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Delaware
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May 20, 2024
Co-Head Of Deadlocked $5B Wealth Firm Asks To Dissolve
A New York investment advisory firm managing $5 billion for elite clients including a minority owner of the St. Louis Cardinals is heading for trial in Delaware's Court of Chancery after one of its controlling members asked for a judicial dissolution, saying the company was deadlocked.
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May 17, 2024
Qorvo Wins $38.6M In Akoustis Trade Secrets And Patent Trial
A Delaware federal jury on Friday told Akoustis Technologies Inc. to pay wireless company Qorvo Inc. nearly $38.6 million for misappropriating its trade secrets and infringing its patents, following a two-week trial over radio frequency filter technology.
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May 17, 2024
Scammer Cops To SIM Scheme Including $400M Crypto Theft
A Colorado woman on Thursday pled guilty in D.C. federal court for her part in a SIM swapping scheme that appears to encompass more than $400 million stolen from the now-bankrupt cryptocurrency exchange FTX.
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May 17, 2024
3rd Circ. Won't Rethink Cancellation Of $10M Win In TM Battle
Texans can continue to be subjected to the earworm that is the "Kars 4 Kids" jingle, as the Third Circuit declined this week to reconsider its ruling against a local charity that had temporarily won a $10 million judgment in a trademark dispute over the name.
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May 17, 2024
Pfizer Unit Wins $107.5M Patent Verdict Against AstraZeneca
A Delaware federal jury on Friday said that AstraZeneca Pharmaceuticals LP should pay $107.5 million in royalty damages for infringing a Pfizer-brand cancer treatment patent, although a final decision won't be issued until after a bench trial on some of AstraZeneca's additional defenses.
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May 17, 2024
RedBird Flags Brookfield 'Gamesmanship' In Chancery Suit
Private investment firm RedBird Capital Partners has urged Delaware's Court of Chancery to strike unauthorized motions by Brookfield Infrastructure Partners seeking dismissal of a RedBird suit to recover a $150 million escrow included in a $5.7 billion sale of data centers to Brookfield affiliates last year.
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May 17, 2024
'Confusing' Evidence Leads To New Patent Trial For Shopify
A Delaware federal judge Friday granted in part Shopify Inc.'s bid for a new trial in an infringement suit over a series of patents for website generation owned by Express Mobile Inc. after Express won a $40 million jury verdict in 2022.
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May 17, 2024
Cantor, Lutnick Strike Deal With Window SPAC Investors
Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.
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May 17, 2024
Chancery Rulings Stir Up Del. Corporate Bar Push-Back
Intrigue surrounding closed-door talks on amendments to Delaware's General Corporation Law picked up in recent days, bringing greater scrutiny to an often sedate effort stirred up this year by a draft proposal seen as potentially removing some corporate policing powers traditionally given to the state's courts.
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May 17, 2024
EndoStim Emerges From Delaware Insolvency Proceeding
Delaware's Court of Chancery has approved the final accounting for medical device company EndoStim Inc.'s state-administered insolvency proceeding after no creditor or other party raised any objections at a final hearing on Friday.
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May 17, 2024
Dozens Of Pro Bono Attys Back 3rd Circ. Nominee Mangi
Forty-nine pro bono partners, counsel and chairs from major law firms and organizations wrote to Senate leadership on Friday with concerns that the staunch opposition against Third Circuit nominee Adeel Mangi over his pro bono work will have a chilling effect on future attorneys seeking judgeships, according to a letter shared with Law360.
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May 17, 2024
Judge Sets Hearing For Delay In Hunter Biden's Tax Trial
A California federal judge agreed Friday to consider Hunter Biden's request to push back his $1.4 million criminal tax trial, setting a hearing to address his claim that the dates interfere with his Delaware gun trial and threaten to prevent him from getting a fair shake.
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May 17, 2024
3rd Circ. Seeks Briefing On Wesco's Impact In 401(k) Fee Suit
The Third Circuit asked a digital services business and employees who sued the company alleging it saddled their retirement plan with excessive recordkeeping fees to explain whether the workers' bid to revive their tossed suit should be kicked to a lower court in light of a recent precedential ruling.
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May 16, 2024
No Double Jeopardy In Philly Execs' Embezzlement Case
Two former Philadelphia nonprofit executives convicted for an embezzlement scheme weren't subject to double jeopardy when a judge rescheduled trial after several jurors left, the Third Circuit ruled Thursday, reasoning that the court had no other choice.
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May 16, 2024
3rd Circ. Shuns Teva's 'Novel' Appeal On Israeli Investor Class
The Third Circuit on Thursday turned away an appeal brought by Teva Pharmaceutical Industries Ltd., saying the class certification stage was not the right time to hear arguments over the "novel" question of the applicability of U.S. securities laws to Israeli-listed shares.
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May 16, 2024
PTAB Will Review Cash-Out Patent Challenged By DraftKings
The Patent Trial and Appeal Board said Wednesday it will review a patent owned by DraftKings Inc. rival Colossus Bets on a way for gamblers to "cash out" of a sports bet to cut their losses before a game is over.
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May 16, 2024
3rd Circ. Revives Wesco Retirees' ERISA Fee Case
The Third Circuit reinstated a proposed class action Thursday accusing Wesco Distribution Inc. of letting its employee retirement plan pay exorbitant administrative fees, ruling a trial court's "partly valid" criticisms of the suit weren't enough to warrant dismissal.
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May 16, 2024
Rue21 Seeks To Reject 51 Leases As Stores Close
Bankrupt teen retailer rue21 has asked a Delaware bankruptcy court for approval to reject its leases at 51 store locations where going-out-of-business sales have already wrapped up or aren't planned, saying the move would represent "a significant cost savings" to the bankruptcy estate.
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May 16, 2024
DOL Unveils Long-Delayed Abandoned Retirement Plan Rules
After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.
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May 16, 2024
C3.ai Shareholder Sues In Del., Citing Baker Hughes Pact
A shareholder of artificial intelligence-driven software developer C3.ai Inc. filed a derivative suit in Delaware's Court of Chancery late Wednesday, alleging breaches of fiduciary duty and unjust enrichment related to the California company's strategic partnership with Baker Hughes Co.
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May 16, 2024
Olo Investor Sues In Chancery To Stop Raine Group Takeover
A shareholder in New York online food-ordering company Olo Inc. sued its officers, directors and largest stockholder in Delaware's Court of Chancery on Wednesday, alleging the board had approved a stock buyback program that would hand control of the company to its largest shareholder for no consideration.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
Chancery Nixes BuzzFeed Worker Arbitration Bid
Delaware's Court of Chancery dismissed from an arbitration access dispute on Wednesday 85 BuzzFeed Media Enterprises employees who sued for arbitration of a stock conversion right, rejecting claims that company employment agreements require Delaware courts to handle the issue.
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May 15, 2024
Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?
A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.
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May 15, 2024
Ollie's Can Make $14.6M Stalking-Horse Bid For 99 Cents Only
Discount retail chain 99 Cents Only received approval Wednesday from a Delaware bankruptcy judge for a $14.6 million stalking-horse bid for 11 of its properties in Texas from Ollie's Bargain Outlet Inc., another discount retailer.
Expert Analysis
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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5 Lessons For SaaS Companies After Blackbaud Data Breach
Looking at the enforcement actions that software-as-a-service provider Blackbaud resolved with state attorneys general, the U.S. Securities and Exchange Commission and the Federal Trade Commission in the past year can help SaaS companies manage these increasingly common forms of data breaches, say attorneys at Orrick.
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Del. Ruling Stands Out In Thorny Noncompete Landscape
In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Understanding SEC's Focus Amid Lack Of Final AI Rules
Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.
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Del. Segway Dismissal Suggests Execs Not Liable For Biz Risk
While the debate continues within the Delaware Chancery Court over whether Caremark liability applies to matters of pure business risk, the court's recent rejection of Segway’s suit against the ex-president who oversaw financial difficulties suggests the court is uninterested in undermining the deference the business judgment rule grants corporate fiduciaries, say attorneys at Dechert.
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ChristianaCare Settlement Reveals FCA Pitfalls For Hospitals
ChristianaCare's False Claims Act settlement in December is the first one based on a hospital allegedly providing private physicians with free services in the form of hospital-employed clinicians and provides important compliance lessons as the government ramps up scrutiny of compensation arrangements, say attorneys at Sheppard Mullin.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Exploring The Foreign Discovery Trend In Delaware
Despite a U.S. Supreme Court decision limiting the use of Section 1782, recent trends from a Delaware federal court suggest that Delaware remains an appealing forum for such foreign discovery requests, says Florentina Field at Abrams & Bayliss.
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Del.'s Tesla Pay Takedown Tells Boards What Not To Do
The Delaware Chancery Court’s ruthless dissection of the Tesla board’s extreme departures from standard corporate governance in its January opinion striking down CEO Elon Musk’s $55 billion pay package offers a blow-by-blow guide to mistakes Delaware public companies can avoid when negotiating executive compensation, say attorneys at Cleary.
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.