A New Jersey judge on Friday refused to toss Direct Access Partners LLC's suit accusing auditing firm Rothstein Kass & Co. PC of negligence for missing a $66 million foreign trading and bribery fraud that contributed to its parent company's bankruptcy, paving the way for discovery, an attorney for the broker-dealer said.
The U.S. Department of Justice told a New York federal judge Thursday that it successfully proved at trial that American Express Co.'s rules preventing merchants from steering customers to alternative credit card products are anti-competitive and flout the Sherman Act, ahead of closing arguments next month.
A former Mayer Brown LLP chief information officer’s reckoning for victimizing the firm in a $4.8 million billing and kickback scheme was delayed yet again on Friday as a last-minute dispute over his compliance with a plea agreement flared up at his sentencing hearing.
New legislation in the U.S. House of Representatives would let generic-drug makers sue for heavy damages if brand-name manufacturers, under the guise of drug-safety restrictions, refuse to supply products needed for the testing and approval of copycat medications.
Sharp Electronics Corp. on Thursday appealed the denial of its bid to opt out of $46 million in settlements with Hitachi Inc. and Samsung Group in multidistrict litigation over alleged cathode ray tube price-fixing, roughly two weeks after a California federal judge nixed its reconsideration attempt over the matter.
A U.K. appeals court on Friday upheld the convictions of two former Innospec Ltd. executives over their roles in a bribery scheme designed to drum up business in Indonesia and Iraq, but reduced one of their prison terms from four years to three.
A California federal judge on Thursday signed off on a settlement between PNY Technologies Inc. and SanDisk Corp., ending a bumpy three-year-long lawsuit in which PNY accused its rival of monopolizing the memory card industry with exclusive licensing agreements.
GlaxoSmithKline PLC was fined a record 3 billion yuan ($488.5 million) on Friday for bribing doctors in a verdict handed down by a Chinese court, which also sentenced several of the drugmaker’s executives to up to four years in prison, according to Chinese media reports.
News Corp. CEO Robert Thomson has joined the chorus of Google Inc. opponents and backed the European Commission's decision to push for yet another settlement offer in its search bias case, underscoring the difficulty attorneys say the European Union antitrust watchdog will have in finding a compromise that makes everyone happy.
The Detroit Public Library's former chief administrator has been sentenced by a Michigan federal court to 10 years in prison for taking $1.5 million in bribes while running the 22-branch library, a prosecutor confirmed Thursday.
Medtronic Inc. reached an agreement with 46 states and the District of Columbia to settle a whistleblower's False Claims Act allegations that the company offered illegal kickbacks to physicians to implant its pacemakers and defibrillators, in a deal that follows a $10 million federal settlement, New York’s attorney general said on Thursday.
The U.S. Securities and Exchange Commission on Thursday sued eight individuals over their alleged role in a pump-and-dump scheme, including a purported California merchant banker who also faces criminal charges that he masterminded the fraud and another who allegedly used illegal profits toward an earlier SEC penalty.
The Second Circuit on Thursday upheld the dismissal of Iraq's $10 billion racketeering lawsuit accusing multinational companies of helping Saddam Hussein defraud the United Nations’ so-called Oil-for-Food program, finding the Hussein regime acted as a representative of the Middle Eastern nation, which could not sue itself.
Seven executives from Mitsubishi Electric Corp. and Hitachi Automotive Supply Ltd. on Thursday were indicted in Michigan federal court for their role in a scheme to fix the prices of automotive products, the U.S. Department of Justice has announced.
Pie company Savory Pie Guy LLC slapped dough equipment company Comtec Industries Ltd. with an antitrust class action in New York federal court on Wednesday, claiming Comtec prevents its customers from buying products from its rivals in order to maintain a monopoly.
A U.S. Senate Democrat on Wednesday announced he is crafting a plan to phase out perpetual antitrust exemptions in pro sports to promote good behavior, a proposal that arrives at a time when the National Football League is under scrutiny for the off-field behavior of its players.
A trade group representing the British book publishing industry has reportedly asked the U.K.'s antitrust regulator to investigate whether Amazon.com Inc.'s dealings with publishers run afoul of the country's competition laws.
Pixar Inc., The Walt Disney Co. and other animation studios were hit with a new putative class action in California federal court Wednesday alleging they conspired to fix the pay of contractors, who cited testimony from a similar antitrust case brought by engineers against Apple Inc. and other tech giants.
Advocacy organizations Public Knowledge and the Institute for Local Self-Reliance urged the Federal Communications Commission on Tuesday to either deny AT&T Inc.'s proposed $48.5 billion acquisition of DirecTV Inc. or approve the deal with easily verifiable conditions.
The Organization for Economic Cooperation and Development on Tuesday outlined several recommendations for bolstering international coordination of competition enforcement, calling for enhanced cooperation on investigations and unabated confidential information sharing between nations at a time when the global economy is ripe for transnational anti-competitive activities.
In a case involving a French association of banking institutions, the EU Court of Justice severely reprimanded the General Court for its failure to properly analyze a restriction of competition "by object," thus reminding both the European Commission and the General Court that not all agreements between undertakings can be presumed to harm competition, say attorneys with Shearman & Sterling LLP.
Lawyers who deal with anti-corruption risks and third parties have passed around standard clauses they like to use in their agent and distributor contracts. But taking a more creative approach to contract drafting is an important way to minimize risk, says Michael Volkov of The Volkov Law Group LLC.
The Federal Energy Regulatory Commission's proposed market-based rate revisions would streamline filing and clarify when procedures are relevant to different types of entities, which could materially reduce burdens and costs, say William Degrandis and Candice Castaneda of Paul Hastings LLP.
The EU Court of Justice recently dismissed MasterCard Inc.’s final appeal against a 2007 antitrust infringement decision. This judgment finally puts an end to a seven-year legal battle over interbank card fees and will have a profound impact on banks, merchants and, ultimately, consumers, says Irene Fraile of Constantine Cannon LLP.
Recent policy statements on the U.S. Department of Justice’s criminal antitrust enforcement program provide additional clarity, and significant reaffirmation, on the DOJ’s policies and practices in prosecuting breaches of the antitrust laws. But some comments may leave companies seeking more clarification, say Mark Rosman and Jeff VanHooreweghe of Wilson Sonsini Goodrich & Rosati.
Given the price of defeat and the strength of the government’s evidence, why didn’t former Virginia Governor Robert McDonnell plead guilty when he had the chance? There are three common reasons why white collar criminal defendants choose to fight instead of admit guilt, says Daniel Suleiman, special counsel at Covington & Burling LLP and a former senior official in the U.S. Department of Justice Criminal Division.
As the Sentencing Commission reviews the antitrust guidelines, we urge that consideration be given to reforming the way volume of commerce escalates an individual’s recommended prison guidelines range, say Robert Connolly and Joan Marshall, partners with GeyerGorey LLP and former Antitrust Division prosecutors.
A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.
In the recent Adderall XR case, a Second Circuit panel ruled that an alleged monopolist patent-holding drug manufacturer’s alleged breach of an agreement to supply a patented drug to competing manufacturers did not violate the Sherman Act. This decision provides yet another illustration of the limits of the U.S. Supreme Court's decision in Aspen Skiing, say John Elliott and Irving Scher of Greenberg Traurig LLP.
Efforts to apply the Esquenazi definition in Korea — a country where the government plays a significant yet often obscured role in several important industries — reveal that the definition leaves important questions unresolved and provides little comfort to companies trying to determine whether a potential business partner may be subject to the Foreign Corrupt Practices Act, say attorneys with Cadwalader Wickersham & Taft LLP and Kim & Chang.