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May 23, 2024
Deals Rumor Mill: NY Yankees, Abu Dhabi Bank, Int'l Paper
Yankees’ minority stake could hit the market, First Abu Dhabi could pay $8 billion for a stake in an Istanbul-based lender, and Suzano could sweeten its $15 billion bid for International Paper. Here, Law360 breaks down the notable deal rumors from the past week.
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May 23, 2024
NYC Mayor And Assault Accuser Spar Over Discovery 'Theatrics'
The first conference in a lawsuit alleging New York City Mayor Eric Adams sexually assaulted a Police Department colleague in 1991 grew heated Thursday, as attorneys on both sides accused the others of improper discovery gambits.
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May 23, 2024
NFL Says Unsolicited-Text Suit Belongs In Arbitration
The NFL wants to force into arbitration a lawsuit filed by a New York woman frustrated with her inability to stop unwanted text messages from the football organization, citing a binding agreement she consented to when registering to receive notifications about the 2023 draft.
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May 23, 2024
DOJ Sues Live Nation 14 Years After Ticketmaster Deal
The U.S. Department of Justice sued Live Nation Thursday over the 2010 agreement clearing the concert promotion giant's purchase of Ticketmaster, an oft-maligned deal that enforcers now want to unwind and that is blamed for fiascoes like the meltdown of ticket sales for Taylor Swift's Eras tour.
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May 23, 2024
Linklaters Leads Tate & Lyle To Exit US JV For $350M
Food producer Tate & Lyle said Thursday that it has agreed to sell its remaining stake in its ingredients business in the Americas to U.S. investment firm KPS Capital Partners for $350 million in a deal guided by Linklaters LLP.
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May 22, 2024
Ex-FTX Exec Deserves Up To 7 Years For Fraud, Feds Say
Federal prosecutors have told a New York federal judge they are seeking a five- to seven-year prison sentence for former FTX executive Ryan Salame, arguing that his campaign finance offense "is one of the largest-ever in American history."
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May 22, 2024
Ex-Citi Exec Says She Was Asked To Lie To OCC
A former Citibank NA managing director hired to bring the bank into compliance with regulatory obligations has accused the bank and its chief operating officer of wrongful termination and retaliation in a suit Wednesday, alleging she was fired for not reporting false information to authorities.
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May 22, 2024
Skadden, Latham Lead Specialty Insurer's Upsized $128M IPO
Private equity-backed insurer Bowhead Specialty Holdings Inc. on Wednesday priced an upsized $128 million initial public offering above its planned price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkin LLP, marking the first sizable insurance IPO of 2024.
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May 22, 2024
NFL Escapes Sanders Statue Spat As Getty Eyes Arbitration
The NFL has escaped a New York federal lawsuit filed by a professional photographer who claims his copyrighted photo was unlawfully used to create a statue of legendary running back Barry Sanders, while Getty Images Inc. hopes to settle through arbitration.
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May 22, 2024
Justices' CFPB Alliance May Save SEC Courts, Not Chevron
A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.
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May 22, 2024
Solar Cell Duties May Inadvertently Crush Domestic Industry
A bevy of new duty rules on solar cell imports from Asia, coupled with a government investigation instigated by domestic producers unconventionally claiming to protect future homegrown manufacturing, could backfire on the Biden administration's efforts to boost the nascent domestic sector.
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May 22, 2024
Archegos Exec Says Founder Didn't Direct Him To Lie
The former director of risk management for Archegos told a Manhattan federal jury on Wednesday that the collapsed hedge fund's founder never instructed him to lie to banks in order to finance trading activity, as a defense lawyer sought to poke holes in the government's fraud case.
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May 22, 2024
Doc Gets 3 Mos. For Alexion Trades Despite 'Meaningful Job'
A doctor was sentenced to three months in prison Wednesday for insider trading on an Alexion Pharmaceuticals acquisition, with a Manhattan federal judge saying the defendant's treatment of critically ill, underserved kidney disease patients does not amount to a "get out of jail free card."
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May 22, 2024
NY Judicial Nominee Defends Record Amid GOP Criticism
A judicial nominee for a New York federal court stood by her ruling allowing an inmate convicted of sex offenses to transfer from a male to female prison, amid concerns from Republicans that led to some dramatics Wednesday in a congressional hearing room.
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May 22, 2024
RedBird, Weatherford Capital Launch College Sports Platform
Two private investment firms, New York-based RedBird Capital and Tampa-based Weatherford Capital, on Wednesday unveiled plans to jointly launch an investment fund focused on collegiate sports that will give public and private university athletic departments dedicated capital and a business-building platform.
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May 22, 2024
Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk
A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.
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May 22, 2024
NY Federal Reserve Associate GC Rejoins Covington
A former Covington & Burling LLP associate who left the firm 13 years ago to join the Federal Reserve Bank of New York has returned to work as of counsel, the firm announced Tuesday.
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May 22, 2024
NYC Bar Association Elects First Muslim American President
A partner in the litigation department of Patterson Belknap Webb & Tyler LLP was elected president of the New York City Bar Association at its annual meeting, the organization announced Wednesday.
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May 22, 2024
NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach
The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.
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May 21, 2024
2nd Circ. Partially Backs Win For Nurses' Union Pension Plan
In a 90-page opinion, the Second Circuit on Tuesday mostly upheld a Manhattan federal judge's decision affirming an arbiter's award favoring a nurses' pension plan, agreeing that White Oak Global Advisors LLC must return "Day 1" fees totaling nearly $2 million and pay prejudgment interest said to top $22 million.
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May 21, 2024
Banks Urged To Vote Out Exxon Leaders Who Sued Investors
A group of state and city financial officials sent letters to some of the biggest banks and asset managers Tuesday urging them to vote against Exxon Mobil Corp.'s CEO and lead independent director at an upcoming annual meeting because of the company's lawsuit against a pair of environmentally minded activist investors.
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May 21, 2024
SEC Slams Ripple's Bid To 'Hide' Financial Info From Public
The U.S. Securities and Exchange Commission is protesting Ripple Labs' bid to conceal certain financial information from the public as it fights the agency's attempt to impose a $2 billion penalty for unregistered cryptocurrency sales, arguing that the company's call for transparency in the case should extend to itself.
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May 21, 2024
Apple Tees Up Bid To Toss DOJ IPhone Monopoly Suit
Apple argued that it has the right to choose how it does business in a preview Tuesday of its upcoming explanations for why a New Jersey federal judge should dismiss the Justice Department lawsuit accusing the iPhone maker of restricting third-party app access to monopolize the smartphone market.
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May 21, 2024
MLB Scouts' Colo. Age Bias Suit Moved To New York
A Colorado federal judge refused to dismiss an age bias suit brought against Major League Baseball by a group of 40-and-older scouts and instead transferred the case to New York, saying he was using his discretionary authority because most defendants have no ties to his district.
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May 21, 2024
NYC Pension Funds Call For 'No' Vote On Musk's Tesla Pay
Five New York City pension funds have joined with seven other Tesla Inc. institutional investors in calls for stockholders to vote down CEO Elon Musk's once-$56 billion compensation plan and vote out two board allies, branding the pay excessive and the two directors too close to Musk.
Expert Analysis
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How Courts Are Interpreting Fed. Circ. IPR Estoppel Ruling
In the year since the Federal Circuit’s Ironburg ruling, which clarified the scope of inter partes and post-grant review estoppel, district court decisions show that application of IPR or PGR estoppel may become a resource-intensive inquiry, say Whitney Meier Howard and Michelle Lavrichenko at Venable.
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2nd Circ. Eminent Domain Ruling Empowers Municipalities
The Second Circuit's recent decision in Brinkmann v. Town of Southold, finding that a pretextual taking does not violate the Fifth Amendment's takings clause, gives municipalities a powerful tool with which to block unwanted development projects, even in bad faith, say James O'Connor and Benjamin Sugarman at Phillips Lytle.
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NY Tax Talk: Primary Function Is Key Analysis For Sales Tax
Two sales tax cases recently decided by New York's Appellate Division illustrate why both taxpayers and the state's Department of Revenue subscribe to the primary function test, a logical way to determine whether business transactions are subject to sales tax, say Elizabeth Cha and Jeremy Gove at Eversheds Sutherland.
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Notable Q1 Updates In Insurance Class Actions
Mark Johnson and Mathew Drocton at BakerHostetler discuss notable insurance class action decisions from the first quarter of the year ranging from salvage vehicle titling to rate discrimination based on premium-setting software.
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Opinion
Viral Deepfakes Of Taylor Swift Highlight Need For Regulation
As the nation grapples with addressing risk from artificial intelligence use, the recent circulation of AI-generated pornographic images of Taylor Swift on the social platform X highlights the need for federal legislation to protect nonconsenting subjects of deepfake pornography, say Nicole Brenner and Susie Ruiz-Lichter at Squire Patton.
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Opinion
Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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Social Media Free Speech Issues Are Trending At High Court
The U.S. Supreme Court's recent decision examining what constitutes state action on social media can be viewed in conjunction with oral arguments in two other cases to indicate that the court sees a need for more clarity regarding how social media usage implicates the First Amendment, say attorneys at Kean Miller.
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Tylenol MDL Highlights Expert Admissibility Headaches
A New York federal court's decision to exclude all plaintiff experts in a multidistrict litigation concerning prenatal exposure to Tylenol highlights a number of expert testimony pitfalls that parties should avoid in product liability and mass tort matters, say Rand Brothers and Courtney Block at Winston & Strawn.
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Bankruptcy Ruling Shifts Lease Rejection Claim Calculation
A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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The Secret Sauce For Trademarking Viral Food Products
Three recent high-profile trademark disputes in the food industry illustrate the importance of protecting brands early — especially for any company aiming for viral fame — and underscore the value of intent-to-use applications, say Elliot Gee and Matthew Dowd at Dowd Scheffel.
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Chanel TM Ruling Shows Resellers Must Tread Carefully
The Southern District of New York's recent jury verdict in Chanel v. What Goes Around Comes Around, in which Chanel brought trademark infringement and false association claims, serves as a reminder that businesses must routinely ensure their practices are protected by the first sale and fair use doctrines, say Stephen Barrett and Gabriela Rios at Wilson Elser.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Court Clerk Error Is No Excuse For A Missed Deadline
Two recent Virginia Court of Appeals decisions in which clerical errors led to untimely filings illustrate that court clerks can be wrong about filing deadlines or the date an order was entered, underscoring the importance of doing one's own research on filing requirements, says Juli Porto at Blankingship & Keith.