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August 27, 2024
NFL Union Sues DraftKings Over Broken NFT Licensing Deal
The NFL Players Association has accused DraftKings Inc. of failing to make good on a licensing agreement when the online sportsbook decided to cease payments after shuttering its nonfungible token marketplace in the wake of a civil suit that argued DraftKings' NFTs offended securities laws.
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August 27, 2024
Madison Ave. Condo Owners File New Ch. 11
The corporate owner of a luxury Manhattan condominium complex has filed for Chapter 11 in a New York bankruptcy court in what it says is an attempt to resolve the disputed bankruptcy filing of the partnership that owns the corporation.
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August 27, 2024
NY Fines Nordea Bank $35M In Panama Papers-Linked Action
New York's Department of Financial Services announced Tuesday that Nordea Bank Abp will pay $35 million to settle allegations of "significant" anti-money laundering compliance failures, including helping customers set up offshore accounts for tax-sheltered companies tied to the Panama Papers.
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August 27, 2024
NFL To Allow PE Ownership, Joining Pro Sports League Peers
The National Football League's status as the last major North American sports league barring private equity investment in team ownership ended on Tuesday, when the owners approved changes in policy to allow such investment for the first time.
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August 27, 2024
Nasdaq Seeks SEC's Green Light To Launch Bitcoin Options
The Nasdaq stock exchange said Tuesday it is seeking regulatory approval to allow the listing of an options tool that tracks the price of bitcoin, a move designed to expand institutional and retail trading of cryptocurrency-related assets.
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August 27, 2024
Randy Mastro, Gibson Dunn In Arbitration Over Departure
Trial lawyer Randy Mastro is locked in closed-door arbitration with Gibson Dunn & Crutcher LLP over the terms of his 2022 departure for King & Spalding LLP, the litigator revealed Tuesday as part of his controversial nomination to serve as New York City's top lawyer.
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August 27, 2024
Admiral Seeks Bribery Trial Separate From Contractors
A retired U.S. Navy admiral accused of accepting bribes from two contractors is pushing a Washington, D.C., federal court to sever his trial from theirs, saying the pair appeared poised to pin any alleged misconduct on him.
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August 27, 2024
3rd Circ. Axes Kavanaugh Classmate's HuffPo Defamation Suit
A lower court was right to nix a defamation lawsuit by a former classmate of U.S. Supreme Court Justice Brett Kavanaugh against The Huffington Post because the suit is time-barred no matter which state's law governs it, the Third Circuit ruled Tuesday.
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August 27, 2024
Top Trial Atty Engages Critics Of His NYC Counsel Nomination
Renowned trial lawyer Randy Mastro of King & Spalding LLP has pledged to work for New York City in a "truly innovative and transformative" way as city council members challenged his record during a Tuesday nomination hearing that came one month after Mayor Eric Adams chose him to serve as corporation counsel over the objection of some city leaders.
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August 27, 2024
NY-Licensed Atty Tells Appeals Court NC Bar Can't Touch Him
An immigration attorney has told the North Carolina Court of Appeals he can't be disciplined in a state where he was never licensed, saying the state bar's decision to disbar him should be reversed.
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August 27, 2024
3 Firms Build $314M Events.com SPAC Merger
Event management platform Events.com plans to go public by merging with Concord Acquisition Corp. II at an estimated $314 million value, both parties announced on Tuesday, through a deal guided by three law firms.
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August 27, 2024
Google Wants Out Of IP Suit Over Pirated Books
Google asked a Manhattan federal judge to dismiss allegations that it allowed advertisements to be shown to users from websites that sell pirated textbooks, claiming it has no ability to supervise those sites and isn't profiting from alleged pirating.
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August 27, 2024
Gusrae Kaplan Says Suit Over 'Frivolous' Filing Rightly Tossed
Gusrae Kaplan Nusbaum PLLC is urging the Delaware Supreme Court to affirm the dismissal of an Applied Energetics complaint alleging the firm and a former partner filed a frivolous securities fraud suit in order to hobble other litigation against a former CEO, accusing the laser-weapons maker of making "fanciful" arguments in its appeal.
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August 27, 2024
Willkie-Led LS Power Secures $2.7B For Latest Fund
Energy infrastructure-focused investment firm LS Power Group, led by Willkie Farr & Gallagher LLP, on Tuesday said that it clinched its fifth fund with $2.7 billion of investor commitments in tow.
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August 26, 2024
Bronfman Scraps Paramount Bid, Paving Way For Skydance
Media executive Edgar Bronfman Jr. has dropped his reported $6 billion bid to buy Paramount Global just days after the offer was disclosed, opening a path for Paramount to close its merger agreement with Skydance Media.
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August 26, 2024
SEC Inks $946K Settlement In Unregistered Broker Case
A trust and its co-owners have agreed to pay the U.S. Securities and Exchange Commission civil penalties totaling $946,000 to resolve allegations they operated as unregistered broker-dealers when helping to facilitate more than $1.2 billion in securities transactions by penny stock issuers.
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August 26, 2024
SEC Fines Sound Point $1.8M Over Nonpublic Info Oversight
The U.S. Securities and Exchange Commission announced Monday that private fund adviser Sound Point Capital Management LP will pay $1.8 million to settle charges that it failed to prevent the misuse of nonpublic information in certain collateralized loan trades.
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August 26, 2024
Banks' $20M Platinum Traders Antitrust Deal Gets Initial OK
A New York federal judge preliminarily approved Saturday a $20 million deal to resolve a nearly decade-old putative class action alleging Goldman Sachs, German industrial company BASF and two other banks fixed platinum and palladium prices.
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August 26, 2024
Ramones Heir Says Widow Is Infringing Group's TMs
The brother of late punk rocker Joey Ramone took his bandmate Johnny Ramone's widow to New York federal court for allegedly infringing several of the band's trademarks as part of what the suit says is an effort to boost her own celebrity image by "riding on the coattails of the Ramones."
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August 26, 2024
Semiconductor Co. Overstated Recovery, Investors Say
Semiconductor manufacturer STMicroelectronics did not have the visibility it claimed to have to predict future growth in its core segments, leading it to make several false representations to shareholders, according to two investor suits filed in New York federal court.
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August 26, 2024
Shkreli Must Give Up Copies Of Unique Wu-Tang Clan Album
Martin Shkreli must hand over any copies he made of a one-of-a-kind Wu-Tang Clan album while a challenge from the crypto project that holds the sole physical copy plays out, a New York federal judge ordered Monday.
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August 26, 2024
Citizenship Error Can't Bar Labor Certification, Board Says
A marketing software company that misidentified a prospective Turkish employee as American on its labor certification application can refile the request, after a U.S. Department of Labor appeals panel found that DOL applications cannot be denied based on immigration status.
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August 26, 2024
Connecticut And NY AGs Reach Terms For Hospital Merger
Two major hospital systems in New York and Connecticut have reached an agreement with their states' attorneys general to resolve an antitrust investigation spurred by the planned merger of Northwell Health and Nuvance Health, bringing the deal first announced in February closer to fruition.
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August 26, 2024
Paul Weiss Adds Cleary M&A Partner In New York
An experienced mergers and acquisitions attorney has jumped from Cleary Gottlieb Steen & Hamilton LLP to Paul Weiss Rifkind Wharton & Garrison LLP's New York office, Paul Weiss announced Monday.
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August 26, 2024
CLE Co. Accused Of Sharing Subscriber Data With Facebook
A proposed class of legal professionals has hit Lawline with a putative class action in New York federal court, accusing the continuing legal education company of violating the Video Privacy Protection Act by sharing subscribers' information, including services and video viewing history, with third parties such as Facebook for targeted advertising purposes.
Expert Analysis
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The Shifting Landscape Of Physician Disciplinary Proceedings
Though hospitals have historically been able to terminate doctors' medical staff privileges without fear of court interference, recent case law has demonstrated that the tides are turning, especially when there is evidence of unlawful motivations, say Dylan Newton and Michael Horn at Archer & Greiner.
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Oracle Ruling Underscores Trend Of Mootness Fee Denials
The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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Blocked JetBlue-Spirit Deal Illustrates New Antitrust Approach
The U.S. Department of Justice’s recent successful block of a merger between JetBlue Airways and Spirit Airlines demonstrates antitrust enforcers’ updated and disparate approach to out-of-market benefits versus out-of-market harms, say Lisa Rumin and Anthony Ferrara at McDermott.
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What Minority Biz Law Ruling Could Mean For Private DEI
A Texas federal court’s recent decision to strike down key provisions of the Minority Business Development Act illustrates the wide-reaching effects of the U.S. Supreme Court's 2023 Students for Fair Admissions v. Harvard decision across legal contexts, say attorneys at Jenner & Block.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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When Trade Secret Protection And Nat'l Security Converge
The Trump administration's anti-espionage program focused on China is over, but federal enforcement efforts to protect trade secrets and U.S. national security continue, and companies doing business in high-risk jurisdictions need to maintain their compliance programs to avoid the risk of being caught in the crosshairs of an investigation, say attorneys at Baker McKenzie.
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Strategies For Defense Attys To Subpoena A Nonparty Witness
Federal criminal defendants seeking to subpoena potentially exculpatory information from nonparty witnesses must satisfy a stringent standard and should consider several often overlooked arguments to assure courts they’re not engaging in a fishing expedition, says James Roberts at Schlam Stone.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Opinion
High Court Should Settle Circuit Split On Risk Disclosures
The U.S. Supreme Court should grant the petition for writ of certiorari in the Facebook case to resolve a growing circuit split concerning when risk disclosures can be misleading under federal securities laws, and its decision should align with the intent of Congress and the U.S. Securities and Exchange Commission, says Richard Zelichov at DLA Piper.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.