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October 11, 2024
FTC's Republicans Take Aim At Agency Merger Data
The Federal Trade Commission's two Republican members criticized a long-standing agency policy of reporting "abandoned" transactions that were never notified to the antitrust agencies as wins, while dissenting from an annual congressional report on merger reviews.
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October 11, 2024
Swiss Native Ran $8M International Stock Fraud, SEC Says
A Swiss-born Massachusetts resident ran a years-long international fraud scheme by tricking investors, mainly from Europe, into investing with him and then absconding with the money, the U.S. Securities and Exchange Commission alleged in a Friday suit.
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October 11, 2024
BofA Must Face Iranian Bias Claims At 9th Circ.
A Bank of America customer wants the Ninth Circuit to revive his proposed class action alleging the financial giant discriminates against Iranian citizens, according to a notice of appeal.
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October 11, 2024
Gruden Gets Another Play, Could Keep NFL Suit In Court
Former Las Vegas Raiders coach Jon Gruden will have another shot to keep from arbitration his case over the NFL's alleged torpedoing of his contract with leaks of his inflammatory emails, as the entire Nevada Supreme Court will consider the proper venue for the heated dispute.
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October 11, 2024
Quinn Emanuel Faces DQ Bid For Musk-Dogecoin Deal Leak
Dogecoin investors want Quinn Emanuel Urquhart & Sullivan LLP to be disqualified in their case against Elon Musk and Tesla Inc. because the law firm and its attorneys publicly disclosed a confidential settlement offer in the contentious lawsuit.
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October 11, 2024
DOJ Tells Judge Boeing Plea Is 'The Best The Gov't Could Do'
The federal government told a Texas federal judge Friday that its proposed deal with The Boeing Co. over allegations that it lied to safety regulators about the 737 Max 8's development is "the best the government could do," pushing back against vehement objection from crash victims' families, who called the deal "rotten" and "morally reprehensible."
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October 11, 2024
Boston Dynamics 'Took Advantage' Of Partner's Robotics IP
Robot maker Boston Dynamics engaged in a "flagrant and secretive" breach of its nondisclosure agreement with a manufacturer by enabling a competitor to "reverse engineer" components it had built for the Massachusetts company, according to a state court lawsuit.
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October 11, 2024
Nintendo, Epic Games Dropped From Addictive Gaming Suit
Nintendo of America Inc. and Epic Games Inc. have been dropped from a lawsuit filed against them and other well-known companies by a gamer who alleged they intentionally got users addicted to boost profits.
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October 11, 2024
RTX Warned By Judge Over 'Troubling' Settlement Delay
A Massachusetts federal judge on Friday chided RTX for slow-walking the finalization of a settlement the defense contractor struck with a Connecticut company just before trial in a trade secrets dispute.
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October 11, 2024
'Bloodsport' Poaching Case To Mediate After Disputed Verdict
An exasperated Boston federal judge on Friday talked two rival medical aesthetic device companies into a round of mediation with a magistrate judge to see if they could wrap up the fiercely litigated poaching case that's already resulted in a contested eight-figure verdict.
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October 11, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Deputy Attorney General Lisa Monaco warned compliance officers that TD Bank's historic settlement this month with U.S. authorities over anti-money laundering violations should serve as a lesson, and a report found the country's BigLaw firms have accelerated their environmental sustainability efforts but lack in areas like diversity, equity and inclusion. These are among the stories in corporate legal news you may have missed in the past week.
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October 11, 2024
Nippon To Sell JV Stake For $1 In Push To Close US Steel Deal
Japan's Nippon Steel said Friday it has agreed to sell its stake in a 50-50 joint venture with ArcelorMittal to the European steelmaker for just $1, as Nippon seeks to address any antitrust concerns over its planned $14.9 billion acquisition of U.S. Steel.
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October 10, 2024
4 Key Details From TD's Historic $3.1B Money Laundering Deal
U.S. authorities have levied some of the biggest, most serious penalties of their kind against TD Bank as part of a mammoth $3.1 billion anti-money laundering settlement announced Thursday. Here's a closer look at how the Canadian bank got here.
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October 10, 2024
Amazon Must Give FTC Doc On Prime 'Upsells'
Amazon will have to turn over to the Federal Trade Commission the details of a presentation it made outlining how it upsells its Prime subscriptions as part of an enforcement lawsuit accusing the e-commerce behemoth of duping customers into signing up for the service.
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October 10, 2024
FTC's Final Merger Filings Overhaul Drops Labor Market Look
The Federal Trade Commission on Thursday finalized its long-awaited overhaul to U.S. merger filing rules, dropping initial proposed requirements to submit preliminary deal drafts and labor market details, while also reinstating the "early termination" of reviews of benign tie-ups.
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October 10, 2024
Paxton Sanctions Attempt Is 'Intimidation Tactic,' Nonprofit Says
A Houston civil rights nonprofit focusing on immigration is calling a sanctions motion from Texas Attorney General Ken Paxton an "intimidation tactic," telling a state appeals court that it shouldn't have to just accept whatever legal interpretation the state spits out or face sanctions.
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October 10, 2024
FINRA Fines Citadel Securities, IMC Over Audit Trail Reporting
Citadel Securities LLC and IMC Financial Markets agreed to fines of $1 million and $1.2 million, respectively, to settle allegations from the Financial Industry Regulatory Authority that they failed to accurately or timely report tens of billions of equity and option orders to the consolidated audit trail.
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October 10, 2024
Live Nation Loses COVID-19 Physical Loss Insurance Claims
A California federal judge has tossed Live Nation's claims in a lawsuit seeking coverage from Factory Mutual for physical loss or damage stemming from the coronavirus pandemic, holding that a recent ruling by California's highest court thwarted the entertainment giant's argument that the presence of COVID-19 made its property unsafe or unusable.
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October 10, 2024
Attys For Voyager Digital Users Get $1.3M After Earn Deal
Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.
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October 10, 2024
OpenAI Calls Musk's Fraud, RICO Suit A Harassing Biz Move
OpenAI asked a California federal judge to toss Elon Musk's claims that the artificial intelligence venture and its top brass engaged in fraud by deciding to make OpenAI a for-profit company, claiming Musk "has been trying to leverage the judicial system for an edge" since launching a competing AI company.
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October 10, 2024
TD Bank Deal A $3B Lesson In Compliance, DOJ Official Says
TD Bank's historic settlement with U.S. authorities over anti-money laundering violations should serve as a warning for compliance officials and executives at banks across the country, Deputy Attorney General Lisa Monaco said Thursday.
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October 10, 2024
Chancery OKs $9.5M Deal For Katapult SPAC Challenge
A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.
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October 10, 2024
Most Appian Claims Survive In Pegasystems Defamation Fight
A Massachusetts federal judge has allowed most counterclaims from business software company Appian Corp. to proceed against rival Pegasystems Inc., which accused its competitor in a lawsuit of making deliberately malicious statements and representations regarding a trade secret case the parties are litigating in Virginia.
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October 10, 2024
Chancery OKs $125M Deal, Fees In Discovery Merger Suit
Declaring it "a great settlement," a Delaware vice chancellor approved on Thursday a near chart-topping, $125 million deal to end stockholder challenges to Discovery Inc.'s $43 billion merger with AT&T in 2022, an amount eclipsed only by a $148.2 million pretrial deal in a 2016 case.
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October 10, 2024
SEC Says Adviser's $4M Scheme Included 'AI-Washing'
The U.S. Securities and Exchange Commission on Thursday fined a California-based investment adviser that it said raised nearly $4 million through a series of false promises, including deceptive statements about artificial intelligence capabilities.
Expert Analysis
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Proposed NIL Deal Leaves NCAA Antitrust Liability Door Open
The proposed House v. NCAA settlement filed in California federal court creates the possibility of significant direct payments to student-athletes for the first time, but the resulting framework is unlikely to withstand future antitrust scrutiny because it still represents an agreement among competitors to limit labor cost, says Yaman Desai at Lynn Pinker.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days
In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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Justices' Intent Witness Ruling May Be Useful For Defense Bar
At first glance, the U.S. Supreme Court’s recent Diaz v. U.S. decision, allowing experts to testify to the mental state of criminal defendants in federal court, gives prosecutors a new tool, but creative white collar defense counsel may be able to use the same tool to their own advantage, say Jack Sharman and Rachel Bragg at Lightfoot Franklin.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Opinion
Data Breach Reporting Requirements Must Change In AI Age
Outdated data breach reporting laws are inadequate to protect consumers in the age of artificial intelligence, as AI’s ability to determine relationships coupled with its improvements to deepfake technology mean that the very definitions used in breach reporting laws are no longer sufficient, says Collin Walke at Hall Estill.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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What Chevron's End Means For How Congress Does Business
The U.S. Supreme Court’s recent Loper Bright Enterprises v. Raimondo decision, overturning the Chevron doctrine, will have a far-reaching impact across the entire public policy life cycle, beginning with how Congress writes its laws and extending through agency implantation and judicial review, say attorneys at K&L Gates.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Alice Step 2 Trends Show Courts' Extrinsic Evidence Reliance
A look at recent trends in how district courts are applying Step 2 of the Alice framework shows that courts have increasingly relied on extrinsic evidence to help determine whether a claimed invention is "well-understood, routine, and conventional," says Jonathan Tuminaro at Sterne Kessler.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.