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Delaware
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June 06, 2024
Biote Investors Sue Cooley, SPAC After Huge Merger Loss
Family trust investors in Biote Corp. have sued Cooley LLP and the "hormone optimization" company's top brass over the $700 million merger Biote completed with a special purpose acquisition company, saying the deal was a "disastrous transaction to divert approximately $70 million of merger consideration to themselves and gain control of an enterprise they did not build."
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June 06, 2024
Flaster Greenberg Launches Sports Law Practice Group
Less than two months after launching an art law practice, East Coast firm Flaster Greenberg PC has opened a sports law practice group with a particular focus on women's sports.
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June 06, 2024
3rd Circ. Nominee Reports Over $9M Net Worth
Adeel Mangi, whose nomination for the Third Circuit has stalled in the Senate, reported a net worth of over $9 million in financial forms filled out last fall.
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June 06, 2024
Law Firm Says Axe 'Draconian' J&J Subpoena In Talc Claim
A Mississippi plaintiffs firm urged a New Jersey federal court on Thursday to quash a subpoena served by Johnson & Johnson requesting that the firm turn over documents related to litigation funding and its communication with media outlets, calling the subpoena "draconian" and improper as the firm is not a party to the pharmaceutical giant's current personal injury litigation surrounding its talcum powder products.
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June 06, 2024
Del. Opposes Ex-Paralegal's En Banc Call In Jobless Pay Fight
An attorney representing a Delaware agency has asked the state's Supreme Court to reject a former Morris James LLP paralegal's call to have the full court consider an appeal seeking to revive his bid to collect unemployment benefits after he agreed to leave the firm.
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June 05, 2024
Hunter Biden's Ex-Wife, Ex-Lover Testify About His Drug Use
Hunter Biden's trial on felony gun charges continued in Delaware federal court on Wednesday with testimony from his ex-wife, a former girlfriend and the salesman at the shop where he bought the Colt Cobra revolver on Oct. 12, 2018.
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June 05, 2024
StarTek Controller Sued In Del. After Public-Share Buyout
Two public stockholders of global customer experience outsourcing consultant StarTek Inc. sued four company directors and its private equity controller in Delaware's Court of Chancery on Wednesday, alleging an unfair and conflicted $4.30-per-share buyout of the company's remaining public shares.
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June 05, 2024
3rd Circ. Revives Union Harassment Claims Against County
The Third Circuit revived claims Wednesday accusing Hudson County, New Jersey; its department of corrections; and three county employees of retaliating against a corrections officer because of his union activity, saying a federal judge tossed the allegations too soon.
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June 05, 2024
3rd Circ. Won't Put Trade Secrets Atty Fee Fight Before Jury
The Third Circuit on Wednesday backed a jury verdict in favor of two former employees that a power trading company claimed took trade secrets to start a new firm, but rejected one defendant's bid to have a jury determine whether he gets attorney fees for what he called "bad-faith" litigation.
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June 05, 2024
Brown Rudnick Partner's 50% Fee Hike Nixed In Ch. 11 Case
A Brown Rudnick LLP bankruptcy partner Wednesday had his 50% fee increase rejected by a Delaware judge, who took issue with the proposed hike to $1,500 an hour for representing the creditors' committee in Kidde-Fenwal Inc.'s Chapter 11 case.
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June 05, 2024
Del. Justices Uphold Chancery's Toss Of Auto Parts Deal Suit
Delaware's Supreme Court has refused to reverse the Court of Chancery's 2023 dismissal of a stockholder suit accusing Chicago-based factory and automotive parts venture Distribution Solutions Group Inc. of failing to disclose conflicts surrounding and costs of a three-way merger in late 2021.
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June 05, 2024
Truth Social Investors Want Fla. Suit Paused For Del. Claims
Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.
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June 05, 2024
Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit
A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.
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June 05, 2024
3rd Circ. Debates Length Of Breaks In $7M Wage Case
A Third Circuit panel tried on Wednesday to pin down when the U.S. Department of Labor and an in-home care agency believed that employees were off-duty or just traveling between jobs, and whether the company's lack of travel-time records left it open to a $7 million judgment based on government estimates.
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June 05, 2024
Fish Taco Chain Rubio's Files 2nd Bankruptcy In 4 Years
The California-based fish taco-focused chain Rubio's Coastal Grill filed its second Chapter 11 bankruptcy in four years on Wednesday in Delaware, saying it had between $100 million and $500 million of liabilities and plans for an asset sale.
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June 04, 2024
FTX Seeks Ch. 11 Stay On Competing Asset Claims
Defunct cryptocurrency exchange FTX has urged a Delaware bankruptcy judge to put the brakes on multidistrict litigation targeting former company insiders, arguing that those claims rightfully belong to the bankruptcy estate and that any property recovered should instead go to creditors.
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June 04, 2024
Chancery Pauses Meta Suit While Calif., Texas Cases Continue
Delaware's Chancery Court on Tuesday paused a derivative suit seeking potentially massive damages from Meta Platforms Inc.'s leaders for failing to eliminate pedophilia, human trafficking and child exploitation content from its social media sites, pending resolution of direct damages suits in Texas and California.
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June 04, 2024
Hunter Biden Didn't Knowingly Lie On Gun Form, Atty Says
When Robert Hunter Biden bought a gun in October 2018, he denied on a federal form that he was addicted to drugs — not because he was lying to the government, but because he was lying to himself, his attorney said Tuesday in Delaware federal court.
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June 04, 2024
3rd Circ. Doubtful NJ Temp Worker Law Is Unconstitutional
A Third Circuit panel on Tuesday seemed skeptical that a New Jersey law geared toward protecting temporary workers was unconstitutionally protectionist, despite an apparent acknowledgment of industry groups' fears that it could destroy the temp staffing agency industry in the Garden State.
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June 04, 2024
Hunter Biden Judge Won't Bar Drug Abuse Related Evidence
A federal judge overruled several objections to evidence admissible in presidential son Hunter Biden's gun purchase trial in Delaware federal court, including Biden's objection to photos purportedly documenting his drug abuse, before the sides launched into opening arguments Tuesday morning.
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June 03, 2024
FTX, IRS Propose Settling $8B Tax Fight For Just $885M
FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.
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June 03, 2024
Humana Hit With Investor Suit Over Post-COVID Costs
Health insurer Humana and two executives were hit with an investor class action on Monday, claiming they misled shareholders about the cost of pent-up demand for medical treatments once the COVID-19 pandemic subsided.
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June 03, 2024
Burford Tries To Send Dispute With German Co. To Arbitration
Burford Capital is urging a Delaware court to force a German entity to arbitrate their dispute stemming from a funding agreement for litigation against truck manufacturers that were targeted by European regulators for fixing their prices for more than a decade in the early 2000s.
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June 03, 2024
DuPont Can't Escape Retirees' Pension Calculation Suits
A federal judge in Delaware on Monday denied most motions to dismiss and overruled all objections in federal proposed class actions accusing E.I. duPont de Nemours & Co. of using outdated actuarial formulas to calculate workers' retirement benefits.
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June 03, 2024
Del. Court Tosses SPAC Suit Targeting $2.4B EV Co. Deal
A Delaware vice chancellor has tossed a suit filed by an investor of a blank-check company challenging the $2.4 billion take-public deal it completed with electric-vehicle company Canoo Holdings Ltd., saying the investor's allegations of poor performance are not enough to assert claims for breaches of fiduciary duties.
Expert Analysis
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Earnout Contract Considerations After NC Good Faith Ruling
The North Carolina Supreme Court's recent Value Health Solutions v. Pharmaceutical Research decision, holding the implied covenant of good faith and fair dealing did not apply in an earnout dispute related to an asset sale, demonstrates the need for practitioners to pay careful attention to milestone concepts in M&A transactions, says Benjamin Hicks at Wagner Hicks.
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Cos.' Trade Secret Measures Must Adjust To Remote-Work Era
Several recent cases demonstrate that companies need to reevaluate and adjust their trade secret protection strategies in this new age of remote work, says Stephanie Riley at Womble Bond.
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ITC Ban On Apple Watch Could Still Be Reversed
The U.S. International Trade Commission's recent final decision that the Apple Watch infringed two patents owned by Masimo Corp. was a rare instance of a popular consumer product being hit with an absolute importation ban, but it's possible that President Joe Biden could assert his power to reverse the ITC decision, says Benjamin Horton at Marshall Gerstein.
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Opinion
Courts Shouldn't Credit Allegations From Short-Seller Reports
Securities class actions against public companies can extend for years and lead to significant settlements, so courts should not allow such cases with allegations wholly reliant on reports by short-sellers, who have an economic interest in seeing a company's stock price decline, to proceed past the motion to dismiss stage, says Richard Zelichov at DLA Piper.
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Handling Religious Objections To Abortion-Related Job Duties
While health care and pharmacy employee religious exemption requests concerning abortion-related procedures or drugs are not new, recent cases demonstrate why employer accommodation considerations should factor in the Title VII standard set forth by the U.S. Supreme Court’s 2023 Groff v. DeJoy ruling, as well as applicable federal, state and local laws, say attorneys at Epstein Becker.
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Co. Directors Must Beware Dangers Of Reverse Factoring
New accounting requirements governing the disclosure of so-called reverse-factoring programs have revealed billions of dollars worth of hidden liabilities on companies’ ledgers, and directors of corporate boards should review their companies’ books for this hidden danger, say Garland Kelley at Looper Goodwine, Amin Al-Sarraf at Locke Lord and Jill Basinger at Discovery Land.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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What Whistleblowing Trends Mean For Securities Litigation
A recent survey on whistleblowing-related topics suggests several valuable lessons for companies to consider regarding securities and shareholder litigation, and underscores the need to implement and advertise robust whistleblowing policies to employees, say attorneys at Freshfields.
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Del. Dispatch: Lessons From Failed ETE-Williams Merger
Attorneys at Fried Frank delve into the Delaware Supreme Court's recent decision in Energy Transfer v. Williams to highlight the major monetary consequences of a failed merger, and show why merger agreement drafting and factual context are of utmost importance.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Why Delaware ABCs Are No Longer As Easy As 1-2-3
In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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How Del. 'Arising Out Of' Ruling May Affect Insurance Cases
The Delaware Supreme Court decision in Ace American Insurance v. Guaranteed Rate focused on a professional services exclusion, but the ruling has wide-ranging application in insurance coverage disputes involving any exclusions that employ "arising out of" or similar prefatory language, say Keith McKenna and Maria Brinkmann at Cohen Ziffer.