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Corporate
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December 03, 2024
Exelon Asks For Corp. AMT To Account For Repairs Deduction
Power companies should be allowed to account for an industry-specific tax deduction on repair costs to determine whether they're subject to the corporate alternative minimum tax, utility giant Exelon said in a comment letter to the U.S. Treasury Department released Tuesday.
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December 03, 2024
OneTaste Execs Say Former Member's Journals Fabricated
Two former OneTaste executives facing forced labor conspiracy charges claim a former employee's journals were fabricated for a Netflix documentary about the sexual wellness company and were further edited by an FBI agent before being produced to the defense in discovery.
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December 03, 2024
CFPB Pitches Plan For Tighter Regulation Of Data Brokers
In a late push before the Biden administration's end, the Consumer Financial Protection Bureau moved Tuesday to clamp down on the so-called data broker industry with a new draft rule that pivots off existing credit reporting protections for consumers.
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December 02, 2024
Apple Accused Of Gagging Workers, Spying On Their IPhones
A manager at Apple claims the tech giant is stomping on employees' rights by forbidding discussion of coworkers' compensation and encouraging the use of personal iPhones at work so that it can snoop on workers, according to a lawsuit lodged Monday in California state court.
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December 02, 2024
Government Mole Faces Tough Cross From Madigan's Atty
An attorney for former Illinois House Speaker Michael Madigan got his chance Monday to question the ex-Chicago alderman who recorded his client while cooperating with the government, pushing him to admit that Madigan never explicitly conditioned his support on legal business for his law firm or told the alderman to vote against developers who didn't hire him for tax work.
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December 02, 2024
SEC Crypto Cases To Face Review Under Trump
President-elect Donald Trump's promises of a friendlier approach to the digital asset industry means a review is coming for the U.S. Securities and Exchange Commission's controversial crypto suits, but experts agreed that this doesn't mean enforcement actions in the space will grind to a halt.
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December 02, 2024
McDonalds Can't Nix $10B Bias Suit Despite 'Close Call'
A California federal judge has refused to hand a summary judgment win to either party in Byron Allen's $10 billion lawsuit alleging that McDonald's Corp. discriminates against Black-owned media companies, finding that the discrimination allegations are a "close call" involving factual disputes that must be decided at trial.
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December 02, 2024
Investor Alleges Medical Device Co. Misled On FDA Clearance
The executives and directors of dialysis equipment company Outset Medical Inc. have been hit with a shareholder derivative suit in California federal court alleging they allowed the company to market its product without proper clearance from the U.S. Food and Drug Administration.
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December 02, 2024
Newsom Wants $25M For Expected Legal Fights With Trump
California Gov. Gavin Newsom announced Monday that he wants up to $25 million for litigation and legal fights he foresees with the administration of President-elect Donald Trump, kicking off the first day of a special session the state Legislature held at the governor's request after Trump's win.
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December 02, 2024
Meta Can't Dodge $25M Fine For Wash. Election Ads
Facebook parent company Meta must pay $25 million in fines for repeatedly running afoul of Washington state's political advertising transparency law, a state appellate panel ruled Monday, finding the technology giant's free speech rights were not violated by being forced to comply with the law.
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December 02, 2024
Bank, Payment Processor Look To Sink Chargeback Fee Suit
Esquire Bank NA and a payment processor it sponsors have asked a New York federal judge to toss all but one of an online merchant's proposed class action claims over a fee provision in their contract, arguing as a mediation date looms that most of the merchant's claims are either duplicative or inapplicable.
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December 02, 2024
Chancery OKs Pruned $2.3M Fee For Info Tech Co. Suit
A Delaware vice chancellor on Monday cut $1.7 million from a $4 million fee sought by attorneys whose suit overturned corporate governance concessions that information technology company N-able Inc. granted to its lead investors, citing partial overlaps with an earlier, high-profile case.
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December 02, 2024
DOJ, AGs Back Block Of ESPN Sport Streaming JV At 2nd Circ.
The Justice Department and a group of Democratic state attorneys general are backing a lower court injunction against a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery, telling the Second Circuit the sports giants can't claim they have a right to refuse dealing with rivals after joining forces.
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December 02, 2024
Chancery OKs $21M Deal To End Gene Co. Class Suit
A $21 million settlement of stockholder challenges to a blank check company's take-public merger with clinical data and genomics company Sema4 Holdings in July 2021 won Delaware Court of Chancery approval Monday, with nearly $4.1 million carved out for attorney fees.
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December 02, 2024
GoodRx Inks $25M Deal With Users Over Alleged Data-Sharing
A proposed class alleging GoodRx breached privacy laws by sharing users' sensitive health data with advertisers asked a California federal judge Friday for preliminary approval of a proposed $25 million settlement with the company, saying it still leaves the potential for additional recoveries from co-defendants Meta Platforms, Google and Criteo Corp.
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December 02, 2024
X Escapes Former Twitter Security Head's Firing Suit
A New Jersey federal judge has sent a former Twitter security chief's suit claiming he was fired for protesting massive budget cuts to arbitration, ruling that the claims fail under the provisions of the company's arbitration agreement.
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December 02, 2024
Pa. Justices To Weigh Asbestos Suits For Defunct Co.'s Parent
The Supreme Court of Pennsylvania will take up an appeal over whether a case can pierce the corporate veil to turn tort claims against a dissolved company into claims against its parent company.
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December 02, 2024
Musk Asks Court To Halt OpenAI's Conversion To For-Profit
Elon Musk sought a preliminary injunction asking a California federal court to stop OpenAI from transitioning into a for-profit enterprise, arguing the plaintiffs and the public would be harmed whether as competitors, donors, investors, consumers, taxpayers, citizens or "simply as people" worried about AI rushing unsafe products into the marketplace.
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December 02, 2024
JPMorgan, Tesla Agree To End $162M Suit Over Musk Tweet
JPMorgan Chase & Co. and Tesla told a New York federal judge on Monday the parties have agreed to voluntarily end JPMorgan's suit alleging Tesla owes it $162 million over expired stock warrants after Tesla CEO Elon Musk mulled taking the company private in an August 2018 tweet.
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December 02, 2024
Chancery OKs $345M Fee Award For $55B Musk Pay Fight
Delaware's chancellor approved a $345 million attorney fee award Monday in the case that scuttled Tesla CEO Elon Musk's 10-year, $55.6 billion compensation plan, rejecting the plaintiff's bid for $5.6 billion in freely tradable company shares and declining to reinstate Musk's proposed pay.
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December 02, 2024
Healthcare Biz Atty Rejoins Dentons As Partner In Dallas
Dentons announced Monday that an attorney who spent years in-house in the healthcare industry has rejoined the firm as a partner in Dallas to enhance its efforts servicing clients in health insurance regulation and other healthcare matters.
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December 02, 2024
'Malicious' Intent Testimony Nixed From Blank Rome Suit
A Pennsylvania federal judge on Monday prohibited certain expert witnesses from opining on the alleged "malicious" intent an aircraft parts maker, represented by Blank Rome LLP, had when suing a onetime defense attorney who defected to the plaintiffs bar.
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December 02, 2024
The Top In-House Hires Of November
Legal department moves in the last month included high-profile announcements at CSX Corp., Cohen & Steers Inc. and Pershing Square Holdings Ltd., including two general counsel joining boards of directors. Here, Law360 Pulse looks at some of the top in-house appointments from November.
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December 02, 2024
Australia Passes Public Country-By-Country Reporting
Multinational businesses with large operations in Australia are required to publicly disclose information about their operations in tax havens as designated by the government under a country-by-country reporting law that lawmakers adopted following a two-year saga over concerns about the data's confidentiality.
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December 02, 2024
Bankrupt Dental Co. To Repay Customers $4.8M, NY AG Says
Dental telehealth company SmileDirectClub has agreed to pay $4.8 million in refunds to customers who were improperly charged after the company went bankrupt and shut down in 2023, according to a settlement announced Monday by New York Attorney General Letitia James.
Expert Analysis
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Secret Service Failures Offer Lessons For Private Sector GCs
The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.
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Opinion
Bill Is Key To Protecting US Economy From Patent Piracy
It is critical that Congress pass a recently introduced bill that would protect U.S. investors from intellectual property theft by restoring court-ordered injunctions as the default remedy in patent infringement cases to ensure inventors get the justice they deserve, says Andrei Iancu at Sullivan & Cromwell.
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Series
Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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Takeaways From TOTSA Settlement And Critical CFTC Dissent
The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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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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From Concept To Capital: 5 Stages Of Evolving IP Needs
Companies must understand the shifting intellectual property needs throughout an organization’s life cycle in order to protect innovation, which can be done by fortifying the IP portfolio, expanding and leveraging IP assets, and more, says Keegan Caldwell at Caldwell Law.
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Series
In The CFPB Playbook: No Lazy, Hazy Days Of Summer
The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.
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FTC Focus: How Scrutiny Of PBMs And Insulin May Play Out
Should Express Scripts' recent judicial challenge to the Federal Trade Commission succeed, any new targets could add litigation and choice of forum to their playbooks, and potential FTC court action on insulin could be forced to parallel venues as the issues between the commission and PBMs evolve, say attorneys at Proskauer.
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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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Antitrust Issues To Watch Amid Google Ad Tech Trial
Regardless of the outcome of the U.S. Department of Justice's advertising technology antitrust suit against Google in Virginia federal court, matters ranging from market definition to unified pricing will likely have far-reaching implications for the digital advertising industry, competition and innovation, say attorneys at Holland & Knight.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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What To Know About Latest Calif. Auto-Renewal Law Update
While businesses have about nine months to prepare before the recently passed amendment to California's automatic renewal law takes effect, it’s not too early to begin working on compliance efforts, including sign-up flow reviews, record retention updates and marketing language revisions, say Gonzalo Mon and Beth Chun at Kelley Drye.