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July 16, 2024
Chancery OKs $42.5M Brookfield-GGP Settlement, $11.4M Fee
Shareholders of mall operator GGP Inc. who sued in 2018 to stop its $9.25 billion acquisition by Brookfield Property Partners LP got the Chancery Court's nod Tuesday to settle the litigation for $42.5 million, including an $11.4 million fee for the plaintiffs' counsel and incentive awards for three shareholder plaintiffs.
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July 16, 2024
SiriusXM Must Face Suit Over $150M In Unpaid Royalties In NY
A Virginia federal judge has agreed to let Sirius XM move nonprofit royalty collector SoundExchange's suit to New York federal court, but refused to let it entirely escape claims that it owes more than $150 million in unpaid royalties.
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July 16, 2024
Ex-NBA Ref Must Show Psychologist Comms In COVID-19 Suit
A former NBA referee must turn over records between his psychologist and his counsel to demonstrate whether the league's COVID-19 vaccination policies had the debilitating effect on his psyche that he claims in a lawsuit, a New York federal judge has ruled.
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July 16, 2024
Platinum Co-Founder Dodges Prison For Bond Fraud Rap
Platinum Partners co-founder Mark Nordlicht on Tuesday was spared prison time for his five-year-old conviction over a purported scheme to defraud bondholders of a Texas oil and gas company, as a New York federal judge doubted that "such a weird case" would have any deterrent value.
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July 16, 2024
Coinbase Scales Back Its SEC Request For Gensler Docs
Crypto exchange Coinbase said it will narrow its request for the communications of U.S. Securities and Exchange Commission Chair Gary Gensler after the New York federal judge overseeing its enforcement suit warned that seeking private emails would be a "tough road to hoe."
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July 16, 2024
Cohen Asks Justices To Hear Claim Trump Put Him In Prison
Donald Trump's former attorney-turned-critic Michael Cohen has asked the U.S. Supreme Court to take another look at his suit claiming the former president had him imprisoned in retaliation for his plans to portray Trump negatively in his book.
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July 16, 2024
Greenspoon Marder Escapes COVID Test Fraud Suit For Now
Safe Health Systems Inc. can't proceed with its lawsuit against Greenspoon Marder LLP over the allegedly fraudulent sale of COVID-19 test kits, as a New York federal judge determined without objection from the digital healthcare company that it lacked diversity jurisdiction among the parties.
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July 16, 2024
Chinese Exile Guo Guilty On Most Counts In $1B Fraud Case
A Manhattan federal jury on Tuesday convicted prominent Chinese Communist Party critic Miles Guo on most charges alleging he operated a vast fraud that solicited more than $1 billion worth of sham investments from his supporters.
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July 16, 2024
Winston & Strawn Grows In NY With Ex-Ambassador To Spain
The first woman to serve as U.S. ambassador to Spain and Andorra is rejoining Winston & Strawn LLP, the firm announced Tuesday.
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July 16, 2024
Former Ozy Media CEO Convicted Of Defrauding Investors
A New York federal jury on Tuesday convicted former Ozy Media CEO Carlos Watson of fraud and identity theft in a case alleging the charismatic startup founder lied to banks and investors to secure tens of millions of dollars in funding for the multimedia company.
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July 16, 2024
Starboard Demands Change At Tinder Owner Match
New York-based activist investor Starboard Value LP has amassed a 6.6% stake in Match Group Inc. and is pushing the company to go private if it can't make "value-enhancing" gains after its stock plummeted from its 2021 heyday, according to a letter published Tuesday by Starboard.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Menendez Guilty Of 'Shocking Corruption,' Urged To Resign
A New York federal jury found U.S. Sen. Robert Menendez guilty on Tuesday of taking gold bars, cash and a Mercedes-Benz as bribes from three businessmen, handing a victory to the government on its second try to convict the embattled New Jersey Democrat on corruption charges and prompting calls for his resignation.
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July 16, 2024
NYC To Pay $6.2M To End Rikers Officers' OT Suit
New York City will pay $6.2 million to settle a proposed collective action brought by a group of Rikers Island employees who alleged the city was late in paying their overtime wages and that about $1 million in overtime money was not paid.
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July 16, 2024
Brazilian Cement Giant Seeks Ch. 15 With Over $1B In Debt
InterCement, the third-largest cement and concrete supplier in Brazil, is seeking Chapter 15 recognition from a New York bankruptcy court, saying it filed for mediation procedures in Brazil to stave off creditor litigation while it works to sell assets and address over a billion dollars in debt.
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July 16, 2024
ABC Asks Judge To Toss Trump's Defamation Suit
ABC News has urged a Florida federal judge to toss former President Donald Trump's defamation lawsuit against ABC News, arguing that statements made by television host George Stephanopoulos regarding writer E. Jean Carroll's two lawsuits against Trump were true.
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July 15, 2024
Gemini Says CFTC Can't Have It Both Ways On Materiality
Crypto exchange Gemini Trust Co. told a New York federal judge late Monday that the U.S. Commodity Futures Trading Commission's arguments that Gemini misled it on aspects of a proposed bitcoin futures contract "directly contradict" the agency's defense of sanctions for its own alleged misstatements in another enforcement action.
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July 15, 2024
Ex-Pfizer Worker Seeks No Time For Paxlovid Insider Trading
A former Pfizer employee argued that he shouldn't go to prison after a Manhattan federal jury convicted him of insider trading over clinical trial results for the drug Paxlovid, pointing out that a friend of his and co-defendant had dodged a custodial sentence in the case after helping prosecutors.
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July 15, 2024
JetBlue-Spirit Flyers Seek $20M Atty Fees Following DOJ Win
The private plaintiffs who challenged the failed JetBlue-Spirit merger asked a Massachusetts federal judge to award their counsel at least $20 million in fees, saying they "substantially contributed" to the U.S. Department of Justice successfully squashing the deal and are the prevailing party in their case.
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July 15, 2024
Menendez Jury Seeks Deliberation Guidance In 2 Notes
The Manhattan federal jury weighing bribery charges against Sen. Robert Menendez and two businessmen sent two notes Monday indicating confusion as to fundamental issues.
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July 15, 2024
Binance 'Knowingly' Assisted Hamas, Oct. 7 Survivors Say
Survivors of Hamas' Oct. 7 attack in Israel have told a New York federal judge that Binance should be held accountable for allegedly funding terrorist activity since they say the cryptocurrency exchange was created as an "illicit financial tool" that operated without adequate compliance controls to knowingly provide criminal customers with access to funds.
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July 15, 2024
NRA's Policies Called 'Dumpster Fire' As 2nd NY Trial Opens
The New York attorney general cast the National Rifle Association as unrepentant and unreformed as a second-phase bench trial began in state court Monday, after a jury had found the group and its ex-officers liable for misspending millions.
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July 15, 2024
Record Labels Sue Verizon Over Internet Users' File Sharing
A group of the biggest music labels in the world is suing Verizon for allegedly profiting from what they call "pervasive" and "staggering" copyright infringement of the labels' music, saying in a complaint that the internet service provider "deliberately turned a blind eye" to music pirating on its network.
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July 15, 2024
CVS Hit With Investor Suit Over Benefits Unit's Losses
CVS has been hit with a proposed class action in New York federal court over a series of stock price declines it suffered following announcements about losses the healthcare retailer was experiencing in its Health Care Benefits segment.
Expert Analysis
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Navigating New Regulations In Healthcare And Other M&A
While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.
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Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Grant Compliance Takeaways From Ga. Tech's FCA Settlement
Georgia Tech’s recent False Claims Act settlement over its failure to detect compliance shortcomings in a grant program was unique in that it involved a voluntary repayment of funds prior to the resolution, offering a few key lessons for universities receiving research funding from the government, says Jonathan Porter at Husch Blackwell.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Potential Defendant Strategies Amid Calif. Privacy Questions
Although the current case law surrounding the California Consumer Privacy Act is in its infancy, courts have begun addressing important issues related to the notice-and-cure provisions of the statute, and these decisions show defendant-businesses would be wise to assert their notice rights early and repeatedly, say Viola Trebicka and Dan Humphrey at Quinn Emanuel.
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Opinion
White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'
Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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1869 Case May Pave Off-Ramp For Justices In Trump DQ Fight
In deciding whether former President Donald Trump is disqualified from Colorado's Republican primary ballots, the U.S. Supreme Court could rely on due process principles articulated in a Reconstruction-era case to avert a chaotic or undemocratic outcome, says Gordon Renneisen at Cornerstone Law Group.
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Directors And Officers Face Unique AI-Related Risks
As privacy, intellectual property and discrimination lawsuits focusing on artificial intelligence increase, corporate directors and officers must stay aware of associated risks, including those related to compliance, litigation and cybersecurity, says Jonathan Meer at Wilson Elser.