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August 05, 2024
Morgan Stanley Says SEC Eyeing Its Cash Sweep Policies
Morgan Stanley told investors on Monday that it is fielding enforcement inquiries from the U.S. Securities and Exchange Commission about its investment account cash sweep policies.
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August 05, 2024
EBay Resists Calif. Damages In Mass. Stalking Case
Married Massachusetts bloggers who were stalked and terrorized by eBay Inc. employees shouldn't be able to seek punitive damages available under California law while having Massachusetts law otherwise govern liability for their myriad civil claims, the e-commerce giant is arguing.
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August 05, 2024
Indivior Accused Of Overstating Prospects Of 3 Opioid Drugs
Drugmaker Indivior PLC has been hit with a proposed investor class action in Virginia federal court over claims it overstated the financial prospects of its drugs used to treat opioid use disorders and the company's ability to forecast such financial projections.
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August 05, 2024
Petrobras Manipulating US Law For $2B, 5th Circ. Hints
A Fifth Circuit judge accused a Brazilian state-owned oil company subsidiary of "hiding behind the corporate structure," saying during oral arguments on Monday that subsidiary Petrobras America Inc. was seemingly manipulating American law for treble damages totaling nearly $2 billion stemming from allegations of bribery.
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August 05, 2024
SEC, Other Regulators Propose Joint Data Standards
The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and six other regulators are crafting joint standards required by bipartisan legislation aiming to modernize the collection and publication of those agencies' financial data, the SEC announced Friday.
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August 05, 2024
DXC Investor's Suit Says Execs Overhyped Integration Efforts
A DXC Technology investor filed a proposed class action in Virginia federal court Friday alleging the information technology giant over-touted its "transformation journey" and efforts to reduce restructuring and integration costs after acquiring several companies that caused investors to buy DXC common stock at artificially inflated prices.
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August 05, 2024
Music, Movie Orgs. Address Deepfake Proposals
Representatives from the music, movie and video game industries were among the speakers Monday at a U.S. Patent and Trademark Office roundtable regarding what legislation may be needed to address the explosion of deepfakes created with the growing power of artificial intelligence.
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August 05, 2024
Chinese Drug Co. Says Sanctions In Valsartan MDL Too Harsh
Chinese drug firm Zhejiang Huahai Pharmaceutical Co. Ltd. told a New Jersey federal court Friday that sanctions authorizing two adverse jury instructions in multidistrict litigation over generic drugs contaminated with carcinogens should be overturned, arguing the plaintiffs did not allege the bad faith required for such a harsh penalty.
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August 05, 2024
FTC Looks To End Noncompete Ban Challenge In Texas
The Federal Trade Commission defended its noncompete ban to a Texas federal judge, arguing in a new motion for summary judgment that its rule is well within the bounds of the FTC Act's plain language.
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August 05, 2024
Marriott Says NYC Hotels' Housing Of Migrants Violated Deal
Marriott International Inc. has accused a hotel company in Jamaica, Queens, of breaching a contract by repurposing two properties for migrant housing while refusing to "de-identify" itself with the global hotel brand.
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August 05, 2024
SpaceX Asks 5th Circ. To Block Transfer Of NLRB Challenge
SpaceX asked the Fifth Circuit on Monday to step in after a Texas federal judge ordered its challenge to the constitutionality of the National Labor Relations Board transferred to California, saying the appeals court should either vacate the order or pause it until the court can rule on the company's injunction request.
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August 05, 2024
Google, OpenAI Accused Of Using YouTube Videos To Train AI
A California man has hit Google and OpenAI with separate proposed class actions in federal court accusing the companies of unlawfully transcribing YouTube videos and using them to train their large language model artificial intelligence products without the permission of the people who uploaded those videos.
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August 05, 2024
Patreon To Pay $7.25M To End Subscribers' Video Privacy Suit
Patreon has agreed to pay $7.25 million to settle a proposed class action on behalf of 1.2 million users who claim the content subscription-based platform violated the Video Privacy Protection Act by sharing their video-watching data with Facebook-owner Meta Platforms Inc. without their consent, according to court documents filed Friday.
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August 05, 2024
Pegasystems Slams Appian's 'Animus' After $2B Verdict Axed
Business software maker Pegasystems says rival Appian's "animus" is behind a series of what it says are irrelevant, premature and burdensome discovery requests, after a Virginia appeals court vacated a $2 billion trade secrets judgment against Pegasystems.
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August 05, 2024
GSK Wins Second Ill. Trial On Zantac Cancer Claims
A Chicago jury held Monday that GlaxoSmithKline is not liable for a woman's colorectal cancer, handing the drugmaker a second straight trial victory in hundreds of Illinois suits targeting Zantac heartburn medication and its generic counterparts.
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August 05, 2024
BIPA Reform Becomes Law, But Damages Concerns Persist
The Illinois Legislature heeded a call from the state's Supreme Court to shield business from potentially ruinous damages under the Illinois Biometric Information Privacy Act, but lawyers say the new protections can still leave large employers facing hefty verdicts.
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August 05, 2024
Spectrum, Assertio Hit With Double-Derivative Suit In Del.
Former Spectrum Pharmaceuticals Inc. shareholders sued the company and its acquirer Assertio Inc. in Delaware's Court of Chancery on Monday, asserting double-derivative claims in connection with Spectrum's alleged misleading of investors regarding its development of the lung-cancer drug poziotinib.
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August 05, 2024
CrowdStrike Slams Delta Over Outage Lawsuit Threats
CrowdStrike has fired back at Delta Air Lines' recent threat to haul the cybersecurity firm to court to recoup hundreds of millions in losses from last month's global IT outage, saying the airline refused CrowdStrike's offer for technical assistance, then botched its own operational recovery.
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August 05, 2024
4th Circ. Revives Duke Monopoly Suit, Orders New Judge
The Fourth Circuit on Monday revived Florida-based NTE Energy Services' lawsuit accusing Duke Energy of squeezing it out of the market in North Carolina, concluding that the lower court should have looked at the big picture of the allegations.
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August 05, 2024
Mattel Beats $46M Contract Suit Over Reality Show Idea
A California jury has entered a verdict for Mattel Inc. in a $46 million contract suit brought against it by the company of "Lone Survivor" producer Norton Herrick alleging that the toy-maker stole its idea for a reality show in which inventors pitch toys to child judges, concluding there was no contract breach.
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August 05, 2024
Fla. Man Gets 44 Months For $5M MilliporeSigma Export Scam
A Florida federal judge sentenced a Taiwanese citizen who lives in the Sunshine State to three years and eight months in prison for his role in a $5 million scheme to defraud life sciences company MilliporeSigma and the U.S. government by illegally exporting MilliporeSigma products to China.
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August 05, 2024
Centessa Beats Shareholder Suit Over Kidney Drug
A New York federal judge has tossed a shareholder lawsuit alleging that Centessa Pharmaceuticals PLC overstated the prospects of its kidney disease treatment ahead of the drugmaker's initial public offering, saying the plaintiffs have failed to allege any actionable misleading statements or omissions.
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August 05, 2024
Fried Frank's Hires From Willkie Include Restructuring Chief
Fried Frank Harris Shriver & Jacobson LLP is bulking up its restructuring capabilities with three lateral hires from Willkie Farr & Gallagher LLP, including Willkie's former business reorganization and restructuring department chair, who now takes on the role of global chair of Fried Frank's restructuring department.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
Musk Accuses OpenAI Of Fraud, RICO Over Business Model
Elon Musk on Monday accused OpenAI Inc. and its leaders of violating several laws related to fraud, conspiracy, contract violations and false advertising by claiming he was wrongly told the company would remain a nonprofit, in a suit filed in California federal court.
Expert Analysis
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Tips For Keeping Trade Secrets In The Vault
Key practices aimed at maintaining confidentiality can help companies establish trade secret status as the Federal Trade Commission's ban on noncompetes makes it prudent to explore other security measures, says John Baranello at Moses & Singer.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Navigating Title VII Compliance And Litigation Post-Muldrow
The U.S. Supreme Court’s recent ruling in Muldrow v. St. Louis has broadened the scope of Title VII litigation, meaning employers must reassess their practices to ensure compliance across jurisdictions and conduct more detailed factual analyses to defend against claims effectively, say Robert Pepple and Christopher Stevens at Nixon Peabody.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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3 Employer Lessons From NLRB's Complaint Against SpaceX
Severance agreements traditionally have included nondisparagement and nondisclosure provisions as a matter of course — but a recent National Labor Relations Board complaint against SpaceX underscores the ongoing efforts to narrow severance agreements at the state and federal levels, say attorneys at Williams & Connolly.
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Lessons On Challenging Class Plaintiffs' Expert Testimony
In class actions seeking damages, plaintiffs are increasingly using expert opinions to establish predominance, but several recent rulings from California federal courts shed light on how defendants can respond, say Jennifer Romano and Raija Horstman at Crowell & Moring.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Businesses Should Take Their AI Contracts Off Auto-Renew
When subscribing to artificial intelligence tools — or to any technology in a highly competitive and legally thorny market — companies should push back on automatic renewal contract clauses for reasons including litigation and regulatory risk, and competition, says Chris Wlach at Huge Inc.
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Del. Dispatch: Chancery's Evolving Approach To Caremark
Though Caremark claims are historically the least likely corporate claims to lead to liability, such cases have been met in recent years with increased judicial receptivity — but the Delaware Court of Chancery still expressly discourages the reflexive filing of Caremark claims following corporate mishaps, say attorneys at Fried Frank.
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Why Employers Shouldn't Overreact To Protest Activities
Recent decisions from the First Circuit in Kinzer v. Whole Foods and the National Labor Relations Board in Home Depot hold eye-opening takeaways about which employee conduct is protected as "protest activity" and make a case for fighting knee-jerk reactions that could result in costly legal proceedings, says Frank Shuster at Constangy.
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What The Justices' Copyright Damages Ruling Didn't Address
While the U.S. Supreme Court’s recent ruling in Warner Chappell v. Nealy clarified when a copyright owner may recover damages in jurisdictions that apply the so-called discovery rule, it did not settle the overriding question of whether the Copyright Act even permits applying the rule, say Ivy Estoesta and William Milliken at Sterne Kessler.