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June 05, 2024
NY Judge Says Block, Intuit Are Part Of Visa Antitrust Deal
Intuit and the company behind Square payment technology may be blocked from most swipe-fee antitrust claims against Visa and Mastercard under a newly unsealed New York federal court decision holding that the companies can't have opted out of a merchant settlement because they were never part of that class.
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June 05, 2024
Hertz Hit With Shareholder Suit Over Costs Tied To EVs
Car rental giant Hertz Global Holdings Inc. and two Hertz executives are facing a proposed investor class action in Florida federal court alleging the company hurt investors by overhyping demand for electric cars only later to announce a nearly $200 million hit to earnings as it worked to offload electric vehicles.
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June 05, 2024
Google Cleared From Suit Over Animal Abuse YouTube Videos
A California appeals panel has tossed a nonprofit's suit alleging that Google LLC breached its contract by allowing animal abuse videos on YouTube, saying Section 230 of the Communications Decency Act blocks all its claims.
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June 05, 2024
SEC Risk Alert Outlines Broker-Dealer Exam Process
The U.S. Securities and Exchange Commission's Division of Examinations issued a risk alert Wednesday outlining its process for selecting broker-dealer firms to examine, refining the scope of the exam and the types of documents the division may request.
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June 05, 2024
Microsoft Blasts Gamers' Bid To Add To Activision Appeal
Microsoft Corp. says the Ninth Circuit should reject a "bevy of additional, extra-record 'facts'" seeking to hold up the recent layoffs of 1,900 Activision and Xbox employees as proof that the tech giant's acquisition of Activision Blizzard Inc. was anticompetitive.
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June 05, 2024
Del. Justices Uphold Chancery's Toss Of Auto Parts Deal Suit
Delaware's Supreme Court has refused to reverse the Court of Chancery's 2023 dismissal of a stockholder suit accusing Chicago-based factory and automotive parts venture Distribution Solutions Group Inc. of failing to disclose conflicts surrounding and costs of a three-way merger in late 2021.
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June 05, 2024
New Rule Bars Self-Certification As Disabled, Vet-Owned Biz
The U.S. Small Business Administration issued a rule Wednesday effectively barring federal contractors from self-certifying as service-disabled veteran-owned small businesses, or SDVOSBs, amid ongoing concerns about fraud in veteran-owned contracting programs.
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June 05, 2024
Meta Can't Dodge Trial In Monopoly Suit, FTC Says
The Federal Trade Commission said "voluminous evidence" cuts against Meta's bid to avoid trial over claims the social media giant illegally entrenched its monopoly in the market for personal social networking by acquiring WhatsApp and Instagram.
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June 05, 2024
Epic Accuses Apple Of Stalling Antitrust Doc Production
Epic Games accused Apple Inc. at a hearing Wednesday of dragging its feet on producing internal documents that a California federal judge recently ordered the tech giant to hand over to help decide if Apple complied with her ban on App Store anti-steering rules.
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June 05, 2024
Truth Social Investors Want Fla. Suit Paused For Del. Claims
Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.
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June 05, 2024
Trump Gag Order Still Needed Through Sentencing, DA Says
Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.
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June 05, 2024
Davis Polk Guiding Dollar Tree On Potential Family Dollar Sale
Davis Polk & Wardwell LLP is representing Dollar Tree Inc. in a formal strategic review of its Family Dollar business that could lead to a sale, spinoff or other disposition, the Virginia-based retailer revealed Wednesday.
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June 05, 2024
Medtronic Can't Pause FCA Claims For 1st Circ. Detour
A Massachusetts federal judge on Wednesday declined to pause a long-pending False Claims Act and whistleblower retaliation case against medical device maker Medtronic so it can appeal a recent ruling, saying the court and the parties need to "get it moving."
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June 05, 2024
Google Hit With IP Suit By Textbook Cos. Over Pirated Books
A group of textbook publishers hit Google LLC with a copyright and trademark infringement lawsuit Wednesday in New York federal court, accusing the tech giant of allowing advertisements from websites that allegedly sell pirated books and ignoring take-down requests from the publishers for years.
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June 05, 2024
After Judge Takes Trip To Israel, Attys Want Him Off Gaza Case
Palestinian rights activists asked a Ninth Circuit judge to recuse himself from a case claiming that the Biden administration flouted international laws barring genocide by supporting Israel's military efforts in Gaza, noting that the judge recently took a trip to Israel sponsored by the World Jewish Congress.
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June 05, 2024
Ex-CFO Took $40M From Detroit Nonprofit, Prosecutors Say
The former chief financial officer for the Detroit Riverfront Conservancy has been charged with carrying out a decadelong embezzlement scheme that drained the nonprofit of about $40 million, an alleged fraud described as "simply astonishing in scale."
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June 05, 2024
Donziger Deserves Pardon, Enviro Groups Tell Biden
A group of environmental and human rights groups are calling on President Joe Biden to pardon disbarred environmental lawyer Steven Donziger for his criminal contempt conviction in litigation brought by Chevron over his role in securing a $9.5 billion environmental judgment in Ecuador.
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June 05, 2024
FTC Can't Pause Novant's $320M Bid To Buy NC Hospitals
The Federal Trade Commission on Wednesday lost its bid to block Novant Health from buying two local hospitals in North Carolina for $320 million while it conducts an in-house review, with a federal judge reasoning that competition would actually fare better if the merger advanced.
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June 05, 2024
Husch Blackwell Adds Berger Singerman Finance Pro In Fla.
Husch Blackwell announced Tuesday the hiring of a finance partner from Berger Singerman to boost both its corporate practice group and its presence in Florida.
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June 05, 2024
McDonald's Loses 'Big Mac' TM Rights Over Poultry In EU
A European Union court on Wednesday stripped McDonald's of its right to use the "Big Mac" trademark on chicken sandwiches in the bloc, ruling that the fast food giant had failed to put the sign to proper use on poultry products in recent years.
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June 05, 2024
5th Circ. Private Funds Ruling Could Rewrite SEC Agenda
The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.
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June 04, 2024
PE Firm Tells 5th Circ. It Got Pushed Out Of EV Co. Acquisition
Texas-based private equity company Ancor Holdings LP says it got pushed out of an acquisition deal by another private equity group it brought in as backup, arguing in oral arguments at the Fifth Circuit on Tuesday that a binding letter of intent means it's entitled to future profits.
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June 04, 2024
Trump Wants Gag Orders Terminated In Wake Of Guilty Verdict
Donald Trump asked a New York County judge to terminate gag orders restricting the former president from making out-of-court statements during his criminal trial, arguing that the "restrictions" on his First Amendment rights are no longer warranted now that the trial has come to an end.
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June 04, 2024
Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears
Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.
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June 04, 2024
Monsanto Tries To Flip $1B PCB Losses As Plaintiffs Press On
Monsanto is moving to capitalize on a Washington state appellate victory it claims casts doubt on more than $1.1 billion in PCB poisoning verdicts, while plaintiffs are staking out positions to defend — and even build on — their blockbuster wins.
Expert Analysis
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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A Closer Look At Antitrust Agencies' Chat Platforms Guidance
Following the U.S. antitrust agencies' clarification that companies' preservation obligations extend through applications that automatically delete communications, firms should look at new compliance measures, including keeping control over retention settings, say John Ingrassia and Tim Burroughs at Proskauer.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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A Snapshot Of The Evolving Restrictive Covenant Landscape
Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.
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Opinion
High Court Should Settle Circuit Split On Risk Disclosures
The U.S. Supreme Court should grant the petition for writ of certiorari in the Facebook case to resolve a growing circuit split concerning when risk disclosures can be misleading under federal securities laws, and its decision should align with the intent of Congress and the U.S. Securities and Exchange Commission, says Richard Zelichov at DLA Piper.
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Opinion
Why Supreme Court Should Allow Repatriation Tax To Stand
If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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UK Amazon Ruling Spotlights TM Rights In International Sales
Highlighting the conflict between the territorial nature of trademark rights and the borderless nature of the internet, the U.K. Supreme Court's recent decision — that Amazon's U.S. website could infringe EU and U.K. rights by targeting local buyers — offers guidance on navigating trademark rights in relation to online sales, say Emmy Hunt, Mark Kramer and Jordan Mitchell at Potter Clarkson.
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The Multifaceted State AG Response To New Technologies
In response to the growth of technologies like artificial intelligence, biometric data collection and cryptocurrencies across consumer-facing industries, state attorneys general are proactively launching enforcement and regulatory initiatives — including bipartisan investigations and new state AI legislation, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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What NAR Settlement Means For Agent Commission Rates
If approved, a joint settlement agreement between the National Association of Realtors and a class of home sellers will likely take the onus off home sellers to compensate buyers' agents, affecting considerations for all parties to real estate transactions, say attorneys at Jones Foster.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.