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Corporate
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November 21, 2024
SEC Chair Gensler To Step Down When Trump Takes Office
U.S. Securities and Exchange Commission Chair Gary Gensler said Thursday that he will be leaving the agency on Jan. 20, clearing the way for new leadership under an incoming Trump administration that is expected to dismantle Gensler's climate disclosure regulation and open the SEC's door to more crypto-friendly policies.
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November 21, 2024
Gaetz Ends AG Bid, Citing 'Distraction' To Trump Transition
Former U.S. Rep. Matt Gaetz withdrew his name from consideration Thursday as President-elect Donald Trump's nominee for attorney general amid allegations of sexual misconduct and drug use.
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November 21, 2024
CFPB Wraps Rule To Pull Big Payment Apps Into Supervision
The Consumer Financial Protection Bureau said Thursday that it has finalized a measure to bring providers of major digital payment apps under its supervisory umbrella, expanding the reach of its oversight deeper into the technology sector and drawing fresh calls to reverse course.
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November 21, 2024
DOJ Urges Chrome, Android Sales In Google Case
The U.S. Department of Justice late Wednesday formally asked a Washington, D.C., federal judge to order a range of steps to end Google's monopolization of general search services and the text ads shown alongside search results, most notably by forcing the company to spin off the Chrome browser.
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November 20, 2024
SEC Cooperators More Likely To See Pay Reprieve In 2024
The U.S. Securities and Exchange Commission's recent emphasis on cooperation seems to have paid off for both the agency and some of the entities it regulates, according to a report released Thursday, which found that more public companies entered into nonmonetary settlements with the SEC in fiscal year 2024 than in any year over the previous decade.
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November 20, 2024
Musk, Ramaswamy Say High Court Rulings OK Federal Cuts
Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.
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November 20, 2024
Lululemon Execs Hit With Derivative Suit Over DEI Program
Lululemon leadership was hit with a shareholder derivative suit Wednesday claiming they made false statements related to the company's new "Inclusion, Diversity, Equity and Action" program that artificially boosted the company's stock price and also concealed problems with the company's inventory allocation.
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November 20, 2024
9th Circ. Judge Asks How Loper Bright Impacts EPA Fine Case
A Ninth Circuit judge wondered on Wednesday what weight the court should give the Environmental Protection Agency's view in a chemical wholesaler's appeal of an $850,000 fine in light of the U.S. Supreme Court's Loper Bright decision, suggesting the justices might next end agency deference in regulatory interpretation.
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November 20, 2024
Ex-Pharma CEO Demands Legal Fees For SEC Probe
Cancer treatment development company Eagle Pharmaceuticals Inc.'s founder and ex-CEO told Delaware's Chancery Court Wednesday that he is entitled to legal fees he says the company owes him in connection with a U.S. Securities and Exchange Commission probe into the company's accounting practices, saying he continues to incur fees in addition to the $875,000 he has already requested.
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November 20, 2024
5 Charged For 'Scattered Spider' Phishing Hacks, Crypto Theft
California federal prosecutors unveiled a criminal case Wednesday accusing five alleged members of the "Scattered Spider" cybercrime group of using a phishing scheme to access the confidential data of media and technology companies and steal $11 million worth of cryptocurrency from digital wallets.
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November 20, 2024
Wash. Judge Questions Startup's Amazon Antitrust Claims
A Washington federal judge on Wednesday suggested that antitrust claims might not survive in a startup's complaint against Amazon Web Services involving a dispute over higher-speed internet connections in the Middle East that allowed the startup to cater to its customer Epic Games.
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November 20, 2024
'Fat Leonard' To Appeal 15-Year Sentence Over Navy Bribery
A Malaysian defense contractor and ex-fugitive who pled guilty nearly 10 years ago to a bribery scheme that authorities said cost the U.S. Navy over $20 million has indicated in California federal court that he will appeal his 15-year sentence to the Ninth Circuit.
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November 20, 2024
USPTO Unveils Patent Fee Hikes Set To Take Effect In January
The U.S. Patent and Trademark Office on Wednesday released a final rule that will increase many patent-related fees on Jan. 19, recalibrating some proposed hikes that had drawn criticism from attorneys and industry groups while leaving others intact.
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November 20, 2024
Bumble Brass Fumbled App Revamps, Investor Suit Says
Current and former brass of dating app Bumble's parent company face shareholder derivative claims that they projected overconfidence about revamping its app, then saw trading prices crater when Bumble lowered its 2024 growth projections amid the tinkering.
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November 20, 2024
SkyWest Airlines Hit With $2M Verdict In EEOC Harassment Case
A Texas jury found in favor of the Equal Employment Opportunity Commission on Wednesday in a suit that saw SkyWest Airlines accused of sitting idle while an employee experienced persistent sexual harassment, awarding over $2 million in punitive damages for the workplace misconduct in federal court.
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November 20, 2024
Nike Accused Of 'Smear Campaign' Over $60M Trademark Suit
A Los Angeles-based company that made customized sneakers for celebrities and athletes hit back Tuesday at Nike's $60 million trademark suit, saying that despite the companies' previous collaborations, Nike is now making knowing false claims in a "smear campaign" to crush its business.
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November 20, 2024
Xerox Faces Investor Suit Over 'Reinvention' Strategy
Business technology company Xerox Inc. has been hit with a proposed shareholder class action in New York federal court alleging the company's stockholders were harmed by a "reinvention" strategy it introduced in 2023 that yielded lower sales and revenue.
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November 20, 2024
Advance Notice Bylaw Measures Fuel Chancery Battle
Arguing that recent corporate advance notice bylaws have resulted in "real, actual harm" to stockholders of Owings Corning and The AES Corp., attorneys for shareholders of both urged a Delaware vice chancellor on Wednesday to reject calls to dismiss challenges to the measures.
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November 20, 2024
Scotts Miracle-Gro Leaders Sued Over Post-Pandemic Glut
Executives, directors and an heir to the CEO of consumer gardening giant The Scotts Miracle-Gro Co. face a shareholder derivative action alleging the company flooded its sales channels with post-pandemic excess inventory as it struggled to avoid defaulting on its debt.
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November 20, 2024
Burger King Franchisee Escapes BIPA Coverage Counterclaim
An Illinois federal judge has axed an AIG subsidiary's counterclaim in a Burger King franchisee's lawsuit seeking coverage for an underlying case accusing it of violating Illinois' biometric privacy law, concluding that the counterclaim is redundant and "adds nothing that will not be decided through resolution of the motions for summary judgment."
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November 20, 2024
PBMs Sue To Block FTC's In-House Insulin Pricing Case
Caremark Rx, Express Scripts and OptumRx have lodged a constitutional challenge of the Federal Trade Commission's in-house case accusing the pharmacy benefits managers of artificially inflating insulin prices through unfair rebate schemes.
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November 20, 2024
Hinshaw Brings On Ex-JPMorgan Counsel From Ballard Spahr
A Ballard Spahr LLP attorney and former in-house counsel for JPMorgan Chase & Co. has joined Hinshaw & Culbertson LLP as a partner in the firm's consumer financial services practice group in New York, where he will advise banks, lenders and fintechs on state and federal regulations, compliance matters and litigation.
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November 20, 2024
Archegos Founder Gets 18 Years For Massive Market Fraud
Bill Hwang, the founder of collapsed hedge fund Archegos, was sentenced Wednesday to 18 years in prison after he was convicted of lying to banks in order to secure billions of dollars in loans used to manipulate the market.
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November 20, 2024
Cleary Hires Milbank Atty For Capital Markets Team
Cleary Gottlieb Steen & Hamilton LLP announced the addition of a former Milbank LLP transactional attorney to its New York office on Wednesday, saying she will be an asset for its capital markets clients.
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November 20, 2024
Atty From Telecom Biz Joins IP Firm Panitch Schwarze
Panitch Schwarze Belisario & Nadel LLP has hired an attorney with extensive in-house experience in the tech industry to help enhance the intellectual property services it offers to its clients.
Expert Analysis
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How Anti-DEI Bill Could Affect Employers' Diversity Efforts
Sen. J.D. Vance's recently introduced Dismantle DEI Act would substantially limit employers’ ability to implement and promote workplace diversity, equity and inclusion, but there are still steps employers can take to support a diverse workforce, says Peter Ennis at Cozen O’Connor.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Series
After Chevron: What To Expect In Consumer Protection At FTC
Although the Federal Trade Commission's bread-and-butter consumer protection law enforcement actions are unlikely to be affected, the Loper Bright decision may curb the FTC's bolder interpretations of the statutes it enforces, says Mary Engle at BBB National Programs.
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Comparing 5 Administrators' Mass Arbitration Procedures
Attorneys at DLA Piper compare the rules for mass arbitrations at five different arbitration providers — Judicial Arbitration and Mediation Services, American Arbitration Association, National Arbitration and Mediation, FedArb and New Era ADR — including their triggers, claim screening procedures, how and when they assess fees, and more.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Calif. Ruling Clarifying Paystub Compliance Is Win For Cos.
In rare good news for California employers, the state Supreme Court recently clarified that workers couldn’t win extra penalties in wage and hour cases by claiming their employer intentionally violated state paystub law if the employer believed it had complied in good faith, say Drei Munar and Kirk Hornbeck at Hunton.
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Considering Noncompete Strategies After Blocked FTC Ban
A Texas district court's recent decision in Ryan v. Federal Trade Commission to set aside the new FTC rule banning noncompetes does away with some immediate compliance obligations, but employers should still review strategies, attend to changes to state laws and monitor ongoing challenges, say attorneys at Baker McKenzie.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Series
After Chevron: The Future Of AI And Copyright Law
In the wake of the U.S. Supreme Court’s recent decision to overrule the Chevron doctrine, leaders in the artificial intelligence industry may seek to shift the balance of power to courts to exercise more independent statutory interpretation without constraints from the U.S. Copyright Office, says Greg Derin at Signature Resolution.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Preparing For The NLRB's New Union Recognition Final Rule
The National Labor Relations Board's impending new final rule on union recognition puts the employer at a particular disadvantage in a decertification election, and best practices include conducting workplace assessments to identify and proactively address employee issues, say Louis Cannon and Gerald Bradner at Baker Donelson.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.