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August 28, 2024
BofA Units Fined $3M Over Trade Surveillance Compliance
Two Bank of America units have agreed to pay $3 million to settle the Financial Industry Regulatory Authority's claims that they did not sufficiently safeguard against potentially manipulative trading by customers.
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August 28, 2024
J&J Spinoff Beats Suit Over Tylenol 'Rapid Release' Labels
A New York federal judge tossed Tuesday a proposed class action accusing a Johnson & Johnson spinoff of misleading consumers by falsely claiming Tylenol's "Rapid Release" gelcaps relieved pain faster than alternative acetaminophen pills, finding the consumer's state claims are preempted by federal regulations.
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August 28, 2024
Game-Maker Zynga Can't Ax IBM Patent Ahead Of Sept. 9 Trial
The video game developer behind "Farmville" and "Words with Friends" failed Wednesday to convince a Delaware federal judge that claims in an IBM patent cover ideas too routine for patent protection, allowing the tech giant to bring those claims before a jury trial scheduled for early next month.
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August 28, 2024
2nd Circ. Affirms Ex-GE Engineer's Espionage Conviction
A General Electric Co. engineer convicted of conspiracy to commit economic espionage lost his bid Wednesday to undo his conviction, with a three-judge panel on the Second Circuit affirming the judgment of the New York district court.
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August 28, 2024
'Big Baby' Scores Delayed Prison Date In Health Fraud Case
Former Boston Celtics forward Glen "Big Baby" Davis won approval from a Manhattan federal judge Wednesday to push back his prison surrender date on healthcare fraud charges so he can wrap up production of a documentary film.
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August 28, 2024
Instacart Can Arbitrate Driver's Suit, But 2nd Circ. To Weigh In
A New York federal judge shipped to arbitration a driver's lawsuit alleging that Instacart misclassified him as an independent contractor but said the Second Circuit can weigh in on whether the Federal Arbitration Act's exemption applies that allows cases from transportation workers to stay in court.
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August 28, 2024
Taliban And Iran Ordered To Pay $144.7B For 9/11 Attacks
A New York federal court issued judgments requiring the Taliban and the Iranian government to pay $144.7 billion to thousands of people who were directly injured or lost loved ones in the 9/11 terrorist attacks.
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August 28, 2024
The NFL-Approved PE Firms That Can Now Invest In Teams
The NFL made a landmark decision Tuesday to approve private equity ownership of teams, making it the last major North American sports league to bring PE dollars into the mix. It’s not a free-for-all, however; to start, the league selected specific funds that are now allowed to take non-controlling interests in teams. Here, Law360 looks at the approved investment players.
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August 28, 2024
NY Biz Group Rips FTC Suit Over $8.5B Luxury Handbags Deal
A New York City business group is urging Empire State Democratic lawmakers to oppose the Federal Trade Commission's "ideologically motivated litigation" to block an $8.5 billion deal that would bring together brands including Michael Kors, Kate Spade and Coach.
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August 28, 2024
Bloomberg Staffers Secure Class Cert. In Unpaid OT Suit
A New York federal judge signed off on seven classes of field organizers who accused Michael Bloomberg's 2020 presidential campaign of failing to pay them overtime wages, saying the former workers adequately showed that they had largely uniform job duties.
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August 28, 2024
Biden's Latest Judge Nominees Include Pick For Northern NY
President Joe Biden announced judicial nominees on Wednesday for federal district courts in New York, New Mexico and Arizona.
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August 28, 2024
NY Firm Calls Gas Co.'s Contract And Fee Claims Duplicative
Albany, New York-based Whiteman Osterman & Hanna LLP has moved to trim breach of contract and disgorgement of fees claims brought by a former client over allegedly bungled tax advice, telling a New York federal judge the claims are redundant when the ex-client is also pursuing a legal malpractice cause of action.
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August 28, 2024
DOL Backs IBM Retirees' Bid To Revive Suit At 2nd Circ.
The U.S. Department of Labor urged the Second Circuit to revive a proposed class action alleging IBM shorted retirees on pension payments through the use of outdated mortality data, stating the lower court's ruling tossing the case "flies in the face" of U.S. Supreme Court precedent.
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August 28, 2024
Greenberg Traurig Builds PE Team With Kirkland Hires
Greenberg Traurig LLP has brought on two fund formation partners from Kirkland & Ellis LLP to continue its growth into the private equity space, according to an announcement this week by the firm.
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August 28, 2024
Silvera Elevated To Deputy Chief Admin Judge for NYC Courts
Administrative Judge Adam Silvera of New York County Supreme Court, Civil Term, has been appointed deputy chief administrative judge for the New York City courts.
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August 28, 2024
Palin Wins New NYT Libel Trial As 2nd Circ. Chides Rakoff
The Second Circuit granted Sarah Palin a new trial Wednesday in her defamation suit against The New York Times, holding that U.S. District Judge Jed S. Rakoff biased the verdict in favor of the newspaper and "usurped" the jury's role by erroneously tossing the case during deliberations.
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August 27, 2024
Exec To Pay SEC $190K Over Macquarie Insider Trading Claim
The U.S. Securities and Exchange Commission says a New York man who used inside information he learned as a Macquarie Group investor relations executive to profit from a then-pending deal to sell its airport services business to KKR & Co. has agreed to pay nearly $190,000 to settle the agency's claims that he violated securities laws.
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August 27, 2024
Mobile Game Co. Pushes For Arbitration Of Deceptive Claims
Papaya Gaming has asked a New York federal court to send a proposed class action accusing the Israeli mobile game developer of false advertising and deceptive practices to arbitration, saying the lead plaintiff agreed to arbitrate any disputes when she first created her account.
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August 27, 2024
'Big Baby' Asks To Wrap Documentary Before Going To Prison
Former Boston Celtics forward Glen "Big Baby" Davis asked a Manhattan federal judge Tuesday to delay the start of his 40-month prison sentence for his role in a scheme to submit fraudulent invoices to an NBA healthcare plan in order to finish filming a documentary about his life.
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August 27, 2024
NY Pension Funds Join Illumina Deal Suit Pile-On In Del.
New York state's retirement system and fund have added a new derivative suit to widening stockholder litigation over Illumina Inc.'s $8 billion reacquisition of cancer testing company Grail Inc. despite European Commission regulatory agency opposition.
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August 27, 2024
SEC Cites Amazon's FTC Loss In Coinbase Document Dispute
The U.S. Securities and Exchange Commission on Tuesday told a New York federal judge that a recent ruling denying Amazon's request to review internal documents from the Federal Trade Commission bolsters its own bid to shield internal communications in its enforcement suit against crypto exchange Coinbase.
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August 27, 2024
Revlon Says Ex-Workers Stole Britney Spears Fragrance Deal
Global beauty and cosmetics brand Revlon sued several former fragrance marketing executives and upstart competitor Give Back Beauty in New York federal court, alleging they stole trade secrets and breached contracts when luring Britney Spears' perfume line away from Revlon.
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August 27, 2024
Deutsche Bank, Rabo Beat Antitrust Suit Over Euro Bonds
A New York federal judge has tossed an antitrust suit against Deutsche Bank AG and Rabo Securities USA, alleging they conspired to fix the price of European government-issued euro-dominated bonds sold throughout the U.S. between 2005 and 2016, saying the plaintiffs lack standing.
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August 27, 2024
2nd Circ. Urged To Reject Preemption Defense In BofA Row
The Second Circuit should join fellow federal courts in finding that a New York statute requiring all banks to pay at least 2% interest on mortgage-escrow accounts isn't preempted, a former Bank of America mortgage customer has told the appeals court following the U.S. Supreme Court's remand of the matter.
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August 27, 2024
Tour Bus Merger Claims Can't Save Antitrust Suit Redux
Claiming a partnership between its rivals amounted to an anticompetitive merger wasn't enough Tuesday to save a New York City tour bus operator's second attempt at antitrust allegations that they locked it out of deals with key tourist destinations.
Expert Analysis
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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NY Tax Talk: Triggers For Tax On Software-As-A-Service
Recent decisions by New York’s Tax Appeals Tribunal and Division of Tax Appeals, finding that services bundled with prewritten software were tangible property, provide insight into the features and customer interactions that render such products subject to New York sales tax, say Elizabeth Cha and Madison Ball at Eversheds Sutherland.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Menendez Corruption Ruling Highlights Attorney Proffer Risks
The recent admission of slides used in a preindictment presentation as evidence during U.S. Sen. Bob Menendez’s corruption trial highlights the potential pitfalls of using visual aids in attorney proffers, and the increasing importance of making disclaimers regarding information presented at the outset of proffers, say Carrie Cohen and Savanna Leak at MoFo.
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What's In NYDFS Guidance On Use Of AI In Insurance
Matthew Gaul and Shlomo Potesky at Willkie summarize the New York Department of Financial Services' recently adopted circular letter on the use of artificial intelligence in insurance underwriting and pricing, and highlight the material changes made to it in response to comments on the draft circular letter.
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2nd Circ. Ruling May Limit Discovery In Int'l Arbitration
The Second Circuit's recent Webuild v. WSP decision, affirming a discovery order's nullification in arbitration between Webuild and the government of Panama, demonstrates courts' unwillingness to find that arbitral tribunals in investor-state cases fall within the scope of the discovery statute, say attorneys at Cleary.
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Eye On Compliance: New Pregnancy And Nursing Protections
With New York rolling out paid lactation breaks and extra leave for prenatal care, and recent federal legislative developments enhancing protection for pregnant and nursing workers, employers required to offer these complex new accommodations should take several steps to mitigate their compliance risks, says Madjeen Garcon-Bonneau at Wilson Elser.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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NY Ruling Offers A Foreclosure Road Map For Lenders
A New York appellate court recently upheld a summary judgment ruling in favor of a commercial lender's foreclosure in U.S. Bank v. 1226 Evergreen Bapaz, illustrating the proofs lenders will need to prosecute a foreclosure action, especially where the plaintiff is an assignee of the originating lender, say attorneys at Sherman Atlas.
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Ch. 11 Ruling Clarifies Cross-Border 'Alternative A' Scope
A New York bankruptcy court’s recent ruling in airline holding company SAS’s Chapter 11 case — addressing the applicability of Alternative A, which is similar to Section 1110 of the U.S. Bankruptcy Code — is a cautionary tale for contracting European Union member states that have adopted Alternative A domestically but have not made a formal declaration, say attorneys at Pillsbury.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.