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Major League Baseball had argued that congressional intent meant professional sports franchises should not be prevented from taking full advantage of the new tax deduction on pass-through income. (AP)

Final IRS Pass-Through Deduction Rules Snub Team Owners

The Internal Revenue Service finalized rules on the new deduction on pass-through business income Friday, rejecting pleas from the Major League Baseball commissioner and others to allow sports franchise owners to fully qualify for the tax break.

  • For Skadden's Brand, Ukraine Scandal A Shot Across The Bow

    Skadden’s unregistered lobbying work for the Ukrainian government has cost the law firm $4.6 million in a settlement with the U.S. Department of Justice, but could the debacle cost the firm even more in reputational damage?

  • PG&E Equipment Caused Calif. Wildfires, Judge Finds

    A California federal judge has tentatively found that Pacific Gas & Electric Co.'s equipment's vulnerability to falling tree limbs has been "the single most recurring cause" of the 2017 and 2018 California wildfires to which the company has been linked.

  • Skadden First In BigLaw To Be Hit As DOJ Dusts Off FARA

    There’s an old joke among attorneys who have specialized in the Foreign Agents Registration Act: The only people who ever get hit with violations are KGB officers and Washington, D.C., lawyers. Yet BigLaw powerhouse Skadden may have ruined the punchline Thursday with news it had settled FARA allegations brought by the government.

  • How Skadden's Ukrainian Job Went Up In Flames

    Skadden Arps Slate Meagher & Flom LLP's risky plunge into the Ukrainian criminal justice system ended Thursday with a $4.6 million fine from the U.S. Department of Justice over the firm's failure to register as a foreign agent. Here, Law360 examines how the seven-year episode went down.

  • 5M Walmart Workers Win Cert. In Background Check Suit

    Roughly 5 million people who applied for a job at Walmart Inc. can pursue a class action alleging the retail giant added extraneous material to background check notices it issued to applicants and new hires in violation of the Fair Credit Reporting Act, a California federal judge ruled Thursday.

  • Deal With Rajaratnam, Ex-Galleon Execs Signals End To Ch. 7

    The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.

  • More Immigrant Kids Separated Than Thought, HHS Says

    A government watchdog report published Thursday found that the Trump administration began separating immigrant families in detention long before it announced a "zero tolerance" policy of prosecuting all unauthorized border crossers, meaning that many more families may have been separated than was previously known.

  • Walmart Can't Register 'American Jobs' Slogan, TTAB Says

    The Trademark Trial and Appeal Board is refusing to let Walmart register the phrase "Investing in American Jobs" as a trademark, ruling that consumers would see it as a common expression of patriotism.

  • Gymboree Hits 2nd Ch. 11, Will Liquidate Most Stores

    Less than a year and a half after leaving Chapter 11, children’s clothing retailer Gymboree Group Inc. reentered bankruptcy Thursday with $212 million in debt, saying this time it will not be coming out the other side.

  • Ticket Co. Shut Down After $4.5M Tech-Poaching Verdict

    A Manhattan federal judge ordered Seat Scouts LLC effectively closed Thursday after a jury smacked the ticket tech concern and its CEO with $4.5 million of damages, finding they pilfered technology from competitor Broker Genius Inc. that allows resale brokers to easily reprice sports and entertainment stubs.

  • $60M Deal Gets Green Light In SSM Health 'Church Plan' Suit

    A Missouri federal judge granted preliminary approval on Thursday to a $60 million deal to resolve a proposed class action claiming SSM Health Care Corp. misused an Employee Retirement Income Security Act exemption intended for churches and their affiliates.

  • Del. Justices Overturn Chancery-Ordered Oxbow Carbon Sale

    Delaware’s Supreme Court on Thursday vacated a Chancery Court order for a potential multibillion-dollar sale of William I. Koch’s Oxbow Carbon LLC, rejecting the lower court's finding that the forced sale was a justifiable fix for a gap in contract provisions for investors seeking to cash out.