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November 04, 2024
Justices Won't Hear UBS Suit Over Disclosed Account Info
The U.S. Supreme Court declined Monday to hear a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service in violation of civil provisions under the Racketeer Influenced and Corrupt Organizations Act.
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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.
Expert Analysis
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Chapter 11 Ruling Signals Emphasis On Lockup Provisions
A New York bankruptcy court's recent ruling in GOL Linhas Aéreas Inteligentes’ Chapter 11 case provides creditors with a strong basis for resisting requests to lock up or otherwise limit their voting rights, say Dania Slim and Andrew Alfano at Pillsbury.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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9th Circ. Ruling Flags Work Harassment Risks Of Social Media
The recent Ninth Circuit ruling in Okonowsky v. Garland, holding an employer could be liable for a co-worker's harassing social media posts, highlights new challenges in technology-centered and remote workplaces, and underscores an employer's obligation to prevent hostile environments wherever their employees clock in, say Jennifer Lada and Phillip Schreiber at Holland & Knight.
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Trump's Best Hush Money Appeal Options Still Likely To Fail
The two strongest potential arguments former President Donald Trump could raise in appealing his New York hush money conviction seem promising at first, but precedent strongly suggests they will still ultimately fail — though, of course, Trump's unique position could lead to surprising results, says former New York Supreme Court Justice Ethan Greenberg, now at Anderson Kill.
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Vendor Rights Lessons From 2 Chapter 11 Cases
A Texas federal court’s recent critical vendor order in the Zachry Holdings Chapter 11 filing, as well as a settlement between Rite Aid and McKesson in New Jersey federal court last year, shows why suppliers must object to critical vendor motions that do not recognize creditors' legal rights, says David Conaway at Shumaker.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Mercon Coffee Ch. 11 Ruling Shows Insider Releases' Limits
A New York bankruptcy court’s recent ruling in Mercon Coffee’s Chapter 11 case highlights the stringent requirements for retention-related transfers to insiders, even in cases where no creditor has objected, say Robert Klyman and Scott Shelley at DLA Piper.
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Class Action Law Makes An LLC A 'Jurisdictional Platypus'
The applicability of Section 1332(d)(10) of the Class Action Fairness Act is still widely misunderstood — and given the ambiguous nature of limited liability companies, the law will likely continue to confound courts and litigants — so parties should be prepared for a range of outcomes, says Andrew Gunem at Strauss Borrelli.