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September 06, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A contracting company has launched a $59 million malpractice suit against Troutman Pepper, alleging the firm and a partner in its construction practice failed to provide adequate representation in two underlying cases, while artificial intelligence was atop the list of new technologies law firms have used this year. These are among the stories in corporate legal news you may have missed in the past week.
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September 06, 2024
As Biden Looks To Block US Steel Deal, Rival Co. Weighs In
Cleveland-Cliffs is lauding President Joe Biden's reported decision to block U.S. Steel's $14.9 billion planned merger with Nippon Steel and says it is ready to scoop up U.S. Steel's union assets, as the rival steelmaker weighed in on the matter following a flurry of quick developments this week indicating that the Nippon deal is all but dead.
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September 06, 2024
Ex-Saleswoman Can't Add Back Pay To $1 Win In ADA Suit
A Pennsylvania federal judge said an ex-saleswoman can't collect a six-figure back pay award after a jury found she was unlawfully fired from an information technology company over her mental health issues but only gave her $1 in damages, noting that she found another job following her termination.
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September 06, 2024
Fast Food Co., EEOC End Suit Over Late Demographic Data
A California-based fast food franchisee has agreed to resolve a U.S. Equal Employment Opportunity Commission suit alleging it spurned its legal duty to share demographic information about its employees, the latest company to settle the agency's claims over tardy filings.
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September 06, 2024
Trump Sentencing Pushed Back Until After Election
The New York judge overseeing Donald Trump's hush money case said Friday he will not sentence the former president before Election Day, pushing the hearing date from Sept. 18 to Nov. 26 in an effort to avoid the appearance of political considerations.
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September 06, 2024
7-Eleven Parent Rejects Nearly $40B Buyout Offer
The Tokyo-based parent company of convenience store chain 7-Eleven has turned down a nearly $40 billion nonbinding buyout offer from Couche-Tard, nudging the Canadian convenience store owner in a Friday letter to offer something better, and stating that the bid undervalues the business and fails to acknowledge regulatory concerns.
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September 06, 2024
SEC Accuses Esmark Of Lying About US Steel Bid
A failed bid to acquire U.S. Steel has landed Pittsburgh-based Esmark Inc. in hot water with the U.S. Securities and Exchange Commission, which announced Friday that it had fined the company and its founder for falsely claiming they had the money to buy the manufacturing giant.
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September 05, 2024
Nvidia, Microsoft Face Patent, Cartel Allegations In Texas Suit
A new lawsuit accuses Nvidia of holding "monopoly power" over the market on graphics processing in the artificial intelligence space and alleges the tech company is colluding with Microsoft and a prominent patent risk management company to squeeze out a small startup that claims to have developed the "fundamental intellectual property" behind that technology.
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September 05, 2024
Texas Could Be Next Delaware, Attys Say As Biz Court Opens
Law firms have been preparing for the upcoming Texas Business Court since the state announced that it wanted to compete with the Delaware Court of Chancery, but many have adopted a wait-and-see approach to the Lone Star State's newest venue, which opened for cases this week.
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September 05, 2024
Coinbase, Execs Must Face Investor Suit Over Business Risks
A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.
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September 05, 2024
Labor, Industry Agree: Mich. Wage Ruling Should Stand
Hospitality groups and workers' rights campaigners have both slammed Michigan regulators' request that the state supreme court clarify its recent minimum wage ruling, the groups coming to opposite conclusions about the state's intent but agreeing that the justices should deny the request and let the ruling speak for itself.
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September 05, 2024
Class Attys Vie To Lead Drug Co. Insider Trading Suit In Del.
A courtroom face-off over lead stockholder counsel duties in a Delaware Chancery Court case accusing a biopharmaceutical company's directors of insider trading and fiduciary duty breaches got edgy Thursday, after one of the plaintiff-side legal teams contended that the other's case was irreparably hobbled by conflicts of interest.
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September 05, 2024
Ex-SEC Enforcement Atty Joins Whistleblower Law Boutique
Kohn Kohn & Colapinto announced Thursday that a former U.S. Securities and Exchange Commission enforcement attorney will join the whistleblower law firm as senior special counsel.
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September 05, 2024
NM AG Sues Snapchat Over Child 'Sextortion' And Abuse
New Mexico's attorney general on Thursday announced he has sued Snap Inc., alleging the social media company's policies and algorithm promote child sexual exploitation and the spread of child sexual abuse material.
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September 05, 2024
Judge Sharp No Stranger To Complex Cases Biz Court To See
Business Court Judge Stacy Sharp says that most of the cases she's litigated across her career would have been a perfect fit for the state's newest venue.
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September 05, 2024
FTC Staff Opposes Indiana Hospital Merger
Federal Trade Commission staff on Thursday urged Indiana's health department to reject Union Health's planned purchase of Terre Haute Regional Hospital LP from HCA Healthcare Inc.
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September 05, 2024
Unconstitutionality Of Transparency Act Clear, 11th Circ. Told
A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.
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September 05, 2024
Liberty Global Urges 10th Circ. To Grant $248M Tax Credit
The U.S. Tax Court improperly applied an Internal Revenue Code provision to some of the $2.8 billion gain from Liberty Global's sale of a Japanese entity, the telecommunications company said in urging the Tenth Circuit to overturn the resulting rejection of a $248 million tax credit.
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September 05, 2024
Circor Dodges SEC Fine As Ex-Exec Faces Falsified Docs Suit
The U.S. Securities and Exchange Commission on Thursday said industrial valve manufacturer Circor International Inc. has avoided a penalty after it self-reported and remediated an alleged accounting scheme, while the agency sued a former executive accused of falsifying the financial results for one of the company's business units.
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September 05, 2024
Google Wants To Know Now What Search Fixes DOJ Will Seek
The U.S. Department of Justice and Google are offering a D.C. federal judge opposing views about how the remedy phase should go in the search monopolization case, with Google pressing to know as soon as possible what enforcers will be asking for.
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September 05, 2024
Industry Presses House To Clear Broadband Permit Hurdles
Nearly a dozen industry groups on Thursday called for U.S. House leaders to finally pass a bill that would help clear various permitting hurdles for broadband network projects.
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September 05, 2024
DA Pans Trump Maneuvering On Hush Money Case Removal
Attorneys in the office of Manhattan District Attorney Alvin Bragg told the Second Circuit in a letter Thursday that Donald Trump is mischaracterizing a federal judge's recent order to further his baseless bid to move his hush money case to U.S. district court.
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September 05, 2024
OpenAI Slams YouTuber's AI Training Class Action
OpenAI told a California federal judge that a proposed class action accusing it of unjustly enriching itself by training its large language model programs with transcripts of YouTube videos is just a "carbon copy" of similar claims already thrown out by the courts, arguing the complaint should be dismissed.
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September 05, 2024
Biden To Block US Steel-Nippon, And More Deal Rumors
President Joe Biden is reportedly preparing to block the $14.9 billion merger of U.S. Steel and Nippon Steel, Blackstone and Vista Equity Partners may team up to buy Smartsheet, and Springer Nature is planning an initial public offering. Here, Law360 breaks down these and other notable deal rumors reported over the past week.
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September 05, 2024
CrowdStrike Brass Face Investor Suit Over Global Outage
Executives and directors of global cybersecurity company CrowdStrike have been hit with a shareholder derivative suit alleging that they overstated the capabilities of the company's technology that eventually caused a massive disruption over the summer when its system crashed.
Expert Analysis
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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.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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A Deep Dive Into The Evolving World Of ESG Ratings
Attorneys at Mintz discuss the salience of environmental, social and governance ratings in corporate circles in recent years, and consider certain methodologies underlying their calculation for professionals, as well as issues concerning the ESG ratings and products themselves.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Trademark In Artistic Works 1 Year After Jack Daniel's
In the year since the U.S. Supreme Court's Jack Daniel's v. VIP Products ruling, courts have applied Jack Daniel's inconsistently to deny First Amendment protection to artistic works, providing guidance for dismissing trademark claims relating to film and TV titles, say Hardy Ehlers and Neema Sahni at Covington.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.