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Corporate
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
TikTok Snags Ex-Warner Bros. GC To Lead Legal
TikTok and parent company ByteDance picked a former Warner Bros. top lawyer to be its next global general counsel, the company said Monday, after the most recent leader in the position stepped down to fight a new federal law affecting the social media giant.
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June 03, 2024
Ex-SoftBank GC Joins Foley & Lardner As Partner In SF
Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.
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June 03, 2024
Standards Are Murky As Legal Employers Vet Protesters
As violence in Gaza rages on, law firms have vowed not to employ lawyers whose activism for Palestinian rights they deem unacceptable. But "unacceptable" is in the eye of the beholder, and that makes it difficult for law students and lawyers who advocate for a ceasefire to navigate the workplace and the job market.
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June 03, 2024
Tubi Accuses Keller Postman Of Filing Frivolous Arbitrations
Streaming service company Tubi Inc. is going after a plaintiffs firm in Washington, D.C., federal court, alleging it has engaged in a mass arbitration scheme in which the firm has filed more than 23,000 allegedly frivolous or fraudulent demands for arbitration in attempts to force the company to settle.
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June 03, 2024
Biotech Firm, Mobile App Prepare To Enter IPO Fray
Biotechnology firm Rapport Therapeutics Inc. and Australian-listed mobile-sharing app Life360 Inc. unveiled plans on Monday for initial public offerings that are estimated to raise about $311 million combined this week, under guidance from three law firms.
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June 03, 2024
Split Fed. Circ. Backs EcoFactor's $20M Trial Win Over Google
The Federal Circuit on Monday affirmed that Google should pay EcoFactor $20 million for infringing its smart thermostat patent, but one judge took issue with allowing the damages to stand, saying her colleagues' ruling "at best muddles our precedent and at worst contradicts it."
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June 03, 2024
Law Firm Faces Sanctions Bid For Happy Meal 'Extortion' Suit
McDonald's has urged a Florida federal court to sanction Fischer Redavid PLLC and its clients for bringing a recently dismissed lawsuit seeking a warning on Happy Meal containers, accusing them of trying to extort the company for a bigger payout after securing an $800,000 jury verdict in a related case for the second-degree burns suffered by a girl from a dangerously hot Chicken McNugget.
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June 03, 2024
Jane Street Blasts Trading Firm's Defense In Trade Secret Row
Trading firm Jane Street Group LLC has urged a Manhattan federal judge to toss the counterclaims and affirmative defenses of two ex-employees and Millennium Management LLC in a trade secret suit, saying each is either "redundant" or has "little to no alleged facts to support" it.
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June 03, 2024
Mich. High Court Keeps $15 Min. Wage Proposal Off Ballot
An initiative to raise the hourly minimum wage in Michigan to $15 by 2027 will stay off the 2024 ballot, the state Supreme Court ruled, turning down a group's bid to force the state canvassers board to certify the proposal.
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June 03, 2024
CFPB Unveils Registry To Track Nonbank 'Repeat Offenders'
The Consumer Financial Protection Bureau on Monday finalized plans to begin centrally tracking court and regulatory enforcement orders against nonbank financial firms, issuing a rule that will create a public registry intended to help shine a light on companies that have recurring run-ins with authorities.
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June 03, 2024
Supreme Court Ruling Keeps Amazon Race Bias Suit Alive
Amazon Music can't sink a Black former worker's suit alleging her responsibilities were reduced and she was placed on a performance improvement plan for complaining about her manager, a New York federal judge said, ruling her claims are viable based on a recent U.S. Supreme Court decision.
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June 03, 2024
Chamber Backs Insurers' Suit To Block DOL Fiduciary Rule
The U.S. Chamber of Commerce urged a Texas federal judge to block recently finalized regulations by the U.S. Department of Labor that expands who is considered a fiduciary under federal benefits law, arguing that the new rule will unnecessarily increase costs for consumers.
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June 03, 2024
Design Patents May Be Harder To Get Under New Test
The Federal Circuit's decision discarding long-standing tests for proving that a design patent is invalid as obvious means the world has changed for patent examiners and applicants, attorneys said, and the new standard could lead to more design patent applications being turned down.
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June 03, 2024
3 Firms Rep As Waste Management Inks $7.2B Stericycle Buy
Waste Management Inc. has agreed to buy medical waste company Stericycle at an enterprise value of about $7.2 billion, inclusive of approximately $1.4 billion of debt, the companies said in a statement Monday.
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June 03, 2024
Justices Won't Mull Worker-Friendly Ruling On Preshift Pay
The U.S. Supreme Court declined on Monday to hear a case asking how to decide when an employer must pay employees for time they spend on preshift tasks that are necessary for them to do their jobs.
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June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
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May 31, 2024
Live Nation Confirms Data Breach Days After Consumer Suit
Live Nation confirmed in a U.S. Securities and Exchange Commission filing Friday that there was "unauthorized activity" in a third-party database and that a hacker claimed to have Ticketmaster consumer data for sale on the dark web, days after a lawsuit alleged the companies failed to secure customer data.
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May 31, 2024
Ex-DEA Agent Told Jury Chiquita Was 'Victimized' By Militants
A former U.S. Drug Enforcement Administration agent took the stand Friday in the federal trial against Chiquita Brands International Inc., testifying to jurors in Florida court that right-wing paramilitary group Autodefensas Unidas de Colombia was the leading supplier of cocaine and "victimized" the company by using it to smuggle drugs.
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May 31, 2024
Fiji Water Beats $2M Breach-Of-Contract Verdict On Appeal
California appellate justices on Thursday dismissed Carolina Beverage's $2 million jury win in a contract case accusing Fiji Water of violating their distribution deal by selling Fiji directly to retailers, finding that the agreement wasn't constructively terminated because Carolina Beverage continued to deliver Fiji products to retailers, pursuant to their contract.
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May 31, 2024
Caremark Cut Loose From CVS Price-Gouging Case
A Rhode Island federal judge on Thursday dismissed Caremark from long-running litigation alleging CVS schemed with pharmacy benefit managers to overcharge insured health plans for generic drugs, finding Caremark's contracts with the funds have enforceable arbitration clauses.
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May 31, 2024
'You Didn't Do It': Antitrust Judge Rips Apple's Doc Production
A California federal judge deciding whether Apple complied with her ban on App Store anti-steering rules ordered Apple for a second time Friday to produce documents, telling Apple's counsel "the whole point" is to get documents relevant to Apple's decision-making regarding its new 27% fee "and you didn't do it."
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May 31, 2024
Nigerian Fintech's Execs Sued Over Alleged Company Fraud
The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
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May 31, 2024
Chinese Nationals Nabbed In $12M Counterfeit Apple Scam
The U.S. Department of Justice announced Friday that five Chinese nationals are accused of running a massive scheme to return thousands of counterfeit iPhones, iPads and other Apple products in exchange for genuine devices, costing the tech company at least $12.3 million in losses.
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May 31, 2024
Frank Execs Must Keep Fighting JPMorgan Fraud Indictment
A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.
Expert Analysis
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5 Employer Actions Now Risky After Justices' Title VII Ruling
Last week in Muldrow v. St. Louis, the U.S. Supreme Court ruled that harm didn't have to be significant to be considered discriminatory under Title VII of the Civil Rights Act, making five common employer actions vulnerable to litigation, say Kellee Kruse and Briana Scholar at The Employment Law Group.
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Chancery's Carvana Suit Toss Shows Special Committee Value
The Delaware Chancery Court’s recent dismissal of a stockholder complaint against Carvana illustrates how special litigation committees can be a powerful tool for boards to regain control after litigation alleging a breach of fiduciary duty, say attorneys at Morgan Lewis.
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EPA Chemical Safety Rule Raises Questions About Authority
Stakeholders should consider the practical and economic costs of the U.S. Environmental Protection Agency's recently finalized rule imposing novel board reporting regulations for certain chemical plants and refineries, which signals that the agency may seek a role in regulating corporate governance, say attorneys at Sidley.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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Deciding What Comes At The End Of WTO's Digital Tariff Ban
Companies that feel empowered by the World Trade Organization’s recent two-year extension of the ban on e-commerce tariffs should pay attention to current negotiations over what comes after the moratorium expires, as these agreements will define standards in international e-commerce for years to come, say Jan Walter, Hannes Sigurgeirsson and Kulsum Gulamhusein at Akin Gump.
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Considering CGL Defense For Social Media Addiction Claims
A recent lawsuit filed in California state court against Meta seeks damages from technology companies for the costs of treating children allegedly suffering from social media addiction, but the prospects of defense coverage under commercial general liability insurance policies for a potential new wave of claims look promising, say Craig Hirsch and Tae Andrews at Pasich.
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FTC Noncompete Ban Signals Rising Labor Focus In Antitrust
The Federal Trade Commission’s approval this week of a prohibition on noncompete agreements continues antitrust enforcers’ increasing focus on labor, meaning companies must keep employee issues top of mind both in the ordinary course of business and when pursuing transactions, say attorneys at Skadden.
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Breaking Down EEOC's Final Rule To Implement The PWFA
Attorneys at Littler highlight some of the key provisions of the U.S. Equal Employment Opportunity Commission's final rule and interpretive guidance implementing the Pregnant Workers Fairness Act, which is expected to be effective June 18, and departures from the proposed rule issued in August 2023.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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Tips For Balanced Board Oversight After A Cyberincident
The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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What Law Firms Should Know Amid Rise In DQ Motions
As disqualification motions proliferate, law firms need to be aware of the types of conflicts that most often lead to disqualification, the types of attorneys who may be affected and how to reduce their exposure to these motions, says Matthew Henderson at Hinshaw.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.