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March 26, 2024
Legal Aid Union Fights Subpoena Over Palestine Resolution
The New York Civil Liberties Union on Monday backed the Association of Legal Aid Attorneys in its fight against a subpoena from the U.S. House Committee on Education and the Workforce following the union's adoption of a resolution in support of the Palestinian cause.
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March 26, 2024
NY Lawyer Disbarred As Result Of $1.2M Theft Conviction
A New York appeals court on Tuesday disbarred former Gordon & Silber partner Arthur Cohen, who was sentenced to prison in October for siphoning about $1.2 million from the now-defunct law firm.
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March 26, 2024
2nd Circ. Revives Gender Bias Case Against Grocery Chain
A district court applied too harsh a standard when it dismissed a fired manager's sex bias suit against a supermarket chain, the Second Circuit said Tuesday, in a ruling that sought to "demystify" the test for assessing whether some discrimination claims can move to trial.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 25, 2024
Homeland Security Raids Diddy's Homes In LA, Miami
The U.S. Department of Homeland Security on Monday raided homes owned by Sean "Diddy" Combs in Los Angeles and Miami, according to a statement from DHS as well as news reports.
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March 25, 2024
SolarWinds Makes Renewed Bid To Toss SEC Cyber Suit
SolarWinds Corp. has asked a New York federal court to dismiss an amended suit it is facing from the U.S. Securities and Exchange Commission, saying the agency cites documents that contradict its claims against the government contractor.
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March 25, 2024
SEC Says Justices Should Skip Musk's Gag-Order Grievance
The U.S. Securities and Exchange Commission is asking the U.S. Supreme Court to pass on Elon Musk's complaint that an agency-imposed gag order violates his free speech rights, arguing the Tesla CEO entered the agreement willingly and has presented no legal justification for backing out.
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March 25, 2024
Investment Firm Slips Plan Members' Self-Dealing 401(k) Suit
A New York federal judge on Monday threw out a lawsuit retirement plan participants lodged against investment firm AllianceBernstein accusing it of steering retirees' savings into its own poorly performing investments, saying there's no evidence the company was benefiting from these alleged actions.
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March 25, 2024
Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest
A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.
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March 25, 2024
InBev's Modelo Loses 2nd Circ. Appeal In Hard Seltzer Fight
The Second Circuit said Monday that a licensing agreement between Anheuser-Busch InBev SA and Constellation Brands was ambiguous about whether hard seltzers are beer, affirming a New York federal judge's order to let jurors decide the question at a trial where Constellation Brands prevailed against claims of trademark infringement.
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March 25, 2024
US Accuses 7 Chinese Nationals Of Hacking Conspiracy
The Biden administration filed criminal charges and issued economic sanctions on Monday against Chinese nationals who allegedly attempted hack into the accounts of government officials and defense companies under the auspices of a cyberespionage program supposedly backed by China.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Hemp Co. Needs Atty Or It'll Lose Bid To Upend $3.9M Award
Cannabis company Neptune Wellness Solutions Inc. must replace its legal counsel, who quit after not getting paid, a federal judge in Manhattan has ordered, warning that failure to do so will result in the dismissal of its bid seeking to dodge a $3.9 million arbitration award.
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March 25, 2024
Ripple's Legal Chief Says SEC Wants $2B In Remedies
The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.
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March 25, 2024
Bloomberg Asks To Toss Ex-Gov. Huckabee's AI Class Action
Media company Bloomberg has asked a Manhattan federal judge to dismiss it from a proposed class action led by former Arkansas Gov. Mike Huckabee, arguing that the plaintiffs' complaint lacks specifics detailing how their e-books' copyrights were allegedly infringed to train Bloomberg's large language model.
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March 25, 2024
Cannabis Bill Roundup: NY Targets Illicit Pot Sellers
New York lawmakers introduced legislation to punish unlicensed cannabis sellers, Hawaii legislators made modifications to a proposal to legalize recreational marijuana, and a Connecticut bill targeting synthetic cannabinoids was referred to a legislative research office. Here are the major moves in cannabis legislation from the past week.
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March 25, 2024
Pilot For UK Billionaire Says Stock Tips Case Is Too Vague
A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.
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March 25, 2024
Paul Weiss-Led AbbVie Inks Up To $212M Deal For Landos Bio
AbbVie Inc., represented by Paul Weiss Rifkind Wharton & Garrison LLP, said Monday it will pay up to $212.5 million for Cooley LLP-led Landos Biopharma Inc., a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases.
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March 25, 2024
Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told
Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Trian, Blackwells Double Down On Disney Activist Campaigns
As The Walt Disney Company's annual shareholder meeting approaches, two activist investors are ramping up their campaigns against the storied entertainment company and imploring fellow shareholders to vote for their separate slate of director candidates at the April 3 gathering.
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March 25, 2024
'Bridgegate' Atty Among Pair Of New Arnold & Porter Partners
Arnold & Porter Kaye Scholer LLP has expanded its partner ranks with a former prosecutor in the "Bridgegate" case and a onetime environmental law practice leader at another firm moving to its New Jersey, New York and Boston offices, the firm announced Monday.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
Lazard Beats Fired Indian Exec's Bias, Retaliation Suit
Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.
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March 25, 2024
NFL Hits Consumers With Unsolicited Texts, Suit Says
A New York woman alleges the NFL continues to spam her with unsolicited texts even after she opted out of the unwanted marketing messages, according to a proposed class action filed in New York federal court.
Expert Analysis
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2 NLRB Rulings On Unilateral Changes Are Bad News For Cos.
The National Labor Relations Board's recent rulings in Wendt and Tecnocap on unilateral changes to employment terms shift bargaining leverage away from companies, but certain considerations can help employers navigate a contractual hiatus and negotiations for a first union contract, says Henry Morris Jr. at ArentFox Schiff.
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How Life Sciences Cos. Can Prevent Securities Class Actions
Though the overall volume of securities fraud class actions has dipped in the last couple of years, life sciences companies remain a particularly popular target for these filings and should employ best practices to minimize risk, say Joni Jacobsen and Angela Liu at Dechert.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Cos. Must Reassess Retaliation Risk As 2nd. Circ. Lowers Bar
After a recent Second Circuit decision broadened the federal standard for workplace retaliation, employers should reinforce their nondiscrimination and complaint-handling policies to help management anticipate and monitor worker grievances that could give rise to such claims, says Thomas Eron at Bond Schoeneck.
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NY Co-Ops Must Avoid Pitfalls When Navigating Insurance
In light of skyrocketing premiums, tricky exclusions and dwindling options, New York cooperative corporations must carefully review potential contractors' insurance policies in order to secure full protection, as even seemingly minor contractor jobs can carry significant risk due to New York labor laws, says Eliot Zuckerman at Smith Gambrell.
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Series
NY Banking Brief: All The Notable Compliance Updates In Q3
Among the most significant developments in banking and financial services from last quarter, New York financial regulators implemented new commercial lending disclosure rules, issued revisions to cybersecurity regulations and published updated guidance on virtual currency listings, says Melissa Hall at Loeb & Loeb.
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AGs' Distaste For Food Bill May Signal Other State Issues
States' recent opposition to a proposed federal law that would block them from regulating out-of-state agricultural production could affect issues beyond this narrow debate, such as the balance of state and federal regulatory power, reproductive rights post-Dobbs, and energy production and water use, say Christopher Allen and Stephen Cobb at Cozen O'Connor.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Justices Could Use Purdue To Resolve Related Circuit Split
The U.S. Supreme Court will soon hear Harrington v. Purdue Pharma to determine the validity of nonconsensual third-party releases in bankruptcy, but justices should also take the opportunity to resolve a related circuit split over the constitutional authority of bankruptcy judges to issue final rulings on such releases, says Benjamin Feder at Kelley Drye.
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2nd Circ. OT Ruling Guides On Pay For Off-The-Clock Work
While the Second Circuit’s recent holding in Perry v. City of New York reiterated that the Fair Labor Standards Act obligates employers to pay overtime for off-the-clock work, it recognized circumstances, such as an employee’s failure to report, that allow an employer to disclaim the knowledge element that triggers this obligation, say Robert Whitman and Kyle Winnick at Seyfarth.
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Autonomous Vehicles Must Navigate Patchwork Of State Regs
With only modest action by the federal government on the autonomous vehicle regulatory front in 2023, states and localities remain the predominant source of new regulations affecting AVs — but the result is a mix of rules that both help and hinder AV development and adoption, say attorneys at Faegre Drinker.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Do Website Accessibility Suits Violate Hobbs Act, RICO?
As more website accessibility lawsuits are filed on behalf of people with visual impairments, attorneys' settlement demands may be extortionate under the Hobbs Act, and may also constitute an act of racketeering, giving rise to civil causes of action, say Nika Aldrich and Amanda Kohls at Schwabe Williamson.
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Federal Policies Keeping Autonomous Vehicles In Slow Lane
In the first installment of this two-part article, attorneys at Faegre Drinker examine recent federal regulations and programs related to autonomous vehicles — and how the federal government's failure to implement a more comprehensive AV regulatory scheme may be slowing the progress of the industry.
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Calif. Law Tests Noncompete Prohibitions' Potential Reach
California’s newly enacted law, which voids employee restrictive covenants, whether signed in or out of the state, has the potential to upend typical agreement negotiations, and highlights ongoing questions concerning how California's worker protections fare in other jurisdictions, says Sarah Tishler at Beck Reed.