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June 27, 2024
SPAC Investors Get Final OK On $13M Settlement
Attorneys who brokered a $13 million settlement on behalf of investors in special purpose acquisition company Pioneer Merger Corp. will receive about 30% of that settlement fund, minus nearly $100,000 that will go toward their clients' incentive award, a Manhattan federal judge has determined.
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June 27, 2024
State AGs Want Stay Lifted In Generic Drug Pricing Suit
The attorneys general of New York and Connecticut have asked a federal judge to lift a partial discovery stay in three state-led generic drug pricing lawsuits against the pharmaceutical industry, saying it is no longer necessary because sentencing is complete in a parallel U.S. Department of Justice proceeding.
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June 27, 2024
BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit
Several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, reached a $46 million deal on Thursday to resolve a long-running multidistrict litigation over an alleged plot by the banks to limit market competition over interest rate swaps.
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June 27, 2024
OpenAI Faces Latest Copyright Suit From News Organization
Another media organization has filed a copyright infringement suit against OpenAI over how the Microsoft-backed brand trains its ChatGPT software, this one on Thursday coming from a nonprofit that recently began operating the political magazine Mother Jones.
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June 27, 2024
EPA's State Smog Pollution Plan Down, Not Out Yet
The U.S. Supreme Court flexed its muscles menacingly at the U.S. Environmental Protection Agency on Thursday and blocked it from implementing an important air pollution control plan for several states, but experts say it's too early to completely write off the rule in question.
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June 27, 2024
NY Regulators Say Pot Companies' Bid Would Ruin Industry
New York's cannabis authority has urged a state court to toss a lawsuit seeking to invalidate hundreds of retail permits over claims that the agency gave special treatment to certain applicants, arguing that granting such a request would be "financially ruinous" for many and detrimental to the "emerging retail cannabis industry."
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June 27, 2024
Live Nation Tries To Push DOJ's Antitrust Suit Out Of NY
Counsel for Live Nation Entertainment and subsidiary Ticketmaster on Thursday told a skeptical Manhattan federal judge that the U.S. Department of Justice's antitrust case belongs in D.C. federal court, where the green light was given for the companies' 2010 merger.
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June 27, 2024
Titanic Purdue Ruling Shifts The Balance Of Power In Ch. 11
The U.S. Supreme Court's decision to strike down the Sackler family's liability shield in the Chapter 11 plan of Purdue Pharma LP not only eliminates a key tool to resolve mass tort liabilities through bankruptcy, it gives claimants more leverage and fundamentally changes the insolvency landscape in future cases, experts tell Law360.
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June 27, 2024
NY Historic Building Rehab Tax Credits Apply Per Structure
New York's $5 million tax-credit cap for rehabilitation projects of historic properties is applied on a per-structure basis even if multiple structures are included on a single application, the state Department of Taxation and Finance said in a declaratory ruling.
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June 27, 2024
AG Says Trump Recusal Bid Relies On 'Distortion Of Facts'
New York's attorney general says Donald Trump is relying on a "distortion of facts" in seeking to oust the judge who ordered the former president to pay $465 million in penalties in his civil fraud case.
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June 27, 2024
Newsmax Can't See OANN-Smartmatic Defamation Settlement
Conservative broadcasting company Newsmax Media Inc. may not force voting-machine provider Smartmatic USA Corp. to reveal the terms of its confidential settlement with One America News Network that resolved Smartmatic's defamation claims against the broadcaster, a Delaware court has ruled.
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June 27, 2024
Yale Tells 2nd Circ. Workers Aren't Owed ERISA Jury Trial
Yale University told the Second Circuit a group of workers can't be granted a new jury trial in their suit claiming their $5.5 billion retirement plan was loaded with high fees, stating high court precedent says they're ineligible for a jury trial under the relief they're seeking.
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June 27, 2024
US Soccer, MLS Want Review Of NASL Antitrust Case Order
Major League Soccer and the sport's U.S. governing body are asking a New York federal court to clarify a decision that leaves them on the hook for the North American Soccer League's antitrust lawsuit, saying the order ignores their request for summary judgment on conspiracy allegations.
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June 27, 2024
Ex-Skadden Tax Head And M&A Pro Joins Freshfields In NY
Freshfields Bruckhaus Deringer LLP has added the former head of the tax practice at Skadden Arps Slate Meagher & Flom LLP as a partner this week, who brings to the role experience in deals like 21st Century Fox's $71 billion acquisition by Disney and the merger of T-Mobile and Sprint.
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June 27, 2024
Cannabis Co. Settles Lender Suit After Regulator Delays
Troubled cannabis company Parallel settled a suit with three lenders who alleged a "self-dealing scheme" within the company after spending about a year trying to finalize the agreement and clear regulatory hurdles in various states.
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June 27, 2024
Supreme Court Freezes EPA's 'Good Neighbor' Rule
The U.S. Supreme Court stayed the U.S. Environmental Protection Agency's plan to reduce cross-state pollution Thursday, finding several states and industry groups challenging it in court will likely prevail on the merits.
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June 27, 2024
Justices Nix 3rd-Party Liability Releases In Purdue Ch. 11 Plan
The U.S. Supreme Court shot down the validity of nonconsensual third-party releases in an opinion issued Thursday in the case of bankrupt drugmaker Purdue Pharma LP, potentially exposing the Sackler family members who own the company to personal liability for the company's role in the opioid crisis.
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June 26, 2024
BlackRock Can't Escape Saba Capital's Voting Bylaws Suit
A New York federal judge Tuesday refused to toss Saba Capital Management's lawsuit claiming a BlackRock Inc. environmental, social and corporate governance trust has illegal shareholder voting bylaws, but also refused to block BlackRock from applying the bylaws at issue to the current election.
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June 26, 2024
Conn. Zantac Ruling To Include Sanofi As Settlement Looms
A Connecticut state judge will include Sanofi-Aventis US LLC and a related corporate entity in a forthcoming decision on whether Zantac makers must face novel innovator liability claims in the Constitution State, the judge revealed after the pharmaceutical giant suggested a ruling would help finalize a nascent settlement.
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June 26, 2024
Menendez Pals 'Generous,' Jeweler Says In Joke-Filled Testimony
A jeweler who helped Sen. Robert Menendez's wife sell gold bars that were supposedly bribes testified Wednesday the codefendants who gave Menendez the bars have always been generous, salting his testimony with so many droll comments that the New York federal judge — who initially bantered back — eventually gave a special instruction reinforcing that the trial is "very serious."
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June 26, 2024
Roberta Kaplan Leaving Namesake Firm To Launch Boutique
Roberta Kaplan, the intrepid litigator who has won landmark victories for LGBTQ+ couples, survivors of white supremacist violence and a writer who accused former President Donald Trump of sexual assault, announced Wednesday that she is leaving Kaplan Hecker & Fink LLP to launch a new boutique with two former prosecutors and a veteran of complex litigation.
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June 26, 2024
Subway Franchisor Must Keep Paying Co. During Arbitration
A New York federal judge has granted a development company's petition to confirm an arbitrator's order requiring the Subway sandwich chain's Canadian franchisor to continue making payments on their pact while they arbitrate a contractual dispute.
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June 26, 2024
Native Deodorant Doesn't Give 72-Hour Protection, Suit Says
Procter & Gamble-owned Native was hit with a proposed consumer protection class action in New York federal court Wednesday by customers who accuse it of falsely advertising that its deodorant spray provides "72-hour odor protection," a claim that it allegedly ripped off from other brands and hasn't been clinically proven.
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June 26, 2024
FBI Beats Epstein FOIA Case Due To Ghislaine Maxwell Appeal
A New York federal judge handed the FBI a win Tuesday in gossip site Radar Online's Freedom of Information Act lawsuit seeking the government's sex-trafficking investigation records into the late billionaire sex offender Jeffrey Epstein, finding that the documents could affect the ongoing appeal of Epstein's convicted co-conspirator, Ghislaine Maxwell.
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June 26, 2024
Ex-Ticketmaster Exec Pleads Guilty In Hacking Case
A former director of client relations at Ticketmaster pled guilty Wednesday to taking part in a scheme to hack into a rival company's computer system in an attempt to gain a competitive advantage.
Expert Analysis
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
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High Court Forfeiture Case Again Pits Text Against Purpose
In oral arguments Tuesday in McIntosh v. U.S., the U.S. Supreme Court will consider whether a federal court can impose asset forfeiture on a defendant even if it doesn’t comply with timing rules, which may affect the broader interpretation of procedural deadlines — and tees up the latest battle between textualism and purposivism, say Anden Chow and Christian Bale at MoloLamken.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Justices Stay The Course In Maritime Choice-Of-Law Ruling
The U.S. Supreme Court's narrowly drawn decision in Great Lakes Insurance v. Raiders Retreat Realty, enforcing the underlying insurance contract's choice-of-law provision, carefully distinguishes those provisions from forum selection clauses, and ensures that courts will not apply its precepts outside the maritime context, says John Coyle at the University of North Carolina.
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Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
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5 Lessons For SaaS Companies After Blackbaud Data Breach
Looking at the enforcement actions that software-as-a-service provider Blackbaud resolved with state attorneys general, the U.S. Securities and Exchange Commission and the Federal Trade Commission in the past year can help SaaS companies manage these increasingly common forms of data breaches, say attorneys at Orrick.
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Key Lessons After A Rare R&W Insurance Ruling
The recent New York state court decision in Novolex Holdings v. Illinois Union Insurance is noteworthy as one of the rare judicial opinions arising in the context of representations and warranties insurance, serving to remind parties entering into R&W insurance policies that they may not be immune from some doctrines unfavorable to insurers, say attorneys at Kramer Levin.
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A Look Ahead For The Electric Vehicle Charging Industry
This will likely be an eventful year for the electric vehicle market as government efforts to accelerate their adoption inevitably clash with backlash from supporters of the petroleum industry, say Rue Phillips at SkillFusion and Enid Joffe at Green Paradigm Consulting.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Reassessing Trade Secrets Amid Proposed Noncompete Ban
The Federal Trade Commission's proposed ban on noncompete agreements as well as state bans make it prudent for businesses to reevaluate and reinvigorate approaches to trade secret protection, including knowing what information employees are providing to vendors, and making sure confidentiality agreements are put in place before information is shared, says Rob Jensen at Wolf Greenfield.
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NYC Cos. Must Prepare For Increased Sick Leave Liability
A recent amendment to New York City's sick leave law authorizes employees for the first time to sue their employers for violations — so employers should ensure their policies and practices are compliant now to avoid the crosshairs of litigation once the law takes effect in March, says Melissa Camire at Fisher Phillips.
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NY's Revamped Card Surcharge Ban Is Unique Among States
Newly revised New York legislation bolsters the state's ban on credit card surcharges, potentially reinvigorating similar laws across the country despite the fact that many of them have been ruled unconstitutional, say Tom Witherspoon and Audrey Carroll at Stinson.
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Legislative And Litigation Trends In Environmental Advertising
Companies that tout their products' environmental benefits can significantly reduce the risk that they will face allegations of greenwashing by staying up to date on related Federal Trade Commission guidance, state requirements and litigation trends, say Raqiyyah Pippins and Kelsie Sicinski at Arnold & Porter.
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Employer Best Practices In Light Of NY Anti-Trans Bias Report
A recent report from the New York State Department of Labor indicates that bias against transgender and nonbinary people endures in the workplace, highlighting why employers must create supportive policies and gender transition plans, not only to mitigate the risk of discrimination claims, but also to foster an inclusive work culture, says Michelle Phillips at Jackson Lewis.