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August 05, 2024
US Chamber Backs Rail Co. Challenge To Crew Size Rule
The U.S. Chamber of Commerce is backing railroad companies' argument that the Federal Railroad Administration overstepped by implementing a rule that requires trains to be operated by at least two people, telling the Eleventh Circuit the rule was imposed without adequate justification or consideration of companies' interests.
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August 05, 2024
Google Abused Monopoly Over Search Market, Court Finds
A D.C. federal judge ruled on Monday that Google is a monopolist in the general search market and has violated antitrust law by paying billions of dollars to make its search engine the default on devices made by Apple, Samsung and others.
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August 05, 2024
JetBlue, Spirit Scoff At Flyers' $34M Fee Bid Over Nixed Deal
JetBlue and Spirit said air travelers who challenged their merger shouldn't get a cent of a late and exorbitant request for up to $34 million in attorney fees in a case where they simply "piggybacked" on the U.S. Department of Justice's successful effort to block the deal.
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August 05, 2024
3 Firms Guide $1.75B Thoughtworks-Apax Deal, Stock Soars
Chicago-based Thoughtworks said it will be sold to British private equity firm Apax Partners LLP at a roughly $1.75 billion enterprise value, a deal that sent the technology consultancy's stock soaring more than 25% on Monday morning.
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August 02, 2024
Boeing Wins Trim Of Rival Engineering Co.'s IP Case, For Now
A Washington federal judge has significantly trimmed an aerospace engineering firm's suit accusing Boeing of stealing patented technology, agreeing with Boeing that many of the claims are inadequate to proceed at this stage, but giving the firm the opportunity to amend them.
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August 02, 2024
Uber Legal Chief Takes Leave To Aid Kamala Harris' Campaign
Uber Technologies' Tony West, who has served as its chief legal officer since 2017, will take a leave of absence to volunteer for his sister-in-law Vice President Kamala Harris' presidential campaign, a representative of the ride-share company confirmed Friday.
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August 02, 2024
Ex-Exec Can't Escape Drug Co.'s Trade Secret Suit
The North Carolina Business Court refused to give a win before trial to the former president of a United Therapeutics Corp. subsidiary on a claim that he took trade secrets to a rival, with the court reasoning the drug company took reasonable steps to protect the secrets beyond a three-year limit in his employment agreement.
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August 02, 2024
NFL's $4.7B Hail Mary Hinged On Debunking Experts
A California federal court tossed a $4.7 billion jury verdict Thursday in an antitrust case over the NFL's Sunday Ticket broadcast package due to concerns about experts that testified for the subscribers, but the move raises questions about why the court waited so long to exclude them.
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August 02, 2024
BigLaw Insurer Calls FirstEnergy Ruling Threat To Privilege
The Attorneys' Liability Assurance Society and the U.S. Chamber of Commerce threw their support Friday behind FirstEnergy's call for the Sixth Circuit to block investors' access to internal investigative documents produced by two BigLaw firms after a $1 billion bribery scandal became public.
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August 02, 2024
Employment Authority: OSHA's New Heat Break Rule
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with a look at the U.S. Occupational Safety and Health Administration's proposed workplace heat safety rule, the impact of the Ninth Circuit's decision that a federal prison guard's Instagram activity represented harassment toward a female co-worker and how challenges might advance on the National Labor Relations Board's decision to unwind a 2020 regulation that curtailed the practice of pausing elections over alleged misconduct.
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August 02, 2024
Del. Chancellor Presses Tesla On Musk Pay Salvage Scheme
Delaware's chancellor pointed Friday to "zero cases under Delaware law" where stockholders were allowed to ratify a corporate act that had been found to be a breach of fiduciary duty, asking an attorney for Tesla Inc. why she should allow the company to use a post-verdict vote to resurrect Elon Musk's $56 billion stock-based compensation plan.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
Judge OKs Conn. Furniture Company's $615K Stock Suit Deal
A Connecticut federal judge has given a preliminary nod to a $615,000 settlement between The Lovesac Co., a Connecticut-based furniture maker, and a group of investors angry over financial moves that they say caused the company's stock to slip.
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August 02, 2024
McKinsey's $78M Opioid Deal With Health Plans Gets OK
A California federal judge said Friday he'll approve McKinsey & Co. Inc.'s $78 million deal to resolve claims on behalf of approximately 42,000 third-party payors, with class counsel receiving $15.1 million in fees, after the initial settlement was tweaked due to objections from some plaintiffs' attorneys.
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August 02, 2024
Wells Fargo's AML, Sanctions Programs Facing Investigation
Wells Fargo & Co. has said it is facing scrutiny from "government authorities" over issues with its anti-money laundering and sanctions compliance programs, further noting it is in talks with the U.S. Securities and Exchange Commission to settle an investigation into its investment account cash sweep offerings.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Chancery Won't Force Open Paramount's Books On Skydance
A pension fund shareholder that sued Paramount Global for more information on its pending merger with Skydance Media may not have access to the entertainment company's corporate documents because the pension fund hasn't shown a "credible basis" to suspect wrongdoing, Delaware's Court of Chancery ruled Friday.
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August 02, 2024
Patients Ink $1M Deal To Settle Pharmacy Data-Breach Claims
A home-delivery pharmacy service struck by a data breach in 2021 has agreed to pay $1 million to settle a class action brought by plaintiffs whose personal information was compromised, according to a Friday filing.
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August 02, 2024
DOJ Says Apple 'Has No Basis' To Delay Discovery
The U.S. Department of Justice is urging a New York federal judge to get the ball rolling on discovery in its case accusing Apple of anticompetitively restricting app access to lock users into the iPhone.
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August 02, 2024
Boeing's New CEO To Steer Daunting Safety Culture Rebound
Boeing's selection of an engineer and longtime aerospace industry executive as its next CEO demonstrates an eagerness to correct course amid daunting legal and regulatory troubles, as victims' families relentlessly press for Boeing to face a criminal trial over the two 737 Max 8 crashes.
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August 02, 2024
Real Estate Recap: Grants Pass, Population Data, CMBS Risk
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including city and state reactions to the U.S. Supreme Court's ruling on homeless encampments, a new proptech venture leveraging population data for investors and developers, and one BigLaw leader's view of which sectors are most sensitive to commercial mortgage-backed securities distress.
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August 02, 2024
Five Below Hit With Investor Suit Over Growth Potential
Discount retail chain Five Below has been sued by investors claiming its executives misled investors about the growth potential of its stores, causing stock prices to tumble.
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August 02, 2024
4 ERISA Excessive Health Fee Suits To Watch
The Third Circuit will decide whether to revive a suit from MetLife workers alleging their pharmacy benefits were mismanaged, while suits proceed in district court against Wells Fargo and Johnson & Johnson alleging they violated the Employee Retirement Income Security Act via high drug costs a pharmacy benefit manager charged workers. Here, Law360 looks at four cases involving claims that employers violated ERISA by charging high healthcare costs — including for prescription drugs — that attorneys are watching.
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August 02, 2024
Dollar Tree To Pay $190K Over Heavy Metals In Kids Products
The Washington state attorney general has announced that Greenbrier International Inc., importer and purchaser for sister company Dollar Tree Stores Inc., has agreed to pay $190,000 and bolster its testing to resolve a probe that the attorney general said found heavy metals in children's school supplies.
Expert Analysis
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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Keeping Up With Class Actions: A New Era Of Higher Stakes
Corporate defendants saw unprecedented settlement numbers across all areas of class action litigation in 2022 and 2023, and this year has kept pace so far, with three settlements that stand out for the nature of the claims and for their high dollar amounts, says Gerald Maatman at Duane Morris.
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Fostering Employee Retention Amid Shaky DEI Landscape
Ongoing challenges to the legality of corporate diversity, equity and inclusion programs are complicating efforts to use DEI as an employee retention tool, but with the right strategic approach employers can continue to recruit and retain diverse talent — even after the FTC’s ban on noncompetes, says Ally Coll at the Purple Method.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Is The Digital Accessibility Storm Almost Over?
Though private businesses have faced a decadelong deluge of digital accessibility complaints in the absence of clear regulations or uniformity among the courts, attorneys at Epstein Becker address how recent federal courts’ pushback against serial Americans with Disabilities Act plaintiffs and the U.S. Department of Justice’s proposed government accessibility standards may presage a break in the downpour.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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Patent Damages Jury Verdicts Aren't Always End Of The Story
Recent outcomes demonstrate that patent damages jury verdicts are often challenged and are overturned approximately one-third of the time, and successful verdict challenges typically occur at the appellate level and concern patent validity and infringement, say James Donohue and Marie Sanyal at Charles River.
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FTC Noncompete Rule May Still Face Historical Hurdles
The Federal Trade Commission's final rule banning noncompetes might face challenges that could have been avoided with more cautious consideration of the commission's long history of failed lawsuits that went beyond the agency's statutory authority, as well as the mountain of judicial precedent justifying noncompete agreements in employment contracts, say attorneys at BakerHostetler.
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Justices' Title VII Ruling Requires Greater Employer Vigilance
The U.S. Supreme Court’s recent Muldrow v. St. Louis ruling expands the types of employment decisions that can be challenged under Title VII, so employers will need to carefully review decisions that affect a term, condition or privilege of employment, say attorneys at Morgan Lewis.