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Corporate
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September 12, 2024
Squire Patton Hires Disputes Pro From Eversheds Sutherland
Squire Patton Boggs LLP has said that a former trainee who specializes in commercial disputes has returned to the firm as a partner in its office in Birmingham, as it continues to expand its litigation practice across the U.K.
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September 05, 2024
Flyers Denied $34M Fee For JetBlue, Spirit Deal Challenge
Airline passengers who launched an antitrust lawsuit over JetBlue's since-scrapped plan to merge with Spirit won't recoup any of the $34 million in legal fees they urged a Massachusetts federal court to award because the travelers can't be considered to have won on their claims, a federal judge in Boston said Thursday.
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September 05, 2024
UK Screen Directors Tap Ex-Disney GC To Seek Royalties
One year ago this month, Peter Wiley walked away from his job as chief international counsel for the Walt Disney Co., saying he wanted to "take a short break." And he did.
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September 05, 2024
Ill. Judge Exits Home Sellers' Broker Fees Antitrust Suit
An Illinois federal judge has recused herself from a certified and settled class action that accused the National Association of Realtors and multiple major brokerages of conspiring to charge artificially inflated broker commissions for home sellers.
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September 05, 2024
Chancery Presses Pause On $450M Bolt Financial Financing
Affiliates of multinational investors Hedosophia and BlackRock have won a Delaware Court of Chancery pause of a purported Bolt Financial Inc. $450 million equity financing that would eliminate and replace all the company's preferred stock while returning founder Ryan Breslow to his CEO seat.
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September 05, 2024
7-Eleven Owners Not Company Workers, Mass. Justices Say
The top court in Massachusetts ruled Thursday that 7-Eleven franchise owners aren't employees because they don't perform services for the corporation that licensed them the franchises.
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September 05, 2024
Ex-Siemens Exec Concedes Trade Secret Caper Merits Prison
A former executive of Siemens Energy Inc. has told a Virginia federal judge that he recognizes that a period of incarceration is merited after he pled guilty to stealing trade secrets from General Electric Co. and Mitsubishi Heavy Industries Ltd. to undercut their bids to build a gas turbine plant.
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September 12, 2024
Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth
Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.
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September 05, 2024
Cooley Hires Corporate Governance Pro As Strategic Adviser
Cooley LLP has hired a thought leader with expertise in securities regulation as a strategic adviser to provide content for clients, including a new blog to give guidance on all types of governance issues, the firm announced Thursday.
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September 04, 2024
Robinhood Inks $3.9M Deal In Calif.'s Crypto Withdrawal Probe
Robinhood's cryptocurrency trading platform will pay a $3.9 million penalty to resolve the state of California's claims that the Menlo Park-based company didn't allow customers to make withdrawals from their accounts from 2018 to 2022, California Attorney General Rob Bonta announced on Wednesday.
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September 04, 2024
SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal
The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.
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September 04, 2024
Albertsons CEO Takes Stand On Kroger Merger, Missing Texts
Federal Trade Commision attorneys on Wednesday pressed Albertsons Cos. Inc. CEO Vivek Sankaran in Oregon federal court about why he had such dire predictions about the company's future without a merger with Kroger despite previous statements about how his company had been crushing the competition.
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September 04, 2024
Ex-Discover Financial Exec Claims Bias Over Equity Clawback
A retired Discover Financial Services executive vice president sued the company in Illinois federal court on Wednesday alleging age and gender discrimination, saying she was the only woman to lose over $7 million in unvested equity awards over a credit card misclassification issue for which she wasn't even responsible.
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September 04, 2024
Icahn Enterprises Investor Sues Alleging 'Ponzi-Like' Scam
An Icahn Enterprises LP investor hit the partnership's billionaire founder Carl Icahn and its board with a derivative suit in Florida federal court Tuesday, accusing them of hiding "highly significant" risks, including the partnership's alleged "Ponzi-like" structure, which purportedly inflated its price and exposed it to regulatory probes and litigation.
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September 04, 2024
Virgin Galactic Investor Says Branson, Brass Hid Safety Risks
A Virgin Galactic stockholder sued the aerospace and space tourism company's founder Richard Branson and top executives in Delaware's Court of Chancery, alleging the billionaire profited by selling off equity at an inflated price while failing to publicly disclose his knowledge of purportedly pervasive safety issues.
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September 04, 2024
SEC Fines NJ Financial Cos. For Whistleblowing Violations
New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.
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September 04, 2024
Nonsolicits Don't Need Geographic Terms, Ga. Justices Say
The Supreme Court of Georgia said on Wednesday that restrictive covenants don't need to contain an explicit territorial component for them to be deemed reasonable under state law, reviving a marketing organization's attempt to enforce a nonsolicitation provision in its contracts with independent agents.
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September 04, 2024
Drink Co.'s Ex-CEO Must Face Suit Over Illegitimate Profits
A Florida federal bankruptcy judge on Wednesday denied a bid by the former CEO of the corporation that makes Bang Energy to toss a lawsuit alleging the company's profits were based on deception and that the chief executive left the business insolvent, but ordered that the complaint be clarified.
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September 04, 2024
Produce Co. With Bankrupt Parent Settles $1M Payment Suit
A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.
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September 04, 2024
Ex-CEO Sues Ferry Co.'s Private-Equity Buyer
The former CEO of a company that operates a ferry service has told a Michigan federal court that he was wrongly terminated and then badmouthed by the company's new private-equity owners.
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September 04, 2024
Apollo Defends $570M Controller Deal In Chancery Suit
An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.
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September 04, 2024
Tort Report: 'Landmark' $16M Crash Verdict Against Amazon
A "landmark" verdict out of Georgia that put Amazon on the hook for an independent contractor delivery driver's negligence and a hearing-impaired Florida physician's disciplinary matter lead Law360's Tort Report, which compiles recent personal injury and medical malpractice news that may have flown under the radar.
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September 04, 2024
9th Circ. Blocks Calif.'s Social Media Content Disclosure Law
The Ninth Circuit ruled Wednesday that a trial judge wrongly denied X Corp.'s bid to block parts of a new California law that requires social media giants to disclose their content-moderation policies, finding that provisions requiring the companies to disclose how and whether they define extreme content are likely unconstitutional.
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September 04, 2024
Chamber Backs Gilead's Immunity In COVID Appeal
The U.S. Chamber of Commerce and a trade association representing drug companies have urged a Michigan state appeals court to rule that Gilead Sciences is immune from a claim that a recalled batch of COVID-19 medication caused a man to suffer two strokes.
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September 04, 2024
LinkedIn Speech Not Covered By Labor Law, 5th Circ. Told
A logistics company told a Fifth Circuit panel during oral arguments Wednesday that an employee who was fired for allegedly disparaging comments made over LinkedIn wasn't protected under labor law, although the panel pointed out that an employee can take protected wage complaints to outside parties.
Expert Analysis
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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.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Where Anti-Discrimination Law Stands 4 Years After Bostock
On the fourth anniversary of the U.S. Supreme Court's landmark Bostock ruling, Evan Parness and Abby Rickeman at Covington take stock of how the decision, which held that Title VII protects employees from discrimination because of their sexual orientation and gender identity, has affected anti-discrimination law at the state and federal levels.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Crafting An Effective Workplace AI Policy After DOL Guidance
Employers should take proactive steps to minimize their liability risk after the U.S. Department of Labor released artificial intelligence guidance principles on May 16, reflecting the reality that companies must begin putting into place policies that will dictate their expectations for how employees will use AI, say David Disler and Courtnie Bolden at Porzio Bromberg.
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Patent Lessons From 7 Federal Circuit Reversals In May
A look at recent cases where the Federal Circuit reversed or vacated decisions by the Patent Trial and Appeal Board or a federal district court provide guidance on how to succeed on appeal by clarifying the obviousness analysis of design patents, the finality of a judgment, and more, say Denise De Mory and Li Guo at Bunsow De Mory.
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.