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October 29, 2024
Yieldstreet Investors' $9M Deal Over Risky Offerings OK'd
A New York federal judge has given his preliminary blessing to a settlement worth up to $9 million resolving a class action by Yieldstreet investors who accused the online platform of offering "riskier-than-junk-bond investments" to the public that caused the plaintiffs to lose millions of dollars in defaulted loans.
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October 29, 2024
NY Judge Says Law Sealing Illicit Pot Shops Unconstitutional
A New York state judge ruled Tuesday that a newly enacted New York City law empowering municipal officials to shut down stores selling unlicensed marijuana products is unconstitutional.
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October 29, 2024
NYC Mayoral Straw Donor Scheme Sees Another Guilty Plea
A bookkeeper enmeshed in a straw donor scheme to benefit New York City Mayor Eric Adams' 2021 campaign copped to a violation on Tuesday as part of a deal with the Manhattan District Attorney's Office, effectively closing out the case.
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October 29, 2024
Legal Union Fights Title VII Claims After Palestine Resolution
The Association of Legal Aid Attorneys did not violate anti-discrimination laws by moving to expel three attorneys who tried to stop the union from adopting a controversial pro-Palestine resolution, the union has argued, asking a New York federal judge to dismiss the attorneys' Title VII lawsuit.
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October 29, 2024
Merger Guides In Fashion As Court Pauses Handbag Deal
The Federal Trade Commission scored a major win last week with a court order pausing the planned $8.5 billion merger between the owners of Coach and Michael Kors, but the ruling stopped short of fully embracing enforcers' recent attempts to influence merger law.
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October 29, 2024
Lye Buyers Can't Save Rejected $38.5M Antitrust Settlement
A New York federal judge refused Tuesday to change her mind about rejecting a $38.5 million class settlement between direct chemical buyers and three manufacturers accused of colluding to inflate the price of lye.
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October 29, 2024
Biopharma Co. Escapes Investor Suit Over Drug Approval Lies
Biopharmaceutical company Spero Therapeutics Inc. has escaped a proposed investor class action accusing it of concealing warning signs that it would not secure regulatory approval of one of its drugs, with the court ruling that Spero's interactions with the U.S. Food and Drug Administration do not indicate Spero should have known its application would be rejected.
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October 29, 2024
Beyond Abortion, 7 Ballot Questions Set To Shape Care
While reproductive rights have led the healthcare debate this election season, voters across the country will shape state policies on a number of other hot issues, including a Medicaid work requirement and coverage for IVF. Law360 Healthcare Authority looks at seven ballot measures that go beyond abortion.
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October 29, 2024
NBA Angles To Keep Sensitive Media Rights Info Under Wraps
Litigation over the National Basketball Association's broadcast rights lurched ahead Tuesday as the league published carefully redacted documents detailing its negotiations with media heavyweights while asking a New York state court to keep sensitive details under wraps.
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October 29, 2024
2nd Circ. Revives Investor Suit Against Chinese News App
The Second Circuit has revived a securities class action alleging that Chinese news aggregation app Qutoutiao hid changes in its advertising policies that allegedly spurred fraudulent advertisements on the app and eventually caused its share price to decline, finding that the lower court erred in determining that the suit's claims sound in fraud.
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October 29, 2024
NYC Pet Leave Bill Marks 'Radical Departure' In Sick Time Use
Legislation proposed by two New York City Council members that would require letting workers use sick leave to care for pets and service animals is an unprecedented move and an acknowledgment of the rising importance employees place on mental health, experts say.
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October 29, 2024
Purdue Creditors Can Sue Sacklers For $11.5B
Creditors of bankrupt OxyContin maker Purdue Pharma LP will get the right to sue the company's owners — certain members of the Sackler family — and others for $11.5 billion, should they choose to do so, a New York judge said on Tuesday.
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October 29, 2024
Bannon Released From Prison As Election, NY Trial Loom
Former President Donald Trump ally Steve Bannon was released from federal prison Tuesday after serving a four-month sentence for contempt of Congress, a week before Election Day and a month and a half ahead of his next criminal trial in New York.
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October 29, 2024
2nd Circ. Says FBI Agents Immune From Suit Over No-Fly List
The Second Circuit on Tuesday upheld a lower court's decision finding immunity for FBI agents who were accused of placing four Muslim men on a no-fly database after they declined to become informants.
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October 29, 2024
Akerman Hires 2 IP Partners From Kilpatrick In NYC
Akerman LLP announced Monday that two former partners at Kilpatrick Townsend & Stockton LLP are the latest additions to its intellectual property practice group in New York City.
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October 29, 2024
Alibaba's $433.5M Investor Suit Deal Gets Initial OK
A New York federal judge granted preliminary approval to a $433.5 million deal settling a suit between Alibaba Group and investors alleging the company made misstatements about its exclusivity practices and the planned $34 billion initial public offering of a fintech affiliate.
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October 29, 2024
Front Office Sports Sued For Using Luxury Real Estate Photos
Private equity-backed media outlet Front Office Sports is accused of unlawfully using luxury real estate photos online without permission, according to a lawsuit filed in New York federal court.
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October 29, 2024
Blackstone Brings In $22B Total For Direct Lending Platform
Private equity giant Blackstone, advised by Simpson Thacher & Bartlett LLP, on Tuesday revealed that it successfully closed its inaugural evergreen institutional U.S. direct lending fund after securing a total of $22 billion in capital commitments.
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October 28, 2024
JPMorgan CEO Says Banks Must 'Fight Back' As Regs Mount
JPMorgan Chase & Co. CEO Jamie Dimon said Monday that it's time for the banking industry to "fight back" against aggressive federal regulators, criticizing what he described as an "onslaught" of unnecessary, overly harsh rulemaking.
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October 28, 2024
Masimo Sues Founder Over Alleged 'Empty Voting' Scheme
Masimo Corp. has sued its founder for allegedly conspiring with an investment firm and company stockholder to manipulate a shareholder vote in order to maintain his seat on the medical technology company's board of directors.
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October 28, 2024
Handbag Cos. Turn To 2nd Circ. Over Pause On $8.5B Merger
The owners of Michael Kors and Coach plan to ask the Second Circuit to review a New York federal judge's order granting the Federal Trade Commission's bid to halt an $8.5 billion merger between the companies while the agency conducts an in-house merger challenge, according to a notice filed Monday.
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October 28, 2024
SEC Sues To Enforce Subpoena On Telehealth Co.
The U.S. Securities and Exchange Commission has asked a New York federal judge to order a weight loss-focused telehealth company to comply with a subpoena issued in connection with the SEC's investigation into whether the company violated federal securities laws.
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October 28, 2024
Nokia Strikes Deal Ahead Of Trial In Texas Patent Co.'s Suit
Less than two weeks before a jury trial is set to begin, intervenor Nokia of America and patent owner Wireless Alliance LLC struck a deal resolving part of a lawsuit accusing telecommunication behemoths AT&T, Verizon and T-Mobile of patent infringement, according to a settlement notice filed in Texas federal court Friday.
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October 28, 2024
Leader Of Bankers' Group Calls For Anti-Fraud Watchdogs
The head of the nation's largest banking trade group on Monday called on Congress and the White House to establish a federal office of scam and fraud prevention to counteract the rising tide of fraud costing the U.S. tens of billions annually.
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October 28, 2024
Fidelity Investments Sued Over Money Market Fund's Fees
Fidelity Investments has been hit with a class action suit in New York federal court alleging it charged high fees, mismanaged the administration of one of its money market funds, and failed to act in the best interests of the fund's shareholders.
Expert Analysis
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What NYC's Green Fast Track Means For Affordable Housing
New York City's Green Fast Track for Housing initiative, which went into effect last month, aims to speed up the environmental review process for modest residential developments and could potentially pave the way for similar initiatives in other cities, say Vivien Krieger and Rachel Scall at Cozen O'Connor.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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Perspectives
NY Chief Judge Spotlights Need To Strengthen Public Defense
In a recent concurrence in People v. Watkins, New York Chief Judge Rowan Wilson called attention to the necessity for greater investment in public defense services, highlighting not only the urgency of current crises, but the need to embrace a more ambitious vision of equal right to counsel, says Corey Stoughton at Selendy Gay.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Fair Use Doctrine Faces Challenges In The Generative AI Era
As courts struggle to apply existing copyright principles to new, digital contexts, the evolving capabilities of AI technologies are testing the limits of traditional frameworks, with the fair use doctrine being met with significant challenges, says John Poulos at Norton Rose.
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Lower Courts May Finally Be Getting The Memo After Ciminelli
A year after the U.S. Supreme Court again limited prosecutors' overbroad theories of fraud in Ciminelli v. U.S., early returns suggest that the message has at least partially landed with the lower courts, spotlighting lessons for defense counsel moving forward, says Kenneth Notter at MoloLamken.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.