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April 26, 2024
Remote Class, Medical News, More: Texas High Court Roundup
The Supreme Court of Texas ruled on a handful of issues Friday, including the liability of universities for switching to remote learning, the responsibility of an employer for not providing a worker with concerning medical news and how a settlement credit should be applied to a final judgment.
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April 26, 2024
Ex-BP Manager Charged With TravelCenters Insider Trading
A former senior manager at BP PLC on Friday became the second person accused by the U.S. Department of Justice and the U.S. Securities and Exchange Commission of engaging in insider trading over the British oil and gas company's $1.3 billion planned acquisition of TravelCenters of America Inc.
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April 26, 2024
4 Takeaways From Final EPA Power Plant Rules
The U.S. Environmental Protection Agency's long-awaited rule limiting greenhouse gas emissions from power plants accelerates the timeline for the electricity sector's transition away from fossil fuels, though there's plenty of legal and political uncertainty to consider. Here are four key takeaways from the EPA's power plant moves.
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April 26, 2024
Rail Group Sues Minnesota Over New Hazmat Safety Fee Law
The lead lobbying group for the largest freight railroads sued Minnesota Attorney General Keith Ellison in federal court on Friday, challenging a state law requiring railroads to dedicate $2.8 million for responding to hazardous material incidents.
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April 26, 2024
Support For 9th Circ. Rehearing In Oak Flat Dispute Mounting
At least 100 religious and nonprofit groups, law scholars, Native American coalitions and tribes are urging the Ninth Circuit to consider a full panel en banc hearing on a challenge to block a copper mining company from destroying a sacred Indigenous religious site in central Arizona.
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April 26, 2024
Suncor Judge Frets Permit Deadlines Are Near 'Impossible'
A Colorado state judge told state water regulators on Friday he is concerned they are putting Suncor Energy in a "very difficult position" with new oil refinery water permit rules, which take effect as early as May 1 even though the company says they could take years to comply with.
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April 26, 2024
5th Circ. Upholds Pecan Farm's Flood Win Against Sand Mine
A Fifth Circuit panel has upheld a more than $659,000 jury verdict against the owner of a sand and gravel mine after a "120-year flood" event severely damaged an Austin pecan farm, holding the evidence showed the company's large freshwater pit was responsible for the damage.
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April 26, 2024
NJ Solar Co. To Settle Claims It Ignored Do Not Call List
Apollo Energy Co. and the Pennsylvania man who accused it of repeatedly calling consumers who had put their phone numbers on the national Do Not Call registry or who had already asked not to call them again have agreed to settle their dispute, the parties said.
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April 26, 2024
Co. Says Policy Fight On $45B DOE Deal Isn't For Claims Court
A joint venture awarded a $45 billion nuclear waste management contract is urging the Court of Federal Claims to reject a rival's allegation that a U.S. Department of Energy policy change enabling the contract award was improper, saying the claims court lacked jurisdiction.
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April 26, 2024
Pacific Territories Temporarily Freed From 'Buy America' Rules
The Northern Mariana Islands, Guam and American Samoa are exempt from "Buy America" requirements for certain federally funded infrastructure projects until March 2025, according to a policy the U.S. Department of Transportation released Friday to reduce the far-flung territories' infrastructure costs.
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April 26, 2024
TETRA Tech Shareholder Sues In Del. To Stop Poison Pill
A TETRA Technologies Inc. investor has filed a proposed class action in Delaware's Court of Chancery accusing the company of adopting a poison pill as a prohibited anti-takeover weapon rather than an allowable shield for $411 million in tax-advantaged net operating losses.
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April 26, 2024
Locke Lord Strikes $12M Deal To End Claims Over Gas Fraud
Locke Lord LLP will likely pony up $12.5 million to settle claims it stood by as its clients carried out a fraudulent $122 million oil and gas scheme, with a Texas federal magistrate judge recommending approval of the settlement at a hearing in Fort Worth.
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April 26, 2024
Rep. Stefanik Calls For DOD To Kick Off Critical Mineral Policy
Rep. Elise Stefanik, R-N.Y., is urging the U.S. Department of Defense to speed up the implementation of a new policy to boost domestic processing of rare-earth elements, which are critical for military equipment, saying this will make the United States less reliant on China.
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April 26, 2024
Ex-BP Commodities Trader Says Co. Reneged On Bonus
A former BP commodities trader accused the company in Texas federal court of shorting him to the tune of $6 million when it abruptly fired him in January 2022 and paid him a smaller bonus than the $11 million he expected to receive.
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April 26, 2024
Pa. Regulators To Probe FirstEnergy's $503M Rate Hike Bid
The Pennsylvania Public Utility Commission is opening an investigation into a FirstEnergy unit's proposed annual rate increase that would boost its revenue by over $503 million and raise consumer power bills in four districts by between 9.2% and 11.8%, according to a new order from the regulator.
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April 26, 2024
Wachtell Guides Apollo On $1.85B Deal For Minerals Co.
Wachtell Lipton Rosen & Katz-led Apollo Global Management has agreed to purchase Morrison Foerster LLP-advised U.S. Silica Holdings Inc. at a $1.85 billion enterprise value, the producer of commercial silica disclosed Friday, sending its stock soaring more than 20%.
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April 25, 2024
Tesla Says Investors May Want To Influence Shareholder Vote
Tesla on Thursday questioned the motives of investors who want billions of dollars in company stock put into a trust, saying that their push to hasten the court's decision in their suit over Elon Musk's compensation plan raises concerns that they want to "elicit commentary" ahead of a shareholder meeting.
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April 25, 2024
Ariz. Tribes, Groups Seek Stay In SunZia Power Line Ruling
Native American tribes and environmentalists are asking an Arizona federal district court for an emergency injunction that would stay a ruling that rejected their bid to block work on SunZia's $10 billion transmission line while they appeal the decision, arguing that construction is already going ahead in culturally sensitive locations.
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April 25, 2024
5th Circ. Axes Class Claims Over Anadarko's $900M Write-Off
The Fifth Circuit on Thursday decertified a class of Anadarko Petroleum Corp. shareholders who claim they lost money on the company's bad oilfield bet, ruling a lower court judge didn't allow the company to respond to an expert report that tied a stock price drop to a $900 million write-off disclosure.
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April 25, 2024
McDermott Judge U-Turns, Says Some Investors Deserve Cert.
A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.
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April 25, 2024
Gov't To Use Tribal Energy Purchase Preference For First Time
The Biden administration announced Thursday that it intends to purchase thousands of megawatts of carbon-pollution-free electricity certificates from tribal sources, marking the first time the government will use a nearly two-decade-old procurement preference for tribally sourced energy.
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April 25, 2024
Biden Admin's Gas Venting Curbs Are Illegal, ND Says
A North Dakota-led alliance of states has accused the Biden administration of pushing through limits on greenhouse gas emissions from the oil and gas sector illegally disguised as a rule to reduce industry waste, according to a lawsuit filed in federal court.
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April 25, 2024
PHX Minerals Stockholders Sue In Del. To Change Bylaws
A proposed class of PHX Minerals Inc. stockholders has sued the natural gas and oil mineral company and its board in Delaware state court, arguing that the company's bylaws must be changed to bring them into compliance with the Delaware General Corporation Law.
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April 25, 2024
Colo. Regulators Say Past Suncor Spills Forced New Permit
Colorado water quality regulators on Thursday urged a state judge not to pause the effects of a renewed water discharge permit that Suncor Energy is challenging as arbitrary and unduly expensive, arguing the new requirements in the updated permit are the company's own fault.
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April 25, 2024
FERC Says National Grid Held Up To Winter Weather
The Federal Energy Regulatory Commission revealed during its monthly meeting Thursday that the nation's electric grid and natural gas systems largely operated without any major incidents when severe winter weather swept across the country in January, marking a stark improvement from previous winter storms.
Expert Analysis
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Del. Dispatch: Refining M&A Terms After Twitter Investor Suit
The Delaware Court of Chancery's recent decision in Crispo v. Musk — invalidating a merger agreement provision that has been commonly used to disincentivize buyers from wrongful merger termination — should cause target companies to consider new approaches to ensure the payment of lost premium damages, say attorneys at Fried Frank.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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Biden Climate Push Expands With Contractor GHG Focus
President Joe Biden's recent announcement that federal agencies will consider contractors' greenhouse gas emissions when making procurement decisions demonstrates his administration's continued interest in using government contracting as a vehicle for reducing climate-related impacts — a theme first established in the early months of his term, say attorneys at Winston & Strawn.
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Key Shifts In EU, UK Emissions Credits: Challenges For Cos.
An upcoming deadline to apply for free carbon dioxide emissions allowances in the European Union, and a reduction in the supply of similar allowances in the U.K., are likely to increase competition for allowances, and cause production, supply chain and contract issues for companies, say attorneys at Orrick.
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How Shareholder Activists Are Targeting Insurers
As shareholder activists take a closer look at the insurance industry, they are pushing insurers to take value-enhancing and climate-related measures — but insurers can prepare by anticipating activist concerns, maintaining robust shareholder engagement, and considering changes in response to the universal proxy rules, say attorneys at Debevoise.
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Takeaways From Iran Missile Procurement Advisory
Companies should familiarize themselves with the entities and practices highlighted in the recent multiagency Iran Ballistic Missile Procurement Advisory, to avoid falling prey to deceptive practices that help bad actors evade sanctions, say attorneys at DLA Piper.
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New CFTC Enforcement Policy May Finally Deter Recidivists
The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.
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House Bill Could Help Resolve 'Waters Of US' Questions
Legislation recently introduced in the U.S. House that would restore Clean Water Act protection to areas excluded from it by the U.S. Supreme Court's Sackett v. EPA decision faces an uphill battle, but could help settle the endless debates over the definition of "waters of the United States," says Richard Leland at Akerman.
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8 Tips On Mining Disclosures For Foreign Issuers
The U.S. Securities and Exchange Commission has issued dozens of comment letters in the years since adopting new disclosure requirements for mining issuers, reflecting continued scrutiny of foreign issuers’ filings, but several key pointers can help companies navigate the requirements, say attorneys at Haynes Boone.
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Calif. Climate Disclosure Laws: Next Steps For Companies
A trio of new climate disclosure laws in California will impose far-reaching corporate reporting requirements — so companies doing business in the state must immediately begin working to substantiate their climate claims and update marketing materials, and consider getting involved in rulemaking that will shape the legislation's impact, say attorneys at Alston & Bird.
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California's Offshore Turbine Plans Face Stiff Headwinds
To realize its innovative plans for floating offshore wind farms, California will face numerous challenges as companies investing in the industry will be looking for permitting transparency, predictable timelines, and meaningful coordination between jurisdictions, agencies, and stakeholders, say David Smith and David McGrath at Manatt.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why Public Cos. Should Also Comply With SEC's Names Rule
While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.
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The Growing Need For FLSA Private Settlement Rule Clarity
A Pennsylvania district court's recent ruling in Walker v. Marathon Petroleum echoes an interesting and growing trend of jurists questioning the need for — and legality of — judicial approval of private Fair Labor Standards Act settlements, which provides more options for parties to efficiently resolve their claims, says Rachael Coe at Moore & Van Allen.