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July 29, 2024
BofA, Citi Among Banks In $80M Deal To End Bond-Rig Suit
Units of Bank of America, Citigroup and other banking giants have agreed to pay $80 million to settle investor claims accusing them of conspiring to fix European government bond prices.
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July 29, 2024
7th Circ. Affirms Defective Protein Pouch Suit Came Too Late
The Seventh Circuit on Friday upheld a Wisconsin federal court's decision to dismiss a suit brought by a protein powder maker founded by a bodybuilder over the manufacturer of zipper pouches on the grounds that statutes of limitations and other laws barred its claims.
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July 29, 2024
USPS Backs Oshkosh's Sealing Bid In New Vehicle Plan Case
The U.S. Postal Service on Friday backed Oshkosh Defense's request to seal their confidential supplier contract terms in litigation challenging the agency's decision to replace its aging delivery fleet with only 62% electric vehicles, arguing rivals could use the information to undercut the USPS when negotiating their own supplier contracts.
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July 29, 2024
Fraudster Faces Florida Condo Eviction Over Chain-Smoking
A Florida luxury condominium association has brought a state court lawsuit against an admitted real estate fraudster and seeks to have him removed as a tenant over his chain-smoking, saying he broke the terms of his lease but continues to reside in his condo unit.
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July 29, 2024
Firm Partners Ask Fla. Court To Toss Investor's Derivative Suit
Two partners in a law firm have asked a Florida court to dismiss a derivative lawsuit brought by an investor claiming that they orchestrated a litigation funding fraud, arguing that the investor has no right to bring the suit without a vote from the other members of the company.
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July 29, 2024
SEIU Escapes Hospital Worker's Harassment Suit
A New York federal judge tossed a hospital worker's claims alleging a Service Employees International Union local failed to help address harassment she faced on the job, saying the claims against the union are preempted by federal law.
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July 29, 2024
2nd Circ. Won't Revive Crypto Org.'s NYT Defamation Suit
The Second Circuit refused to revive a Zurich-based cryptocurrency nonprofit's claims that The New York Times conspired with an analytics firm to defame the nonprofit, ruling Monday that the nonprofit had failed to show it was knowingly and recklessly misrepresented.
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July 29, 2024
Magistrate Eyes Cuts To Norfolk Southern Investors' Suit
A New York federal magistrate judge has recommended tossing a portion of a securities suit filed against Norfolk Southern Corp. in the wake of the East Palestine, Ohio, train derailment, reasoning that the retirement funds serving as lead plaintiffs fell short of pleading standards.
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July 29, 2024
Ackman's IPO For New Pershing Square Fund Faces Delay
Hedge-fund giant Bill Ackman is still proceeding with an estimated $2.5 billion to $4 billion initial public offering of his new closed-end investment fund, Pershing Square USA Ltd., though the date of pricing is undetermined, according to the new fund.
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July 29, 2024
Blind Fan Says Baseball Apparel Website Is Inaccessible
The website for a popular baseball-themed apparel dealer is inaccessible to visually impaired viewers, a blind fan has claimed in a proposed class action filed in New York federal court on Monday.
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July 29, 2024
Ex-Vitol Oil Trader Can't Unwind Conviction After Bribery Trial
A New York federal judge refused Friday to acquit former Vitol Oil Group trader Javier Aguilar or grant him a new trial following his February conviction on charges that he bribed Ecuadorian and Mexican officials to win $500 million in business deals for the global energy and commodities company.
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July 29, 2024
MoneyGram Opposes CFPB, NY's 'Futile' Bid To Bolster Case
MoneyGram told a New York federal judge that the state and federal regulators' bid to update their complaint against the remittance service is a "bad faith attempt" to "salvage" a case that should either be transferred to MoneyGram's home district of Texas or tossed entirely.
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July 29, 2024
Ariz. Man Avoids Jail In Fraud Involving 'Housewives' Star
A Manhattan federal judge on Monday allowed an Arizona businessman who helped operate large-scale telemarketing scams to avoid time behind bars, citing his cooperation in an investigation that ultimately saw "Real Housewives of Salt Lake City" star Jen Shah sentenced to prison.
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July 29, 2024
NRA Avoids Compliance Monitor In NY AG Case
A Manhattan judge on Monday rejected the New York attorney general's request for a compliance monitor to oversee the National Rifle Association, saying such relief would "result in a long, awkward and potentially speech-chilling government involvement in a political organization."
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July 29, 2024
Judge Narrows Ex-Worker's Claims Against Bronx DA's Office
A New York federal judge has trimmed claims in an employment suit lodged against the Bronx district attorney's office by a woman who worked there, holding that others alleging discrimination under the Family and Medical Leave Act and a racially driven promotion could move forward.
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July 29, 2024
Catching Up With Delaware's Chancery Court
Litigation linked to Elon Musk sparked several filings in Delaware's Court of Chancery last week, including a call for sanctions and hand-wringing about a proposed multibillion-dollar attorney fee. Here, Law360 looks at this and other highlights from last week in Delaware's Chancery Court.
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July 29, 2024
White Collar Update: 4 Developments To Watch
White-collar lawyers are on the lookout for U.S. Department of Justice actions targeting artificial intelligence "snake oil," aggressive pandemic-relief fraud prosecutions, and carrots for corporations and whistleblowers who expose misconduct. Here's a look at some key developments to watch in the second half of 2024.
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July 29, 2024
Teller Pens Deal With Wells Fargo In AML Whistleblower Case
Wells Fargo has reached a settlement in principle with a former teller who claimed she was fired after raising concerns about the bank's "streamlined" account opening process that allowed customers to open accounts if they'd failed anti-money laundering screenings previously.
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July 29, 2024
NYT To Pay $275K To Settle Subscription Renewal Claims
The New York Times will pay $275,000 to settle class claims that it did not adequately disclose the terms of its subscription renewals.
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July 29, 2024
Machine Toolmaker Hardinge Files Ch. 11 With Plans To Sell
New York-based metal-cutting machine toolmaker Hardinge Inc. filed for Chapter 11 protection in Delaware bankruptcy court Monday with more than $100 million in debt and plans for a bankruptcy sale.
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July 26, 2024
DOJ Inks Deals With Ex-FBI Agent, Atty Over Release Of Texts
The U.S. Department of Justice and two former FBI employees whose texts disparaging former President Donald Trump were made public told a Washington, D.C., federal judge Friday they have reached settlements in their privacy rights cases.
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July 26, 2024
FTX's Ryan Salame Asks To Delay Prison After Dog Attack
Former FTX executive Ryan Salame on Friday asked a New York federal judge to delay his prison surrender date because he was recently mauled by a German shepherd and must undergo "urgent and necessary medical treatment and surgery."
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July 26, 2024
Copyright Cases To Watch In The Second Half Of 2024
The first copyright trial arising from an artificial intelligence platform could provide intellectual property attorneys with insight into dozens of pending suits against AI companies, while the Tenth Circuit is reconsidering whether Netflix made fair use of a funeral clip in its "Tiger King" docuseries.
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July 26, 2024
ESPN, Fox, Hulu Oppose Bid To Block Sports Streaming JV
Streaming service Fubo has told a New York federal court that ESPN, Fox and Warner Bros. Discovery are teaming up with others to knock down its "sports-first streaming business," but what Fubo calls anticompetitive behavior, the trio of companies on the other side of a lawsuit call fair competition.
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July 26, 2024
Ex-Magistrate Judge Picked To Oversee Texas Insurance Fight
A New York federal judge has appointed a former magistrate judge to oversee a dispute between a Texas school district and several insurers who allegedly stiffed the district $17 million in damages following Hurricane Hanna.
Expert Analysis
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Studying NY, NJ Case Law On Employee Social Media Rights
While a New Jersey state appeals court has twice determined that an employee's termination by a private employer for social media posts is not prohibited, New York has yet to take a stand on the issue — so employers' decisions on such matters still need to be assessed on a case-by-case basis, say Julie Levinson Werner and Jessica Kriegsfeld at Lowenstein Sandler.
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ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws
A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.
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2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement
The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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New Concerns, Same Tune At This Year's SIFMA Conference
At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.
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Take AG James' Suit Over Enviro Claims As A Warning
New York Attorney General Letitia James' recent suit against JBS USA Food Co. over allegedly misleading claims about its goal to reach net zero by 2040 indicates that challenges to green claims are likely to continue, and that companies should think twice about ignoring National Advertising Division recommendations, say attorneys at Kelley Drye.
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SC Ruling Reinforces All Sums Coverage Trend
A South Carolina state court's recent ruling in Covil v. Pennsylvania National is the latest in a series of decisions, dating back to the 2016 New York Court of Appeals ruling in Viking Pump, that reject insurers' pro rata allocation argument, further supporting that all sums coverage is required whenever a loss could be covered under a policy in any other year, say Raymond Mascia and Thomas Dupont at Anderson Kill.
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And Now A Word From The Panel: Benefits Of MDL Transfers
A recent order from the Judicial Panel on Multidistrict Litigation highlights a critical part of the panel's work — moving cases into an existing MDL — and serves as a reminder that common arguments against such transfers don't outweigh the benefits of coordinating discovery and utilizing lead counsel, says Alan Rothman at Sidley Austin.
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Opinion
Expanded Detention Will Not Solve Immigration Challenges
The recently defeated bipartisan border package included provisions that would increase funding for detention, a costly distraction from reforms like improved adjudication and legal representation that could address legitimate economic and public safety concerns at much lower cost, say Alexandra Dufresne and Kyle Wolf at Cornell University.
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A Look At 3 Noncompete Bans Under Consideration In NYC
A trio of noncompete bills currently pending in the New York City Council would have various effects on employers' abilities to enter into such agreements with their employees, reflecting growing anti-noncompete sentiment across the U.S., say Tracey Diamond and Grace Goodheart at Troutman Pepper.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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2nd Circ. Baby Food Ruling Disregards FDA's Expertise
The Second Circuit's recent decision in White v. Beech-Nut Nutrition, refusing to defer litigation over heavy metals in baby food until the U.S. Food and Drug Administration weighs in on the issue, provides no indication that courts will resolve the issue with greater efficiency than the FDA, say attorneys at Phillips Lytle.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.