Money Transmission Issue Looms For Prediction Markets

The circuit split recently created by the Ninth Circuit's ruling in Kalshi v. Assad has implications reaching beyond gaming regulation as, depending on the ultimate characterization of prediction market event contracts, platforms may face differing obligations under federal and state money transmission laws, say attorneys at Manatt.

Del. Ruling Emphasizes High Bar To Pleading A Control Group

The Delaware Court of Chancery's recent decision in Le Clair v. KnowBe4 illustrates the high burden to which courts hold plaintiffs trying to establish a control group, as well as the continued power of an informed stockholder vote, say attorneys at Sidley.

Attorneys Using AI May Have Ethical Duty To Redact Docs

The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificial intelligence tools will become increasingly difficult to defend as reasonable, say attorneys at Lewis Brisbois.

Retailers Must Navigate State Innocent-Seller Law Patchwork

States' innocent-seller statutes can shield nonmanufacturing retailers from product liability claims to varying degrees, and by building the evidentiary record strategically throughout discovery, companies can improve their chances of obtaining summary judgment — but it is essential to stay abreast of the rapidly evolving policy environment, say attorneys at Chamberlain Hrdlicka.

Voyager Ruling Maps Out Ch. 11 Exculpation Lessons

Chapter 11 plan proponents drafting exculpation provisions may benefit from contrasting the exculpatory language recently invalidated by a New York federal court in the Voyager Digital Holdings case with successful recent use of these provisions in confirmed bankruptcy plans, say attorneys at Debevoise.

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Juggling And Unicycling Make Me A Better Lawyer

Because I juggle (sometimes with fire) and ride the unicycle, friends and family used to joke that I should join the circus, but I pursued the practice of law instead and learned that my hobbies benefit my profession in several important ways, says Morgan Eddy at Smith Currie.

How 'Swap' Fight Underpins Prediction Market Enforcement

As courts around the country grapple with whether, and under what circumstances, event contracts qualify as swaps, federal enforcement authority hangs in the balance, with implications for companies that need to manage compliance risks during this period of legal uncertainty, say attorneys at Debevoise.

Justices' Hikma Reasoning May Extend Well Beyond Pharma

The active steps framework announced by the U.S. Supreme Court in its Hikma v. Amarin decision, finding that Amarin failed to plausibly allege inducement of infringement, has the potential to reshape how courts evaluate inducement claims across patent, copyright and other doctrines, say attorneys at BCLP.

SVB Parent's Claim Loss To FDIC Bears Bond Wording Lesson

A North Carolina federal court’s recent ruling that the Federal Deposit Insurance Corp., as receiver for the collapsed Silicon Valley Bank, solely owns a $73 million fraud claim illustrates why parent financial institutions should scrutinize joint assured provisions in fidelity bonds to prevent a failed subsidiary's covered losses going to a receiver, say attorneys at McGuireWoods.

The State Of Prediction Market Litigation After 9th Circ. Ruling

The Ninth Circuit's recent decision in Kalshi v. Assad gives state regulators significant appellate backing to enforce state gaming laws over prediction markets, creating a direct split with the Third Circuit that will likely lead to Supreme Court review of the question, say attorneys at Arnold & Porter.

Deal Termination Lessons From Verisk Merger Review Ruling

The Delaware Chancery Court’s recent ruling that Verisk Analytics forfeited its right to terminate a deal that was facing a second information request from the Federal Trade Commission illustrates the danger of information gaps between client and counsel and the risks of "willful conduct" language in merger agreements, say attorneys at HSF Kramer.

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Ballet Makes Me A Better Lawyer

A lifetime of learning and performing ballet taught me that success — whether in dance or practicing law — comes only through hours of thorough preparation, boundless energy and relentless effort, says Sharon Katz-Pearlman at Greenberg Traurig.

Del. Dispatch: More Earnout Guidance From Chancery

The Delaware Court of Chancery's recent decision in Georgia Security Solutions v. NewCBN reaffirms that a procedure resembling a traditional accountant true-up will generally be interpreted as calling for an expert determination, not an arbitration, and highlights the need for clarity in drafting earnout provisions, say attorneys at Fried Frank.

How The Uniform ABC Act Reframes The Ch. 11 Choice

In states where the Uniform Assignment for Benefit of Creditors Act has been enacted — now including Delaware — qualifying distressed companies have a lower-cost, bankruptcy alternative that provides fiduciary oversight without invoking the formal Chapter 11 process, says Robert Saunders at Pachulski Stang.

Fed. Circ. In July: Meeting The Enablement Requirement

The Federal Circuit's decision in Wyeth v. AstraZeneca last month exemplifies when a generalized conception of an invention is insufficient to enable the full scope of asserted patent infringement claims, and may lead to more enablement challenges, say attorneys at Knobbe Martens.