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Corporate
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April 05, 2024
Microsoft, Others Can Weigh In On Epic, Apple App Store Row
A California federal judge allowed Microsoft, X Corp., Meta Platforms, Spotify and other major app developers to file amicus briefs in Epic Games' effort to convince the court that Apple is not complying with an order barring it from using anti-steering rules in its App Store.
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April 05, 2024
Jury Finds Pharma Exec 'Shadow Traded' With Inside Info
A California federal jury found Friday that a former Medivation executive is liable for using inside information from his company when he purchased stock in rival pharmaceutical maker Incyte, in a novel civil "shadow trading" case brought by the U.S. Securities and Exchange Commission.
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April 05, 2024
Conflicting Stories Wreck Suit Blaming UPS Truck For Crash
A Massachusetts federal judge has thrown out a man's suit against United Parcel Service Inc. alleging he had a wreck while trying to avoid hitting a UPS truck that was double-parked in the driving lane, with the judge saying the man gave two contradictory versions of the event in his filings.
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April 05, 2024
New Chancery Challenge Launched To Board-Investor Pacts
A biopharmaceutical company stockholder has teed up a new Delaware Chancery Court suit challenging board-investor voting agreements, with the complaint acknowledging wide debate over the pacts and a fast-moving push to amend state corporation law to authorize them.
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April 05, 2024
PAGA Repeal Bill On Nov. Ballot May Upend Calif. Labor Law
A controversial bill going before Golden State voters in November has employment attorneys divided over its plan to replace California's Private Attorneys General Act with new legislation doubling penalties for willful labor-law violators, but leaving enforcement solely to a state agency that has proven ineffective in the past.
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April 05, 2024
Nixon Peabody Adds 2 Attys From Hinckley Allen In Boston
A pair of attorneys have jumped to Nixon Peabody LLP in Boston after spending more than a decade working at Hinckley Allen & Snyder LLP.
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April 05, 2024
Ex-Cognizant Execs' Trial Moved Over Atty Schedule Woes
A New Jersey federal judge has agreed to reschedule the trial of two former Cognizant Technology Solutions executives accused of authorizing a bribe to an Indian official, answering the call by a Gibbons PC counsel who has another high-profile white-collar trial on his schedule the same day his Cognizant case client was also set to go before a jury.
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April 05, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Some pressure is off legal teams for a while as the U.S. Securities and Exchange Commission pauses its new climate disclosure rules until a court suit over them is resolved. And an in-house chief counsel was charged with embezzling more than $200,000 by getting his company to pay fake invoices from law firms.
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April 05, 2024
Green Energy Co. Duped Investors Out Of $40M, Suit Says
A proposed class of investors has hit a purported Chicago green energy outfit and its executives with a federal suit claiming they used promises of extravagant returns to get the plaintiffs to invest but never created any energy or produced the returns they promised.
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April 05, 2024
Utility Atty Who Advised Google JV Opens Environmental Firm
An attorney who advised a Google joint venture on a group of master-planned communities and a California utility on billions of dollars in infrastructure work has launched boutique firm Forrest Environmental Law.
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April 05, 2024
Chinese Insurer Awarded Nearly $15M Over Hotel Theft Suit
A California federal judge awarded a Chinese insurer nearly $15 million in damages after a man accused of conspiring to fraudulently claim ownership of New York City's JW Marriott Essex House Hotel and other luxury properties failed to appear in the action.
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April 05, 2024
2nd Circ. Revives Coinbase Securities Class Action
The Second Circuit on Friday revived a proposed class action accusing crypto trading platform Coinbase of selling unregistered securities, saying that competing user contracts left it open for interpretation as to who, exactly, was the direct seller of dozens of tokens trading on the exchange.
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April 05, 2024
National Association Of Broadcasters Hires New Deputy GC
The National Association of Broadcasters has hired a former Baker McKenzie partner and Federal Trade Commission attorney to serve as its new deputy general counsel, the group announced Thursday.
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April 05, 2024
US Gas Cos. Delay $7.4B Deal Closing Date Amid FTC Scrutiny
A month after a group of 50 lawmakers urged the Federal Trade Commission to investigate a recent string of mergers and acquisitions in the oil industry, the regulatory agency is putting Chesapeake Energy and Southwestern Energy's planned $7.4 billion merger under the microscope.
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April 05, 2024
Ex-Acting Homeland Security GC Joins Nixon Peabody In DC
Nixon Peabody LLP has hired the former acting general counsel of the U.S. Department of Homeland Security, who joins the firm after working with the agency for more than two decades and through four presidential administrations.
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April 04, 2024
Google Ad Privacy Class Loses Cert. Bid, For Now
A California federal judge Thursday refused to certify a class of potentially tens of millions of Google account holders alleging the company's ad auction practices violate privacy rights, saying that while the consumers have hit many certification requirements, the current class definition is improperly fail-safe.
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April 04, 2024
CFPB's Privacy Efforts Extend Beyond Banks, Chopra Says
The Consumer Financial Protection Bureau is looking to wield its "significant" power to crack down on data privacy abuses to tackle a range of issues that go beyond traditional banking activities, including by crafting new restrictions on data brokers' ability to amass personal data and exploring risks facing consumers in the digital gaming market, the agency's head Rohit Chopra said Thursday.
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April 04, 2024
SEC Points Jury To 'Coincidence' In Shadow Trading Trial
A U.S. Securities and Exchange Commission attorney on Thursday cross-examined a former executive of pharmaceutical company Medivation about his alleged "shadow trading" in the stock of rival pharma company Incyte, pressing the executive repeatedly to assert that various facts and circumstances supporting the agency's position were merely "coincidence."
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April 04, 2024
MoneyLion's Woes Draw Del. Suit Against SPAC Insiders
Investors have sued the sponsor of a blank-check company and several of its directors and controllers in Delaware's Chancery Court, accusing them of overvaluing a merger with digital finance platform MoneyLion, which was sued by the Consumer Financial Protection Bureau in 2022.
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April 04, 2024
Snowflake Investor Accuses Brass Of Insider Trading
A Snowflake Inc. investor filed a lawsuit Thursday against the cloud data platform's leadership team, accusing company insiders of shedding over $1 billion worth of stock at inflated prices while knowing about or recklessly disregarding a scheme to misrepresent sales data following the company's $3.3 billion public debut.
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April 04, 2024
'Halfhearted' Hytera Filings Not Enough To Lift Hefty Sanctions
Hytera Communications' daily $1 million fine and other sanctions for violating an Illinois federal judge's anti-suit injunction stayed in place Thursday as she ordered the company to submit a fourth, more "meaningful" request in China to halt a lawsuit it lodged against Motorola Solutions.
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April 04, 2024
Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims
A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."
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April 04, 2024
Caterpillar 'Talking Out Both Sides,' Judge Says
A Delaware federal judge chastised Caterpillar Inc. ahead of trial in a series of orders mostly siding with claims from a defunct construction equipment supplier accusing the company of pressuring an online auctioneer to break an important contract with the would-be competitor.
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April 04, 2024
Morgan Stanley, Goldman Sachs Can't Duck Archegos Claims
A New York appellate court on Thursday affirmed a decision refusing to dismiss ViacomCBS investors' claims against Morgan Stanley, Goldman Sachs and a long list of banks over the collapse of Archegos Capital Management, finding that investors plausibly identified statements the banks made that could have been misleading.
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April 04, 2024
Arby's, Sonic, Dunkin Settle Mystery Shopper IP Claims
A Texas federal judge has stayed all deadlines in Fall Line Patents LLC's suit that accuses Arby's Restaurant Group Inc., Sonic Franchising LLC and Dunkin Brands Inc. of infringing its mystery shopper patent with their respective mobile applications, after the parties filed a joint bid saying they have settled their claims in principle.
Expert Analysis
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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The 5 Most Important Bid Protest Decisions Of 2023
Attorneys at Bradley Arant discuss noteworthy 2023 bid protest decisions from the U.S. Court of Federal Claims and U.S. Government Accountability Office, offering perspectives on standing, document production, agency deference, System for Award Management registration requirements and mentor-protégé joint venture proposal evaluations.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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Wachtell-X Ruling Highlights Trend On Arbitrability Question
A growing body of case law, including a California state court's recent decision in X Corp. v. Wachtell, holds that incorporation of specific arbitral body rules in an arbitration provision may in and of itself constitute clear and unmistakable evidence of delegation of arbitrability to an arbitrator, and thus such clauses should be drafted carefully, say attorneys at Norton Rose.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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Landmark Product Safety Prosecution May Signal Sea Change
U.S. v. Chu, a novel prosecution and guilty verdict of corporate executives for failing to report product defects under a consumer safety law, will certainly not be the last case of its kind, and companies will need to prepare for the government’s increasingly aggressive enforcement approach, say attorneys at Cooley.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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6 Focus Areas For Companies Managing The Risks Of AI Use
To harness the significant and potentially transformative benefits that generative artificial intelligence can confer, companies must establish appropriate oversight and governance, ensure appropriate disclosures, and resolve other regulatory and legal challenges arising from deployment, say attorneys at Shearman.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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2 FCPA Settlements Illuminate Self-Disclosure, Disgorgement
Two of last year’s Foreign Corrupt Practices Act settlements — with biomedical company Lifecore and mining company Corsa Coal — suggest that the government will be much more flexible in negotiating disgorgement amounts if an entity voluntarily self-discloses misconduct, say Michael Gilbert and Lucas Amodio at Sheppard Mullin.
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CFPB As Pay App Watchdog May Invite More Fintech Regs
While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.
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Opinion
Anti-Kickback Statute Does Not Require But-For Causation
A proper interpretation of the Anti-Kickback Statute clearly indicates that but-for causation is not required for False Claims Act Liability, and courts that hold otherwise will make it significantly easier for fraudsters to avoid accountability, says Kenneth Capesius at Baron & Budd.
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Opinion
Conflicts Abound When Activist Short-Sellers Publish Reports
The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.