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December 09, 2024
Reckitt Investors To Test Class-Action Rules In Opioid Case
The Court of Appeal will consider on Tuesday whether shareholders in Reckitt Benckiser and drug company Indivior can pursue litigation linked to America's opioid crisis as a "representative claim" that is similar to a U.S.-style class action.
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December 09, 2024
Justices Won't Review Massive Class In Fringe Benefits Fight
The U.S. Supreme Court refused Monday to hear a challenge to a 290,000-worker class in a suit alleging excessive health and retirement plan fees, despite an argument from benefits plan managers that the Fifth Circuit used the wrong standard to greenlight the massive suit.
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December 06, 2024
CFPB Loses Bid To Unfreeze Credit Card Late Fee Rule
A Texas federal judge Friday refused to lift a preliminary injunction blocking the Consumer Financial Protection Bureau's $8 credit card late fee rule from taking effect, ruling that the U.S. Chamber of Commerce and other trade groups are likely to succeed in their challenge to the rule.
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December 06, 2024
Allianz Exec Avoids Prison For $7B Investor Fraud
A New York federal judge on Friday declined to sentence a former portfolio manager for Allianz SE's U.S. unit to any time in prison for lying to investors about the riskiness of a group of private investment funds that lost over $7 billion when the COVID-19 pandemic hit.
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December 06, 2024
Billionaires Show New Interest In Texas' Intermediate Courts
Billionaire-backed funding in Texas helped push a wave of Republican judges who swept races for intermediate appellate courts across the state, representing a new level of corporate spending in judicial races often marked by underfunded campaigns and low voter awareness.
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December 06, 2024
Chinese Magnet Co. CEO Latest Charged In DOD Supply Scam
Federal prosecutors on Friday unsealed the latest indictment in an allegedly sprawling conspiracy involving Quadrant Magnetics LLC and its employees, charging Quadrant's CEO with conspiring to export sensitive U.S. defense data to China while illegally selling U.S. defense companies Chinese-made Quadrant magnets.
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December 06, 2024
Judge Denies Publix Bid To Appeal Opioid Coverage Ruling
A Florida federal judge on Friday rejected Publix's request for a judgment that would have allowed it to immediately appeal a decision that said seven of its insurance policies didn't provide coverage for opioid lawsuits the grocery chain is facing.
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December 06, 2024
How Paul Atkins' Last SEC Term Might Shape Agency's Future
President-elect Donald Trump's choice to lead the U.S. Securities and Exchange Commission next year is no stranger to the agency, and Paul Atkins' past speeches, statements and actions as a commissioner may offer a road map for how he would lead the agency in areas such as private funds, shareholder activism and multibillion-dollar enforcement sweeps.
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December 06, 2024
Google Must Face Trimmed BIPA Suit Over IBM Dataset
A California federal judge on Thursday permitted Illinois residents to proceed with a pared-down version of their proposed class action accusing Google of violating biometric privacy laws with facial data collected by IBM, ruling they've adequately alleged a violation of the Illinois Biometric Privacy Act.
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December 06, 2024
High Court To Weigh $47M TM Award Liability For Non-Parties
A trademark case before the U.S. Supreme Court Wednesday will delve into whether corporate affiliates of a real estate development company should be liable for an infringement judgment of nearly $47 million, even though they were not named defendants in the litigation.
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December 06, 2024
Boeing Shareholder Attys Intervene In Parallel Chancery Suit
Attorneys for two Boeing Co. stockholders pursuing derivative claims in Virginia federal court secured approval on Friday to intervene in a later filed case in Delaware's Court of Chancery, citing concerns that a "dilatory" approach by the Delaware camp could jeopardize both suits.
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December 06, 2024
Barclays Investors Get Initial OK For $19M Overissuance Deal
A New York federal judge Friday granted the first green light to a $19.5 million settlement for a class of investors who bought Barclays PLC securities and then claimed the banking giant misled them about its internal controls before selling more than $17.6 billion in securities over its maximum registered amount.
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December 06, 2024
Merrill Lynch Can't Beat Stock Loan Class Cert. Bid
A New York federal judge on Friday overruled objections from Bank of America unit Merrill Lynch to certify a class of investors, with a slightly extended class period, in a suit alleging the financial institution colluded with other major banks to avoid modernizing the stock loan market.
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December 06, 2024
FTC Dems Tout Impact of Handbag Merger Win
The Federal Trade Commission's leader said a recent court ruling that led the owners of Coach and Michael Kors to abandon their planned $8.5 billion tie-up should make it easier to prove mergers hurt competition without needing to rely on expensive economic experts.
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December 06, 2024
Employment Authority: Skidmore Could Be Chevron 2.0
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on how the 80-year-old Skidmore doctrine is becoming more relevant after the U.S. Supreme Court nixed Chevron, with a talk with New York City Council Member Shaun Abreu, who was behind the bar of weight- and height-based discrimination in workplaces and the city's pet care law, and how the possible firings of the National Labor Relations Board's Democratic members could thwart the agency.
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December 06, 2024
Jaguars Seek DraftKings Records In Suit Against Embezzler
The Jacksonville Jaguars have asked a Massachusetts judge to let the team subpoena records from a DraftKings employee who handled the account of a former team executive who embezzled $22 million to support a gambling habit.
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December 06, 2024
Google's Payments Unit Sues Over CFPB Supervision Order
Google on Friday sued the Consumer Financial Protection Bureau in D.C. federal court almost immediately after the regulator said it ordered formal supervision for the tech giant's payments arm based on potential risks to consumers, a designation to which Google previously objected.
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December 06, 2024
Real Estate Recap: Valley National, Office Insights, Proptech
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including Valley National Bank's $925 million loan portfolio sale, takeaways from office sector activity in 2024, and one BigLaw firm's strategic bet on proptech.
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December 06, 2024
Trump DOJ Antitrust Pick Means 'Google Should Be Nervous'
President-elect Donald Trump's pick to lead the U.S. Department of Justice Antitrust Division signaled the aggressive push against major technology giants is likely to continue, but may also suggest a somewhat friendlier reception for mergers.
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December 06, 2024
2 Accused Of Using Paper As Crime Front Get 2025 Trial Date
A Manhattan federal judge set a 2025 date Friday for former Epoch Times executive Weidong Guan to stand trial for allegedly using the newspaper as a front to launder $67 million of crime proceeds, following the extradition of a second defendant.
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December 06, 2024
$29.75M Deal Proposed To End Del. Latch Inc. SPAC Suit
Attorneys for investors who bought into Latch Inc.'s Tishman Speyer-led, $1.5 billion take-public deal only to see their shares nosedive have tentatively settled consolidated class damage claims for $29.75 million, according to a Delaware Court of Chancery filing.
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December 06, 2024
Ex-Conn. Utility Execs May Get Reprieve From 2nd Indictment
Two former Connecticut utility company executives who are weeks away from beginning federal prison sentences entered pretrial diversion agreements with the government on Friday that would allow them to escape a second raft of charges alleging that they conspired to misuse public money.
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December 06, 2024
Atty Tells Jury She's 'Furious' Over Aircraft Co.'s Suit
An attorney suing an aviation company she formerly represented and three Blank Rome LLP lawyers told a Pennsylvania federal jury on Friday that she was "furious" to learn that the company accused her of misusing confidential information after she left to pursue plaintiffs work.
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December 06, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
The Boeing Co. saw its much sought after plea agreement pulled away by a federal judge in Texas, and amid the grief and shock at the slaying of United Healthcare's CEO, legal experts discussed how general counsel can step up in a crisis. These are some of the stories in corporate legal news you may have missed in the past week.
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December 06, 2024
Mandelbaum Barrett Beats DQ Bid Appeal In Pharmacy Fight
Mandelbaum Barrett PC defeated a disqualification motion Friday in a pharmacy ownership dispute, with a New Jersey state appeals court ruling that a former Mandelbaum Barrett attorney's previous work for the pharmacies was not relevant to the current case.
Expert Analysis
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Nvidia Case's Potential Impact On Securities Class Actions
In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Short-Seller Implications Of 10th Circ.'s Overstock Decision
The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Crypto.com's Suit Against SEC Could Hold Major Implications
Crypto.com's recent lawsuit against the U.S. Securities and Exchange Commission could affect the operation and regulation of crypto markets in the U.S., potentially raising more questions about the SEC's authority to regulate the industry when it's unclear whether another agency is ready to assume it, say attorneys at McGuireWoods.
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Testing The Waters As New Texas Biz Court Ends 2nd Month
Despite an uptick in filings in the Texas Business Court's initial months of operation, the docket remains fairly light amid an apparent wait-and-see approach from some potential litigants, say attorneys at Norton Rose.
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How DOJ's Visa Debit Monopolization Suit May Unfold
The U.S. Department of Justice's recently filed Section 2 monopolization suit against Visa offers several scenarios for a vigorous case and is likely to reveal some of the challenges faced by antitrust plaintiffs following the U.S. Supreme Court's split 2018 American Express decision, say attorneys at Mintz.
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New Export Control Guidance Raises The Stakes For Banks
Recent guidance from the Bureau of Industry and Security alerts banks that they could be liable for facilitating export control violations, the latest example of regulators articulating the expectation that both financial institutions and corporations serve as gatekeepers to mitigate crime and aid enforcement efforts, say attorneys at Freshfields.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Don't Phone A Friend: Disclosing Friendships With Executives
The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.
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Planning For Cyber Incident Reporting Requirements In Sports
Attorneys at Wiley discuss the proposed rules under the Cybersecurity Incident Reporting for Critical Infrastructure Act that would impose extensive reporting requirements on professional and collegiate athletic organizations, universities and sports venues, including defining a covered entity and analyzing the types of events that would trigger reporting.
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Why Diversity Jurisdiction Poses Investment Fund Hurdles
Federal courts' continued application of the exacting rules of diversity jurisdiction presents particular challenges for investment funds, and in the absence of any near-term reform, those who manage such funds should take action to avoid diversity jurisdiction pitfalls, say attorneys at Sher Tremonte.
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The Ups And Downs Of SEC's Now-Dissolved ESG Task Force
The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.