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Corporate
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April 18, 2025
Alston & Bird Bolsters NY Office With Ex-Sheppard Mullin Atty
Alston & Bird LLP continued to bolster its corporate practice and New York office, announcing Thursday the hiring of a private equity partner formerly with Sheppard Mullin Richter & Hampton LLP.
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April 18, 2025
5 Takeaways From Texas Stock Exchange's SEC Filing
The newly formed Texas Stock Exchange LLC is proposing rules that largely resemble those of the New York heavyweights it seeks to challenge, along with some notable differences, leaving questions on how the exchange will distinguish itself. Here are five takeaways from TXSE's securities filing.
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April 18, 2025
Capital One's Discover Deal Gets Bank Regulators' Approval
Capital One on Friday received the last regulatory sign-offs needed for its $35 billion purchase of Discover, putting the megadeal on track to close for the former while also clearing the decks of a more than $1 billion enforcement matter for the latter.
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April 18, 2025
Student Visa Crackdown Sparks Fears Of Talent Shortage
The Trump administration's aggressive push to revoke student visas and terminate their records in a government database that tracks international students is rattling employers that rely on a pipeline of foreign students to fill key high-skilled labor needs.
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April 18, 2025
GC Cheat Sheet: The Hottest Corporate News Of The Week
Google and its chief legal officer have now lost two major antitrust cases to DOJ prosecutors after a federal judge ruled Thursday the search engine monopolized markets and servers related to display advertising. Meanwhile, a new study shows companies are disclosing their business risks, and how they are trying to mitigate those risks, amid changing tariffs and the uncertainty of the U.S.-China trade war. These are some of the stories in corporate legal news you may have missed in the past week.
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April 17, 2025
Incyte Can Get Novartis' Privileged Info On Drug Royalty Deal
Novartis must produce certain privileged documents to Incyte concerning its understanding of their contract for royalty payments from sales of Incyte's blood cancer drug, unless Novartis agrees its former outside counsel, who negotiated the terms, won't testify about that topic at the upcoming contract breach trial, a New York federal judge said Thursday.
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April 17, 2025
Judge Warns Rocket Cos. Investor: Seek Cert. At 'Own Peril'
A Michigan federal judge on Thursday said a pension fund trying to take over as lead plaintiff in a suit against mortgage business Rocket Companies Inc. does not need the court's permission to file a renewed class certification motion, but it "does so at its own peril."
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April 17, 2025
FTC To Narrow Data Privacy Scope As Uncertainties Loom
The Republican-led Federal Trade Commission is poised to pursue a data privacy agenda focused on established harms and statutory authorities rather than ambitious rulemaking, although the recent firing of two commissioners casts doubt on the long-term viability of these actions and the future of a crucial transatlantic data transfer pact.
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April 17, 2025
Bill-Pay Co. Customers Can Continue With Most Of Class Action
Customers of online bill-pay service Doxo Inc. can proceed with most of their claims in a Consumer Protection Act proposed class action alleging the company deceived them by not disclosing fees upfront, a Washington federal judge ruled Thursday.
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April 17, 2025
Musk Blames Twitter Investors For 'Languish' In Case
Elon Musk on Thursday pushed back against a trial schedule proposed by a class of former Twitter investors in litigation accusing the right-wing billionaire of intentionally tanking the social media platform's stock price, saying the investors have caused the case to "languish."
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April 17, 2025
Sandberg Says FTC Market View Makes No Sense In Meta Case
Meta Platforms' former longtime board member and Chief Operating Officer Sheryl Sandberg pushed back Thursday on crucial Federal Trade Commission arguments trying to shape the market the social media giant is accused of monopolizing, criticizing a friends and family definition the FTC is using to exclude TikTok as a competitor.
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April 17, 2025
DC Circ. Says Lateness Doomed Starbucks' NLRB Challenge
The National Labor Relations Board was not obligated to accommodate Starbucks after its attorney filed a challenge to a board judge's ruling 23 minutes late, the D.C. Circuit ruled Thursday, holding that the board did not abuse its discretion by refusing to process the challenge.
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April 17, 2025
Patent Office Plans Rulemaking For New PTAB Denial Process
The U.S. Patent and Trademark Office intends to go through the notice-and-comment rulemaking process for its new procedures allowing its director to decide whether petitions challenging patents at the Patent Trial and Appeal Board should be denied for discretionary reasons, a panel of judges and agency personnel said at a webinar on Thursday.
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April 17, 2025
K&L Gates Bungled Crypto Co.'s Bankruptcy Claim, Suit Says
Gryphon Digital Mining has sued its former counsel K&L Gates LLP, claiming it dropped the ball on a bankruptcy filing that cost the company millions of dollars and complicated another legal case, all while allegedly overbilling the crypto mining firm by $1 million for related matters.
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April 17, 2025
Chancery Fast-Tracks Suits Targeting Reinsurance Offshoring
A trio of Oxford Risk Management Group LLC reinsurance customers this week won fast-tracking of three Court of Chancery suits that raised multiple claims, including for treble damages, after ORMG declared that it had unilaterally transferred some of its U.S. accounts and exposures to an allegedly steeply undercapitalized, captive Bermuda reinsurer.
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April 17, 2025
SolarWinds Sued For Docs On $4.4B Take-Private Deal
Citing company controller clout and alleged minority stockholder sidelining, a SolarWinds Corp. stock-owning trust has sued in Delaware's Court of Chancery for documents related to the company's $4.4 billion, $18.50-per-share take-public deal from Turn/River Capital LP.
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April 17, 2025
Arkansas Bans PBMs From Owning Pharmacies
Pharmacy benefit managers operating in Arkansas will soon be prohibited from owning pharmacies in the state after Gov. Sarah Huckabee Sanders signed a bill that lawmakers say is meant to minimize conflicts of interest and safeguard patients.
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April 17, 2025
Program To Speed Up Climate Change Patent Exams Axed
Federal patent officials have officially pulled the plug on a program that sped up examination of patent applications for inventions that are intended to mitigate climate change, after suspending it earlier this year.
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April 17, 2025
9th Circ. Tosses Objections To $10.4M CVS Wage Settlement
A pharmacist's objections to a $10.4 million settlement of a wage and hour class action affecting 24,000 CVS employees hold no weight, a Ninth Circuit panel found, ruling Thursday that a California federal judge adequately considered the merits of each objection before tossing them.
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April 17, 2025
CFPB Mass Layoffs Resume, Hitting All Corners Of Agency
The Consumer Financial Protection Bureau's acting Director Russell Vought moved Thursday to resume mass firings at the agency, prompting a scramble from its employee union to head off a torrent of pink slips terminating the vast majority of the agency's workforce.
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April 17, 2025
Wyoming Biz Accuses Pa. Entities Of $3.9M Explosives Fraud
A Wyoming-based defense contractor on Thursday accused a Pennsylvania company and its owner of pocketing $3.9 million and never delivering explosives bought to aid Ukrainian and Israeli forces, and using the money to pay for helicopters, luxury watches and a posh overseas wedding.
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April 17, 2025
Harvard Says No Grounds For IRS To Deny Tax-Exempt Status
Harvard University said Thursday that there is no legal basis to rescind its tax-exempt status amid an investigation by President Donald Trump's administration into whether the university has violated the terms of that status.
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April 17, 2025
Chevron Owes $24M For Years Of Work, Venezuelan Co. Says
A Venezuelan oil company accused Chevron of taking advantage of its family-owned business by pressuring it into performing years of work without paying $24 million in invoices.
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April 17, 2025
OpenAI Eyes Windsurf, Activist Targets HP, And More Rumors
OpenAI is preparing to bid about $3 billion to acquire coding developer Windsurf, activist fund Elliot Investment Management has purchased a major stake in Hewlett Packard with an eye toward pushing changes at the information technology giant, and private equity giant KKR is considering selling Atlantic Aviation for $10 billion.
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April 17, 2025
3rd Circ. Questions Walmart's Duty To Disclose Opioid Probe
The Third Circuit on Thursday questioned the extent to which Walmart knew of the government's interest in prosecuting it for opioid sales, as it considered a bid by investors to revive class claims alleging the retail chain failed to disclose it was under investigation.
Expert Analysis
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Measuring And Mitigating Harm From Discriminatory Taxes
In response to new tariffs and other recent "America First Trade Policy" pronouncements, corporations should assess and take steps to minimize their potential exposure to discriminatory and reciprocal tax measures that are likely to come, say economists at Charles River Associates.
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How Del. Law Rework Limits Corporate Records Requests
Newly enacted amendments to a section of the Delaware General Corporation Law that allows stockholders and beneficial owners to demand inspection of Delaware corporations' books and records likely curtails the scope of such inspections and aids defendants in framing motions to dismiss at the pleading stage, says Jonathan Richman at Brown Rudnick.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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How The ESG Investing Rule Survived Loper Bright, For Now
A Texas federal court's recent decision in Utah v. Micone upholding the U.S. Department of Labor's 2022 ESG investing rule highlights how regulations can withstand the post-Loper Bright landscape when an agency's interpretation of its statutorily determined boundaries is not granted deference, say attorneys at Miller & Chevalier.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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In-House Expert Testimony Is Tricky, But Worth Considering
Litigation counsel often reject the notion of designating in-house personnel to provide expert opinion testimony at trial, but dismissing them outright can result in a significant missed opportunity, say David Ben-Meir at Ben-Meir Law and Martin Pitha at Lillis Pitha.
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Issues To Watch At ABA's Antitrust Spring Meeting
Attorneys at Freshfields consider the future of antitrust law and competition enforcement amid agency leadership changes and other emerging developments likely to dominate discussion at the American Bar Association's Antitrust Spring Meeting this week.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The most noteworthy developments from the first quarter of the year in New York financial services include newly proposed regulations on overdraft fees, a groundbreaking settlement by the state attorney general, and a potentially precedent-setting opinion regarding the Electronic Fund Transfer Act, say attorneys at Quinn Emanuel.
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Nev. Fraud Ruling Raises Stakes For Proxy Battles
Though a Nevada federal court’s recent U.S. v. Boruchowitz decision involved unusual facts, the court's ruling that board members can be defrauded of their seat through misrepresentations increases fraud risks in more typical circumstances involving board elections, especially proxy fights, say attorneys at ArentFox Schiff.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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Trade Policy Shifts Raise Hurdles For Gov't And Cos. Alike
The persistent tension between the Trump administration's fast-moving and aggressive trade policies and the compliance-heavy nature of the trade industry creates implementation challenges for both the business community and the government, says Sara Schoenfeld at Kamerman.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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Key Insurance Issues Likely To Arise From NY Superfund Law
The recently enacted New York Climate Change Superfund Act imposes a massive $75 billion in liabilities on energy companies in the fossil fuel industry, which can be expected to look to their insurers for coverage, raising a slew of coverage issues both old and new, say attorneys at Wiley.