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November 04, 2024
Vinson & Elkins Adds Simpson Thacher Atty As M&A Co-Head
Vinson & Elkins LLP has brought on a veteran mergers and acquisitions lawyer as a New York-based co-head of strategic M&A, the firm said Monday.
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November 04, 2024
Feds Slam Ozy Media CEO's 'Last-Ditch' Effort To DQ Judge
Prosecutors have pushed back against Ozy Media CEO Carlos Watson's "last-ditch effort" to get his fraud and identity theft convictions undone, insisting that investments owned by the New York federal judge overseeing his case are in hedge funds and not in Watson's victims, and are too small to matter.
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November 04, 2024
US Soccer Claims Promoters 'Flip-Flopped' In Antitrust Suit
The U.S. Soccer Federation accused promoter Relevent Sports of constantly changing its theories of antitrust violations "on the fly" and asked a New York federal court to throw out its suit a second time, after talks of a settlement between the two sides recently fell apart.
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November 04, 2024
Paul Hastings Adds NY Finance Atty From Winston & Strawn
Paul Hastings LLP announced Monday that it has added a leveraged finance lawyer from Winston & Strawn LLP as a partner in New York to strengthen its private equity and mergers and acquisitions platforms.
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November 04, 2024
4 Firms Guide $3.1B Take-Private Deal For Aviation Co. ATSG
Private equity firm Stonepeak, advised by Simpson Thacher & Bartlett LLP and Hogan Lovells, is buying Air Transport Services Group Inc., guided by Davis Polk & Wardwell LLP and Vorys Sater Seymour and Pease LLP, at an enterprise value of roughly $3.1 billion, the aviation company said Monday.
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November 04, 2024
Former FTC Northeast Director Joins Arnold & Porter
After 12 years in a senior role with the Federal Trade Commission, the former director of the agency's Northeast region has moved to private practice and joined forces with another former FTC enforcer he reported to for years, he told Law360 Pulse Friday.
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November 01, 2024
'Mutant Ape' NFT Developer Avoids Prison For 'Rug Pull'
A 26-year-old French citizen was spared further incarceration on Friday for a $2.9 million scheme to fraudulently market "Mutant Ape Planet" nonfungible tokens to investors, a sentence in large part driven by the uncertainty over the purchasers' loss.
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November 01, 2024
Real Estate Recap: Election Expectations, EB-5, $50B PE Bet
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including perspectives from real estate leaders ahead of Tuesday's election, takeaways from the Advanced EB-5 Industry Conference in Miami, and two private equity firms' $50 billion bet on data center and energy generation projects.
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November 01, 2024
NJ Man Cops To Russian Scheme To Smuggle US Tech
A dual U.S.-Russian national accused of scheming to smuggle sensitive, American-made technology to further Russia's weapons development pled guilty on Friday to conspiracy charges in New York federal court, according to prosecutors.
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November 01, 2024
Crypto Co. Gemini Teed Up For CFTC Trial After Appeal Denied
A New York federal judge has denied crypto exchange Gemini's bid to immediately appeal his decision that Gemini could be held liable for alleged misrepresentations to the U.S. Commodity Futures Trading Commission concerning its proposed bitcoin futures contract, sending the case to trial.
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November 01, 2024
2nd Circ. Won't Revive Warner Bros. Discovery Merger Suit
The Second Circuit refused Friday to resurrect a putative shareholder class action over the $43 billion tie-up that created Warner Bros. Discovery Inc., saying pre-merger documents adequately informed investors about streaming subscriber numbers and planned business strategies for the combined media giant.
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November 01, 2024
Paramount Sends User Data To Facebook, TikTok, Suit Says
Paramount Global faces a proposed class action in New York federal court by a subscriber who accuses the streaming giant of sharing users' personally identifiable information, including their viewing history, with third parties like Facebook, TikTok and Google without permission, in violation of the Video Privacy Protection Act.
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November 01, 2024
Newbury Street SPAC Returns To Market With $150M Offering
Special purpose acquisition company Newbury Street II Acquisition Corp. began trading Friday after raising a $150 million initial public offering, guided by three law firms, and marking the second Newbury Street vehicle to go public under similar management.
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November 01, 2024
How Sidley Won Landmark Verdict In Solitary Confinement Case
After spending nine years alone in a concrete cell the size of a parking space, a former New York prisoner recently got the chance to tell his story to a jury and win a landmark civil rights verdict with help from a pro bono team of Sidley Austin LLP attorneys.
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November 01, 2024
Medisca Inks $22M FCA Deal Over Ingredient Pricing Scheme
Pharmaceutical chemical supplier Medisca Inc. has agreed to pay $21.75 million to resolve allegations it created false and inflated average wholesale prices for ingredients used in compound prescriptions sold to pharmacies that increased reimbursement and caused federal healthcare programs to pay more for them, the U.S. Department of Justice announced on Friday.
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November 01, 2024
Judge Skeptical Of NYC Mayor's Bid To Dismiss Bribery Count
A Manhattan federal judge on Friday voiced skepticism of New York City Mayor Eric Adams' motion to dismiss his bribery charge, and set an April trial date in a case accusing the mayor of taking travel perks from Turkish officials in exchange for official favors.
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November 01, 2024
Cross River Bank Drops Contract Suit Against Fintech Biz
Cross River Bank on Friday voluntarily dropped its suit against First Data Merchant Services LLC over the payment processor's alleged attempt to "wriggle" its way out of a contract to save itself from paying nearly $4 million in commissions for the bank's referrals to customers, including Coinbase.
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November 01, 2024
2nd Circ. Agrees Ed Sheeran Didn't Rip Off 'Let's Get It On'
A Second Circuit panel on Friday said Ed Sheeran's hit "Thinking Out Loud" did not rip off Marvin Gaye's Motown classic "Let's Get It On," affirming a lower court's summary judgment order that concluded the musical building blocks of Gaye's song were not original enough to be protectable.
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November 01, 2024
Rent The Runway Wants Redo On Investor Suit Exit Bid
Rent the Runway, actress Gwenyth Paltrow and the company's underwriters have urged a New York federal judge to rethink her September order that kept alive certain claims in a proposed investors class action alleging the clothing rental company failed to inform investors about major challenges it was facing in the run-up to its 2021 initial public offering.
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November 01, 2024
4 Appellate Arguments Benefits Attys Should Watch In Nov.
The Second Circuit will weigh battles over retirement plan fees and union benefit contributions, teachers will ask the Ninth Circuit to revive their suit over interest they say is owed on their retirement accounts and the Eleventh Circuit will mull a constitutional challenge to a Florida gender-affirming care ban. Here are four upcoming arguments that benefits lawyers should have on their radar.
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November 01, 2024
How 2024 Election Litigation May Look Different From 2020
Courts are fielding a flood of lawsuits over the 2024 presidential election, with more certainly to come, but those suits may have some significant differences from the ones that played out in 2020, according to experts.
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November 01, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation with Representation, BC Partners sells its majority equity interest in GardaWorld, Lone Star Funds sells specialty chemicals company AOC to Nippon Paint Holdings, Crescent Biopharma takes GlycoMimetics private, and Francisco Partners buys AdvancedMD from Global Payments.
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November 01, 2024
Dentons, Boies Schiller Want Out Of 'Absurd' $300M RICO Suit
Dentons and Boies Schiller Flexner LLP have asked a Manhattan federal court to toss a $300 million racketeering lawsuit brought against them by a former client and his companies following what they called a botched power plant contract in Senegal, with Dentons further requesting Rule 11 sanctions against the plaintiffs and their counsel for bringing "frivolous" claims.
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November 01, 2024
Danish Tax Agency To Settle With Atty In $2.1B Tax Fraud Suit
Denmark's tax authority has agreed to settle with an attorney whom it has accused of helping clients claim fraudulent tax refunds in a sprawling $2.1 billion case, according to a letter by its attorney in New York federal court.
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November 01, 2024
NY Judge Tosses AG Suit Over Pepsi, Frito-Lay Plastic Waste
A New York state judge tossed Attorney General Letitia James' plastic pollution suit against PepsiCo Inc. with a scathing order saying its attempt to pin "phantom assertions of liability" on the company rather than litterbugs who carelessly discard bottles and wrappers "seems contrary to every norm of established jurisprudence."
Expert Analysis
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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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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.
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A Class Action Trend Tests Limit Of Courts' Equity Powers
A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.
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Class Actions At The Circuit Courts: September Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy identifies practice tips from four recent class certification rulings involving denial of Medicare reimbursements, automobile insurance disputes, veterans' rights and automobile defects.
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How NLRB Memo Balances Schools' Labor, Privacy Concerns
Natale DiNatale at Robinson & Cole highlights the recent National Labor Relations Board advice memorandum that aims to help colleges reconcile competing obligations under the National Labor Relations Act and the Family Educational Rights and Privacy Act as university students flock toward unionization.
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Kubient Case Shows SEC's Willingness To Charge Directors
The U.S. Securities and Exchange Commission's recent fraud charges against Kubient's former CEO, chief financial officer and audit committee chair signal a willingness to be more aggressive against officers and directors, underscoring the need for companies to ensure that they have appropriate channels to gather, investigate and document employee concerns, say attorneys at Jenner & Block.
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3 Coverage Tips As 2nd Circ. 'Swipes Left' On Tinder Claim
The Second Circuit's recent opinion in Match Group v. Beazley Underwriting, overturning Tinder's victory on its insurer's motion to dismiss a coverage action, reinforces three best practices policyholders purchasing claims-made coverage should adhere to in order to avoid late-notice defenses, say Lynda Bennett and Alexander Corson at Lowenstein Sandler.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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And Now A Word From The Panel: The MDL Map
An intriguing yet unpredictable facet of multidistrict litigation practice is venue selection for new MDL proceedings, and the Judicial Panel on Multidistrict Litigation considers many factors when it assigns an MDL venue, says Alan Rothman at Sidley Austin.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Google And The Next Frontier Of Divestiture Antitrust Remedy
The possibility of a large-scale divestiture in the Google search case comes on the heels of recent requests of business breakups as remedies for anticompetitive conduct, and companies should prepare for the likelihood that courts may impose divestiture remedies in the event of a liability finding, say Lauren Weinstein and Nathaniel Rubin at MoloLamken.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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Defamation Law Changes May Be Brewing At Supreme Court
The U.S. Supreme Court's significant rightward shift has produced dramatic changes in many areas of the law, and the long-standing "actual malice" standard protecting speech about public figures could be the next precedent to fall, say attorneys at Paul Hastings.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Behind 3rd Circ. Ruling On College Athletes' FLSA Eligibility
The Third Circuit's decision that college athletes are not precluded from bringing a claim under the Fair Labor Standards Act raises key questions about the practical consequences of treating collegiate athletes as employees, such as Title IX equal pay claims and potential eligibility for all employment benefits, say attorneys at Debevoise.