Corporate

  • October 22, 2021

    Google Charges 2-4 Times Its Ad Rivals, Monopoly Suit Says

    Google Inc. pulls in between 22% and 42% of the advertising money that flows through its system and charges two to four times what its closest advertising rivals charge, according to the unredacted version of a New York federal court antitrust complaint from 17 attorneys general unsealed Friday.

  • October 22, 2021

    Honeywell Says It'll Pay At Least $160M To End Bribery Probes

    Honeywell International Inc. expects to pay at least $160 million to resolve investigations from U.S. and Brazilian authorities into potential violations of the Foreign Corrupt Practices Act, the multinational corporation said in a U.S. Securities and Exchange Commission filing Friday.

  • October 22, 2021

    Ex-Pfizer Scientist Rips Report Holmes Sent To Walgreens

    In former Theranos CEO Elizabeth Holmes' criminal fraud trial on Friday, a former Pfizer scientist testified that a report Holmes sent to Walgreens used Pfizer's name and logo without permission and falsely claimed the pharmaceutical company had independently evaluated Theranos' technology, even though Pfizer had concluded Theranos' test results were "not believable."

  • October 22, 2021

    MedMen CFO Quit After Finding Possible Crimes, Jury Told

    The ex-chief financial officer of cannabis giant MedMen told a Los Angeles jury considering his breach of employment contract and retaliation claims on Friday that he had no choice but to resign after discovering potential illegal transportation of marijuana and stock market manipulation.

  • October 22, 2021

    Employment Authority: Netflix Walkout & 'Striketober'

    Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with takeaways from a walkout of Netflix employees after the streaming service's release of a Dave Chappelle comedy special that critics have labeled transphobic, what a new version of the Labor Department's joint-employer rule might look like, and how worker dissatisfaction and a tight labor market have led to a nationwide wave of strikes.

  • October 22, 2021

    Ex-Ripple, SEC Atty To Fill Binance.US' Top Legal Role

    Digital-asset exchange Binance.US said Friday it has tapped a cryptocurrency veteran and former U.S. Securities and Exchange Commission attorney as interim general counsel, as its former top lawyer steps back into a part-time role.

  • October 22, 2021

    U.S. Treasury Council Backs SEC's Climate Disclosure Plans

    The Financial Stability Oversight Council has put its weight behind the U.S. Securities and Exchange Commission's efforts to bolster the climate risk-related disclosures required of public companies and investment fund managers.

  • October 22, 2021

    Cox Appeals Chancery Ruling That Killed Verizon Deal

    Cox Communications Inc. appealed a Chancery decision that killed an about-to-launch wireless pact with Verizon to the Delaware Supreme Court Friday, calling it "a sweeping restraint on Cox's business" that has cast a "cloud of uncertainty" over Cox's ability to ever enter the wireless market.

  • October 22, 2021

    Ex-NS8 Legal Chief Says He May Need $11M D&O Funds

    The former chief legal officer of cybersecurity company NS8 Inc., which went bankrupt after its CEO was charged with fraud, asked a Delaware bankruptcy court Thursday to access up to $11 million in company insurance policies to defend himself against claims he contributed to the company's collapse.

  • October 22, 2021

    Inovalon Sued In Del. Over Share Status As $7B Merger Looms

    Cloud-based health care data venture Inovalon Holdings Inc. has been hit with a Delaware Chancery Court suit alleging failures to disclose that its proposed $7.3 billion acquisition by a private equity consortium already has ended company founder and CEO Keith R. Dunleavy's absolute controller status.

  • October 22, 2021

    Zoom Users' $85M Deal Ending 'Zoombombing' Suits Gets OK

    A California federal judge Thursday gave the initial thumbs-up to Zoom users' $85 million deal resolving privacy and data security claims against the videoconferencing provider, months after the court questioned the claims over data sharing and "Zoombombing" disruptions.

  • October 22, 2021

    Travelers Off The Hook For Stockholder Claims In $22M Deal

    Travelers is only on the hook for the director and officer claims against its policyholder in a $22 million investor class action settlement, a Delaware federal judge said, holding that the underlying stockholder claims are not covered by the policy.

  • October 22, 2021

    Intel, Sanyo Settle Licensing Suit In Del. Chancery Court

    Intel Corp. and Sanyo Electric Co. Ltd. have quietly settled a Delaware Chancery Court dispute over cross-licensing of technology used in some Wi-Fi products, eight months after a vice chancellor granted a partial win to Intel.

  • October 22, 2021

    Stop Illegal Robocalls Or Face Blocking, FCC Warns Cos.

    The feds are warning a trio of telecoms in the western U.S. to stop generating what appear to be illegal robocalls or get their calls shut down by intermediate and terminating call carriers.

  • October 22, 2021

    EU Antitrust Chief Warns Of Coming Cartel Raids

    Europe's top competition official said Friday that enforcers are getting back up to speed as the coronavirus pandemic begins to recede and are planning a series of unannounced inspections to look for evidence of cartel activity on the ground.

  • October 22, 2021

    GC Cheat Sheet: The Hottest Corporate News Of The Week

    It was a week for federal agencies to flex their muscles. One U.S. regulator awarded $200 million to a single whistleblower — believed to be the largest single whistleblower award ever — while another federal watchdog ordered Amazon, Facebook, Google and other tech giants to turn over information related to their payment systems and products, 

  • October 22, 2021

    Ex-Insys CEO Gets 8 Months Shaved Off Prison Term

    Former Insys Therapeutics Inc. CEO Michael Babich saw his prison term for his role in the company's scheme to bribe doctors to prescribe a powerful opioid spray trimmed from 30 months to 22 months Friday.

  • October 22, 2021

    Employees Say Navistar Failed To Prevent Data Breach

    Truck and diesel engine maker Navistar Inc. failed to properly protect the personal information of thousands of its current and former employees from a data breach and waited too long to tell them about it, according to a proposed class action filed Thursday.

  • October 22, 2021

    Slack's Direct Listing Ruling Could Have Far-Reaching Impact

    A recent Ninth Circuit ruling that Slack can be held liable for alleged misstatements leading to its direct listing could have broad ramifications that reshape how long-standing securities laws apply to novel alternatives to initial public offerings as well as traditional IPOs.

  • October 21, 2021

    Ericsson Says DOJ Accusing It Of Breaching FCPA Deal

    Stockholm-based telecom giant Ericsson announced Thursday that the U.S. Department of Justice has determined that it breached obligations under a 2019 deferred prosecution agreement related to allegations that it conspired to violate the Foreign Corrupt Practices Act.

  • October 21, 2021

    Bank Regulators Eye Updated Guidance To Fight Bias In AI

    Regulators and legal experts called for collaboration between federal and state entities to address the use of artificial intelligence in financial services on Thursday, as they catch up with the latest advances, weigh potential new industry guidance and seek to prevent discriminatory practices.

  • October 21, 2021

    Chubb Says Apple TV Show Got Paid For COVID-19 Losses

    A Chubb unit urged a California federal judge Thursday to hand it an early win in a production company's $44 million lawsuit seeking to recover COVID-19-related losses from Apple TV+'s "The Morning Show" production delays, arguing it already paid out $1 million and the company isn't entitled to anything more.

  • October 21, 2021

    Sen. Sinema Mum On Corporate Tax Hike, Rep. Neal Says

    Senate Democrat Kyrsten Sinema of Arizona supports expanding renewable energy, family leave and child care, but remains noncommittal on raising corporate rates to fund the Democrats' Build Back Better bill, House Ways and Means Chair Richard Neal said Thursday.

  • October 21, 2021

    Del. Justices Uphold $275M AstraZeneca Drug Trial Debt Toss

    Delaware's Supreme Court on Thursday upheld without elaboration a Chancery Court finding that cleared AstraZeneca PLC of liability for $275 million in post-merger cancer drug development "milestone" payments to investors in biopharmaceutical company Amplimmune LLC.

  • October 21, 2021

    ​​​​​​​Google Slashes Play Store Fees Amid Antitrust Pressure

    Google announced Thursday it is lowering fees for a larger swath of the apps on its Play Store for Android, which comes amid pressure from antitrust enforcers and private litigants that say the platform hinders competition.

Expert Analysis

  • App Store 'Nutrition Labels' Raise New Privacy Risks For Cos.

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    In light of recent enforcement actions and privacy class actions, it is critical for businesses to review their mobile applications’ privacy "nutrition labels" — which provide an overview of how user data is processed— to ensure that they accurately reflect an app's activity and are consistent with the business's other disclosures, say attorneys at Troutman Pepper.

  • DOL Proposal Signals Relaxed Rules For ESG Investing

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    The U.S. Department of Labor’s recently proposed rule on how retirement plans can make investment decisions that consider environmental, social and governance factors significantly revises regulations adopted at the end of the Trump administration, paving the way for plan fiduciaries to more easily consider ESG factors, say attorneys at Morgan Lewis.

  • What SEC's Growing Whistleblower Incentives Mean For Cos.

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    The U.S. Securities and Exchange Commission recently surpassed $1 billion in total awards made to more than 200 individual whistleblowers — two important milestones that reflect the commission’s embrace of whistleblower tips as a source of market information on corporate wrongdoing, and highlight the need for companies to reevaluate their internal reporting frameworks, say attorneys at Arnold & Porter.

  • How Defendants Can Predict, Mitigate DOJ Labor Cartel Fines

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    Given President Joe Biden's focus on antitrust enforcement in the labor markets, defendants in no-poach and wage-fixing prosecutions can anticipate aggressive volume-of-commerce calculations, and should look to broader criminal antitrust case law to determine how fine and sentencing enhancements may be applied, say attorneys at Baker McKenzie.

  • Avoiding Preemployment Pitfalls In A Hot Job Market

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    In light of the pandemic’s turbulent effect on the labor market, employers may want to pay careful attention in preemployment negotiations to avoid liability exposure during verbal discussions and when drafting written agreements, says Travis Tatko at Capell Barnett.

  • Contractual Limits On Liability Only Go So Far In Delaware

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    The recent Delaware Chancery Court ruling in Online HealthNow v. CIP OCL reiterates that contractual fraud claims cannot be eliminated with the stroke of a pen, and serves as a reminder that Delaware courts will not permit statutory limitations on liability to excuse intentional fraud, say attorneys at Shearman.

  • ESG Disclosure Mandate Faces Hurdles Regardless Of Path

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    While the U.S. Senate is unlikely to sign onto the Corporate Governance Improvement and Investor Protection Act, which would require companies to make more comprehensive environmental, social and governance disclosures, the U.S. Securities and Exchange Commission may attempt ESG disclosure rulemaking without congressional approval — but it won't be easy, say attorneys at King & Spalding.

  • Financial Planning Tips For Retiring Law Firm Partners

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    As the pandemic accelerates retirement plans for many, Michael Delgass at Wealthspire Advisors outlines some financial considerations unique to law firm partners, including the need for adequate liquidity whether they have capital accounts or pension plans.

  • Preparing Remote Deposition Defenses For Corporate Entities

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    As remote depositions will remain common for the foreseeable future, attorneys defending a deposition notice or subpoena to a corporation should implement certain strategies to mitigate unique challenges, such as less planning time and increased difficulty of establishing rapport with witnesses, say attorneys at Sidley.

  • How To Mitigate Antitrust Risk In ESG Efforts

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    Recent statements from Jonathan Kanter, nominee to lead the U.S. Department of Justice Antitrust Division, suggest that companies will need to assess whether environmental, social and governance policies are unrelated to competition and prepare accordingly for merger reviews, say Michael Murray and Tara Giunta at Paul Hastings.

  • DOL's Proposed Rule Doesn't Make ESG Investment Risk-Free

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    A proposed U.S. Department of Labor rule aimed at Employee Retirement Income Security Act fiduciaries who take climate change into account should not be viewed as a green investment free pass, as prudent investors must consider the potential for bad returns if climate mitigation efforts fail, says J.B. Heaton at One Hat Research.

  • Cannabis M&A: How To Prepare For Regulatory Due Diligence

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    Cannabis-related businesses that are being acquired or receiving investments or loans should facilitate a robust due diligence process — including keeping records of licenses, regulatory correspondence and standard operating procedures — to insulate themselves from, and ensure other parties are well aware of, regulatory risks, say attorneys at Saul Ewing.

  • Preserving Disgorgement Tax Deductibility In SEC Settlements

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    The U.S. Securities and Exchange Commission recently added language to its enforcement orders that could affect a settling party's ability to deduct certain disgorgement payments, but proper planning can help them satisfy Internal Revenue Service prerequisites, say attorneys at Sidley.

  • How The Global Tax Agreement Could Backfire For Biden

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    If the $3.5 trillion spending package fails, the federal tax code will not conform to the recent 15% global minimum tax agreement spearheaded by the U.S., which would embarrass the Biden administration and could lead to retaliatory tax measures by other nations, says Alex Parker at Capitol Counsel.

  • Avoiding Fraudulent Transfer Liability In Leveraged Buyouts

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    In a record-setting year for leveraged buyouts, private equity firms should look to 2007 — the previous record year for acquisitions — for lessons in avoiding fraudulent transfer claims in potential target bankruptcies, which could unravel the current boom, say attorneys at Reed Smith.

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