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Technology
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May 23, 2024
FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation
The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.
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May 23, 2024
Skadden-Led Hg Buys Risk Platform Co. AuditBoard For $3B
Cooley LLP-advised AuditBoard Inc. on Thursday announced that it has agreed to be bought by European software and services business investor Hg Capital, guided by Skadden Arps Slate Meagher & Flom LLP, in a deal valued at over $3 billion.
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May 23, 2024
House Panel Pushes AM Radio Bill Forward
Lawmakers on both sides of the aisle came together to bump a popular proposal to prevent automakers from removing AM radios from their vehicles through to the full committee, with the bill sailing through markup Thursday morning.
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May 23, 2024
Resignation Letter Bylaws Targeted In Five Del. Class Actions
General Motors Co. is among the latest targets of new bylaw-focused litigation from Abbott Cooper PLLC and Block & Leviton LLP, one of five companies in a series of lawsuits in Delaware's Chancery Court that seek to invalidate an "irrevocable resignation requirement" in company bylaws.
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May 23, 2024
Apple Investor Again Seeks Green Light For $490M Settlement
An Apple Inc. investor has asked a California federal judge to revisit a $490 million settlement deal that would end claims the tech giant misled investors about iPhone sales in China, telling the court that it had addressed the judge's critique that parts of the relevant filings were "convoluted."
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May 23, 2024
Feds Score Discovery Pause In SEC Suit Against CoinDeal
A Michigan federal judge on Thursday granted the federal government's motion to intervene and stay discovery in a U.S. Securities and Exchange Commission suit alleging a group of individuals and businesses duped investors out of more than $45 million through a CoinDeal investment fraud scheme.
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May 23, 2024
FCC Aims To Reduce Risk From China-Controlled Test Labs
The Federal Communications Commission pushed Thursday for new rules to prevent foreign adversaries, mainly the Chinese Communist Party, from playing a role in testing and certifying communications equipment in the U.S. market.
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May 23, 2024
AT&T Stands To Gain Billions From 4.9 GHz, Report Says
A group representing Verizon and T-Mobile is renewing its effort to stop AT&T-affiliate FirstNet from gaining further control of the 4.9 gigahertz public safety band, this time arguing that AT&T stands to gain over $3 billion worth of spectrum if the Federal Communications Commission extends FirstNet's authority.
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May 23, 2024
Man Behind NH Primary Deepfake Faces Charges, FCC Fines
The Democratic consultant accused of making robocalls with a cloned voice of President Joe Biden discouraging voters from taking part in the New Hampshire primary faces a state indictment on 13 felony voter suppression charges and $6 million in potential federal fines.
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May 23, 2024
Just 57% Of Complex Global Deals Closed Since 2020
About 43% of complex cross-border global deals have failed to close since the start of 2020, while the remaining 57% did close but were highly likely to involve remedies, according to a new report from Weil Gotshal & Manges LLP.
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May 23, 2024
NFL Says Unsolicited-Text Suit Belongs In Arbitration
The NFL wants to force into arbitration a lawsuit filed by a New York woman frustrated with her inability to stop unwanted text messages from the football organization, citing a binding agreement she consented to when registering to receive notifications about the 2023 draft.
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May 23, 2024
Virtual Reality Startup's $150M SPAC Merger Is Scrapped
Blank-check company Maquia Capital Acquisition Corp. and virtual reality software provider Immersaid have mutually agreed to cancel their planned merger that would have taken Immersed public at an estimated $150 million valuation.
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May 23, 2024
DOJ Sues Live Nation 14 Years After Ticketmaster Deal
The U.S. Department of Justice sued Live Nation Thursday over the 2010 agreement clearing the concert promotion giant's purchase of Ticketmaster, an oft-maligned deal that enforcers now want to unwind and that is blamed for fiascoes like the meltdown of ticket sales for Taylor Swift's Eras tour.
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May 22, 2024
Neb. Takes Aim At TikTok For 'Exploiting' Teen Users
Nebraska's attorney general has become the latest to accuse TikTok of operating a service that is addictive and harmful to teens, alleging in a complaint filed in state court Wednesday that the popular video-sharing site has misled consumers about how safe and appropriate the platform is for minors.
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May 22, 2024
Ex-Google Manager Says He Lost Job For Reporting Nepotism
A former Google senior manager has sued the search giant in California state court, claiming he was fired for reporting on superiors using their positions to secure sought-after spots for their children in Google's apprentice program.
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May 22, 2024
Salesforce Gets Texas Judge To Move Patent Suit To California
For at least the second time in a week, a federal judge in Austin, Texas, has explained why he has shipped a patent lawsuit from his court to the Northern District of California — this time in a case brought by a bankrupt startup against one of Salesforce's brands.
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May 23, 2024
Sunsetting Section 230 Gains Traction On Both Sides Of Aisle
Everyone at Wednesday's House subcommittee hearing, from left to right, seemed to agree that it's time to ditch the Communications Decency Act's hotly contested Section 230, which shields online platforms from liability for content posted by third parties.
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May 22, 2024
Antitrust Judge Questions Apple's Phil Schiller On New Fees
A California federal judge deciding whether Apple has complied with her ban on App Store anti-steering rules questioned Apple fellow Phil Schiller on Wednesday on Apple's new program imposing 27% fees on out-of-app transactions, saying "all the new program does is maintain the anti-competitive environment" for the company's benefit.
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May 22, 2024
Robbins Geller, Motley Rice Seek To Rep Solar Co. Investors
Motley Rice LLC and Robbins Geller Rudman & Dowd LLP want to represent investors of energy company Shoals Technologies Group Inc. in consolidated proposed class action claims taking aim at the company and its brass and underwriters for allegedly concealing costly issues with wires in its products.
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May 22, 2024
PTAB Finds Inergy's Chip Patent Challenges 'Compelling'
The Patent Trial and Appeal Board has decided to review Force Mos Technology chip patents, saying it won't rely on a 2020 precedent to discretionarily deny challenges by Inergy Technology Inc. in light of a looming district court trial because the petitions raise "compelling evidence of unpatentability."
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May 22, 2024
Paul Hastings Leads Kayne Anderson Unit's $100M IPO
An affiliate of Kayne Anderson Capital Advisors has announced it raised roughly $100 million in an initial public offering, with Paul Hastings LLP advising the company and Ropes & Gray LLP representing the underwriters, joining a handful of similar specialty investment vehicles that have gone public in 2024.
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May 22, 2024
Justices' CFPB Alliance May Save SEC Courts, Not Chevron
A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.
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May 22, 2024
Accepting Price-Fix Tech Invite Can Be Enough: DOJ Official
An advisor to the Justice Department's top competition official continued to argue Wednesday that signing onto a price setting algorithm can be enough to trigger antitrust liability if the program was billed as fixing prices.
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May 22, 2024
FCC Weighs Requiring AI Disclosures In Political Ads
The Federal Communications Commission will soon decide if it needs new rules requiring disclosure of content generated with artificial intelligence in radio and TV political ads.
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May 22, 2024
Justices Urged To Undo 'Nonsensical' Double Patenting Ruling
Cellect LLC asked the U.S. Supreme Court to review the "nonsensical" invalidation of its patents through so-called obviousness-type double patenting, alleging the Federal Circuit "punished" it for delays in the patent prosecution process that were outside of its control.
Expert Analysis
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Legal Issues To Watch As Deepfake Voices Proliferate
With increasingly sophisticated and accessible voice-cloning technology raising social, ethical and legal questions, particularly in the entertainment industry and politics, further legislative intervention and court proceedings seem very likely, say Shruti Chopra and Paul Joseph at Linklaters.
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AI And Trade Controls: A Guide To Expanding Restrictions
With restrictions on trade related to commodities, software and technology integral to high-performing artificial intelligence capabilities expected to expand — particularly between the U.S. and China — companies must carefully consider the export classification of the items they design, produce or procure, say attorneys at Hogan Lovells.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Car Apps, Abuse Survivor Safety And The FCC: Key Questions
A recent request for comment from the Federal Communications Commission, concerning how to protect the privacy of domestic violence survivors who use connected car services, raises key questions, including whether the FCC has the legal authority to limit access to a vehicle's connected features to survivors only, say attorneys at Davis Wright.
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Opinion
'Natural Person' Or Not, AI-Made IP Deserves Protection
The entire legal edifice rests on a determination that an artificial system is not a so-called natural person, and although this may appear to be straightforward on its face, rapid advances in technology may soon force us to revisit our understanding of a natural person, says Manav Das at McDonnell Boehnen.
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Lessons On Challenging Class Plaintiffs' Expert Testimony
In class actions seeking damages, plaintiffs are increasingly using expert opinions to establish predominance, but several recent rulings from California federal courts shed light on how defendants can respond, say Jennifer Romano and Raija Horstman at Crowell & Moring.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Businesses Should Take Their AI Contracts Off Auto-Renew
When subscribing to artificial intelligence tools — or to any technology in a highly competitive and legally thorny market — companies should push back on automatic renewal contract clauses for reasons including litigation and regulatory risk, and competition, says Chris Wlach at Huge Inc.
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Del. Dispatch: Chancery's Evolving Approach To Caremark
Though Caremark claims are historically the least likely corporate claims to lead to liability, such cases have been met in recent years with increased judicial receptivity — but the Delaware Court of Chancery still expressly discourages the reflexive filing of Caremark claims following corporate mishaps, say attorneys at Fried Frank.
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A GC's Guide To Multijurisdictional Regulatory Compliance
Overlapping cybersecurity regulation has created an increasingly fragmented regulatory landscape with elevated oversight for organizations across the globe, but general counsel can help develop a best-in-class approach to manage these complexities by building a compliance strategy holistically, say David Dunn and Meredith Griffanti at FTI Consulting.
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Global Bribery Probes Are Complicating FCPA Compliance
The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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When The Platform Is A Product, Strict Liability Can Attach
A New York state court's recent ruling in Patterson v. Meta, holding that social media platforms can be considered products, appears to be the first of its kind — but if it is upheld and adopted by other courts, the liability implications for internet companies could be incredibly far-reaching, say attorneys at Patterson Belknap.
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Key Takeaways From FDA Final Rule On Lab-Developed Tests
Michele Buenafe and Dennis Gucciardo at Morgan Lewis discuss potential consequences of the U.S. Food and Drug Administration's recently finalized rule regulating lab-developed tests as medical devices, and explain the rule's phaseout policy for enforcement discretion.