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August 05, 2024
Elon Musk Can't Beat Twitter Investors' Suit Over Bot Claim
A California federal judge on Monday denied Elon Musk's bid to escape a shareholder suit alleging he misled Twitter investors by claiming the company had to provide information on an alleged bot problem before he could move forward with his $44 billion acquisition, saying Musk leaned on already-rejected arguments.
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August 05, 2024
Pluralsight's $20M Settlement With Investors Gets Initial OK
A Utah federal judge has given his preliminary blessing to Pluralsight Inc.'s proposed $20 million settlement with a certified class of investors accusing the cloud-based and video training courses provider of securities fraud, according to an order issued Friday.
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August 05, 2024
Chamber, Others Back 9th Circ. Ax Of Shopify Privacy Row
The U.S. Chamber of Commerce and several tech trade groups are among those pushing the full Ninth Circuit to affirm the toss of a proposed class action accusing Shopify of unlawfully collecting shoppers' sensitive information, arguing that overriding the decision would unfairly allow plaintiffs to sue online businesses in any court across the country.
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August 05, 2024
Kia Atty Reduced To 'Monty Python' Knight By Tentative Order
Kia and Hyundai's attorney told a California federal judge Monday that his tentative order denying the companies' motion to dismiss Chicago's claims in multidistrict litigation over car thefts left him feeling like the knight in "Monty Python and the Holy Grail" who loses his arms and legs but keeps fighting.
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August 05, 2024
DOJ Wants Google Held Accountable For Deleted Chats
The U.S. Department of Justice has told the Virginia federal court overseeing the government's case accusing Google of monopolizing key digital advertising technology the company needs to be held accountable for implementing policies that destroyed evidence.
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August 05, 2024
Manufacturer Can't Get Coverage For BIPA Class Action
An Illinois federal judge awarded a win to an insurer Monday in a suit over coverage of underlying Biometric Information Privacy Act litigation, finding a contractual exclusion prevented coverage for a machine and plastics manufacturer accused of failing to secure employee data.
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August 05, 2024
CFPB's Buy-Now, Pay-Later Policy In House GOP Crosshairs
Republican members of Congress have taken aim again at the Consumer Financial Protection Bureau's recent guidance requiring that some of the protections provided to credit card users be applied to buy-now, pay-later loans, putting forward a new measure that would overturn what the lawmakers argue is a "destructive," overreaching policy.
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August 05, 2024
TikTok Tells DC Circ. That Feds Can't Keep Filings Secret
TikTok told the D.C. Circuit on Monday that the U.S. government shouldn't be allowed to conceal its court filings in litigation over a federal law that could ban the popular social media platform in the United States.
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August 05, 2024
$96M Award Cut To $34M After Justices' Lanham Act Ruling
An Oklahoma federal judge on Monday reduced a $96 million trademark infringement award that went to the U.S. Supreme Court to about $34.4 million after justices concluded last year the Lanham Act applies only to domestic conduct in commerce.
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August 05, 2024
Morgan Stanley Says SEC Eyeing Its Cash Sweep Policies
Morgan Stanley told investors on Monday that it is fielding enforcement inquiries from the U.S. Securities and Exchange Commission about its investment account cash sweep policies.
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August 05, 2024
EBay Resists Calif. Damages In Mass. Stalking Case
Married Massachusetts bloggers who were stalked and terrorized by eBay Inc. employees shouldn't be able to seek punitive damages available under California law while having Massachusetts law otherwise govern liability for their myriad civil claims, the e-commerce giant is arguing.
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August 05, 2024
Indivior Accused Of Overstating Prospects Of 3 Opioid Drugs
Drugmaker Indivior PLC has been hit with a proposed investor class action in Virginia federal court over claims it overstated the financial prospects of its drugs used to treat opioid use disorders and the company's ability to forecast such financial projections.
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August 05, 2024
Petrobras Manipulating US Law For $2B, 5th Circ. Hints
A Fifth Circuit judge accused a Brazilian state-owned oil company subsidiary of "hiding behind the corporate structure," saying during oral arguments on Monday that subsidiary Petrobras America Inc. was seemingly manipulating American law for treble damages totaling nearly $2 billion stemming from allegations of bribery.
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August 05, 2024
SEC, Other Regulators Propose Joint Data Standards
The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and six other regulators are crafting joint standards required by bipartisan legislation aiming to modernize the collection and publication of those agencies' financial data, the SEC announced Friday.
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August 05, 2024
DXC Investor's Suit Says Execs Overhyped Integration Efforts
A DXC Technology investor filed a proposed class action in Virginia federal court Friday alleging the information technology giant over-touted its "transformation journey" and efforts to reduce restructuring and integration costs after acquiring several companies that caused investors to buy DXC common stock at artificially inflated prices.
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August 05, 2024
Music, Movie Orgs. Address Deepfake Proposals
Representatives from the music, movie and video game industries were among the speakers Monday at a U.S. Patent and Trademark Office roundtable regarding what legislation may be needed to address the explosion of deepfakes created with the growing power of artificial intelligence.
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August 05, 2024
Chinese Drug Co. Says Sanctions In Valsartan MDL Too Harsh
Chinese drug firm Zhejiang Huahai Pharmaceutical Co. Ltd. told a New Jersey federal court Friday that sanctions authorizing two adverse jury instructions in multidistrict litigation over generic drugs contaminated with carcinogens should be overturned, arguing the plaintiffs did not allege the bad faith required for such a harsh penalty.
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August 05, 2024
FTC Looks To End Noncompete Ban Challenge In Texas
The Federal Trade Commission defended its noncompete ban to a Texas federal judge, arguing in a new motion for summary judgment that its rule is well within the bounds of the FTC Act's plain language.
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August 05, 2024
Marriott Says NYC Hotels' Housing Of Migrants Violated Deal
Marriott International Inc. has accused a hotel company in Jamaica, Queens, of breaching a contract by repurposing two properties for migrant housing while refusing to "de-identify" itself with the global hotel brand.
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August 05, 2024
SpaceX Asks 5th Circ. To Block Transfer Of NLRB Challenge
SpaceX asked the Fifth Circuit on Monday to step in after a Texas federal judge ordered its challenge to the constitutionality of the National Labor Relations Board transferred to California, saying the appeals court should either vacate the order or pause it until the court can rule on the company's injunction request.
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August 05, 2024
Google, OpenAI Accused Of Using YouTube Videos To Train AI
A California man has hit Google and OpenAI with separate proposed class actions in federal court accusing the companies of unlawfully transcribing YouTube videos and using them to train their large language model artificial intelligence products without the permission of the people who uploaded those videos.
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August 05, 2024
Patreon To Pay $7.25M To End Subscribers' Video Privacy Suit
Patreon has agreed to pay $7.25 million to settle a proposed class action on behalf of 1.2 million users who claim the content subscription-based platform violated the Video Privacy Protection Act by sharing their video-watching data with Facebook-owner Meta Platforms Inc. without their consent, according to court documents filed Friday.
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August 05, 2024
Pegasystems Slams Appian's 'Animus' After $2B Verdict Axed
Business software maker Pegasystems says rival Appian's "animus" is behind a series of what it says are irrelevant, premature and burdensome discovery requests, after a Virginia appeals court vacated a $2 billion trade secrets judgment against Pegasystems.
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August 05, 2024
GSK Wins Second Ill. Trial On Zantac Cancer Claims
A Chicago jury held Monday that GlaxoSmithKline is not liable for a woman's colorectal cancer, handing the drugmaker a second straight trial victory in hundreds of Illinois suits targeting Zantac heartburn medication and its generic counterparts.
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August 05, 2024
BIPA Reform Becomes Law, But Damages Concerns Persist
The Illinois Legislature heeded a call from the state's Supreme Court to shield business from potentially ruinous damages under the Illinois Biometric Information Privacy Act, but lawyers say the new protections can still leave large employers facing hefty verdicts.
Expert Analysis
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Opinion
NEPA Final Rule Unlikely To Speed Clean Energy Projects
A recent final rule from the White House Council on Environmental Quality purports to streamline federal environmental reviews to accelerate the construction of renewable energy infrastructure — but it also expands consideration of climate change and environmental justice, creating vast new opportunities for litigation and delay, says Thomas Prevas at Saul Ewing.
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Opinion
USPTO's Proposed Disclaimer Rule Would Harm Inventors
The U.S. Patent and Trademark Office’s recently proposed rule on terminal disclaimers will make the patent system less available to inventors and will unfairly favor defendants in litigation, say Stephen Schreiner at Carmichael IP and Sarah Tsou at Omni Bridgeway.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Behind Court Challenges To The FTC's Final Noncompete Rule
The Federal Trade Commission's recent final rule banning noncompetes may not go into effect any time soon amid a couple of Texas federal court challenges seeking to bar the rule's implementation, which will likely see appeals all the way to the U.S. Supreme Court, says Michael Elkins at MLE Law.
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Corporate Insurance Considerations For Trafficking Claims
With the surge in litigation over liability under the Trafficking Victims Protection Reauthorization Act, corporate risk managers and in-house counsel need to ensure that appropriate insurance coverage is in place to provide for defense and indemnity against this liability, says Micah Skidmore at Haynes Boone.
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Tips For Keeping Trade Secrets In The Vault
Key practices aimed at maintaining confidentiality can help companies establish trade secret status as the Federal Trade Commission's ban on noncompetes makes it prudent to explore other security measures, says John Baranello at Moses & Singer.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.