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Corporate
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July 17, 2024
Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight
Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."
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July 17, 2024
Feds Ask To Quash OneTaste Exec's Netflix, Vice Subpoenas
Prosecutors on Wednesday asked a Brooklyn federal judge to nullify what they called overbroad subpoenas filed by an executive of the sexual wellness company OneTaste seeking information from major media companies including Vice and Netflix in connection with a forced-labor case.
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July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
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July 17, 2024
ArentFox Schiff Lands IP Atty From Morgan Lewis In SF
ArentFox Schiff LLP has added a former Morgan Lewis & Bockius LLP associate in the firm's office in San Francisco, strengthening its intellectual property practice with a former prosecutor and litigator who helped a client win a $268 million award.
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July 17, 2024
FINRA Hires JPMorgan GC For Senior Enforcement Role
The Financial Industry Regulatory Authority has hired two new senior vice presidents of enforcement, one of whom is returning to the agency after serving as general counsel of JPMorgan Chase's wealth management line, the agency announced Wednesday.
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July 17, 2024
Chamber Of Commerce Urges Justices To Limit RICO's Reach
Business groups including the U.S. Chamber of Commerce are urging the U.S. Supreme Court not to extend the scope of the Racketeer Influenced and Corrupt Organizations Act to include personal injury-related claims in civil suits, in a case over alleged false advertisement of hemp-derived CBD products.
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July 17, 2024
Ex-Goldman Sachs Analyst Gets Over 2 Years For Insider Tips
A Manhattan federal judge hit a former Goldman Sachs analyst with a 28-month prison sentence Wednesday for tipping his stepbrother and a friend to market-moving information, saying the Long Island native wanted to be "the big man" among his peers.
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July 17, 2024
SPAC Investor Sues Battery Co. In Del. Over Held-Back Shares
A Florida-based hedge fund that invested in a blank-check company that took battery company Solidion Technology Inc. public has sued for breach of contract in Delaware's Court of Chancery, alleging the company is refusing to issue more than 9.54 million shares of stock that are due under pre-merger agreements.
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July 17, 2024
Baker McKenzie Adds EY Partner To Mexico City Office
Baker McKenzie has appointed a new partner from EY Mexico to its North American tax practice group in Mexico City.
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July 17, 2024
Iger, Willow Bay Ink $250M Deal For Angel City Football Club
The Angel City Football Club has agreed to sell a controlling stake to Bob Iger, CEO of the Walt Disney Co., and his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, at an enterprise value of $250 million, the team said Wednesday.
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July 17, 2024
TikTok Loses 1st Challenge Against EU Big Tech Law
TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.
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July 16, 2024
Musk Says X, SpaceX Moving To Texas Over Calif. Gender Law
Elon Musk took to X Tuesday to announce he will be moving the headquarters of the social media company and his astronautics company, SpaceX, out of California to Texas, after Golden State Gov. Gavin Newsom signed a bill that bars policies mandating that teachers notify parents about students' gender identity.
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July 16, 2024
Gilead Asks Calif. Supreme Court To Ax 'Disastrous' Decision
Gilead Sciences on Monday urged the California Supreme Court to overturn an appellate panel's decision that the company can't ditch claims it held back a safer HIV drug to maximize profits on an older medication, saying that holding manufacturers liable for non-defective products would "yield disastrous policy consequences."
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July 16, 2024
Green Dot Brass Hid Declining Biz And Fed Action, Suit Says
The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.
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July 16, 2024
Apple's Slowed IPhone Derivative Deal OK'd After Tweaks
A California federal judge said Tuesday she would approve Apple's non-monetary settlement to resolve a derivative-shareholder suit over claims it secretly slowed iPhones and award counsel $6 million in attorney fees and expenses, after she rejected an earlier version of the deal because of the proposal's overbroad release of claims.
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July 16, 2024
Tesla Swaps Cravath Out, WilmerHale In For Antitrust Defense
WilmerHale has taken over from Cravath Swaine & Moore LLP as counsel for Tesla in a proposed class action in California federal court alleging the company runs an unlawful monopoly on parts for its electric vehicles.
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July 16, 2024
Rocket Cos. Investors Drop CEO Retweet Claims From Suit
Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.
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July 16, 2024
Tesla Says Chinese Co. Sells 'Dangerous' Charging Adapter
Tesla said on Monday that a Chinese company sells a "dangerous" charging adapter that lets owners of non-Tesla electric vehicles charge at its network, saying in a suit filed in California federal court that the device could injure consumers and damage the power infrastructure.
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July 16, 2024
Kaspersky To End US Operations After Commerce Dept.'s Ban
A Russian cybersecurity and antivirus provider will begin closing U.S. operations and laying off workers Sunday, after the U.S. Department of Commerce banned it from selling its products in the U.S. or to U.S. citizens.
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July 16, 2024
Apollo's $1.85B Mining Co. Deal Sparks Del. Suit For Docs
An investor sued a mining and logistics company in Delaware's Court of Chancery seeking documents regarding the firm's $1.85 billion go-private deal with affiliates of asset management giant Apollo, approved Tuesday by the mineral producer's stockholders, asserting that there are credible concerns over pre-transaction communications between its executives and Apollo about their jobs.
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July 16, 2024
USPTO Provides Guidance On AI And Patent Eligibility
The U.S. Patent and Trademark Office on Tuesday unveiled guidance for when inventions involving artificial intelligence are eligible for patents, saying the guidelines are aimed at "providing further clarity and consistency" on the issue.
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July 16, 2024
Ga. Panel Limits Insurer Pool's Collections For Workers' Comp
The Georgia Court of Appeals on Tuesday limited the power of a state-sponsored insurance pool to recoup its expenses when filling in for an insolvent insurer, ruling that companies can't be forced to accept liability for an injured worker when they were placed into the position by a staffing agency.
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July 16, 2024
Chancery Orders Illumina Docs Released In Grail Merger Fight
Benefit fund shareholders of biotech giant Illumina Inc. won a Delaware Court of Chancery order on Tuesday for a rare, limited release of legal advice documents on Illumina's merger agreement with cancer-testing firm Grail Inc., a deal that has cost the company billions in fines and lost value.
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July 16, 2024
Judges Press Amazon On Its Duty To Guard Against Suicide
Washington appellate judges on Tuesday challenged Amazon's argument that the e-commerce giant should be free from liability for selling sodium nitrite that buyers used to kill themselves, with one judge asking what other use a "small bottle" of nearly pure poison would have.
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July 16, 2024
Ex-Goldman Banker Denies Bribe Charges After Extradition
A former Goldman Sachs banker pled not guilty Tuesday before a Brooklyn federal magistrate judge to charges that he bribed Ghanaian officials, after losing an extradition battle in British courts.
Expert Analysis
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How Employers, Attorneys Can Respond To Noncompete Ban
As the Federal Trade Commission's recently issued noncompete ban faces ongoing legal challenges, now is a good time for employers to consider whether they want to take a wait-and-see approach before halting use of noncompetes and for practitioners to gain insight into other tools available to protect their clients' business interests, says Jennifer Platzkere Snyder at Dilworth Paxson.
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New TSCA Risk Rule Gives EPA Broad Discretion On Science
The U.S. Environmental Protection Agency's recent final amendments to its framework for evaluating the risks of chemical substances under the Toxic Substances Control Act give it vast discretion over consideration of scientific information, without objective criteria to guide that discretion, say John McGahren and Debra Carfora at Morgan Lewis.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Fintech Compliance Amid Regulatory Focus On Sensitive Data
The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Cos. Must Stay On Alert With Joint Employer Rule In Flux
While employers may breathe a sigh of relief at recent events blocking the National Labor Relations Board's proposed rule that would make it easier for two entities to be deemed joint employers, the rule is not yet dead, say attorneys at Day Pitney.
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Key Insurance Considerations After $725M Benzene Verdict
The recent massive benzene verdict in Gill v. Exxon Mobil will certainly trigger insurance questions — and likely a new wave of benzene suits — so potential defendants should study Radiator Specialty v. Arrowood Indemnity, the only state high court decision regarding benzene claim coverage, says Jonathan Hardin at Perkins Coie.
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Fed. Circ. Scrapping Design Patent Tests Creates Uncertainty
The Federal Circuit last week discarded established tests for proving that design patents are invalid as obvious, leaving much unknown for design patent applicants, patentees and challengers, such as what constitutes analogous art and how secondary references will be considered and applied, say attorneys at Sterne Kessler.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How AI Cos. Can Cope With Shifting Copyright Landscape
In the evolving landscape of artificial intelligence, recent legal disputes have focused on the utilization of copyrighted material to train algorithms, meaning companies should be aware of fair use implications and possible licensing solutions for AI users, say Michael Hobbs and Justin Tilghman at Troutman Pepper.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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One Contract Fix Can Reduce Employer Lawsuit Exposure
A recent Fifth Circuit ruling that saved FedEx over $365 million highlights how a one-sentence limitation provision on an employment application or in an at-will employment agreement may be the easiest cost-savings measure for employers against legal claims, say Sara O'Keefe and William Wortel at BCLP.
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Opinion
DOJ Messaging App Warnings Undermine Trust In Counsel
The U.S. Department of Justice Antitrust Division's increasingly ominous warnings to defense and in-house counsel about the consequences of not preserving ephemeral messaging and messages sent using collaboration tools could erode confidence and cooperation, says Mark Rosman at Proskauer.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.