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March 29, 2024
Apollo Buying Majority Stake In Panasonic Auto At $2B Value
Paul Weiss-led Apollo Global Management said Friday it has agreed to buy a majority stake in Panasonic Automotive Systems Corp. from Japan's Panasonic Holdings Corp., in a transaction with a total enterprise value of 311 billion yen ($2.06 billion).
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March 29, 2024
Off The Bench: Ohtani Woes, Va. Ends Arena Plan, Pac-12 Deal
In this week’s Off The Bench, MLB superstar Shohei Ohtani tries to untangle himself from a gambling scandal, Virginia’s rejection sends two D.C. pro franchises back home, and the Pac-12 pays up to two schools that were left behind. If you were sidelined this week, Law360 will catch you up with the sports and betting stories that had our readers talking.
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March 29, 2024
Don't Miss It: Davis Polk, Simpson Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions managed by Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP.
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March 28, 2024
Disney Shareholder Demands To See Books Amid Board Row
An affiliate of Walt Disney Co. shareholder Blackwells Capital on Thursday asked Delaware's Court of the Chancery to force Disney to open its books and records as the investor looks into potential wrongdoing and mismanagement stemming from the entertainment giant's dealings with ValueAct Capital.
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March 28, 2024
White House Directs Agencies To Install AI Risk Safeguards
The White House on Thursday issued a new directive requiring all federal agencies to address safety and civil rights risks in their use and procurement of artificial intelligence in an array of settings, including conducting screenings at airports and making decisions affecting Americans' healthcare, employment and housing.
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March 28, 2024
Apple Says Ex-Engineer Leaked To 'Homeboy,' Other Journos
Apple Inc. is accusing a former engineer of leaking sensitive information about its business practices, internal policies and products to employees at other technology companies as well as at least three journalists for national publications — including one saved in his phone as "Homeboy" — in a suit in California state court.
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March 28, 2024
Oracle Exec Admitted Tech 'Scaring The Lawyers,' Judge Told
Consumers urged a California federal judge Thursday to keep alive Federal Wiretap Act and Florida common law claims in a proposed class action alleging Oracle illegally sold internet users' "electronic profiles," arguing that executive Larry Ellison admitted to the alleged misconduct by stating Oracle's new technology was "scaring the lawyers."
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March 28, 2024
Accused 'Shadow Trader' Can't Recall Why He Bought Stock
A California federal jury considering regulators' claims that an ex-Medivation executive engaged in "shadow trading" of a rival's stock heard video-recorded testimony Thursday from the executive, who said he couldn't recall why he purchased the securities just minutes after learning Pfizer was close to acquiring his own company.
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March 28, 2024
DOJ, FTC Weigh In On Another Pricing Algorithm Case
The U.S. Department of Justice and the Federal Trade Commission intervened in another alleged algorithmic collusion case Thursday with a statement of interest arguing that Atlantic City casino-hotels can't duck room rate price-fixing allegations simply by arguing there's no evidence they communicated directly or that pricing recommendations were binding.
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March 28, 2024
Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time
Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.
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March 28, 2024
SEC Settles Suit For Docs Over Potential Crypto Conflicts
The U.S. Securities and Exchange Commission and government watchdog Empower Oversight have agreed to end a suit that sought to force the regulator to hand over documents the watchdog claimed may provide insight into potential conflicts of interest affecting the SEC's digital asset dealings.
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March 28, 2024
NLRB Gets 1st Backing Of Starbucks Order In Circuit Court
A split D.C. Circuit panel on Thursday enforced a National Labor Relations Board order finding Starbucks violated federal labor law by barring a worker from passing out union pins, marking the first time a federal appeals court has weighed in on a board decision against the coffee giant.
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March 28, 2024
Judge Rejects Amazon's Bid To 'Backpedal' In BIPA Suit
A Delaware federal judge will allow more plaintiffs to join a proposed class action accusing Amazon of violating Illinois' Biometric Information Privacy Act by collecting their voice data during calls to a financial services provider without consent, overriding the tech giant's apparent attempt to backtrack on standing concerns by instead seeking summary judgment.
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March 28, 2024
Calif. Looks To Sink Chamber's Climate Disclosure Challenge
The state of California says a challenge by the U.S. Chamber of Commerce and other business groups to its recently enacted corporate climate disclosure laws should be tossed, arguing the groups cannot sue since enforcement of the law has not begun and the groups cannot plead an injury.
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March 28, 2024
Cannabis Drink Co. Ordered To Pay Directors' Legal Fees
A Minnesota-based joint venture formed to make cannabis-infused health drinks must partially indemnify two directors it sued for breaches of fiduciary duty after the complaints against them were dismissed, Delaware's Court of Chancery ruled Thursday.
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March 28, 2024
Google Wants Apple Search Pact Antitrust Suit Axed For Good
Google urged a California federal judge to permanently dismiss an amended antitrust suit over an agreement with Apple that would make Google the default iPhone search engine, calling it an untimely effort to "piggyback" on the U.S.'s monopolization case against Google without asserting any specified, antitrust injury.
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March 28, 2024
4 Takeaways As Hollywood Asks For AI Deepfakes Laws
Deepfakes have ceased to live solely in the world of science fiction, and their proliferation has already presented disturbing examples of a distorted reality — from phony robocalls by politicians to bogus celebrity nudes.
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March 28, 2024
WeightWatchers Adds 23andMe's Ex-Legal Head As Its GC
WW International Inc., formerly known as WeightWatchers, hired Jacqueline Cooke from ancestry-tracking company 23andMe this month as its new general counsel and corporate secretary.
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March 28, 2024
Foxwoods Tribal Owner Loses $76M COVID Insurance Appeal
The Mashantucket Pequot Tribal Nation, which owns and operates the Foxwoods Resort Casino in Connecticut, did not meet a key burden when suing its insurer for more than $76 million in losses tied to the COVID-19 pandemic, the state's intermediate-level appeals court ruled Thursday in declining to revive the litigation.
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March 28, 2024
Tesla Judge Cites Rodney King Litigation In OK'ing EEOC Suit
A California federal judge indicated Thursday she'll likely deny Tesla's bids to toss or stay the U.S. Equal Employment Opportunity Commission's allegations that the electric carmaker fostered rampant racism at its Fremont factory, saying ongoing state litigation doesn't preclude the EEOC's claims and comparing the fight to Rodney King litigation.
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March 28, 2024
Meta Says Speech Immunity Dooms Instagram Addiction Case
Meta on Thursday asked a Massachusetts judge to toss a lawsuit alleging it has intentionally misled users about Instagram features purportedly designed to addict children and teens, saying it is shielded both by federal law and the First Amendment.
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March 28, 2024
Wash. Appeals Court Asked To Mull COVID Coverage Question
A Washington state court has halted litigation over the University of Washington's bid for COVID-19 business interruption coverage from a Liberty Mutual unit, asking a state appeals court to first determine whether the presence of COVID-19 satisfies UW's policies' direct physical loss or damage requirement and if a contamination exclusion applies.
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March 28, 2024
Walmart Gives Enforcers More Time On $2.3B Vizio Deal Probe
Walmart is giving the U.S. Department of Justice and Federal Trade Commission more time to complete their initial review of the retail giant's plan to boost its advertising business through the $2.3 billion purchase of smart television maker Vizio.
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March 28, 2024
Deals Rumor Mill: WeWork, Reading FC, Pet Food Co.
Ex-WeWork CEO Adam Neumann looks to buy the company back, Chiron Sports Group is in talks to buy Reading Football Club, and the private equity firms Advent and CVC eye a pet food company. Here, Law360 breaks down the notable deal rumors from the past week.
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March 28, 2024
Conservative Org Takes Second Shot At PCAOB In Texas
The Public Company Accounting Oversight Board has been hit with a second lawsuit accusing it of operating unconstitutionally by an anonymous firm staring down a regulatory investigation, with the suit filed in Texas by the same conservative legal group that had its earlier case against the board transferred out of the state.
Expert Analysis
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A Look At Consumer Reporting In 2023, And What's To Come
The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.
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Antitrust And ESG: Maximizing Targets, Ensuring Compliance
Jennifer McAlpin at Verizon and Michaela Spero at Amadeus consider the convergence of antitrust and environmental, social and corporate governance factors, providing an executive overview of areas to watch, including mergers and acquisitions, as well as practical implementation tips for general counsel.
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High Court's Job Bias Questions May Predict Title VII Ruling
Employers may be able to predict — and prepare for — important changes to workplace discrimination laws by examining the questions the U.S. Supreme Court asked during oral arguments for Muldrow v. St. Louis, where several justices seemed to favor a low threshold for Title VII suits, says Wendy LaManque at Pryor Cashman.
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Anti-Money Laundering Compliance Must Put Officers On Alert
Recent government actions against FTX and other crypto companies have put a laser focus on corporate compliance failures, with added pressure on compliance officers — making the need for personal risk assessment particularly acute given today's novel anti-money laundering issues, say Poppy Alexander at Constantine Cannon and Caleb Hayes-Deats at MoloLamken.
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What To Know About FCA Cybersecurity Enforcement
Now is a good time for practitioners, government contractors and potential relators to review recent developments in cybersecurity-related False Claims Act enforcement, and consider best practices for navigating this space in the new year, say Ellen London at London & Stout, and Li Yu and Molly Knobler at DiCello Levitt.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Securing Financial Transparency In Chapter 11 Reporting
As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Corporate Transparency Act Takeaways For Banking Industry
As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.
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What Brands Need To Know About Consumer Reviews In 2024
Testimonials, endorsements and consumer reviews have been on the Federal Trade Commission's radar for years — and since this evolving area will continue to be an enforcement priority in 2024, now is the time to ensure your house is in order, say attorneys at Crowell & Moring.
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SEC Case May Expand Scope Of Insider Trading Liability
The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.
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Ill. BIPA Ruling May Spark Violation-Of-Law Exclusion Fight
An Illinois appeals court's recent holding in National Fire Insurance v. Visual Pak that a violation-of-law exclusion didn't preclude coverage for an underlying Biometric Information Privacy Act suit contradicts an earlier Seventh Circuit decision that aligns with long-standing insurance law principles — which may lead the state's high court to weigh in, says Tae Andrews at Pasich.
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5 Privacy And Cybersecurity Resolutions For 2024
In 2023, companies grappled with an unprecedented array of data privacy and cybersecurity challenges that are likely to continue in 2024, meaning businesses will be well-served to incorporate strategies, such as data governance and website configuration, into their compliance programs, say Steven Stransky at Thompson Hine and Violet Sullivan at Crum & Forster.
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What Last Year's Trends Mean For Compliance In 2024
In 2023, compliance teams grappled with questions related to artificial intelligence, data analytics and corporate culture — trends that are likely to become even more prominent in the year to come, says Hui Chen at Ropes & Gray.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.