GE Inks $362.5M Settlement In Investors' Stock Fraud Suit

By Lauren Berg

General Electric Co. shareholders asked a Manhattan federal judge to greenlight a $362.5 million settlement resolving long-running litigation on the cusp of trial that alleged the industrial giant's stock price plummeted after it was revealed the company fraudulently concealed cash flow problems.

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Crypto Miner Can't Get Quick Appeal In SEC Fraud Suit

By Jessica Corso

A Utah man accused of defrauding crypto mining investors out of $18 million must face the claims that the U.S. Securities and Exchange Commission brought against him after a lower court judge on Tuesday declined his request to send the case to the Tenth Circuit.

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California's Top Bank, Fintech Regulator To Exit At Year's End

By Jon Hill

The top banking and fintech regulator for California is departing from the state's Department of Financial Protection and Innovation in a little more than a month, an agency spokesperson told Law360 on Tuesday.

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Netflix Ditches Investor Suit Over Account Sharing For Good

By Bonnie Eslinger

A California federal judge on Tuesday dismissed a proposed class action accusing Netflix and its executives of misleading investors about growth challenges tied to account sharing, concluding "further leave to amend would be futile," since the investor plaintiffs were already given a chance to show that statements made were misleading.

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Wells Fargo Dodges 2nd Circ. Rehearing In $500M Plunge Suit

By Sydney Price

The Second Circuit has rejected a rehearing bid by two investors seeking to revive their proposed class action accusing Wells Fargo Securities LLC of causing a Chicago fund manager lose at least $500 million by wrongfully forcing the liquidation of its mutual fund and other investments.

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DraftKings Wants Damages In NFLPA's Licensing Suit Axed

By Katryna Perera

DraftKings Inc. wants partially tossed a suit launched by the NFL Players Association alleging the sports betting giant failed to make good on a licensing agreement related to nonfungible tokens, saying that the players are not entitled to any damages but that as a threshold matter, the maximum potential damages should be capped.

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2nd Circ. Nixes VR Capital Venezuela Fraud Suit

By Caroline Simson

The Second Circuit has refused to revive VR Capital's lawsuit accusing Venezuela's state-owned oil company of fraud in connection with its issuance of some $2 billion in since-defaulted bonds, ruling Tuesday that the asset manager hadn't adequately pled its case.

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Warner Bros. Hit With Investor Suit Over Failed NBA Deal

By Hailey Konnath

Warner Bros. Discovery Inc. investors Monday filed a proposed class action claiming that the entertainment company and its top brass made false and misleading statements about how negotiations with the NBA were really going and the state of its overall business and financial prospects.

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Autodesk Wants Out Of Investor Suit Over Internal Controls

By Katryna Perera

Autodesk Inc. asked a California federal judge on Tuesday to toss a proposed class action alleging the software company's stock price dropped after investors learned it lacked proper internal controls due to issues with its free cash flow and operating margin practices, saying its business plan statements at issue were "forward-looking" and accompanied by "cautionary" language.

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2nd Circ. AmTrust Decision Shows Audit Reports Still Matter

Though the Second Circuit eventually found on reconsidering a case over the high-profile accounting meltdown at AmTrust that audit reports are material to investors, its previous contrary holding highlights the seriousness of the ongoing crisis of confidence in the audit report, say attorneys at Bernstein Litowitz.

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With Precautions, AI Can Help With Suspicious Activity Filings

While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.

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Series

Flying Makes Me A Better Lawyer

Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.

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Bonus Spotlight

Bonus Season Heats Up As More Firms Match Milbank's Scale

By Xiumei Dong

The 2024 associate bonus season is heating up, with more law firms matching Milbank LLP's year-end and special bonuses and U.K. firms extending the same offering to their U.S.-based attorneys, according to firm memos shared with Law360 Pulse and media reports.

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King & Spalding Partner Selected As Trump's Trade Rep

By Hailey Konnath

President-elect Donald Trump on Tuesday announced that King & Spalding LLP international trade partner Jamieson L. Greer was his pick for U.S. trade representative, noting that Greer played a "key role" in imposing tariffs on China during Trump's first term.

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Texas Atty Sanctioned For Citing Bogus Cases After Using AI

By Lynn LaRowe

A Texas lawyer pursuing a wrongful termination lawsuit against Goodyear Tire & Rubber Co. has been sanctioned for submitting a brief that included citations to nonexistent cases generated by an artificial intelligence tool, a Texas federal judge ordered this week.

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Google Search Judge Says AI Will Affect Remedy Phase

By Matthew Perlman

The judge overseeing the government's search monopolization case against Google suggested Tuesday in D.C. federal court that artificial intelligence is shifting the market and will likely play a role in the remedies the court imposes on Google for allegedly violating antitrust law.

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Affinity Bar Groups Decry Colo. No-Poach Restrictions

By Thy Vo

Several attorney groups told Colorado's justices that barring lawyers from recruiting colleagues before officially leaving a firm would take away professional autonomy and harm lawyers from underrepresented backgrounds the most, filing briefs in support of a lawyer's challenge to her contract with a personal injury firm. 

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Fulton County DA Seeks To Reinstate Trump Election Charges

By Emily Johnson

The Fulton County District Attorney's Office told the Georgia Court of Appeals on Monday that six criminal charges against President-elect Donald Trump and others should be reinstated as they have an "abundance" of information to prepare their defense against allegations of trying to subvert the results of the November 2020 election.

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Giuliani's New Atty Faults Previous Counsel As NY Trial Nears

By Pete Brush

A Manhattan federal judge declined Tuesday to delay a January trial over whether Rudy Giuliani must turn over his Florida condo and World Series rings to fund a $148 million defamation judgment, after the former New York City mayor's new lawyer criticized outgoing counsel.

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Ex-Faegre Drinker Atty Files Disability Bias Suit

By Andrea Keckley

Faegre Drinker Biddle & Reath LLP was hit with a disability discrimination lawsuit on Monday by a Denver attorney who says she was pushed out after seeking accommodations for hip problems.

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NJ Equal Pay Law Date Will Guide Atty's Discrimination Suit

By Irene Spezzamonte

Discovery and damages in a former Reed Smith LLP labor and employment attorney's suit claiming gender discrimination will be limited to the effective date of New Jersey equal pay law, a state judge ruled, saying the law doesn't apply retroactively.

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Fla. Bar Alleges Atty Delayed Trial Over His Broken Tooth

By Dorothy Atkins

The Florida Bar has launched a complaint against a criminal attorney in the Florida Supreme Court, accusing him of violating state bar rules by refusing to proceed with a jury trial because he had a broken tooth.

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