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Corporate
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June 07, 2024
Tesla Rips 'Unprecedented' $5.6B Fee Bid In Musk Pay Fight
Tesla urged Delaware's Chancery Court on Friday to reject a $5.6 billion stock-based fee request by counsel representing investors who blocked Elon Musk's record Tesla pay package, arguing the "unprecedented" fee bid is unreasonable, unwarranted and 17 times larger than any fee award in Delaware history.
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June 07, 2024
FaZe Clan SPAC Investor Sues B. Riley In Chancery Court
Former stockholders of the blank-check company that took electronic sports and entertainment company FaZe Clan public in a $725 million transaction in July 2022 sued B. Riley Financial and others behind the deal on Friday in Delaware's Court of Chancery, alleging disclosure failures and breaches of fiduciary duty.
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June 07, 2024
First Trial Over Chiquita Paramilitary Payments Goes To Jury
A Florida federal jury on Friday began deliberating whether Chiquita is liable for several deaths at the hands of right-wing paramilitary organization Autodefensas Unidas de Colombia although deliberations paused in the afternoon and are scheduled to resume on Monday.
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June 07, 2024
High Court's 'Narrow' Jack Daniel's Opinion Having Big Impact
When the U.S. Supreme Court decided a year ago that the maker of a squeaky dog toy that looks like a Jack Daniel’s whiskey bottle had no free speech protections against trademark infringement claims, the justices described their holding as narrow, but lawyers and academics are now suggesting the opinion is having broader implications.
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June 07, 2024
Ranbaxy Units Overcome Lipitor Antitrust MDL
Multiple Ranbaxy Inc. entities have defeated multidistrict litigation accusing them of conspiring with Pfizer Inc. to delay releasing a generic alternative to blood pressure drug Lipitor, as a New Jersey federal judge on Thursday criticized the drug purchasers' "speculative" arguments.
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June 07, 2024
COVID Test Supplier Sees $1.4M Default Loss In Gopuff Suit
A Connecticut federal court on Friday handed a medical supply company a default loss in a suit by online retail delivery service Gopuff alleging that the supplier failed to fulfill an order for nearly 106,000 COVID-19 test kits, ordering the company to pay roughly $1.4 million.
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June 07, 2024
Texas AG, Spirit AeroSystems Duel Over Safety Probe
Spirit AeroSystems Inc. and Texas Attorney General Kenneth Paxton each asked a federal court for an early win in their dispute over the state's probe into Spirit's management, with Spirit arguing the state's Request to Examine statute violates the Fourth Amendment, and Paxton arguing it is a constitutionally compliant subpoena.
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June 07, 2024
Minn. Jury Convicts 5 In Food Aid Fraud Trial Marred By Bribe
A Minnesota federal jury on Friday convicted five out of seven defendants on a litany of charges alleging they schemed to defraud a federal food aid program during the COVID-19 pandemic, days after one juror told of being offered a $120,000 bribe to vote for acquittal.
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June 07, 2024
Thomson Reuters Fired Worker For Anti-BLM Posts, Suit Says
A former Thomson Reuters data scientist says he was fired after complaining about an allegedly racially hostile work environment toward white people, including the removal of his posts criticizing the Black Lives Matter movement from a company message board.
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June 07, 2024
Battle Lines Drawn As Major Del. Corporate Law Tweak Looms
On Tuesday morning, seven Delaware state senators are set to open the first public round of debates on a fast-tracked Delaware General Corporation Law amendment package that would allow boards to cede some governance rights to big stockholders and Delaware Court oversight for some corporate actions to other jurisdictions.
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June 07, 2024
John Deere Pays $1.1M To End DOL Hiring Bias Probe
John Deere has agreed to pay $1.1 million to the U.S. Department of Labor to shutter an investigation alleging the agricultural manufacturing company declined to employ nearly 300 Black and Hispanic workers through systemic hiring discrimination, the agency announced.
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June 07, 2024
Off The Bench: NFL On Trial, Betting Crackdowns, Tennis Suit
In this week's Off The Bench, the NFL stands trial in a massive antitrust class action over its Sunday Ticket broadcast package, a series of sports betting crackdowns makes waves in the MLB and the NBA, and the U.S. Tennis Association denies any liability for a player's sexual assault by her coach.
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June 07, 2024
Purdue Keeps $32.5M Semiconductor Patent Trial Win
U.S. District Judge Alan Albright entered final judgment Thursday affirming a Texas federal jury's finding that microchip maker STMicroelectronics owes the trustees of Purdue University $32.5 million for infringing a semiconductor patent, rejecting the chipmaker's argument that Purdue engaged in inequitable conduct by allegedly hiding prior art.
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June 07, 2024
Justices Are Asked To Ax 9th Circ. Price Discrimination Test
A retail trade association is coming to 5-Hour Energy's defense, calling for the U.S. Supreme Court to take up the energy drink-maker's petition challenging a 2023 Ninth Circuit ruling that revived claims from a group of wholesalers alleging that the company engaged in illegal price-fixing advantaging Costco.
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June 07, 2024
SEC Fines Asian Food Supplier $3.9M Over Splurging Ex-CEO
The U.S. Securities and Exchange Commission has reached a $3.9 million settlement with HF Foods Group Inc. over claims that the food distributor issued false and misleading disclosures, just two days after the regulator settled with two HF Foods executives in a separate case over similar claims.
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June 07, 2024
Uber Can Arbitrate With Paralyzed Rider, Mass. Justices Rule
Massachusetts' highest court on Friday ruled Uber Technologies Inc. had made its terms of service clear enough to move a paralyzed rider's case to arbitration, despite a dissent from one justice who said the company should spell out the rights that riders surrender when they hail a car.
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June 07, 2024
Southwest Attys Get Pause On 'Punitive' Religious Training
In finding Friday that an order for several in-house Southwest Airlines attorneys to undergo "religious liberty training' should be permanently placed on hold while an appeal of a flight attendant's Title VII trial win is pending, the Fifth Circuit said the district court had likely exceeded "the scope of the court's civil-contempt authority."
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June 07, 2024
Legal Job Market Keeps Momentum With May Gains
Following April's increases, the U.S. legal sector saw marginal job growth in May, with an increase of 400 jobs compared to the previous month, according to preliminary data released Friday by the U.S. Bureau of Labor Statistics.
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June 07, 2024
Fla. Builder's Former In-House Atty Beats DQ Bid In Firing Suit
A Florida federal judge has rejected a development company's bid to disqualify the Boatman Ricci law firm from representing the company's former in-house counsel in his wrongful termination lawsuit.
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June 07, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
A panel of women in the general counsel role gathered at the New York City Bar Association on Wednesday to share the challenges and opportunities they encounter in the in-house legal landscape, and a new survey identified the top three privacy risks for companies and their compliance professionals this year. These are among the stories in corporate legal news you may have missed in the past week.
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June 07, 2024
Merchants Get OK For Visa, Mastercard Fees Suit On 2nd Try
A group of merchants got a tentative go-ahead Friday to bring a collective action accusing Visa and Mastercard of unfairly imposing interchange fees on retailers after revising weaknesses in the initial proposal at the U.K.'s specialist antitrust court.
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June 07, 2024
Emboldened SEC Spells Double Trouble For Defense Bar
The U.S. Securities and Exchange Commission's enforcement division has taken an increasingly aggressive stance in recent years thanks in part to an influx of federal prosecutors joining the agency and court decisions that have gradually become more permissive on parallel civil and criminal investigations, defense lawyers say.
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June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud
A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
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June 07, 2024
Google Ad Tech Case Won't Go To Jury Due To Co.'s Payment
A Virginia federal judge ruled Friday that the U.S. Department of Justice's case accusing Google of monopolizing key digital advertising technology will be heard by the bench, and not a jury, thanks to a $2.3 million check from Google covering the amount enforcers could be awarded if they prevail.
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June 06, 2024
Google Gets Tweaked AI Data-Scraping Complaint Axed
A California federal judge on Thursday agreed to dismiss — for now — a proposed class action claiming Google steals private and copyrighted information to train its artificial intelligence chatbot, pointing to a recent ruling siding with Microsoft Corp. and OpenAI in a similar case.
Expert Analysis
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Opinion
Climate Change Shouldn't Be Litigated Under State Laws
The U.S. Supreme Court should reverse the Hawaii Supreme Court's October decision in Honolulu v. Sunoco that Hawaii could apply state law to emissions generated outside the state, because it would lead to a barrage of cases seeking to resolve a worldwide problem according to 50 different variations of state law, says Andrew Ketterer at Ketterer & Ketterer.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Protecting IP May Be Tricky Without Noncompetes
Contrary to the Federal Trade Commission's view, trade secret law cannot replace noncompetes' protection of proprietary information because intellectual property includes far more than just trade secrets, so businesses need to closely examine their IP protection options, say Aimee Fagan and Ching-Lee Fukuda at Sidley.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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Keeping Up With Class Actions: A New Era Of Higher Stakes
Corporate defendants saw unprecedented settlement numbers across all areas of class action litigation in 2022 and 2023, and this year has kept pace so far, with three settlements that stand out for the nature of the claims and for their high dollar amounts, says Gerald Maatman at Duane Morris.
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Fostering Employee Retention Amid Shaky DEI Landscape
Ongoing challenges to the legality of corporate diversity, equity and inclusion programs are complicating efforts to use DEI as an employee retention tool, but with the right strategic approach employers can continue to recruit and retain diverse talent — even after the FTC’s ban on noncompetes, says Ally Coll at the Purple Method.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Is The Digital Accessibility Storm Almost Over?
Though private businesses have faced a decadelong deluge of digital accessibility complaints in the absence of clear regulations or uniformity among the courts, attorneys at Epstein Becker address how recent federal courts’ pushback against serial Americans with Disabilities Act plaintiffs and the U.S. Department of Justice’s proposed government accessibility standards may presage a break in the downpour.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.