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Energy
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March 14, 2024
SEC Asks 5th Circ. To Hold Off On Climate Reg Ruling
The U.S. Securities and Exchange Commission said it was too early for the Fifth Circuit to delay the implementation of freshly adopted emissions reporting requirements given that those requirements don't go into effect for another two years, offering the first glimpse of possible defenses it could use as it attempts to fend off lawsuits challenging the rules.
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March 14, 2024
Energy Dept. Floats $2.26B Loan For Nev. Lithium Project
The Biden administration is pitching a $2.26 billion loan to help fund lithium carbonate processing facilities at the controversial Thacker Pass mine in northern Nevada, saying they could support the production of as many as 800,000 electric vehicles a year.
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March 14, 2024
Chesapeake Investor Challenges $7.4B Southwestern Deal
A shareholder of Chesapeake Energy Corp. sued the company and some of its officers and directors on Wednesday in an attempt to enjoin a proposed $7.4 billion acquisition of Southwestern Energy, saying investors cannot make an informed decision on whether to approve the deal or not based on the incomplete financial information provided.
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March 14, 2024
Locke Lord Must Face Oil Co.'s Malpractice Suit In NJ
A New Jersey state judge rejected Locke Lord LLP's attempt to evade an oil company's malpractice suit alleging that the firm and one of its former attorneys mishandled a transaction involving an oil refinery project in North Dakota, causing the company to lose $2.5 million
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March 14, 2024
KKR Lobs €2.8B Takeover Bid At German Energy Biz
Private equity giant KKR on Thursday lobbed a €2.8 billion ($3.05 billion) takeover bid at German renewable energy platform and independent power producer Encavis AG in a deal built by at least five firms that is aimed at strengthening Germany's energy future and supports the renewable energy transition in Europe.
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March 14, 2024
Nelson Mullins Hires Clark Hill FERC Regulatory Atty
Nelson Mullins Riley & Scarborough LLP has hired a former Clark Hill PLC member who focuses his practice on helping clients understand Federal Energy Regulatory Commission regulations and processes, the firm recently announced.
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March 14, 2024
Biden Comes Out Against $14.9B US Steel-Nippon Merger
President Joe Biden came out in opposition of U.S. Steel's planned $14.9 billion merger with Japan's Nippon Steel Corp. on Thursday, echoing lawmakers who have expressed concerns about the sale of an American institution to a foreign power.
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March 13, 2024
Sierra Club Joins Fray With SEC Climate Rule Suit
The Sierra Club is the latest organization to sue the U.S. Securities and Exchange Commission over its newly passed greenhouse gas reporting requirements, with the environmentalists saying Wednesday that the finalized rules failed to fully shield investors from the risks of climate change.
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March 13, 2024
Feds Want 6.5 Years For Ex-Utility Commission Boss' Bribery
The onetime head of San Francisco's Public Utilities Commission should spend six-and-a-half years in prison after his conviction on charges he accepted bribes from local businesses, federal prosecutors have argued.
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March 13, 2024
EPA Designates First Navajo Nation Superfund Site
The U.S. Environmental Protection Agency is adding the Lukachukai Mountains Mining District in northeastern Arizona to its National Priorities List, with the district's uranium mining waste piles marking the first designated Superfund site on the Navajo Nation.
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March 13, 2024
BP, ADNOC Shelve $2B NewMed Deal Amid Gaza War
BP and the state-owned Abu Dhabi National Oil Co. are suspending talks surrounding a $2 billion offer to acquire a controlling interest in Israel-based NewMed Energy, with the two oil giants citing "uncertainty created by the external environment" as the war in Gaza continues with no end in sight.
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March 13, 2024
Pa. Energy Co. Workers Secure Class Status In 401(k) Suit
Current and former employees of a Pennsylvania energy company were granted class status Wednesday in their suit alleging the business loaded its employee retirement plans with expensive, underperforming investment options for years, after a federal judge ruled the company couldn't escape the suit.
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March 13, 2024
Amazon Groups Ask To Meet Banks Over Oil Co. Financing
A coalition of Indigenous people and fishing groups in Peru is asking to meet with leaders of JPMorgan Chase & Co. and Citigroup Inc. to discuss concerns about state-owned oil company Petroperú and demand that the banks not help it secure more financing, according to the nonprofit Amazon Watch.
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March 13, 2024
Italy Defeats Investor Suit Against Solar Subsidy Reduction
Italy has beaten back a German investment fund's claims that the country's lowered solar energy subsidies breached treaty obligations to ensure a stable investment environment, after an international tribunal ruled that the scale-down was reasonable, foreseeable and in the best interests of the public.
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March 13, 2024
Atty Sanctioned Over Challenge To $60B Exxon-Pioneer Deal
A Texas judge has sanctioned a New York lawyer with a long history of filing frivolous lawsuits almost $60,000 for litigation brought over ExxonMobil's proposed $59.5 billion merger with Pioneer Natural Resources, the largest merger announced in 2023.
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March 13, 2024
Environmental Groups Seek To Defend EPA Methane Rule
Environmental groups on Tuesday told the D.C. Circuit they want to help the U.S. Environmental Protection Agency defend its new regulations for methane emissions at oil and gas facilities from Texas' legal challenge.
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March 13, 2024
FERC Can't Change Power Auction Results, 3rd Circ. Rules
The Third Circuit has wiped out the Federal Energy Regulatory Commission's tweak to the results of an electricity capacity auction run by the nation's largest regional grid operator, saying it amounted to retroactive rate-making in violation of the filed-rate doctrine.
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March 13, 2024
Tesla Investors Weigh In On $5B Fee Proposed For Class Attys
Tesla Inc. stockholders are sounding off to Delaware's chancellor after class attorneys sought a stock-based fee potentially worth more than $5 billion at current share prices following the Court of Chancery's reversal of Elon Musk's $55.8 billion stock-based pay plan on Jan. 30.
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March 13, 2024
Wood Pellet Maker Enviva Hits Ch. 11 With Over $1B Debt
Enviva, the world's largest producer of industrial wood pellets, has filed for Chapter 11 protection in Virginia bankruptcy court with a plan to cut its debt load by $1 billion, months after it reported hundreds of millions in losses after a faulty bet on future prices of the energy source.
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March 12, 2024
Committee Approves Bill Aimed At Blocking New Mining Rule
The House Committee on Natural Resources voted Tuesday to approve a bill aimed at blocking a proposed rule amendment by the Biden administration that would tighten the permitting process for mining projects deemed critical by the federal government despite concerns from Democrats over impacts to the environment and Native American sacred sites.
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March 12, 2024
Suncor Deal With Colo. Over Air Monitoring Gets Judge's OK
A Colorado state judge has approved a settlement agreement between Suncor and state air regulators over air quality monitoring around the oil and gas company's refinery near Denver.
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March 12, 2024
Startup Founder's Attys Come 'Very Close' To More Sanctions
A Colorado federal judge has said a geothermal startup founder's arguments for why one of his attorneys should not be sanctioned for discovery violations were "preposterous" and warned his lawyers that they came "very close" to being penalized again.
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March 12, 2024
Biden Unveils Zero-Emission Freight Truck Infrastructure Plan
The Biden administration unveiled Tuesday its strategy to provide ubiquitous and convenient access to electric-vehicle charging and hydrogen refueling along the nation's freight corridors, advancing the president's plan to decarbonize the freight sector.
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March 12, 2024
Feds, Missouri Secure $6.7M To Repay Superfund Cleanup
Ameren Corp. electric utility and over three dozen other companies and cities will pay $6.7 million to environmental regulators for responding to toxic contamination at a Missouri electric transformer scrapyard, according to a proposed settlement filed Tuesday in federal court in the Show Me state.
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March 12, 2024
SEC Says Ex-Tallgrass Director Tipped Pals To $3.5B Takeover
The U.S. Securities and Exchange Commission on Tuesday fined a former director of Tallgrass Energy LP accused of committing insider trading by tipping off friends about the then-upcoming $3.5 billion sale of the corporation to private equity giant Blackstone.
Expert Analysis
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What's On Tap For Public Corruption Prosecutions In 2024
All signs point toward another year of blockbuster public corruption prosecutions in 2024, revealing broader trends in enforcement and jurisprudence, and promising valuable lessons for defense strategy, says Kenneth Notter at MoloLamken.
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Global Cartel Enforcement Looks Set To Intensify In 2024
The cartel enforcement winds may strengthen this year, with the U.S. Department of Justice, as well as regulators in other countries, placing a renewed focus on pursuing international cartels and more traditional, hard-core cartel conduct, say attorneys at Simpson Thacher.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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The 5 Most Important Bid Protest Decisions Of 2023
Attorneys at Bradley Arant discuss noteworthy 2023 bid protest decisions from the U.S. Court of Federal Claims and U.S. Government Accountability Office, offering perspectives on standing, document production, agency deference, System for Award Management registration requirements and mentor-protégé joint venture proposal evaluations.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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Consider A Key Insurance Tool For Environmental M&A Deals
Transactional liability insurance can be a useful risk allocation tool for completing mergers and acquisitions in the renewable energy and climate and clean technology sectors, though policies must be structured carefully to achieve maximum coverage, say Joseph Castelluccio and Paul de Bernier at Mayer Brown.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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2 FCPA Settlements Illuminate Self-Disclosure, Disgorgement
Two of last year’s Foreign Corrupt Practices Act settlements — with biomedical company Lifecore and mining company Corsa Coal — suggest that the government will be much more flexible in negotiating disgorgement amounts if an entity voluntarily self-discloses misconduct, say Michael Gilbert and Lucas Amodio at Sheppard Mullin.
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How DOI Aims To Modernize Resource Damage Assessments
The U.S. Department of the Interior's recent proposal to redesign its Type A rule for conducting natural resource damage assessment and restoration activities could lead to a more streamlined, flexible assessment process that would benefit both natural resource trustees and potentially responsible parties, says Brian Ferrasci-O'Malley at Nossaman.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.
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Growing Green Tech Demand Spells Trouble For Groundwater
Increasing demand for green technology is depleting the groundwater reserves used to extract and process the necessary minerals, making a fundamental shift toward more sustainable water use practices necessary at both the state and federal levels, says Sarah Mangelsdorf at Goldberg Segalla.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.