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Corporate
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May 21, 2024
Banks Urged To Vote Out Exxon Leaders Who Sued Investors
A group of state and city financial officials sent letters to some of the biggest banks and asset managers Tuesday urging them to vote against Exxon Mobil Corp.'s CEO and lead independent director at an upcoming annual meeting because of the company's lawsuit against a pair of environmentally minded activist investors.
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May 21, 2024
Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.
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May 21, 2024
SEC Fines KeyBank Broker-Dealer Over Reg BI Failures
The U.S. Securities and Exchange Commission on Tuesday ordered Key Investment Services LLC to pay more than $200,000 for allegedly failing to address conflicts of interest with Regulation Best Interest.
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May 21, 2024
X Corp., Hate Speech Watchdog Settle Atty Fees Bid
A California federal judge Tuesday signed off on an agreement that X Corp. and the Center for Countering Digital Hate reached to resolve the nonprofit organization's bid for $300,000 in attorney fees following a successful defense against the Elon Musk-led social media platform's claims that the center used improper tactics to write one of its articles.
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May 21, 2024
EEOC Guidance Over Gender Identity Can't Stand, Texas Says
The Texas attorney general requested Tuesday that a federal judge do away with the U.S. Equal Employment Opportunity Commission's enforcement guidance over gender identity and Title VII, arguing that the agency must be stopped from requiring employers' compliance with pronoun and bathroom accommodations.
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May 21, 2024
Nixing Green Energy Tax Perks Would Be Tough For Trump
Former President Donald Trump has vowed to scrap Democrats' signature 2022 climate law should he get reelected in November, but following through on that campaign promise could prove difficult amid bipartisan support for many of the law's clean energy tax incentives and a potentially divided Congress.
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May 21, 2024
NYC Pension Funds Call For 'No' Vote On Musk's Tesla Pay
Five New York City pension funds have joined with seven other Tesla Inc. institutional investors in calls for stockholders to vote down CEO Elon Musk's once-$56 billion compensation plan and vote out two board allies, branding the pay excessive and the two directors too close to Musk.
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May 21, 2024
OSHA Hit With Constitutional Challenge To Walkaround Rule
A dozen business groups led by the U.S. Chamber of Commerce sued the Occupational Safety and Health Administration over the so-called walkaround rule in Texas federal court Tuesday, challenging the constitutionality of a two-month-old regulation that expanded workers' right to bring in outside representatives during job safety inspections.
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May 21, 2024
Ex-Crypto Co. President Was Deceived And Ousted, Suit Says
A cryptocurrency entrepreneur has filed a suit in Delaware's Court of Chancery accusing a CEO of making fraudulent misrepresentations to recruit him to serve as president of his blockchain company, then unjustifiably firing him.
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May 21, 2024
SEC Gives Ex-BF Borgers Clients Reporting Deadline Reprieve
The U.S. Securities and Exchange Commission says it will give former clients of suspended auditor BF Borgers CPA PC more time to file their first-quarter financial statements in acknowledgment of issuers' need to scramble to find new accountants after the agency unveiled an enforcement action over the alleged "massive fraud" at the firm earlier this month.
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May 21, 2024
FTC Chair Khan Says Corporate Concentration Creates Fear
Federal Trade Commission Chair Lina Khan said Tuesday that corporate concentration creates fear for many Americans, including small businesses that rely on digital gatekeepers like Google and Amazon.
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May 21, 2024
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Circuit, urging it to uphold a ruling that struck down the law.
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May 21, 2024
Tuna Buyers Seeking $1B In July Price-Fixing Trial
Tuna buyers who are taking StarKist, its parent company and a private investment firm that put money into Bumble Bee Foods to trial on allegations of conspiring to hike the price of the tinned fish will be asking for over $1 billion in damages once all is said and done.
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May 21, 2024
3rd Suit Alleges Panera's 'Charged' Drink Caused Heart Attack
An 18-year-old man sued Panera Bread Co. in Pennsylvania federal court Monday alleging its highly caffeinated "Charged Lemonade" drink caused him to suffer a heart attack, at least the third such suit filed against the franchise over the now-discontinued beverage.
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May 21, 2024
Split Fed. Circ. Revives IP Suit Against Nokia Over Standing
A split Federal Circuit on Tuesday threw out a lower court decision that found an inventor's company didn't have standing to sue Nokia, Cisco and ADVA over a fiber optic patent, saying it was unclear if the company had the rights to the patent.
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May 21, 2024
BASF Agrees To $316.5M Settlement In PFAS Foam MDL
Attorneys representing public water systems in a South Carolina multidistrict litigation over so-called forever chemicals in drinking water announced Tuesday that they've reached an agreement in principle with defendant BASF Corp., which will pay $316.5 million to resolve the claims.
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May 21, 2024
Cooley Atty Returns From Deputy GC In-House Role In Boston
Cooley LLP's latest emerging companies and venture capital practice partner, James Schneider, started his career as a sports journalist covering local high school football games and didn't consider shifting careers until after the final whistle of a Thanksgiving Day game while rushing to meet a deadline, he told Law360 Pulse on Tuesday.
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May 21, 2024
Valero Brings $37M Refund Claim Over Fuel Credit, Crude Tax
Energy company Valero is seeking $37 million in tax refunds for biomass fuel mixtures it said should've qualified for the alternative fuel tax credit and for claimed overpayments of crude tax, according to a complaint in Texas federal court.
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May 21, 2024
Fanatics Atty Rejoins Cleary As Debt Finance Partner
An in-house attorney for global sports enterprise Fanatics Holdings Inc. is returning to private practice at Cleary Gottlieb Steen & Hamilton LLP, where he began his legal career.
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May 21, 2024
Coverage Recap: Day 16 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from Tuesday, day 16 of the trial.
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May 21, 2024
Manatt Partner Brings Music Biz Chops To Loeb & Loeb
A veteran entertainment attorney with over two decades of experience in the entertainment and music industries has joined Loeb & Loeb LLP from Manatt Phelps & Phillips LLP.
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May 21, 2024
Sheppard Adds Mayer Brown Litigator In Latest Chicago Move
Sheppard Mullin Richter & Hampton LLP isn't done growing in Chicago this year, now adding a business litigator from Mayer Brown LLP whose resume includes leadership positions related to his work in the financial services arena.
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May 21, 2024
Attys With AI Skills Command Pay Bumps In The US, UK
Lawyer job listings that require artificial intelligence skills carry a wage premium of up to 49% higher in some markets, according to a report released Tuesday.
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May 21, 2024
Ex-EnCore GC Joins Fisher Phillips' Gov't Relations Team
Fisher Phillips announced Tuesday that it has hired for its government relations practice group an attorney who was EnCore Energy Corp.'s former general counsel and has extensive experience in the public sector, including a stint as principal deputy solicitor for the U.S. Department of the Interior.
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May 21, 2024
DOJ, VW Ask 9th Circ. To Void Jones Day Docs Release Order
The U.S. Department of Justice and Volkswagen have told the Ninth Circuit that forcing them to release confidential Volkswagen documents that were part of a Jones Day investigation into the automaker's 2015 emissions-cheating scandal would have far-reaching, chilling implications for federal criminal prosecutions.
Expert Analysis
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Why Oncology Deal Making Continues To Fuel Biotech M&A
The biotech sector's potential for advancements in cancer care continues to attract deal-maker interest, and the keys to successful mergers and acquisitions include the ability to integrate innovative therapies, leverage technological advancements and respond to the dynamic needs of patients, say Bryan Luchs and Mike Weir at White & Case.
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5 Issues To Consider When Liquidating Through An ABC
Assignments for the benefit of creditors continue to grow in popularity as a tool for an orderly wind-down, and companies should be considering a number of issues before effectuating the assignment, including in which state it should occur, obtaining tail coverage and preparing a board creditor mailing list, says Evelyn Meltzer at Troutman Pepper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Legal Issues When Training AI On Previously Collected Data
Following the Federal Trade Commission's recent guidance about the use of customer data to train artificial intelligence models, companies should carefully think through their terms of service and privacy policies and be cautious when changing them to permit new uses of previously collected data, says James Gatto at Sheppard Mullin.
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Document Retention Best Practices To Lower Litigation Risks
As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
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Tips For Healthcare M&A Amid Heightened Antitrust Scrutiny
As the Biden administration maintains its aggressive approach to antitrust merger enforcement, prudent healthcare M&A counsel will consider practical advice when contemplating their next transaction, including carefully selecting a merger partner and preparing for a potentially long waiting period prior to closing, say attorneys at Davis Wright.
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Class Actions At The Circuit Courts: March Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses four notable circuit court decisions on topics from consumer fraud to employment — and provides key takeaways for counsel on issues including coercive communications with putative class members and Article III standing at the class certification stage.
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Compliance Steps After ABA White Collar Crime Conference
Senior law enforcement officials’ statements this month at the American Bar Association's white collar crime conference suggest government enforcement efforts this year will increasingly focus on whistleblower incentives, artificial intelligence and data protection, and companies will need to update their compliance programs accordingly, say attorneys at Baker McKenzie.
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2 Issues For Venture-Backed Climate Tech Startups To Avoid
As climate tech startups become more common, poor equity dilution management and stacked seed financing are two common pitfalls that apply more acutely to climate tech startups than to the broader venture-backed startup space, say attorneys at Goodwin.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
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Md. May See Vigorous Resale Price Maintenance Enforcement
In Maryland, indications of a new focus on resale price maintenance agreements are significant because state prosecution in this area has been rare, particularly outside California, say attorneys at DLA Piper.
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What 2 Years Of Ukraine-Russia Conflict Can Teach Cos.
A few key legal lessons for the global business community since Russia's invasion of Ukraine could help protect global commerce in times of future conflict, including how to respond to disparate trade restrictions and sanctions, navigate war-related contract disputes, and protect against heightened cybersecurity risks, say attorneys at Morgan Lewis.