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Delaware
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May 03, 2024
Rue21 Can Use Lender Cash As It Moves To Shut All Stores
A Delaware bankruptcy judge gave an initial nod Friday to teen apparel company rue21's bid to use its lender cash collateral to fund itself as it works to sell off inventory across 540 stores in the U.S. during its Chapter 11 case.
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May 03, 2024
3rd Circ. Clarifies Review Standard For Derivative Suits
In a precedential ruling Friday declining to revive Cognizant Technology investors' derivative claims over a bribery scandal, the full Third Circuit held that the best way to review such cases on appeal was from the beginning, not giving deference to the lower court's decision or considering whether there was an abuse of discretion.
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May 03, 2024
Chancery OKs Record-Breaking $100M Pattern Energy Deal
A $100 million settlement ending state and federal court litigation over Pattern Energy Group Inc.'s $6.1 billion go-private sale in 2020 got the nod from Delaware's Court of Chancery on Friday, along with a requested $26 million fee award and two $25,000 incentive awards for the lead shareholder plaintiffs.
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May 03, 2024
Tech Security Firm Founder Sues Buyer For Legal Fees In Del.
The founder of security and information technology service venture Counter Threat Solutions sued the company that acquired it for legal fee advancement in Delaware's Court of Chancery, after accusing the buyer in a Delaware Superior Court suit of fabricating post-closing indemnity claims and refusing to honor payment terms.
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May 03, 2024
6 States Strike $270M Opioid Deal With Amneal
The New York state attorney general on Friday said that a $270 million multistate deal had been reached with opioid manufacturer Amneal Pharmaceuticals for its role in the addiction epidemic over allegations that the company failed to report suspicious orders of the narcotics.
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May 02, 2024
Walgreens Fights $1B Arb. Award Over COVID Test Contract
At-home lab test maker Everly Health urged a Delaware federal judge to affirm its nearly $1 billion arbitration award against Walgreens over claims the pharmacy chain deliberately misused the digital health platform's trademark while secretly diverting COVID-19 tests to its own pharmacists while Walgreens argued the arbitrator overstepped his authority in bestowing such an "egregious" award.
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May 02, 2024
Feds Call Out Gilead's Efforts To Revise HIV Drug IP Judgment
The U.S. Department of Justice has asked a Delaware federal judge to reject Gilead Sciences' motion to modify a judgment finding that two medications in its HIV prevention regimen directly infringe voided patents owned by the government, arguing that the pharmaceutical company's attempt to rewrite the judgment is "unnecessary as well as improper."
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May 02, 2024
Sugar Price-Fixing Suits Combined In NY
A New York federal judge consolidated six proposed price-fixing class actions against domestic sugar producers, siding with plaintiffs who wanted to try the cases as part of a multidistrict litigation.
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May 02, 2024
3rd Circ. Shuts Down Pa.'s Challenge To EPA Ozone Plan
The Third Circuit on Thursday upheld the U.S. Environmental Protection Agency's air emissions plan for coal-fired power plants in Pennsylvania, which the state and a company had argued was illegally imposed.
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May 02, 2024
Microsoft, Activision Seek Del. Court Patch For $68.7B Sale
Microsoft Corp. and Activision Blizzard petitioned Delaware's Court of Chancery on Thursday for an order validating Activision's already closed but officially "defective" $68.7 billion sale agreement, arguing that the court pointed the two companies to a "solution for missteps in Delaware's General Corporation Law.
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May 02, 2024
Chancery Ruling Plays Role In Tesla's S&P Governance Grade
Business rating agency Standard & Poor's has revised downward to "moderately negative" electric vehicle company Tesla Inc.'s grade for management and governance, pointing in part to CEO Elon Musk's dominant role, and the company's "uncommonly high" risk from lawsuits, including the Delaware Chancery Court's recent scuttling of his $56 billion pay plan.
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May 02, 2024
ADM Investor Says Brass Misled About Growth, SEC Probe
The current and former top brass of food processing company Archer-Daniels-Midland were hit with a derivative suit in Delaware federal court alleging they provided false information to investors about the company's growth and failed to disclose a U.S. Securities and Exchange Commission's investigation into its nutrition business.
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May 02, 2024
Investors Not Entitled To Info, Sequel Youth Tells Chancery
A once-thriving chain of youth treatment facilities that came under scrutiny after a private equity firm bought it in 2017 urged Delaware's Court of Chancery on Thursday to toss a lawsuit from two former executives who demanded financial information about their "eviscerated" investments, arguing that the company didn't have to provide it.
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May 02, 2024
3rd Circ. Reopens Chinese Tech Worker's Promotion Bias Suit
The Third Circuit revived a Chinese software engineer's lawsuit Thursday alleging he was denied a promotion and fired by a tax technology company because he complained about racist comments he faced, ruling a lower court evaluated the worker's claims too narrowly.
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May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
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May 02, 2024
Discover Ups Liability Costs For Card Pricing Issue To $1.2B
Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.
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May 02, 2024
Skin Care Drug Co. Gets OK For Ch. 11 Wind-Down Plan
A Delaware bankruptcy judge on Thursday said she would approve the unopposed and unanimously approved Chapter 11 wind-down plans of the company previously known as Timber Pharmaceuticals Inc.
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May 02, 2024
Teen Retailer Rue21 Hits Ch. 11 Again With Plans To Sell
Retail fashion company rue21, which made a trip through bankruptcy most recently in 2017, filed for Chapter 11 protection in Delaware court Thursday, disclosing $194.4 million in debt and a plan to sell the business.
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May 01, 2024
Chancery Nixes Amazon.com Investor's Antitrust Docs Probe
An Amazon.com stockholder on Wednesday lost a Delaware Court of Chancery suit seeking court-ordered access to company records to probe claims that the online retailing giant engages in anti-competitive practices, with a court magistrate finding the evidence insufficient to justify the demand.
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May 01, 2024
Median Patent Damages Awards Are Shrinking
A New York accounting firm that provides damages experts for intellectual property cases has found in a new study that median damages awards in patent cases have declined over the last 15 years.
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May 01, 2024
3rd Circ. Flags Bayer's Knowledge Of Tainted Fungal Spray
A proposed class of consumers who bought tainted Bayer antifungal sprays said they should have standing to sue because they didn't get the "benefit of the bargain" — and a Third Circuit panel questioned Wednesday if Bayer's separate suit blaming a supplier made the consumers' case for them.
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May 01, 2024
'Foul' BioVentrix Cash-Out Gets Extra Scrutiny, Chancery Says
A medical device company's decision to suddenly and without explanation cash out its common stockholders for less than a penny just two months before the company raised $48.5 million in new capital creates such a "foul flavor" that it deserves extra scrutiny, a Delaware Chancery Court judge said Wednesday.
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May 01, 2024
Oil Drilling Workers Urge High Court Not To Review PPE Suit
The Third Circuit's view that time putting on and taking off personal protective equipment becomes compensable if the gear is integral and indispensable to employees' work actually aligns with a Second Circuit's standard, oil rig workers told the U.S. Supreme Court on Wednesday.
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May 01, 2024
Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge
Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.
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May 01, 2024
Paramount Faces Chancery Suit Over Skydance Merger Moves
The general treasurer of Rhode Island has sued Paramount Global in Delaware's Chancery Court for access to records regarding efforts to merge the mass media giant with Skydance Media, accusing Paramount's billionaire controller, Shari Redstone, of usurping company opportunities and tilting the terms and processes toward her own benefit.
Expert Analysis
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Comparing Corporate Law In Delaware, Texas And Nevada
With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.
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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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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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A Snapshot Of The Evolving Restrictive Covenant Landscape
Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.
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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.
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Timing Is Key For Noninfringing Alternatives In Patent Cases
A Texas district court’s recent ruling in Smart Path Connections v. Nokia may affect the timing of expert disclosures and opinion regarding noninfringing alternatives in patent infringement litigation, for both defendants and plaintiffs, says Alexander Clemons at Ocean Tomo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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2 Recent Suits Show Resiliency Of Medicare Drug Price Law
Though pharmaceutical companies continue to file lawsuits challenging the Inflation Reduction Act, which enables the federal government to negotiate for lower prescription drug prices, recent decisions suggest that the reduced drug prices are likely here to stay, says Jose Vela Jr. at Clark Hill.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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How 3 Unfolding Cases Could Affect The Energy Industry
Three judicial decisions now in the pipeline — Texas' challenge to the U.S. Environmental Protection Agency's methane regulations, Delaware's climate suit against big energy companies, and a case before the Supreme Court of Texas on royalty lease interpretation — could have important implications for the energy industry, say Michelle Scheffler and Rachael Cox at Skadden.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.