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Corporate
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April 19, 2024
Colo. Won't 'Defer' To Feds In Kroger-Albertsons Merger Suit
Colorado's attorney general has defended his decision to file a case seeking to block a $24.6 billion merger between the supermarket chains Kroger and Albertsons, telling a state court judge that nothing requires him to "defer to federal enforcers."
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April 19, 2024
Timing Of Cigna Workers' Relief Bid Perplexes Conn. Judge
A Connecticut federal judge wondered Friday if a class of more than 25,000 Cigna workers waited too long to renew a request for an accounting tied to the millions of dollars in underpaid benefits the workers won nearly a decade ago, questioning if the plaintiffs had a right at this stage in the 23-year-old matter to again challenge the company's calculations.
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April 19, 2024
Don't Let The Rush Into AI Create Risk Blind Spots, Cos. Told
As corporations increasingly adopt artificial intelligence capabilities into their workflows, they should also implement guardrails to stave off major risks the rapidly evolving technology poses, lawyers said during a New York City Bar panel discussion Friday.
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April 19, 2024
Allergan To Face Kickback Claim In Suit Over Child Botox Use
A Texas federal judge has axed allegations that pharmaceutical company Allergan Inc. defrauded the U.S. government when it promoted the unapproved use of Botox to treat migraines in children but will allow claims that the company bribed doctors to conduct the procedure to move forward.
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April 19, 2024
Trump Media CEO Fears Illegal Short Selling Is Harming Stock
The chief executive of the company that owns Donald Trump's Truth Social platform wants Nasdaq's help in determining whether manipulation stemming from illegal short selling is harming the company's stock price, according to a securities filing on Friday.
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April 19, 2024
Walgreens Inks $110M Deal To End Philly Opioid Crisis Suit
Walgreens will pay the city of Philadelphia $110 million over the next five years to settle claims that it contributed to the opioid epidemic by ignoring suspicious prescriptions for addictive opioid painkillers, city officials announced Friday.
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April 19, 2024
Employment Authority: Title VII Ruling Unanswered Questions
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on the unanswered questions the U.S. Supreme Court's ruling that Title VII prohibits discriminatory job transfers left, how lower courts could decide how much transportation work can exempt workers from federal arbitration and a look at a workers' bid to unionize at a Volkswagen facility in Chattanooga, Tennessee.
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April 19, 2024
Casino SPAC Can Return Money, Not Shares, Chancery Rules
Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.
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April 19, 2024
AI Co. Founder Faces SEC Suit After Fraud Charges
The fugitive founder of a purported artificial intelligence startup was sued Friday by the U.S. Securities and Exchange Commission over an alleged $2.8 million scheme to defraud investors.
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April 19, 2024
DOJ Can't Coordinate Google Ad Tech Discovery With Texas
A Virginia magistrate judge on Friday denied a request from the U.S. Department of Justice to coordinate discovery in its suit accusing Google of monopolizing key digital advertising technology with a similar case from state enforcers pending in Texas.
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April 19, 2024
Up Next At High Court: Abortions & Presidential Immunity
The U.S. Supreme Court will return Monday for the term's final week of oral arguments, during which it will consider several high-stakes disputes, including whether a federal healthcare law can preempt state abortion bans and whether former President Donald Trump is entitled to immunity from criminal charges related to official acts.
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April 19, 2024
Zurich Insurance Hit With $80M Verdict Over 3 Terminations
Three former Zurich American Insurance Co. employees were awarded over $80 million by a Sacramento, California, jury that found they were wrongfully terminated for taking unofficial time off that the plaintiffs said was approved by their supervisor.
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April 19, 2024
Student Housing Co. Founder Claims She Was Pushed Out
A co-founder of a global company formed to provide booking for student housing sued her former colleague in Delaware's Court of Chancery on Friday, alleging a scheme by insiders to push her out of the business and then line up a sale to avoid a judgment after the move's reversal.
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April 19, 2024
IRS Previews New Digital Assets Reporting Form
The Internal Revenue Service released a draft of a form brokers will have to use for the first time to disclose their digital asset sales to the agency, including instructions for taxpayers whose transactions are subject to the reporting requirements.
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April 19, 2024
Climate Lawsuits Aren't The SEC's Only Legal Headache
The U.S. Securities and Exchange Commission has been grabbing headlines over the past couple of months as it attempts to fend off a host of lawsuits challenging recently enacted climate disclosure rules, but the agency has been no stranger to litigation brought by business groups opposing everything from new stock buyback disclosures to the agency's growing private fund oversight to its hands-off approach to crypto rule writing.
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April 19, 2024
Quinn Emanuel Fights Sanctions Bid Over Musk Deposition
Quinn Emanuel Urquhart & Sullivan LLP has protested a move by a man suing Elon Musk for defamation to sanction partner Alex Spiro for his conduct during a deposition of Musk, telling a Texas state court Spiro was simply speaking up to protect Musk's interests and that the plaintiff was taking part in "school-yard antics."
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April 19, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Tesla is thumbing its nose at the Delaware Chancery Court by again asking its shareholders to approve a $55 billion pay package for Elon Musk — essentially the same pay package the court voided in January. And British telecom giant BT Group will reward two law firms for successful diversity and AI programs with automatic spots on its pared down legal panel. These are some of the stories in corporate legal news you may have missed in the past week.
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April 19, 2024
French Train Biz Alstom Selling Signaling Biz For $671M
French train manufacturer Alstom said Friday it has agreed to sell its North American conventional signaling business to German brake-maker Knorr-Bremse AG for about €630 million ($671 million).
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April 19, 2024
The Week In Trump: NY Trial And A High Court Date Loom
Despite a few snags, jury selection for Donald Trump's hush money trial in Manhattan unfolded relatively quickly, clearing the way for opening statements Monday in the historic case as the former president prepped for a U.S. Supreme Court debate over his supposed immunity.
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April 19, 2024
Sidley, Perkins Coie Guiding Nordstrom On Strategic Review
Sidley Austin LLP and Perkins Coie LLP are representing a special committee of Nordstrom Inc.'s board of directors that is looking into taking the Seattle-based luxury department store private after an earlier 2017 go-private plan fell apart.
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April 19, 2024
Antitrust Case Judge Reveals Husband's Ties With Apple
A New Jersey federal magistrate judge assigned to the U.S. Department of Justice's recent iPhone antitrust case disclosed on Friday that her husband has ties to Apple, but told the parties she does not believe she needs to recuse herself.
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April 19, 2024
Off The Bench: NCAA Rules, Trans Athlete Win, NBA Pro's Ban
In this week's Off The Bench, the NCAA formally lifted restrictions on athletes transferring schools and how they can receive name, image and likeness money, West Virginia's transgender sports ban is dealt a blow by the Fourth Circuit, and betting costs an NBA player his career.
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April 19, 2024
Twitter Can't Sink Age Bias Suit Over Post-Musk Layoffs
A California federal judge has refused to throw out a former Twitter employee's proposed class action alleging that a wave of layoffs following Elon Musk's acquisition of the social media platform now called X disproportionately pushed out older workers, saying the suit had enough detail to stay in court.
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April 19, 2024
Self-Immolation Near Trump Trial Prompts Security Review
The New York Police Department is reviewing security protocols for former President Donald Trump's first criminal trial after a fatal incident in which a man set himself on fire across the street from the Manhattan courthouse where the proceeding was taking place Friday, underscoring safety concerns.
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April 19, 2024
Mondi Drops Pursuit Of DS Smith After Int'l Paper Deal
British packaging company Mondi officially dropped out of its running battle with International Paper to buy DS Smith on Friday after the two latter companies struck a more than $7 billion deal to join forces earlier this week.
Expert Analysis
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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How Biotech Deals May Help Competition, Despite FTC View
The Federal Trade Commission's complaint against Sanofi's proposed partnership with Maze Therapeutics highlights increasing skepticism of so-called killer acquisitions, but a closer look reveals potentially legitimate reasons behind why entities might decide to delay or abandon the development of acquired products, say consultants at Analysis Group.
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Expediting Psychedelics Approvals In The US And Canada
Accelerated regulatory pathways for psychedelics in the U.S. and Canada play a pivotal role in the progression of drugs, devices and novel therapies toward commercialization, say Kimberly Chew at Husch Blackwell, and Ana Dukic and Sabrina Ramkellawan at AxialBridge.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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Directors And Officers Face Unique AI-Related Risks
As privacy, intellectual property and discrimination lawsuits focusing on artificial intelligence increase, corporate directors and officers must stay aware of associated risks, including those related to compliance, litigation and cybersecurity, says Jonathan Meer at Wilson Elser.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
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Takeaways From SEC's Aggressive Cybersecurity Moves
The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.
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What R&W Insurance Access Means For Small-Cap M&A
As a slowdown in mergers and acquisitions has increased insurer appetite for underwriting small-cap transactions, buyers of small and midsize enterprises stand to benefit from easier access to representations and warranties insurance, which can add protection and reassurance for all parties involved in a deal, say Caroline Thee and Ewelina Mikocewicz at Taft Stettinius.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Changes To Note In New AAA Mass Arbitration Rules
The American Arbitration Association updated its mass arbitration rules earlier this month — clarifying issues that were previously being litigated in front of the AAA, and significantly streamlining the process of getting to a merits arbitration for claimants who have suffered similar wrongs and are bound by mandatory arbitration clauses, say attorneys at Labaton Keller.