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Corporate
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May 23, 2025
NY Judge Axes $110M Mango Markets Trader's Fraud Verdict
A Manhattan federal judge on Friday granted a crypto trader's request to overturn a conviction for defrauding platform Mango Markets out of roughly $110 million, finding that prosecutors didn't link his conduct to New York and failed to show he duped the platform.
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May 23, 2025
SEC Cracks Door For Retail Entry Into Private Funds
The U.S. Securities and Exchange Commission is exploring increasing retail access to private funds, marking one of several pivotal shifts the watchdog is considering that would widen public exposure to the vast but less regulated world of private markets.
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May 23, 2025
Real Estate Recap: Opp Zones, SFR Sector, NYC Casinos
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including how the "Big, Beautiful Bill" would tweak rules for opportunity zones, the prognosis for the single-family rental sector, and a look at the seven remaining bids for casino licenses in New York City.
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May 23, 2025
Employment Authority: Pay Lessons From 'Mad Men'
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with the pay lessons "Mad Men" provided; how a recent Fifth Circuit decision that not accommodating a disabled worker can violate the Americans with Disabilities Act, even if no harm results from that decision, deepens a split among appeals courts; and how a National Labor Relations Board charge accusing a legal aid union of discriminating against Jewish members tests the bounds of unions' obligations.
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May 23, 2025
Westlaw AI Win Right But Appellate Review Wise, Judge Says
A Delaware federal judge Friday voiced confidence in his ruling that tech startup Ross Intelligence infringed copyrighted material from Thomson Reuters' Westlaw platform to create a competing legal research tool powered by artificial intelligence, but explained that granting interlocutory appeal on two questions will help resolve the case more efficiently.
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May 23, 2025
Banking Groups Want SEC To Pull Cyber Disclosure Mandates
A group of banking trade associations has called on the U.S. Securities and Exchange Commission to rescind a Biden-era mandate requiring public companies to disclose certain cybersecurity incidents, arguing it increases companies' risk when they fall victim to cyberattacks.
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May 23, 2025
Ex-McKinsey Exec Sentenced For Obstructing Purdue Probe
A Virginia federal judge has sentenced a disbarred attorney and former McKinsey & Co. partner to six months in prison for obstructing an investigation into the consulting giant's work with opioid manufacturer Purdue, federal prosecutors announced Friday.
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May 23, 2025
LG Cleared By Jury In Smart TV Patent Case In East Texas
A federal jury in Texas on Friday cleared LG Electronics of allegations that it infringed various Multimedia Technologies Pte. Ltd. smart television patents, while also finding that the patents were invalid.
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May 23, 2025
IP Notebook: Trump's AI Plan, ChatGPT Logs, Dewberry Cited
In this round of emerging issues in copyright and trademark law, Law360 takes a closer look at comments submitted to the National Science Foundation and other federal agencies to create an Artificial Intelligence Action Plan as part of an executive order from President Donald Trump.
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May 23, 2025
Dallas Jury Enters $9.4M Verdict Against El Rancho Chain
A Dallas County jury said that a Texas trucking company is owed nearly $10 million from the El Rancho Supermercado grocery chain and its shipping arm over contract breaches that occurred after the chain was acquired by a new company.
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May 23, 2025
Biotech Insider Traded On $3.5B Novartis Deal, Feds Say
A former board member at Chinook Therapeutics orchestrated an insider-trading scheme after learning about Novartis' plans to purchase the biotech company for $3.5 billion in 2023, according to an indictment announced Friday.
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May 23, 2025
Staffing Co. Owner Gets 8 Years For $60M Payroll Tax Fraud
The owner of California staffing companies who admitted to a long-running payroll tax fraud that caused roughly $60 million in tax losses was sentenced to eight years in prison and ordered to pay $38 million in restitution to the Internal Revenue Service, prosecutors said.
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May 23, 2025
DeSantis Taps Ex-Governor's Office Atty For Appellate Seat
Florida Gov. Ron DeSantis on Friday appointed his former chief deputy general counsel to the First District Court of Appeal bench in Tallahassee.
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May 23, 2025
GC Cheat Sheet: The Hottest Corporate News Of The Week
A new study found that the total number of shareholder proxy proposals submitted this year dropped significantly after the SEC rescinded past guidance. Meanwhile, a handful of BigLaw firms wrote to members of Congress defending the controversial agreements they made with the Trump administration to avoid executive orders targeting their shops. These are some of the stories in corporate legal news you may have missed in the past week.
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May 23, 2025
Ex-Citadel Securities GC Returns To FINRA As Public Governor
The Financial Industry Regulatory Authority has named to its board of governors the former general counsel of Citadel Securities who previously spent 16 years at FINRA.
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May 23, 2025
DOL Picks New Acting Leaders For Wage Compliance Unit
The U.S. Department of Labor announced Friday a new acting administrator as well as four policy advisers to serve in the agency's division tasked with ensuring employers pay their employees in line with federal minimum wage and overtime laws.
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May 23, 2025
Foley & Lardner Adds DLA Piper, McDermott Corporate Pros
Foley & Lardner LLP has hired two seasoned attorneys in California who previously practiced at DLA Piper and McDermott to bolster its innovative technology sector and transactions practice group.
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May 23, 2025
AIG, Insurance Startup Resolve Trade Secrets Feud
American International Group Inc. has settled and permanently dismissed its trade secrets lawsuit brought in New Jersey federal court against an insurance startup that was created by former senior executives at AIG.
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May 23, 2025
2 Firms Tapped To Lead Visa Derivative Suits Over DOJ Claims
A California federal judge has combined lawsuits accusing Visa's executives and directors of allowing the company to understate the regulatory risk it faced by engaging in anticompetitive actions currently at the center of a lawsuit brought by the U.S. Department of Justice last year, and appointed two law firms to lead the litigation.
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May 23, 2025
Off The Bench: Tennis Officials, NCAA Stay On The Defensive
In this week's Off The Bench, tennis players face pushback from the governing bodies they are accusing of antitrust violations, college basketball players claiming the NCAA exploited them want their class action revived, and a baseball player seeking one last year to play in college hits another legal roadblock.
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May 23, 2025
Taxation With Representation: Troutman, A&O Shearman
In this week's Taxation With Representation, Blackstone acquires TXNM Energy, OpenAI buys io Products, Lumen Technologies sells its Mass Markets fiber-to-the-home business in 11 states to AT&T, and AMD sells its data center infrastructure manufacturing business to Sanmina.
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May 23, 2025
Southwest Flight Attendant Fights To Revive Nixed Sanctions
A flight attendant urged the Fifth Circuit to reconsider its move to axe a contempt order against Southwest Airlines in her wrongful termination suit, arguing it shouldn't be scrapped just because the panel took issue with court-ordered religious liberty training for Southwest attorneys.
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May 23, 2025
Insulet Foe Rips $30M Atty Fee Ask As 'Over-Lawyered'
A South Korean medical device maker told a Massachusetts federal judge that rival Insulet's request for $30 million in attorney fees following a $60 million trade secrets judgment should be denied, calling that amount "exorbitant" and saying Insulet "consistently over-lawyered disputes."
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May 23, 2025
FTC Finally Drops Challenge To Microsoft-Activision Deal
The Federal Trade Commission has dropped its in-house case seeking to block Microsoft's $68.7 billion purchase of video game developer Activision Blizzard, after its Ninth Circuit loss earlier this month, ending a lingering challenge to a deal that closed in late 2023.
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May 23, 2025
Alarms Sound As DOJ Anti-Corruption Unit Withers
Created in the aftermath of the Watergate scandal as a guardrail against government corruption and politically motivated criminal prosecutions, the Justice Department's Public Integrity Section has been stripped down under the Trump administration to a skeleton crew with severely limited responsibilities, potentially opening the door for improper prosecutions and eliminating a knowledge base built up over decades.
Expert Analysis
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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2 Del. Rulings Reinforce Proof Needed For Records Demands
Two recent Delaware Court of Chancery decisions involving Amazon and Paramount Global illustrate the significance of the credible basis standard on books and records requests, underscoring that stockholders seeking to investigate wrongdoing must come forward with actual evidence of misconduct — not mere allegations, say attorneys at Cleary.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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Key Takeaways From The 2025 Spring Antitrust Meeting
Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields.
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Tariffs And FCA Create Perfect Storm For Importers
The Trump administration's aggressive tariff policies pose a high risk to certain importation practices that are particularly likely to trigger False Claims Act enforcement, say attorneys at Jeffer Mangels.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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Running A Compliant DEI Program After EEOC, DOJ Guidance
Following recent guidance from the U.S. Equal Employment Opportunity Commission and the U.S. Department of Justice that operationalized the Trump administration's focus on ending so-called illegal DEI, employers don't need to eliminate DEI programs, but they must ensure that protected characteristics are not considered in employment decisions, say attorneys at Holland & Knight.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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6 Principles For De-Risking In This Era Of Uncertainty
Companies can emerge from the current period of disruptive transformation stronger than ever by embracing strategies that enable them to methodically evaluate risk, adapt to change without losing purpose, focus on customer value and find competitive advantages amid uncertainty, says David McVeigh at Axiom.
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What 2nd Trump Admin Means For Ship Pollution Compliance
As the second Trump administration's civil and criminal enforcement policies take shape, the maritime industry must ensure it complies with both national and international obligations to prevent oil pollution from seagoing vessels — with preventive efforts and voluntary disclosures being some of the best options for mitigating risk, say attorneys at Holland & Knight.
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23andMe Case Highlights Privacy Complexities In Ch. 11
Attorneys at Pryor Cashman discuss the interplay between a sale of personally identifiable information and bankruptcy law in light of genetics and health company 23andMe's recent filing for Chapter 11 relief.
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Mass. AG Emerges As Key Player In Consumer Protection
Through enforcement actions and collaborations with other states — including joining a recent amicus brief decrying the defunding of the Consumer Financial Protection Bureau — Massachusetts Attorney General Andrea Campbell has established herself as a thought leader for consumer protection and corporate accountability, say attorneys at Troutman Pepper.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.