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December 05, 2024
FTX Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod
A Delaware bankruptcy judge has approved a deal to settle clawback claims by FTX against former Alameda Research Ltd. executive John Samuel Trabucco, who agreed to hand over two San Francisco apartments purchased in 2021 for $8.7 million and a 53-foot yacht bought in 2022 for $2.5 million.
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December 05, 2024
McKinsey Unit To Pay $123M Over South Africa Bribe Scheme
The African unit of consulting giant McKinsey & Co. will pay about $123 million to resolve a U.S. Department of Justice investigation into an alleged scheme to bribe South African government officials for contracts with state-owned companies.
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December 05, 2024
Barclays GC To Join A&O Shearman Cyber Team
A&O Shearman has tapped the current general counsel for Barclays Execution Services to co-head its global cybersecurity team, the firm announced Thursday, with the lawyer set to make the jump early next year.
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December 05, 2024
Reed Smith Hires Linklaters Finance Attys In NY
Two former Linklaters LLP attorneys have jumped to Reed Smith LLP's financial industry group, bringing their backgrounds in structured finance matters to the New York office, the firm announced Wednesday.
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December 05, 2024
Combs Demands Court Inquiry Into Copied Jail Notes
Sean "Diddy" Combs urged a Manhattan federal judge to hold a special hearing and consider dismissing his sex-trafficking indictment after staff at the Metropolitan Detention Center photographed his allegedly privileged, handwritten notes during a sweep of the prison and sent them to prosecutors, who he says used the information to argue against bail.
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December 05, 2024
Medical Pot Group Sues NY Over New $20M Licensing Fee
The New York Medical Cannabis Industry Association Inc. is suing the state's cannabis regulators, saying a new $20 million fee to convert operators' licenses from medical to adult use is an unconstitutional and punitive tax aimed at keeping them out of the adult-use market.
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December 04, 2024
Withers IP Partners Hop To Sullivan & Worcester
Sullivan & Worcester LLP has said the Boston firm picked up a team of five intellectual property lawyers, including two partners, from Withers who have expertise in filing patents and working on deals for biotech startups.
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December 04, 2024
SEC Scores $13M Default Judgment In Data Co. Insider Action
China-based cloud analytics company Gridsum Inc. and its CEO have been ordered to give the U.S. Securities and Exchange Commission nearly $13 million after failing to respond to the regulator's claims that they funneled investor money out of the company to the relatives of executives.
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December 04, 2024
Live Nation Shields Legal Strategy Emails From DOJ Scrutiny
A Manhattan federal judge rejected the U.S. Department of Justice's bid to see emails between Live Nation Entertainment Inc. lawyers and counsel for arena operator Oak View Group, holding Wednesday that these communications discussed a joint legal strategy for the government's antitrust investigation.
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December 04, 2024
Senate Confirms Judges To NY's Central, Northern Districts
The Senate confirmed two judges on Wednesday for the Northern District of New York, one of whom is a former member of the U.S. House of Representatives.
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December 04, 2024
PCAOB Boots Audit Firm, Partners Over Altered Documents
The Public Company Accounting Oversight Board has imposed $465,000 in total fines against Raines & Fischer LLP and three of its partners, permanently revoking the firm's registration and barring the partners after they allegedly altered audit documents prior to an inspection of the firm.
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December 04, 2024
Guo Trustee Balks At Boies Schiller's Clawback Transfer Bid
The Chapter 11 trustee overseeing Chinese exile Miles Guo's bankruptcy in Connecticut says Boies Schiller Flexner LLP should not be allowed to move a nearly $654,000 clawback action from bankruptcy court to district court, suggesting a bankruptcy judge is better poised to consider his asset recovery theories.
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December 04, 2024
NY Judge Says ICE Must Open Files Over 'No Release' Policy
A New York federal judge has ordered the U.S. government to produce files on eight noncitizens that the New York Civil Liberties Union says show the government is breaking its promise to stop preventing people suspected of civil immigration offenses from posting bail.
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December 04, 2024
Building Contractor Agrees To End No-Hire Pacts
Guardian Service Industries Inc. has agreed to stop enforcing no-hire agreements in its contracts that prevent building owners and managers from hiring the service contractor's employees after pressure from the Federal Trade Commission and state enforcers.
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December 04, 2024
Rep. Raskin's Judiciary Hopes Rise After Nadler Drops Out
Rep. Jamie Raskin of Maryland is one step closer to becoming the top Democrat on the House Judiciary Committee, after New York Rep. Jerry Nadler dropped his bid for the job on Wednesday.
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December 04, 2024
Chase Will Settle Calif. Atty's Mortgage Rate-Lock Suit
JPMorgan Chase Bank NA has reached a tentative, individual settlement with an attorney suing it for allegedly gouging him and other borrowers with sham mortgage rate-lock deals, heading off a potential class action.
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December 04, 2024
Columbia Univ., Publisher Face Suit Over Reading Program
Columbia University Teachers College and the creators and publishers of two widely used reading instructional programs have ignored concerns about their effectiveness for years, leaving many children functionally illiterate, a proposed class action filed Wednesday in Massachusetts state court alleges.
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December 04, 2024
Fleetwood Mac Producer, Playwright Settle IP Dispute
A producer of the 1977 Fleetwood Mac album "Rumours" and the author of the play "Stereophonic" have resolved claims that the Broadway show infringed copyrighted material from a memoir about making the record, according to a filing in New York federal court.
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December 04, 2024
Avon Cleared To Sell To Parent Co. For $125M In Ch. 11
A Delaware bankruptcy judge on Wednesday said he would approve a settlement between Avon Products Inc. and Brazilian parent company Natura that clears the way for the beleaguered cosmetics giant to sell itself to Natura for $125 million.
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December 04, 2024
Fed. Circ. Backs NY Judge In Freeing Meta From Patent Suit
The Federal Circuit on Wednesday wouldn't revive a software company's suit claiming Meta Platforms Inc. infringed patents on digital data storage and organization, agreeing with a decision that the evidence couldn't back a finding that the Meta features at issue covered all parts of the patent claims.
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December 04, 2024
Ex-Poker Pro Pleads Guilty In Sports Betting Scheme
A former World Series of Poker champion pled guilty in New York federal court Wednesday to operating a yearslong scheme to bilk sports bettors by falsely claiming he could use insider knowledge to place bets for surefire payouts.
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December 04, 2024
Sterlington Adds Kenneth Starr Successor From Zeichner
Sterlington PLLC announced Wednesday the addition of Robert W. Ray, a former Zeichner Ellman & Krause LLP partner and independent counsel who succeeded Kenneth Starr, touting his connections to President-elect Donald Trump's prospective political appointees, including attorney general nominee Pam Bondi and deputy attorney general nominee Todd Blanche.
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December 04, 2024
Cozen O'Connor Adds Condo, Co-Op Board Expert In NYC
Cozen O'Connor has added a real estate litigator from Tarter Krinsky & Drogin LLP as a New York City-based member of the firm's condominiums and cooperatives practice.
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December 04, 2024
NY Diocese Gets OK For Ch. 11 Plan With Optional Releases
A New York bankruptcy judge approved a Long Island-based Roman Catholic diocese's Chapter 11 plan on Wednesday after hearing it had resolved objections from the U.S. Trustee's Office with a two-tier claims release system for sexual abuse claimants.
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December 04, 2024
Legal Clouds Part For 2 Who Assisted In Cannabis Fraud Case
A Manhattan federal judge on Wednesday allowed a pair of New Jersey business partners to avoid prison for aiding in a scheme to siphon portions of $14 million raised for a cannabis-infused consumer products company, crediting their cooperation with prosecutors.
Expert Analysis
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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Motion To Transfer Venue Considerations For FCA Cases
Several recent decisions highlight the importance for practitioners of analyzing as early as possible whether a False Claims Act case warrants a change of venue, and understanding how courts weigh certain factors for defendants versus whistleblowers, say Ellen London at London & Stout, and Li Yu and Corey Lipton at DiCello Levitt.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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NY Tax Talk: Triggers For Tax On Software-As-A-Service
Recent decisions by New York’s Tax Appeals Tribunal and Division of Tax Appeals, finding that services bundled with prewritten software were tangible property, provide insight into the features and customer interactions that render such products subject to New York sales tax, say Elizabeth Cha and Madison Ball at Eversheds Sutherland.
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Series
After Chevron: ERISA Challenges To Watch
The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.
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Menendez Corruption Ruling Highlights Attorney Proffer Risks
The recent admission of slides used in a preindictment presentation as evidence during U.S. Sen. Bob Menendez’s corruption trial highlights the potential pitfalls of using visual aids in attorney proffers, and the increasing importance of making disclaimers regarding information presented at the outset of proffers, say Carrie Cohen and Savanna Leak at MoFo.
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What's In NYDFS Guidance On Use Of AI In Insurance
Matthew Gaul and Shlomo Potesky at Willkie summarize the New York Department of Financial Services' recently adopted circular letter on the use of artificial intelligence in insurance underwriting and pricing, and highlight the material changes made to it in response to comments on the draft circular letter.
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2nd Circ. Ruling May Limit Discovery In Int'l Arbitration
The Second Circuit's recent Webuild v. WSP decision, affirming a discovery order's nullification in arbitration between Webuild and the government of Panama, demonstrates courts' unwillingness to find that arbitral tribunals in investor-state cases fall within the scope of the discovery statute, say attorneys at Cleary.
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Eye On Compliance: New Pregnancy And Nursing Protections
With New York rolling out paid lactation breaks and extra leave for prenatal care, and recent federal legislative developments enhancing protection for pregnant and nursing workers, employers required to offer these complex new accommodations should take several steps to mitigate their compliance risks, says Madjeen Garcon-Bonneau at Wilson Elser.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.