzano S.A. has agreed to buy a 15% stake in Lenzing from B&C Group for EUR 230 million ($248.6 million), according to a statement Wednesday.
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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
Labaton Keller Sucharow Adds Securities Litigator In NY
Lauren Ormsbee did not grow up dreaming of fighting securities fraud, but that's the very role she's spent her career in, including in her new position as a partner and litigation team leader at Labaton Keller Sucharow LLP.
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June 12, 2024
FBI Told OneTaste Witness To Delete Evidence, Ex-Execs Say
Two former executives of sexual wellness company OneTaste Inc. said they uncovered "shocking" evidence that an FBI agent told a former employee of the business and key government witness to delete an old email account, allegedly destroying exculpatory evidence in a forced-labor conspiracy case.
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June 12, 2024
Ex-Supreme Court Clerk, Federal Atty Joins McGuireWoods
McGuireWoods LLP announced the addition of another former federal prosecutor to its ranks on Wednesday, this time a product liability expert from Perkins Coie LLP who advises companies on various disputes and government investigations.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 12, 2024
2nd Circ. Partially Nixes Injunction Over Amazon Firing
The Second Circuit vacated on Wednesday a New York federal judge's order barring Amazon from firing workers for engaging in union activity, saying the judge did not explain why she imposed the broad prohibition while at the same time finding the company did not have to rehire a fired union activist.
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June 11, 2024
Bed Bath & Beyond Investor Defeats 'Short-Swing' Profits Suit
A New York federal judge on Tuesday threw out Bed Bath & Beyond investors' suit accusing activist investor Ryan Cohen of buying and selling his stock too quickly, finding the claims moot in light of the retailer's Chapter 11 bankruptcy plan.
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June 11, 2024
Martin Shkreli Told To Hand Over Wu-Tang Album
A New York federal judge ordered Martin Shkreli on Tuesday to hand over any copies he might have of the Wu-Tang Clan's album he once bought before it was sold off by the federal government to settle a $7.3 million tab from Shkreli's criminal judgment on securities fraud.
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June 11, 2024
Attys For Restaurant Software Investors Ring Up $2.25M Fee
Attorneys representing investors in a suit against restaurant software company Olo Inc. will receive $2.25 million for brokering settlement of class action claims alleging the company touted an ill-fated partnership with sandwich chain Subway as an example of its success.
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June 11, 2024
Witness Takes Heat Off Menendez's Wife In Bribery Trial
A key cooperator helping make federal prosecutors' bribery case against U.S. Sen. Bob Menendez admitted Tuesday he has no reason to think the senator's wife held up her end of a supposed deal to exert influence on the senator in exchange for a much-discussed Mercedes.
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June 11, 2024
2nd Circ. Cites Macquarie In Booting Suit Over Go-Private Deal
The Second Circuit refused to revive a proposed class action accusing a real estate services provider of artificially depressing share prices, applying apparently for the first time the U.S. Supreme Court's Macquarie decision on alleged failures to disclose certain information.
Expert Analysis
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Valeant Ruling May Pave Way For Patent-Based FCA Suits
The Ninth Circuit’s recent ruling in Silbersher v. Valeant marks a significant development in False Claims Act jurisprudence, opens new avenues for litigation and potentially raises the stakes for patent applicants who intend to do business with the government, say Joshua Robbins and Rick Taché at Buchalter.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employer Pointers As Wage And Hour AI Risks Emerge
Following the Biden administration's executive order on artificial intelligence, employers using or considering artificial intelligence tools should carefully assess whether such use could increase their exposure to liability under federal and state wage and hour laws, and be wary of algorithmic discrimination, bias and inaccurate or incomplete reporting, say attorneys at ArentFox Schiff.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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Opinion
NY Shouldn't Pair 421-a Restoration And Good Cause Eviction
The good cause eviction system of rent control should not be imposed in New York, nor should its legislation be tied to renewal of the 421-a tax abatement program, which New York City desperately needs, says Alexander Lycoyannis at Holland & Knight.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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NYC Workplace AI Regulation Has Been Largely Insignificant
Though a Cornell University study suggests that a New York City law intended to regulate artificial intelligence in the workplace has had an underwhelming impact, the law may still help shape the city's future AI regulation efforts, say Reid Skibell and Nathan Ades at Glenn Agre.
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No AI FRAUD Act Is A Significant Step For Right Of Publicity
The No Artificial Intelligence Fake Replicas and Unauthorized Duplications Act's proposed federal right of publicity protection, including post-mortem rights, represents a significant step toward harmonizing the landscape of right of publicity law, Rachel Hofstatter and Aaron Rosenthal at Honigman.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
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High Court Forfeiture Case Again Pits Text Against Purpose
In oral arguments Tuesday in McIntosh v. U.S., the U.S. Supreme Court will consider whether a federal court can impose asset forfeiture on a defendant even if it doesn’t comply with timing rules, which may affect the broader interpretation of procedural deadlines — and tees up the latest battle between textualism and purposivism, say Anden Chow and Christian Bale at MoloLamken.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Justices Stay The Course In Maritime Choice-Of-Law Ruling
The U.S. Supreme Court's narrowly drawn decision in Great Lakes Insurance v. Raiders Retreat Realty, enforcing the underlying insurance contract's choice-of-law provision, carefully distinguishes those provisions from forum selection clauses, and ensures that courts will not apply its precepts outside the maritime context, says John Coyle at the University of North Carolina.