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Corporate
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August 08, 2024
Apple Must Produce Docs In Epic Antitrust Fight By Sept. 30
A California federal judge overseeing discovery in Epic Games' antitrust compliance fight with Apple gave the iPhone-maker a Sept. 30 deadline to hand over documentation on its response to foreign antitrust regulations and other internal documents, rejecting Apple's suggested December deadline and calling the 92,000-document review large but "not huge."
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
Google Says Epic's Own Tech Experts Undermine Remedies
Google continued Wednesday to battle what it says would be a dramatic and costly overhaul of its Play Store if Epic Games is allowed to dictate the terms of an antitrust remedy, telling a California federal judge claims of a cheaper, easier solution are undermined by Epic's own experts.
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August 08, 2024
DOJ Investigating Formula 1 Over Andretti Denial
Formula One's owner Liberty Media Corp. disclosed Thursday that the U.S. Department of Justice is investigating antitrust concerns surrounding the denial of Andretti Formula Racing LLC's bid to join the F1's championship series, following a letter from lawmakers.
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August 08, 2024
VC, PE Firm Says Chinese Co. Cost $150M SpaceX Investment
A California-based venture capital and private equity firm has sued a Chinese company in California federal court, claiming Elon Musk's SpaceX rejected its planned $150 million investment after the Chinese company breached its promise to abide by strict confidentiality requirements and instead publicized its involvement in the planned investment.
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August 08, 2024
Apollo Stockholder Suit Held Until Del. Justices Hear Moelis
Both sides in a Delaware Court of Chancery challenge to an Apollo Global Management Inc. stockholder agreement adopted in 2022 have agreed to a litigation pause, citing the import of a possible Delaware Supreme Court appeal targeting a case that upended state corporate law on similar pacts.
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August 08, 2024
Insurer Utica Off Hook In High-End Leather Goods Dispute
Utica National Insurance Group is not obligated to defend or indemnify a maker of high-end leather goods against claims it fraudulently induced a former partner into a deal in order to steal his designs and then attempt to drive him out of business, a Massachusetts intermediate appellate court has concluded.
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August 08, 2024
Wash. HOA Says Allstate Must Cover $8M Water Damage
A Washington state condominium association accused Allstate of wrongfully denying coverage of an $8 million water damage claim it filed after discovering hidden damage to the exterior of its buildings.
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August 08, 2024
McElroy Deutsch Seeks To Ax Former CFO's Ch. 11 Case
McElroy Deutsch Mulvaney & Carpenter LLP urged a New Jersey bankruptcy court Thursday to throw out a Chapter 11 filing from its former chief financial officer, who has been sent to prison for stealing over $1 million from the firm, slamming it as a bad faith "tactical maneuver" to stall ongoing civil litigation.
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August 08, 2024
McCarter & English Withdraws Lien In Ex-Client's Fee Fight
McCarter & English LLP has withdrawn a $492,000 lien it asserted over any monies awarded to tool manufacturer Red Mud Enterprises LLC in a Delaware Chancery Court case in which it formerly represented the business.
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August 08, 2024
Block & Leviton, Bernstein Litowitz To Lead WWE-UFC Suit
Block & Leviton LLP and Bernstein Litowitz Berger & Grossmann LLP pinned down counsel leadership duties Thursday for a pending, high-profile Delaware Court of Chancery stockholder challenge to World Wrestling Entertainment Inc.'s $21.4 billion merger with Ultimate Fighting Championship.
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August 08, 2024
Former In-House Atty Says Mortgage Co. Was 'Oppressive'
A former staff attorney for mortgage company Newrez LLC alleges in a Texas state court lawsuit made public this week that she was terminated last year after witnessing a deputy general counsel engage in sexually inappropriate conduct with an intoxicated subordinate attorney at a work-related gathering.
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August 08, 2024
50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim
A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.
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August 08, 2024
LegalZoom Seeks Arbitration Of Unauthorized Practice Claims
LegalZoom has asked a New Jersey federal court to force arbitration of proposed class claims that the company engaged in the unauthorized practice of law, arguing the named plaintiff entered into a binding arbitration agreement by clicking "agree and pay now" when he purchased services from the online platform.
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August 08, 2024
House Panel Says DOL Stonewalling On Contractor Probe Info
A U.S. House of Representatives Committee on Thursday criticized the U.S. Department of Labor's stance on independent contractor misclassification, saying the agency hasn't provided enough information on its worker classification investigations.
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August 08, 2024
Jenner & Block Atty Takes Leave To Join Harris Campaign
Josh Hsu of Jenner & Block, who has worked with Vice President Kamala Harris in various capacities over the years, has joined her presidential campaign as a senior counsel and liaison to the vice president's team, the campaign told Law360.
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August 08, 2024
Rolls-Royce Removes 'Interim' From Unit GC's Title
The new general counsel for the North American arm of United Kingdom-based defense aerospace company Rolls-Royce is a familiar face at the company, having most recently held the top lawyer position on an interim basis following the departure of the previous general counsel earlier this year.
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August 08, 2024
Paul Weiss Adds Asset Management M&A Duo From Skadden
Paul Weiss Rifkind Wharton & Garrison LLP announced Thursday that it has hired a Skadden duo it calls "two of the nation's leading asset management M&A lawyers," one of whom it has appointed to its practice leadership.
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August 07, 2024
FTX, Alameda Agree To Pay $12.7B To Resolve CFTC's Action
A New York federal judge Wednesday signed off on a consent order requiring FTX Trading Ltd. and its affiliated trading firm to pay back $8.7 billion to those duped by disgraced FTX founder Sam Bankman-Fried and disgorge an additional $4 billion.
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August 07, 2024
5th Circ. Upholds Dow Chemical's Escape From Age Bias Suit
The Fifth Circuit on Wednesday refused to revive a Texas woman's lawsuit accusing Dow Chemical of age discrimination and retaliation, saying in a published opinion that the former senior health service manager failed to properly exhaust her administrative remedies before filing suit.
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August 07, 2024
Exec Unlikely To Get New Trial In SEC's 'Shadow Trading' Suit
A California federal judge said at a hearing Wednesday that he wasn't inclined to grant a new trial in a novel SEC "shadow trading" case, saying "there's no question" that a former executive of Medivation, a pharmaceutical company, knew that he was using inside information from his company when he purchased a rival's stock.
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August 07, 2024
4th Circ. Approves Payout Plan In $550M Ponzi Case
Investors defrauded in a $550 million Ponzi scheme can't reverse a receiver's asset distribution plan on the basis of arguments that the plan unfairly divides up recovered funds among claimants, the Fourth Circuit has determined.
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August 07, 2024
FTC, CFPB Turn Up Scrutiny On Solar Energy Sales Practices
The federal government on Wednesday stepped up efforts to police shady solar energy sales and financing practices, with the Federal Trade Commission, Consumer Financial Protection Bureau and other agencies releasing consumer advisories and announcing a new partnership to better monitor the industry.
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August 07, 2024
Abbott Brass Trim But Can't Nix Investors' Formula Recall Suit
A Chicago federal judge on Wednesday substantially trimmed a derivative suit accusing Abbott Laboratories leaders of concealing known safety issues related to recalled infant formula but rejected the defendants' argument that tossing the suit in its entirety was in shareholders' "best interest."
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August 07, 2024
Kleenex Maker Wants Conn. PFAS Suit Tossed
Kimberly-Clark Corp. is urging a Connecticut federal judge to throw out a proposed class action, saying the suit relies on "speculation and conjecture" to claim its New Milford manufacturing facility and shuttered landfill polluted properties and exposed residents to toxic forever chemicals.
Expert Analysis
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Opinion
Paid Noncompetes Offer A Better Solution Than FTC's Ban
A better alternative to the Federal Trade Commission's recent and widely contested noncompete ban would be a nationwide bright-line rule requiring employers to pay employees during the noncompete period, says Steven Kayman at Rottenberg Lipman.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Skip Versus File: The Patent Dilemma That Costs Millions
In the nearly 30 years since the inception of the provisional application, many have weighed the question of whether or not to file the provisional, and data shows that doing so may allow inventors more time to refine their ideas and potentially gain an extra year of protection, says Stanko Vuleta at Highlands Advisory.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Wiretap Use In Cartel Probes Likely To Remain An Exception
Although the U.S. Department of Justice's Antitrust Division has recently signaled interest in wiretaps, the use of this technology to capture evidence of antitrust conspiracies and pursue monopolization as a criminal matter has been rare historically, and is likely to remain so, say Carsten Reichel and Will Conway at DLA Piper.