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Corporate
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July 15, 2024
Coca-Cola Docs Would Clarify Soda Risk, Mexican Group Says
A Mexican consumer advocacy group has asked a Georgia federal judge to force the Coca-Cola Company to hand over internal documents about the company's alleged efforts to manufacture scientific research that misled soda buyers about the dangerous health effects of sugary beverages.
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July 15, 2024
EEOC Commissioner Sonderling To Depart Agency
EEOC Commissioner Keith Sonderling announced Monday he will leave the agency in August when his term ends, wrapping up a seven-year tenure with the federal government to return to the private sector.
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July 15, 2024
Cleveland-Cliffs Buying Canadian Steel Co. Stelco For $2.5B
Cleveland-Cliffs Inc. said Monday it has agreed to purchase Canadian steelmaker Stelco Holdings Inc. at an enterprise value of $2.5 billion, a deal that comes after the Ohio-based steel company's contentious failed bid to buy U.S. competitor U.S. Steel last year.
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July 15, 2024
Workday AI Hiring Bias Suit Cleared To Move Ahead
A job candidate's discrimination case over Workday's artificial intelligence-powered hiring tools got the go-ahead to move into the fact-finding stage, as a California federal judge said it's plausible that employment bias laws could stretch to reach the software vendor.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Engineering Firms Ink $26.5M Deals To End 'No-Poach' Claims
Four engineering firms have agreed to shell out a total of $26.5 million, while a fifth has pledged to cooperate, to settle a proposed class action alleging they conspired to restrict hiring through "no-poach" agreements, leaving RTX Corp. unit Pratt & Whitney as the sole defendant, plaintiffs told a Connecticut federal judge on Friday.
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July 12, 2024
Del. Court Finds 1 Of 6 Bylaws Invalid But All Unenforceable
Only one of six contested advance-notice bylaws that Florida pharma company AIM Immuno Tech Inc. adopted in response to an activist shareholder's proxy contest is actually invalid but none remain enforceable because the board adopted them primarily to thwart the shareholder's challenge, Delaware's Supreme Court has ruled.
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July 12, 2024
Loper Bright Is Shaking Up Dozens Of Regulatory Fights
In the two weeks since the U.S. Supreme Court overturned Chevron deference, the landmark decision has emerged as a live issue in dozens of administrative challenges, with federal courts already pausing agency regulations expanding LGBTQ+ rights in education and healthcare and with a wave of parties seeking to use the new decision to win their cases.
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July 12, 2024
Conn. Health Staffing Co. Co-Owner Drops Partnership Suit
The co-owner of a Connecticut healthcare staffing company has withdrawn a lawsuit against a co-owner accused of plundering from the partnership, a move that leaves untested a sole dissolution claim left standing by a judge who dismissed all other causes of action between the parties earlier this year.
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July 12, 2024
Employment Authority: The Resistance To Child Labor Rules
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with how a group of Republican states are pushing back on the U.S. Department of Labor's efforts to tackle unlawful child labor, how state-level pay transparency laws can make it easier for businesses to collect wage data and the five cases to keep an eye on that can affect labor law.
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July 12, 2024
BNSF Puts Up $426M To Stay Tribe's Win Pending Appeal
BNSF Railway Co. on Friday asked a federal judge to approve a $426 million security bond and to stay enforcement of a nearly $400 million judgment for trespassing across a Washington tribe's territory, while the railroad appeals.
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July 12, 2024
Apollo Seeks Chancery Toss Of Stockholder Pact Challenge
Pointing in part to a pending Delaware law that would allow corporate directors to cede some board powers to big stockholders, Apollo Global Management Inc. has asked a Delaware vice chancellor to dismiss a suit challenging its own stockholder pact.
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July 12, 2024
Greenberg Traurig Taps M&A Atty To Head UAE Corp. Team
Greenberg Traurig LLP has named a former Clyde & Co. partner with extensive experience in the Middle East as a shareholder and head of its United Arab Emirates corporate practice, working out of the firm's UAE and Saudi Arabia outposts.
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July 12, 2024
Judge Questions Zuckerberg's Bid To Dodge Liability In MDL
A California federal judge voiced doubt Friday about Meta CEO Mark Zuckerberg's arguments for axing corporate-officer liability claims from multidistrict litigation over the allegedly addictive designs of social media, saying that while many CEOs are hands-off, "it's not clear to me that Mr. Zuckerberg is one of them."
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July 12, 2024
Conn. Justices Say Town Can Tax Hospital's Property
Personal property of a Connecticut hospital owned by Hartford HealthCare is taxable, the state Supreme Court said Friday, reversing a trial court opinion and ruling that Hartford's acquisition of the hospital negated a tax exemption for charitable entities.
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July 12, 2024
Real Estate Recap: Mall Makeovers, Military Land, Fundraising
Catch up on this week's key developments by state from Law360 Real Estate Authority, including one Big Four retail leader's take on mall potential, the U.S. Treasury's increasing scrutiny of land deals with national security concerns, and a midyear look at private real estate fundraising trends.
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July 12, 2024
Ex-Slync CEO Gets 20 Years After Wire Fraud Conviction
The founder of shuttered supply chain management software company Slync has received a 20-year prison sentence involving a pair of partially concurrent sentences after a Texas jury in January handed down convictions on wire fraud and other claims over prosecutors' allegations that he drained $25 million out of his company's bank accounts.
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July 12, 2024
No Injury In Suit Targeting J&J Asset Shuffles, Talc Unit Says
Johnson & Johnson wants a New Jersey federal judge to toss a proposed class action alleging that the company has tried to intentionally prevent talc claimants from getting their day in court through a scheme of fraudulent corporate transactions, arguing that the cancer patients failed to show how any of the challenged transactions left it unable to pay its talc claims.
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July 12, 2024
AIG Says Ex-Execs Who Started Rival Co. Stole Trade Secrets
Insurance giant American International Group is accusing three of its former senior executives of unlawfully using confidential company information to launch a startup New Jersey insurance company.
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July 12, 2024
Zimmer Biomet Owes Despite Expired Patents, 7th Circ. Says
Zimmer Biomet Holdings shouldn't have stopped paying royalties on knee replacement devices it developed using an orthopedic surgeon's various patents after those patents expired, the Seventh Circuit said Friday, backing a lower court's decision affirming an arbitration ruling in favor of the surgeon's estate.
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July 12, 2024
Steris Infringing 'AST' Trademark, Medical Equipment Co. Says
Medical supply company Steris Corp. is allegedly infringing the "AST" trademark of a Washington engineering and medical equipment firm, according to a complaint filed Friday in Washington federal court.
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July 12, 2024
American Airlines Pilot Pushes For $16M Win After ERISA Trial
An American Airlines pilot urged a Texas federal court to make the airline cough up nearly $16 million following a June bench trial in a retirement savings class action, arguing the company breached its fiduciary duties to its retirement plan by focusing too heavily on environmental and social factors in investments.
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July 12, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
General counsel at companies involved in environmental litigation scored victories and suffered some setbacks this week, including the dismissal of a Baltimore city suit seeking climate damages as well as Marathon Oil's record-setting $241.5 million Clean Air Act settlement.
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July 12, 2024
Chancery Approves $19.5M Convey-TPG Settlement
Former shareholders of Convey Health Solutions Inc. won Delaware Chancery Court approval Friday of a $19.5 million cash settlement to resolve a class challenge to the healthcare technology company's $1.1 billion take-private acquisition by TPG Inc., with $3.88 million going to class attorneys after expenses.
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July 12, 2024
Wayfair Says Contractor On 1st Megastore Stiffed Vendors
Online retailer Wayfair LLC says the company it hired to oversee the build-out of its first "large-format" brick and mortar location failed to pay multiple subcontractors on the project, forcing Wayfair to pay the subcontractors directly to ensure that the store opened on time, according to a complaint filed Friday.
Expert Analysis
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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FTC Focus: Competition And The Right To Repair
If the Federal Trade Commission includes commercial and industrial products as part of copyright exemptions that allow consumers to modify or repair products, then businesses and affected rights holders will need to consider copyrights' impact on infringement issues, say attorneys at Proskauer.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Class Actions At The Circuit Courts: June Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers two recent decisions from the Third and Tenth Circuits, and identifies practice tips around class action settlements and standing in securities litigation.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares
In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.
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Top 5 Issues For Employers To Audit Midyear
Six months into 2024, developments from federal courts and regulatory agencies should prompt employers to reflect on their progress regarding artificial intelligence, noncompetes, diversity initiatives, religious accommodation and more, say Allegra Lawrence-Hardy and Lisa Haldar at Lawrence & Bundy.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.