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Corporate
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July 05, 2024
Walmart Again Gets FTC's Money Transfer Suit Trimmed
An Illinois federal judge has again pared down the Federal Trade Commission's allegations that Walmart violated consumer protection laws by knowingly processing more than $200 million in fraudulent money transfers, dismissing the FTC's Telemarketing Sales Rule allegations but keeping intact other claims under the FTC Act.
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July 05, 2024
$125M Deal To End Discovery-AT&T Merger Suit In Chancery
A $125 million settlement is in the works for a nearly two-year-old, now-consolidated Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022, according to a court filing Friday.
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July 05, 2024
Employment Authority: Project 2025's Plans For Labor, NLRB
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with a glimpse into Project 2025's proposals for federal labor policy and the National Labor Relations Board, a look at six significant wage and hour rulings in the first half of 2024 and how the U.S. Supreme Court's decision to overturn Chevron deference could impact litigation involving the Equal Employment Opportunity Commission's Pregnant Workers Fairness Act regulations.
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July 05, 2024
NYC Developer To Pay $272M To Settle SEC Investment Suit
A New York City developer and his wife agreed on Friday to pay $272 million to settle claims brought by the U.S. Securities and Exchange Commission that they'd schemed to raise money from hundreds of Chinese investors using false statements.
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July 05, 2024
SEC Issues Guidance On Confidential IPOs
The U.S. Securities and Exchange Commission's Corporation Finance Division has issued updated guidance explaining how companies can file confidential registration statements when preparing go-public transactions such as initial public offerings and blank check company mergers.
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July 05, 2024
Mayer Brown Study Shows Firms Are Playing AI Catch-Up
A recent Mayer Brown LLP report shows that leaders at financial and investment firms see mergers and acquisitions as a key method to expand their artificial intelligence platforms, but they also think their firms aren't getting up to speed fast enough.
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July 05, 2024
H&R Block Users Must Arbitrate Meta Privacy Claims
Two H&R Block customers must arbitrate their claims that the company shared their private data with Meta Platforms Inc. and Google, a Pennsylvania federal court ruled, saying they agreed to arbitrate any disputes under the tax services provider's terms of agreement.
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July 05, 2024
Record PE Dry Powder Shows Slowed Exit Activity, Attys Say
Optimism that private equity deal making will take off in 2024 is fading, and while activity has increased, the record amount of dry powder floating around the private equity space signals that fund managers may still be hesitant to transact.
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July 05, 2024
2024 Global M&A, Mega-Deal Values Outpacing 2023
Dealmakers and the attorneys who represent them came into 2024 with a sense of cautious optimism about the mergers and acquisitions market.
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July 05, 2024
NY Investor Sues In Del. Alleging Costly Misbehavior In PR
A New York investor in a company set up to manage multiple car dealerships in San Juan, Puerto Rico, has sued his co-investor in Delaware's Court of Chancery, alleging "complex and systematic fraud and embezzlement schemes" and "reprehensible" public conduct that has put the business in "dire straits."
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July 05, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A New Jersey judge ordered a former Apple lawyer to pay $1.1 million to the U.S. Securities and Exchange Commission stemming from criminal insider trading charges, and a Texas judge put the Federal Trade Commission's noncompete ban on hold. These are among the stories in corporate legal news you may have missed in the past week.
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July 05, 2024
Self-Driving Tech Co. Disputes Chinese Military Designation
Lidar technology firm Hesai has urged a Washington, D.C., federal judge to overturn its designation as a Chinese military company, saying the Pentagon had failed to show it had any connection to China's military industrial base.
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July 05, 2024
Del. Suit Says Flawed Lockup Corrupted Post-IPO Stock Sales
A stockholder of artificial intelligence-focused C3.ai Inc. has launched a derivative suit in Delaware's Court of Chancery seeking damages for the company after insiders allegedly made hundreds of millions off an initial public offering propped up by false sales projections and an early share lockup release.
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July 05, 2024
Ex-Law Firm Exec Accused Of Theft Wants 'Malicious' Claim
A former executive at McElroy Deutsch Mulvaney & Carpenter LLP has asked a New Jersey state court to let her pursue a malicious prosecution counterclaim against the firm over its theft allegations against her, alleging that she didn't engage in any financial fraud.
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
Voyager Investors' $6.5M Deal Over Crypto Marketing OK'd
A New York federal judge has granted preliminary approval to a $6.5 million cash settlement between the top brass of the now-bankrupt cryptocurrency firm Voyager Digital Holdings and a class of its users who claimed they "aggressively marketed" unregistered securities.
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July 05, 2024
FTC Wants Second Look At $1.6B CoStar, Matterport Deal
The Federal Trade Commission has requested more information from CoStar Group and Matterport on a planned $1.6 billion merger that would round out CoStar's real estate analytics offerings with the latter company's virtual property tour platform.
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July 05, 2024
UAW Wants 'Highly Sensitive' Strategy Kept From Monitor
United Auto Workers is urging a Michigan federal judge to declare that the union can withhold confidential information — such as "highly sensitive" collective bargaining strategy — from the "unprecedented" amount of discovery requested by a monitor investigating alleged financial misconduct and retaliation within the union.
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July 05, 2024
Owens Corning Board Sued In Del. Over Advance-Notice Bylaws
A shareholder of Owens Corning has sued its board in Delaware's Court of Chancery, alleging the building materials company has "weaponized" its bylaws to entrench its sitting directors and prevent activist stockholders from nominating alternative candidates to the board.
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July 05, 2024
Cybersecurity Firm Noventiq Kills Plans To List Via SPAC Deal
London-based cybersecurity services provider Noventiq Holdings PLC and blank-check company Corner Growth Acquisition Corp. have canceled their plans to merge in a deal that sought to take Noventiq public in the U.S. at an estimated $1 billion value, citing market conditions.
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July 05, 2024
Cannabis Co. Trulieve Settles Suit Against Ex-CFO
A federal judge has agreed to toss with prejudice a lawsuit Trulieve, Florida's largest medical marijuana company, filed against one of its former executives accusing him of misusing hundreds of thousands of dollars of company money, after both sides reached some kind of deal.
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July 05, 2024
Monthly Merger Review Snapshot
A Federal Trade Commission loss became a win when a Fourth Circuit pause spurred Novant Health to walk away from its plans to purchase two North Carolina hospitals, Assa Abloy complained about the monitor observing its compliance with a U.S. Department of Justice merger clearance deal, and a Colorado judge preserved the state attorney general's challenge to Kroger-Albertsons.
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July 05, 2024
The 3 Biggest Labor Law Decisions Of 2024 So Far
The first half of 2024 included several significant decisions for labor law, including the U.S. Supreme Court's ruling toughening the standard for evaluating injunctions requested by National Labor Relations Board prosecutors and a Texas federal judge's decision striking down the board's joint employer rule. Here, Law360 examines these cases, as well as some of the other most important decisions from the first six months of the year.
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July 05, 2024
Top Federal Tax Cases To Watch In The 2nd Half Of 2024
In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.
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July 05, 2024
CFTC's Pham Says CCOs Must Be Careful With Agency
U.S. Commodity Futures Trading Commission member Caroline Pham warns that chief compliance officers at CFTC-registered firms may face individual liability for noncompliance matters at their firms, telling Law360 that this shows the need for compliance heads to carefully document their actions to potentially avoid liability.
Expert Analysis
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USPTO Disclaimer Rule Would Complicate Patent Prosecution
The U.S. Patent and Trademark Office's proposed changes to terminal disclaimer practice could lead to a patent owner being unable to enforce a valid patent simply because it is indirectly tied to a patent in which a single claim is found anticipated or obvious in view of the prior art, say attorneys at Sterne Kessler.
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2nd Circ. ERISA Ruling May Help Fight Unfair Arb. Clauses
The Second Circuit recently held that a plaintiff seeking planwide relief under the Employee Retirement Income Security Act cannot be compelled to individual arbitration, a decision that opens the door to new applications of the effective vindication doctrine to defeat onerous and one-sided arbitration clauses, say Raphael Janove and Liana Vitale at Janove.
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Series
After Chevron: Various Paths For Labor And Employment Law
Labor and employment law leans heavily on federal agency guidance, so the U.S. Supreme Court’s decision to toss out Chevron deference will ripple through this area, with future workplace policies possibly taking shape through strategic litigation, informal guidance, state-level regulation and more, says Alexander MacDonald at Littler.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage
The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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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.