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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Labaton Keller Sucharow Adds Securities Litigator In NY
Lauren Ormsbee did not grow up dreaming of fighting securities fraud, but that's the very role she's spent her career in, including in her new position as a partner and litigation team leader at Labaton Keller Sucharow LLP.
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June 12, 2024
FBI Told OneTaste Witness To Delete Evidence, Ex-Execs Say
Two former executives of sexual wellness company OneTaste Inc. said they uncovered "shocking" evidence that an FBI agent told a former employee of the business and key government witness to delete an old email account, allegedly destroying exculpatory evidence in a forced-labor conspiracy case.
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June 12, 2024
Ex-Supreme Court Clerk, Federal Atty Joins McGuireWoods
McGuireWoods LLP announced the addition of another former federal prosecutor to its ranks on Wednesday, this time a product liability expert from Perkins Coie LLP who advises companies on various disputes and government investigations.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 12, 2024
2nd Circ. Partially Nixes Injunction Over Amazon Firing
The Second Circuit vacated on Wednesday a New York federal judge's order barring Amazon from firing workers for engaging in union activity, saying the judge did not explain why she imposed the broad prohibition while at the same time finding the company did not have to rehire a fired union activist.
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June 11, 2024
Bed Bath & Beyond Investor Defeats 'Short-Swing' Profits Suit
A New York federal judge on Tuesday threw out Bed Bath & Beyond investors' suit accusing activist investor Ryan Cohen of buying and selling his stock too quickly, finding the claims moot in light of the retailer's Chapter 11 bankruptcy plan.
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June 11, 2024
Martin Shkreli Told To Hand Over Wu-Tang Album
A New York federal judge ordered Martin Shkreli on Tuesday to hand over any copies he might have of the Wu-Tang Clan's album he once bought before it was sold off by the federal government to settle a $7.3 million tab from Shkreli's criminal judgment on securities fraud.
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June 11, 2024
Attys For Restaurant Software Investors Ring Up $2.25M Fee
Attorneys representing investors in a suit against restaurant software company Olo Inc. will receive $2.25 million for brokering settlement of class action claims alleging the company touted an ill-fated partnership with sandwich chain Subway as an example of its success.
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June 11, 2024
Witness Takes Heat Off Menendez's Wife In Bribery Trial
A key cooperator helping make federal prosecutors' bribery case against U.S. Sen. Bob Menendez admitted Tuesday he has no reason to think the senator's wife held up her end of a supposed deal to exert influence on the senator in exchange for a much-discussed Mercedes.
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June 11, 2024
2nd Circ. Cites Macquarie In Booting Suit Over Go-Private Deal
The Second Circuit refused to revive a proposed class action accusing a real estate services provider of artificially depressing share prices, applying apparently for the first time the U.S. Supreme Court's Macquarie decision on alleged failures to disclose certain information.
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June 11, 2024
4 More States Join DOJ's Antitrust Suit Against Apple
The attorneys general of Washington, Massachusetts, Nevada and Indiana on Tuesday became the latest to join the U.S. Department of Justice's antitrust lawsuit in New Jersey federal court claiming Apple is monopolizing the smartphone market.
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June 11, 2024
SVB Wants A Trial Over Its $605M Tax Bill From IRS
The parent company of failed Silicon Valley Bank has told a New York bankruptcy judge it wants him to decide if it owes the Internal Revenue Service more than $605 million in taxes.
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June 11, 2024
WeWork Announces CEO Switch As It Leaves Ch. 11
WeWork, fresh from the confirmation of its Chapter 11 restructuring plan, said Tuesday it will be led by John Santora, who will take over as CEO as the company leaves bankruptcy behind.
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June 11, 2024
AlphaSense Valued At $4B After $650M Investment Round
New York-based market intelligence platform AlphaSense said Tuesday it has raised $650 million in funding as part of an agreement to buy data provider Tegus, valuing AlphaSense at $4 billion.
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June 11, 2024
Kirkland-Led InTandem Capital Lands $715M For 3rd Fund
New York-based healthcare services-focused private equity firm InTandem Capital Partners LLC, advised by Kirkland & Ellis LLP, on Tuesday announced that it has clinched its third private equity fund, above target with $715 million in tow.
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June 11, 2024
AI Hiring Platform's Ex-CEO Charged With $27M Fraud
The founder of hiring startup Joonko Diversity Inc. has been charged with fraud, with prosecutors saying Tuesday that she deceived investors into dumping $27 million into a platform that supposedly used artificial intelligence to help companies recruit diverse job candidates.
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June 11, 2024
Brazilian Energy Co. Gets $73M ICC Award OK'd
A Manhattan federal court has confirmed a $73 million arbitration award granted to a Brazilian renewable energy company that claimed a Chinese solar cell manufacturer had refused to deliver an order of photovoltaic cells the two companies had agreed upon.
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June 11, 2024
NY State Pot Regulators OK Adult-Use Homegrow
New York state cannabis regulators gave final approval Tuesday to regulations allowing the home cultivation of marijuana for adult recreational use.
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June 11, 2024
Charity Founder Charged With Embezzling $2.5M, Evading Tax
The founder of a New York City charity embezzled $2.5 million in donations meant for low-income families and then failed to report the earnings to the Internal Revenue Service or pay tax on them, according to a criminal complaint unsealed Tuesday in New York federal court.
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June 11, 2024
NY Courts Agree To Boost Translation Services After Bias Case
New York state court officials instituted reforms and sealed an agreement with federal prosecutors on Tuesday related to claims that an upstate county denied Spanish-speaking defendants translation services in violation of their civil rights.
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June 11, 2024
JPML Consolidates GM, LexisNexis Driving Data Suits In Ga.
Drivers claiming that their auto insurance rates increased after General Motors and its OnStar unit collected driving data without consent and shared the information with LexisNexis Risk Solutions will have their suits consolidated in Georgia federal court, the Judicial Panel on Multidistrict Litigation ruled.
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June 11, 2024
Archegos Boss Got Angry Over Bathroom Breaks, Jury Told
A former protégé of Archegos founder Bill Hwang told the Manhattan federal jury hearing the $36 billion market distortion case against Hwang on Tuesday that his former boss was so hands-on that he would get mad when workers used the bathroom.
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June 11, 2024
J&J Inks $700M Deal To End AGs' Talc Marketing Suits
Forty-three state attorneys general on Tuesday said there has been a $700 million nationwide settlement and a consent judgment has been reached with Johnson & Johnson that ends claims it misled consumers about the safety of its talc products.
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June 11, 2024
NY's Trump Prosecutors To Testify Before House July 12
Manhattan District Attorney Alvin Bragg and top prosecutor Michael Colangelo will appear before a House hearing on July 12, following a request from Rep. Jim Jordan, R-Ohio, chair of the House Judiciary Committee, amid persistent criticism of former President Donald Trump's conviction on 34 felony counts.
Expert Analysis
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Attys Beware 2 Commonly Overlooked NIL Contract Issues
As name, image and likeness deals dominate high school and collegiate sports, preserving a client's NCAA eligibility should be a top priority, so lawyers should understand the potentially damaging contract provisions they may encounter when reviewing an agreement, says Paula Nagarajan at Arnall Golden.
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NY Public Campaign Funding May Attract Scrutiny From Feds
The upcoming elections across New York this year will be the first under the state’s public campaign finance program — which may broaden federal prosecutors' purview to target state election fraud and corruption, says Jarrod Schaeffer at Abell Eskew.
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NY Ruling Paves A Court Payment Shortcut For More Creditors
A recent New York state appeals court ruling expands access to an expedited statutory procedure for court enforcement of promissory notes or unconditional guaranties, allowing more creditors to minimize the risk of potentially challenging litigation on threshold issues, says Alexander Levi at Friedman Kaplan.
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3 Recent Decisions To Note As Climate Litigation Heats Up
Three recent rulings on climate-related issues — from a New York federal court, a New York state court and an international tribunal, respectively — demonstrate both regulators' concern about climate change and the complexity of conflicting regulations in different jurisdictions, say J. Michael Showalter and Robert Middleton at ArentFox Schiff.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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And Now A Word From The Panel: Watch The MDL Calendar
One of the most fascinating features of the Judicial Panel on Multidistrict Litigation's practice is the regularity of its calendar, which can illuminate important timing considerations, says Alan Rothman at Sidley.
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Opinion
NY Should Pass Litigation Funding Bill To Protect Plaintiffs
New York state should embrace the regulatory framework proposed in the Consumer Litigation Funding Act, which would suppress the unregulated predatory lenders that currently prey on vulnerable litigants but preserve a funding option that helps personal injury plaintiffs stand up to deep-pocketed corporate defendants, says Alan Ripka at Alan Ripka & Associates.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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Key Lessons From Recent Insurance Policy Reform Litigation
A review of recent case law reveals the wide range of misunderstandings that may arise between insurers and policyholders in the purchase and renewal of insurance policies, as well as the utility — and the limits — of reformation and related remedies for these misunderstandings, say Jad Khazem and Seth Tucker at Covington.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.