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September 19, 2024
Pink Floyd, NFL And PE Take Limelight In Latest Deal Rumors
Sony Music could be on the verge of paying roughly $500 million for the rights to music recorded by Pink Floyd, and NFL teams including the Miami Dolphins and Los Angeles Chargers are exploring options to sell stakes to private equity firms. Here, Law360 breaks down these and other notable deal rumors from the past week.
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September 19, 2024
Nine Countries Sign Treaty For OECD Min. Tax On Payments
Indonesia, Turkey, Congo and six other countries signed a multilateral treaty aimed at implementing a 9% minimum tax on income sent from their jurisdictions to low-taxed entities within a corporate group, the OECD said Thursday.
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September 19, 2024
Apple Ruling Prompts EU Lawmakers To Call For Tax Justice
Citing the recent European court judgment requiring Apple to pay €13 billion ($14.5 billion) in taxes to Ireland, European Union lawmakers demanded Thursday that the fight against tax evasion and for corporate tax harmonization be stepped up.
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September 19, 2024
Insurers Wrestle With 'Cyberwar' Policy Exclusions
The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.
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September 18, 2024
Google Judge Wonders: Does Ad Tech Benefit Publishers?
The Virginia federal judge weighing the fate of Google's display advertising placement business zeroed in Wednesday on a key aspect of the search giant's defense against a Justice Department monopolization suit — the assertion that even if company practices disadvantaged rival ad exchanges, they benefited publishers.
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September 18, 2024
AI Musician Denies Purported $10M Streaming Scam
A North Carolina man facing a novel fraud case alleging he used artificial intelligence on platforms like Apple Music, Spotify and YouTube to generate around $10 million in illegal revenues denied wrongdoing at his initial court appearance Wednesday in New York.
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September 18, 2024
CVS Unit Pays $60M Over Alleged Insurance Kickback Scheme
CVS Health subsidiary Oak Street will pay $60 million to settle allegations it violated the False Claims Act by paying illegal kickbacks to third-party insurers in return for scouting and inducing Medicare and Medicaid beneficiaries to enroll in its primary care clinics, the U.S. Department of Justice announced Wednesday.
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September 18, 2024
7th Circ. Questions Nixing $183M Eli Lilly Drug Rebate Verdict
A Seventh Circuit judge seemed unsure Wednesday whether to disturb a $183 million verdict against Eli Lilly in a false claims case targeting more than a decade of drug rebate miscalculations, questioning whether the company skipped checking legal guidance before calling its price reporting requirements unclear.
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September 18, 2024
FBI Dismantles Chinese Botnet, Urges Victims To Seek Aid
FBI Director Christopher Wray announced Wednesday that the law enforcement agency has knocked out a botnet operated by a Chinese government-sponsored hacker group that was stealing confidential data by infecting internet-connected devices.
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September 18, 2024
Stonewalling Justifies Cab Co. Atty's Deposition, Court Rules
A Florida appeals court ruled Wednesday that counsel for Yellow Cab Co. can be deposed after the company's president stonewalled a personal injury plaintiff by answering "I have no idea" to virtually every question at his deposition, saying "exceptional circumstances" warrant the second deposition.
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September 18, 2024
Wynn Resorts To Pay Investors $70M Over Misconduct Claims
Wynn Resorts, its former CEO Stephen Wynn and others have reached a $70 million settlement in Nevada federal court to end an investor class action accusing the hotel and casino giant of deceiving shareholders by covering up allegations of Wynn's sexual misconduct, according to a Tuesday filing.
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September 18, 2024
SEC Must Clarify Murky Crypto Rules, Ex-Officials Tell House
Two former U.S. Securities and Exchange Commission officials who now represent crypto businesses told House lawmakers Wednesday that the agency's insistence on analyzing the economic realities of every crypto transaction in lieu of clear rulemaking has put the sector and its attorneys in unworkable situations.
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September 18, 2024
FTX Auditor Prager Metis Settles SEC Charges For Negligence
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.
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September 18, 2024
Loper Bright Undercuts SEC Climate Rule, Fracking Cos. Say
Two fracking companies suing the U.S. Securities and Exchange Commission over its climate disclosure rules have again urged the Eighth Circuit to vacate the measures, offering a diverging interpretation of how the U.S. Supreme Court's decision axing Chevron deference should apply.
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September 18, 2024
Fed. Circ. Revives Astellas Patent Axed As Natural Law
The Federal Circuit on Wednesday vacated a lower court's invalidation of an Astellas Pharma overactive bladder medication patent for claiming only a natural law, saying the holding was improper because the generics makers accused of infringement never made that argument.
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September 18, 2024
SEC Files Its 1st Suits Over 'Pig Butchering' Crypto Scams
The U.S. Securities and Exchange Commission has filed two first-of-their-kind suits against a series of entities and individuals behind a pair of so-called pig butchering schemes that allegedly solicited investments in fake crypto platforms by gaining people's trust over social media only to scam them out of nearly $3 million.
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September 18, 2024
$24.5M Fee Sought In Del. For $125M Discovery Suit Deal
Class attorneys who secured a proposed $125 million settlement in a Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022 proposed a $24.5 million fee for their efforts Wednesday.
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September 18, 2024
USPTO Makes Patent Amendment Program Permanent
The U.S. Patent and Trademark Office on Wednesday made permanent a pilot program that assists patent owners seeking to amend patent claims in America Invents Act reviews by providing preliminary feedback about proposed changes.
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September 18, 2024
Gov't Lifeline Gives Nippon A Fighting Chance On US Steel
The Biden administration has indicated it's poised to block Nippon Steel from proceeding with a controversial $14.9 billion acquisition of U.S. Steel, but the government is reportedly giving the Japanese steelmaker an additional 90 days to prove its case, a development that should give Nippon hope it can get the deal done, attorneys say.
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September 18, 2024
BIPA Doesn't Conflict With Kids Safety Law, Judge Rules
An Illinois federal judge on Tuesday rejected Meta's bid to dismiss a biometric privacy class action alleging it improperly stored Messenger and Messenger Kids users' facial geometries to apply bunny-ear and other filters, finding a federal child privacy law does not preempt the suit.
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September 18, 2024
Vista Rejects MNC's Latest Offer, Recommends Czech Co. Bid
Vista Outdoor Inc. on Wednesday again rejected Dallas-based private equity firm MNC Capital Partners LP's bid to take over the company and instead recommended that its shareholders approve its already-inked deal with Czech defense company Czechoslovak Group AS.
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September 18, 2024
Meta Ditches Investor Suit Over Apple Ad Changes For Good
A California federal judge on Tuesday tossed an investor suit against Meta alleging the tech giant hid the financial impact of Apple's privacy changes on its business, finding the suit's allegations weren't detailed enough to avoid dismissal.
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September 18, 2024
Del. Justices Grapple With Noncompete Litigation Limits
An attorney for residential solar power system dealer Sunder Energy LLC told Delaware's top court Wednesday that the Chancery Court last year relied on a case record "procedurally anomalous and bereft of fact" when it denied a preliminary injunction in a noncompete suit targeting a co-founder and two competitors.
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September 18, 2024
Staffing Co. Ex-CEO Gets Prison Time For $6M Billing Scheme
The former CEO of a purported Georgia-based staffing company was sentenced to nearly eight years in federal prison after pleading guilty to fraud-related charges in a $6 million scheme using fake payroll invoices he sent to a financing business in Florida while pretending to be someone else.
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September 18, 2024
Jury Finds Eatery Owner Guilty Of COVID Fraud, Tax Crimes
A San Diego restaurant owner who worked with food delivery services during the pandemic and saw his business improve was convicted by a California federal jury of tax crimes and lying on loan applications to obtain more than $1.7 million in COVID-19 funds meant for struggling businesses.
Expert Analysis
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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How Justices' E-Rate Decision May Affect Scope Of FCA
The U.S. Supreme Court’s eventual decision in Wisconsin Bell v. U.S., determining whether reimbursements paid by the E-rate program are "claims" under the False Claims Act, may affect other federal programs that do not require payments to be made by the U.S. Department of the Treasury, says David Colapinto at Kohn Kohn.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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Calif. Out-Of-State Noncompete Ban Faces Several Hurdles
California's attempt to bolster its noncompete law has encountered significant procedural and constitutional challenges, and litigating parties must carefully analyze not only the restrictive covenants contained in their agreements, but also the forum-selection and choice-of-law provisions, say Jennifer Redmond and Gal Gressel at Sheppard Mullin.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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Series
After Chevron: New Lines Of Attack For FCA Defense Bar
Loper Bright has given defense counsel new avenues to overcome the False Claims Act elements of falsity and scienter, as any FCA claim based upon ambiguous statutory terms can no longer stand solely on agency regulations to establish the statute's meaning, which is itself necessary to satisfy the FCA's basic requirements, says Elisha Kobre at Bradley Arant.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Navigating The Murky Waters Of Patent Infringement Damages
Recent cases show that there is no easy way to isolate an infringed patent’s value, and it would serve all sides well for courts to thoroughly examine expert opinions of this nature and provide consistent guidance for future cases, say Manny Caixeiro and Elizabeth Manno at Venable.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.
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Series
After Chevron: Delegation Of Authority And Tax Regulators
The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.