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Competition
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May 20, 2024
Davis Polk, Wachtell Guide $2B SouthState Banking Deal
Florida-based SouthState Corp. said Monday it has agreed to purchase Texas-based Independent Bank Group Inc. in an all-stock transaction valued at approximately $2 billion, with Davis Polk and Wachtell steering the regional lenders on the deal.
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May 17, 2024
Apple OK'd New App Fees Despite Antitrust Ruling
An Apple Inc. executive conceded during a high-stakes antitrust hearing Friday over Apple's compliance with a court-ordered ban on App Store anti-steering rules that executives decided to implement a new 27% fee on out-of-app transactions despite knowing a jury had recently found that similar Google fees violated antitrust laws.
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May 17, 2024
Boeing Jury Urged To Award Startup At Least $163M At IP Trial
An electric-jet company told a Seattle jury Friday that Boeing misappropriated its trade secrets to build a copycat plane under the guise of investing in the startup, entitling it to an award of more than $163 million.
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May 17, 2024
T-Mobile Must Face Sprint Merger Suit Before Appealing
The Seventh Circuit summarily rejected T-Mobile's move for interlocutory appeal in a proposed consumer class action targeting the company's 2020 merger with Sprint, allowing the case to advance to discovery after the district court denied T-Mobile's motion to dismiss in the fall.
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May 17, 2024
Las Vegas Sun Wants Day In Court Against Review-Journal
The Las Vegas Sun asked a Nevada federal judge Thursday to schedule trial in its antitrust suit against the Las Vegas Review-Journal, arguing the larger paper and soured distribution partner cannot be allowed to continue running out the clock in an effort to put the Sun out of business.
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May 17, 2024
Judge Won't Bar Thermo Fisher Exec's Jump To Repligen
A Massachusetts judge won't block a former Thermo Fisher Scientific executive from jumping to smaller rival Repligen, calling a noncompete agreement signed by the employee overbroad and suggesting that it was really aimed at stifling competition in a ruling released Friday.
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May 17, 2024
Google Says Payment Means No Need For DOJ Ad Tech Jury
Google is arguing in Virginia federal court the government has no right to a jury trial in a case accusing the company of monopolizing key digital advertising technology, especially after Google issued a check for the money enforcers could be awarded if they won.
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May 17, 2024
Industry Emboldened After Justices Galvanize Agency Attacks
In the year since the U.S. Supreme Court said "extraordinary" and "far-reaching" attacks on administrative enforcers can skip agency tribunals and go straight to federal district court, ambitious challenges to regulatory powers are rapidly gaining traction, and the high court is poised to put them on an even firmer footing.
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May 17, 2024
Debevoise Hires Former Clifford Chance US Antitrust Head
Tim Cornell, former head of the U.S. antitrust group at Clifford Chance LLP, will join Debevoise & Plimpton LLP's Washington, D.C., office as partner, Debevoise announced Friday.
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May 17, 2024
Glass Lewis, ISS Split On Chevron-Hess Deal Guidance
Hess Corp. shareholders got mixed advice from the two leading proxy advisory firms on whether to vote in favor of a $53 billion takeover by Chevron Corp., further muddling the oil and gas giants' path to closing the mega-deal amid an ongoing dispute with Exxon Mobil Corp.
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May 17, 2024
Sports Direct Loses Newcastle Replica Kit Injunction Bid
Sports Direct has failed to force Newcastle United to stock its stores with replica kits of the Premier League football club, as an appeals court found Friday that the damage caused by a wrongly granted injunction would be "more fundamental" to the club.
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May 17, 2024
Local Authorities Bid To Toss Truck Makers' Pass-On Defense
A lawyer acting for 136 local authorities across the U.K. urged a tribunal on Friday to prevent European truck manufacturers from arguing that they passed on higher costs allegedly paid for vehicles through higher tax and service charges for residents.
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May 16, 2024
$2B Default Recommended For Making Fair Trial 'Impossible'
Years of lies should put a pair of Chinese electronics companies on the hook for over $2 billion in default judgment, a special master told a California federal judge, adding that their yearslong no-show and disregard of U.S. counsel advice to retain documents have rendered a fair trial "impossible."
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May 16, 2024
Klobuchar Reintroduces Sweeping Antitrust Reform Bill
Sen. Amy Klobuchar, D-Minn., reintroduced sweeping legislation Thursday aimed at restoring competition by strengthening antitrust laws to help enforcers better deal with harmful conduct and mergers, garnering support from the American Antitrust Institute, Consumer Reports and others.
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May 16, 2024
FTC Can't Make Albertsons, Kroger Produce Divestiture Docs
An administrative law judge on Thursday denied the Federal Trade Commission's "premature" bid to compel Kroger and Albertsons to fork over documents related to negotiations for the companies' expanded divestiture plan amid the commission's in-house challenge to the grocers' merger.
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May 16, 2024
3rd Circ. Shuns Teva's 'Novel' Appeal On Israeli Investor Class
The Third Circuit on Thursday turned away an appeal brought by Teva Pharmaceutical Industries Ltd., saying the class certification stage was not the right time to hear arguments over the "novel" question of the applicability of U.S. securities laws to Israeli-listed shares.
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May 16, 2024
FTC Deputy Director Rao On Healthcare Antitrust Agenda
The reason behind the Federal Trade Commission's changed attitude toward antitrust in healthcare in recent years isn't simple, according to Rahul Rao, deputy director of the FTC's Bureau of Competition.
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May 16, 2024
NJ Judge Scrutinizes J&J Unit's Libel Claim Over Talc Study
A bankrupt Johnson & Johnson unit's libel claims over a scientific article linking talcum powder to mesothelioma intrigued a New Jersey federal judge during an oral argument on Thursday, prompting her to muse that the author's consideration of other exposures seemed to bolster the study at issue.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
Apple Exec Must Produce All Docs On 27% App Fee Decision
A California federal judge presiding over a high-stakes antitrust hearing over Apple's compliance with a court-ordered ban on App Store anti-steering rules ordered a company executive Thursday to hand over all of his communications and notes on Apple's decision to impose a new 27% fee after her injunction.
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May 16, 2024
Gilead, Teva Want 17 HIV Drug Antitrust Appeals Consolidated
Gilead Sciences Inc. and Teva Pharmaceuticals are asking the Ninth Circuit to consolidate 17 appeals contesting their win in a case alleging they delayed generic versions of HIV medications, saying the three groups of buyers are raising largely the same issues but refuse to commit to combining their briefs.
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May 16, 2024
11th Circ. Tries To Untangle Aftermath Of Judge's Early Exit
An Eleventh Circuit panel on Thursday quizzed attorneys for rival breeders of disease-resistant shrimp about whether a $10 million trade-secrets jury verdict should be overturned after a federal magistrate judge presided over the trial's ending because a federal district judge had to catch a flight, with one of the panel judges saying the parties had been put "in a very difficult position."
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May 16, 2024
US Soccer Hopes To Bounce Antitrust Lawsuit Absent FIFA
U.S. Soccer is once again attempting to quash an antitrust lawsuit filed by an event promoter, but this time with a letter questioning whether settlement talks the judge recently ordered are worth the money and effort it would have to expend.
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May 16, 2024
Nantucket Accused Of Biased Car-Rental Licensing
A Nantucket couple has sued the island town's government in Massachusetts federal court, alleging it enforced an illegal and racially biased bylaw enacted 27 years ago to shut down their car rental business.
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May 16, 2024
$5.5M Apotex Generic Drug Price-Fixing Deal Gets Initial OK
A Pennsylvania federal judge gave preliminary approval to yet another settlement in the sweeping generic drug price-fixing multidistrict litigation, this time signing off on pharmaceutical company Apotex's $5.5 million settlement with clinics, hospitals and independent pharmacies.
Expert Analysis
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Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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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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Opinion
Biden Admin's March-In Plan Would Hurt Medical Innovation
The Biden administration's proposal to reinterpret the Bayh-Dole Act and allow the government to claw back patents when it determines that a commercialized product's price is too high would discourage private investment in important research and development, says Ken Thorpe at the Rollins School of Public Health.
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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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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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What's On The Horizon In Attorney General Enforcement
A look at recent attorney general actions, especially in the areas of antitrust and artificial intelligence, can help inform businesses on what they should expect in terms of enforcement trends as 10 attorney general races play out in 2024, say attorneys at Cozen O'Connor.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.
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How High Court SEC Case Could Affect The ITC
While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.
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HR Antitrust Compliance Crucial Amid DOJ Scrutiny
The Justice Department's Antitrust Division recently announced a required human resources component for antitrust compliance programs, which means companies should evaluate their policies to prevent, detect and remediate potential violations as they add training for HR professionals, say attorneys at Morgan Lewis.
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Mass Arb. Rule Changes May Be A Hindrance For Consumers
The American Arbitration Association's recent changes to its mass arbitration supplementary rules and fee schedule, including a shift from filing fees to initiation and per-case fees, may reduce consumers' ability to counteract businesses' mandatory arbitration agreements, say Eduard Korsinsky and Alexander Krot at Levi & Korsinsky.
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ChristianaCare Settlement Reveals FCA Pitfalls For Hospitals
ChristianaCare's False Claims Act settlement in December is the first one based on a hospital allegedly providing private physicians with free services in the form of hospital-employed clinicians and provides important compliance lessons as the government ramps up scrutiny of compensation arrangements, say attorneys at Sheppard Mullin.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.