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Corporate
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May 14, 2025
Feds Say Ex-BigLaw Atty Must Start Prison In OneCoin Case
Prosecutors asked a Manhattan federal judge on Wednesday to set a date for a former Locke Lord LLP partner to begin serving his 10-year prison sentence after he was convicted of helping to launder about $400 million in proceeds of the OneCoin cryptocurrency scheme.
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May 14, 2025
10th Circ. Chilly To Biotech's SEC Asset Freeze Challenge
A panel of Tenth Circuit judges seemed skeptical Wednesday that a lower court had abused its discretion in granting a freeze of a biotech firm's assets in a suit brought by the U.S. Securities and Exchange Commission accusing the company and its founders of misappropriating roughly $9 million.
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May 14, 2025
House Panel To Fold $3.8T Tax Overhaul Into Budget Package
The House Budget Committee has scheduled a vote Friday on legislation that would combine the House Ways and Means Committee's $3.8 trillion tax bill with the work of other House committees as part of the fiscal 2025 budget reconciliation bill.
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May 14, 2025
Abbott Signs Bill Codifying Immunity For Corporate Execs
Texas Gov. Greg Abbott on Wednesday signed into state law a corporate reform bill that codifies the "business judgment rule," which provides immunity for corporate directors from personal liability for company decisions.
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May 14, 2025
7th Circ. Judge Skeptical Of Bias In Exxon Worker's Firing
A Seventh Circuit judge on Wednesday questioned what evidence a former employee asking the court to revive her discrimination and retaliation lawsuit against ExxonMobil had to refute the company's assertion that it fired her after she behaved unprofessionally and stormed out of a negative performance review.
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May 14, 2025
Trump's Unorthodox US Atty Picks May Face Learning Curve
While some of President Donald Trump's picks for U.S. attorney fit the typical mold — former federal prosecutors and BigLaw alums — others lack the type of court experience that can be crucial for effective office management and earning the respect of judges, experts say.
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May 14, 2025
Venture-Backed Tech IPOs Forge Ahead As Momentum Builds
Venture-backed mobile banker Chime Financial Inc. has filed for an initial public offering, while advertising technology platform MNTN Inc. unveiled a price range on an estimated $176 million listing, marking the latest developments this week to bolster the IPO pipeline.
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May 14, 2025
Poultry Workers Seek $138M Atty Fees In Wage-Fixing Case
Workers who reached settlements totaling nearly $400 million over claims that major poultry companies conspired to keep wages low at their plants have urged a Maryland federal court to approve around $138 million in attorney fees and costs, arguing the deal represents the "largest recovery" of its kind for low-wage workers.
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May 14, 2025
Trump Scraps Biden-Era Restrictions On AI Chip Exports
The U.S. Department of Commerce announced Tuesday it has rescinded guidelines on artificial intelligence technology exports issued under former President Joe Biden, saying it would take other steps "to strengthen export controls" on AI semiconductor chips.
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May 14, 2025
D'Oh! Kimberly-Clark Can't Keep Wage Suit In Federal Court
A Pennsylvania federal judge invoked "The Simpsons" as he granted a Kimberly-Clark employee's request to ship his unpaid overtime proposed class action back to state court, saying the paper goods company is trying to "embiggen" the amount in controversy beyond what's feasible.
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May 14, 2025
Total Vision Reaches Deal Ending VSP Antitrust Case
Optometry practice owner Total Vision has reached an agreement to end its antitrust case accusing eye care insurance giant Vision Service Plan of requiring anticompetitive terms in its contracts before trying to force Total Vision to sell at a dramatically reduced price.
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May 14, 2025
ExxonMobil Accuses Texas Atty Of Double Repping Company
Exxon Mobil and XTO Energy have accused a Texas attorney of taking their trade secrets connected to mineral interests and using them to benefit another energy company he is also representing.
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May 14, 2025
SEC To Have 'Sympathetic Ear' On Penalty Talks, Official Says
The U.S. Securities and Exchange Commission's deputy enforcement director told an audience of financial professionals on Wednesday that they can expect a "more sympathetic ear" from the now Republican-led commission when it comes to arguing down penalties, saying that it's possible that some cooperative firms will not have to hire an outside compliance consultant.
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May 14, 2025
Reed Smith Can't Duck Out Of Eletson Ch. 11, Judge Says
A New York bankruptcy judge has rejected Reed Smith LLP's effort to withdraw its representation of one of the parties vying for control of international shipping group Eletson Holdings, ruling the law firm's bid to end its apparently limited work for the company's pre-Chapter 11 shareholders while still counseling them in related matters was improper.
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May 14, 2025
Starbucks, Ex-VP Settle $830K Bonus Repayment Suit
Starbucks has struck a deal with a former senior vice president the company previously accused of failing to repay part of his $1 million signing bonus after he quit, according to filings in New Jersey federal court Tuesday.
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May 14, 2025
NY AG Says Capital One Denied Millions In Account Interest
New York's attorney general on Wednesday sued Capital One in New York federal court, alleging the bank deprived online savings customers of millions of dollars in interest, a case that echoes a lawsuit the Consumer Financial Protection Bureau recently abandoned.
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May 14, 2025
Holland & Knight Adds Ex-US Trade Rep Attorney To DC Team
The former assistant general counsel in the Office of the U.S. Trade Representative has joined Holland & Knight LLP's international trade group.
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May 13, 2025
CFPB Floats Repeal Of Biden-Era Registry, Designation Rules
The Consumer Financial Protection Bureau said Tuesday that it will seek to close its "repeat offender" registry and stop disclosing its decisions to tag potentially risky firms for closer oversight, stepping back from two Biden-era initiatives aimed at greater nonbank scrutiny.
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May 13, 2025
Asterisk Doesn't Save CVS In Sanitizer Row, 9th Circ. Told
An attorney for a man suing CVS Pharmacy urged the Ninth Circuit on Tuesday to revive his claims alleging the company misled consumers with a promise its hand sanitizer kills 99.99% of germs, arguing the asterisk on the front label does not clear the company of wrongdoing despite a recent ruling from the circuit that gives significance to that type of asterisk.
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May 13, 2025
CFPB Calls Off Suit Over Walmart Driver Deposit Accounts
The Consumer Financial Protection Bureau told a Minnesota federal court Tuesday that it is dropping its enforcement lawsuit that accused Walmart and fintech company Branch Messenger Inc. of forcing delivery drivers to use costly deposit accounts to receive wages, months after the court put the case on hold.
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May 13, 2025
X Says Elon Musk Can't Sit For Media Matters Deposition
X Corp. told a Texas federal judge that left-leaning watchdog Media Matters for America cannot make billionaire CEO Elon Musk sit for a deposition in X's disparagement suit, saying Musk lacks specific knowledge about the case and is "one of the busiest men on the planet."
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May 13, 2025
Nike Seeks Dismissal Of Investors' Sales Strategy Fraud Suit
Sportswear company Nike and several of its top executives have urged an Oregon federal judge to toss a proposed class action alleging the company's stock value declined as it continued to mislead investors on the success of a change in sales strategy, saying the suit improperly uses hindsight to claim fraud.
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May 13, 2025
DOJ Antitrust Deputy Says Gov't 'Out-Lawyered' Google
The deputy head of the U.S. Justice Department's Antitrust Division took a victory lap Tuesday after dual monopolization wins over Google's search and advertising technology businesses, citing the cases as proof that the government's attorneys can win in a "David versus Goliath" battle.
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May 13, 2025
FTC Remains Concerned With Merger 'Underenforcement'
A Federal Trade Commission official emphasized Tuesday that Trump administration merger enforcers are worried about taking insufficient action against tie-ups, as they stand by Biden-era guidelines meant to enshrine a more aggressive tack against corporate concentration.
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May 13, 2025
Intel Schemed To Duck $1B In Mobileye Losses, Investors Say
Intel Corp. used its position as Mobileye Global's controlling shareholder and fiduciary to strategically offload $1.6 billion in stock ahead of an announcement that tanked stock prices, according to a shareholder derivative suit filed Monday in Delaware Chancery Court.
Expert Analysis
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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Key Takeaways From The 2025 Spring Antitrust Meeting
Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields.
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Tariffs And FCA Create Perfect Storm For Importers
The Trump administration's aggressive tariff policies pose a high risk to certain importation practices that are particularly likely to trigger False Claims Act enforcement, say attorneys at Jeffer Mangels.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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Running A Compliant DEI Program After EEOC, DOJ Guidance
Following recent guidance from the U.S. Equal Employment Opportunity Commission and the U.S. Department of Justice that operationalized the Trump administration's focus on ending so-called illegal DEI, employers don't need to eliminate DEI programs, but they must ensure that protected characteristics are not considered in employment decisions, say attorneys at Holland & Knight.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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6 Principles For De-Risking In This Era Of Uncertainty
Companies can emerge from the current period of disruptive transformation stronger than ever by embracing strategies that enable them to methodically evaluate risk, adapt to change without losing purpose, focus on customer value and find competitive advantages amid uncertainty, says David McVeigh at Axiom.
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What 2nd Trump Admin Means For Ship Pollution Compliance
As the second Trump administration's civil and criminal enforcement policies take shape, the maritime industry must ensure it complies with both national and international obligations to prevent oil pollution from seagoing vessels — with preventive efforts and voluntary disclosures being some of the best options for mitigating risk, say attorneys at Holland & Knight.
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23andMe Case Highlights Privacy Complexities In Ch. 11
Attorneys at Pryor Cashman discuss the interplay between a sale of personally identifiable information and bankruptcy law in light of genetics and health company 23andMe's recent filing for Chapter 11 relief.
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Mass. AG Emerges As Key Player In Consumer Protection
Through enforcement actions and collaborations with other states — including joining a recent amicus brief decrying the defunding of the Consumer Financial Protection Bureau — Massachusetts Attorney General Andrea Campbell has established herself as a thought leader for consumer protection and corporate accountability, say attorneys at Troutman Pepper.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Measuring And Mitigating Harm From Discriminatory Taxes
In response to new tariffs and other recent "America First Trade Policy" pronouncements, corporations should assess and take steps to minimize their potential exposure to discriminatory and reciprocal tax measures that are likely to come, say economists at Charles River Associates.
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How Del. Law Rework Limits Corporate Records Requests
Newly enacted amendments to a section of the Delaware General Corporation Law that allows stockholders and beneficial owners to demand inspection of Delaware corporations' books and records likely curtails the scope of such inspections and aids defendants in framing motions to dismiss at the pleading stage, says Jonathan Richman at Brown Rudnick.