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Corporate
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April 26, 2024
Therapy Co. SPAC Investors To Settle Del., Ill. Merger Suits
An attorney for a blank-check company that took ATI Physical Therapy Inc. public told Delaware's Court of Chancery it has agreed to settle two proposed stockholder class actions in conjunction with pending federal class and derivative suits in the Northern District of Illinois.
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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
JPMorgan Says Ex-Adviser Is Pilfering Clients For Wells Fargo
J.P. Morgan has accused a former investment management adviser of trying to poach clients for her new job at a competing Wells Fargo unit, saying she's been making unsolicited phone calls and sending emails to convince clients to leave in breach of her employment contract.
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April 26, 2024
Ex-Moody's GC Cops To Tax-Filing Fail On $54M Paycheck
The former general counsel for Moody's Corp. has pled guilty to willfully failing to file federal income tax returns for four years in which he collected $54 million in income, federal prosecutors announced Friday.
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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
Crypto Co. DCG Hires 1st Legal Chief Amid New York AG Fight
The head of cryptocurrency conglomerate Digital Currency Group on Thursday said the firm has appointed its first chief legal officer, hiring the former top lawyer of payment management firm Billtrust as DCG fights a lawsuit by New York's attorney general and other disputes.
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April 25, 2024
Wendy's Beats Negligence Suit Over Drive-Thru Shooting
Wendy's permanently defeated a negligence suit accusing it of failing to prevent the shooting of a man in December 2018 at its drive-through by not having adequate security guards, after an Illinois federal judge said Wednesday the burger chain couldn't have reasonably foreseen that the shooting would occur.
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April 25, 2024
FTC Sues Bill-Payment Co. Over Misleading Ads, Junk Fees
The Federal Trade Commission on Thursday filed suit against a Seattle-based, third-party bill-paying company for allegedly tricking online consumers into using the company's service by disguising itself as consumers' billers' official payment channel and tacking on junk fees.
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April 25, 2024
GSK Hits Pfizer And BioNTech With COVID Vaccine Patent Suit
GlaxoSmithKline alleged in a suit filed Thursday in Delaware federal court that the COVID-19 vaccines made by Pfizer and BioNTech infringe five of its patents on mRNA technology, the latest in a series of lawsuits over the vaccines that have generated tens of billions of dollars in revenue.
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April 25, 2024
Rubrik Leads Trio Of IPOs That Buoy Recovering Market
Three companies debuted trading Thursday following initial public offerings that raised nearly $1.4 billion combined under guidance from six total law firms, including two offerings that priced above range by data security firm Rubrik and aerospace company Loar, providing fresh energy for a strengthening IPO market.
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April 25, 2024
Legal Battles Set To Begin On Broadband 'Neutrality' Regs
Now that the Federal Communications Commission's Democratic leadership brushed past GOP members' opposition to net neutrality rules, it faces what could be a higher hurdle — growing resistance in the courts to expansive views of agency powers.
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April 25, 2024
Outlets Ask Fla. Court To Toss Trump's $1.5B Truth Social Suit
Several news outlets that were sued by Donald Trump's social media company over reports that it lost $73 million following a merger have urged a Florida state court to dismiss the lawsuit, saying defamation wasn't sufficiently alleged and the articles were substantially true.
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April 25, 2024
Judge Reopens Allstate Trade Secrets Case Against Ex-Agent
A Colorado federal judge has partially reopened a case alleging that a former Allstate exclusive agent poached customers for another agency, directing the ex-agent to explain why he shouldn't be held in contempt in the lawsuit.
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April 25, 2024
Ex-Tabloid CEO Says Trump Was Furious When Affair News Hit
Former American Media Inc. CEO and National Enquirer publisher David Pecker told a New York jury on Thursday that he paid off Playboy model Karen McDougal to keep her from going public about an affair with Donald Trump, who became enraged when news of the affair surfaced just days before the 2016 election.
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April 25, 2024
FCC OKs $1.35B T-Mobile, Mint Deal With Unlocked Phones
The Federal Communications Commission on Thursday approved T-Mobile's $1.35 billion purchase of Ka'ena, the parent company of Hollywood actor Ryan Reynolds' wireless brand Mint Mobile, adopting as a condition for approval the carrier's commitment to more quickly "unlocking" its phones so they can be transferred between service providers.
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April 25, 2024
Microsoft, Nintendo And Others Sued Over Addictive Games
A gamer sued Microsoft Corp., Nintendo of America Inc., Rockstar Games Inc. and other video game developers Wednesday in Georgia federal court over allegations that they are intentionally getting users addicted to boost profits, saying he's suffering from depression and anxiety because of his addiction.
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April 25, 2024
7th Circ. OKs Pausing Nail Polish IP Suit For Ownership Fight
A company registered in New Jersey that sells nail polish has failed to persuade a federal appeals court to let it move ahead with its trade secrets case in a Chicago federal court against its former business partners in China until first resolving an ownership dispute "lurking just beneath the surface."
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April 25, 2024
DOL Wage Trumps Local Pay Rate For FDA Contract, Board Rules
An appeals board has denied a nonprofit's request for increased payment for janitorial services at the U.S. Food and Drug Administration's headquarters following a change to the local county's minimum wage, saying the government was only required to pay the federal prevailing wage.
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April 25, 2024
Autodesk Faces Investor Suit Over Internal Controls
Software company Autodesk has been hit with a proposed class action alleging the company's stock price dropped after investors learned it lacked proper internal controls due to issues with its free cash flow and operating margin practices.
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April 25, 2024
4 Takeaways From DOL's Final ERISA Investment Advice Regs
The U.S. Department of Labor’s finalized regulations broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act will bring more investment advisers under the purview of federal benefits law, but the final version contains some important differences from what the DOL initially proposed. Here are four key takeaways.
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April 25, 2024
Vince McMahon Accuser Says Arbitration Bid Is Full Of 'Lies'
The former World Wrestling Entertainment Inc. legal staffer who accused founder Vince McMahon of sexually abusing and trafficking her is fighting his bid to arbitrate the explosive lawsuit, arguing that he used a recent motion to mount a "vicious" and untrue attack on her character.
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April 25, 2024
Standard General Claims Racial Bias By FCC In Tegna Deal
Hedge fund manager Soo Kim is suing the Federal Communications Commission and a cadre of media players over what he calls a racially charged conspiracy to block his fund's $8.6 billion purchase of media company Tegna, claiming the agency discriminated against him when it sidelined the deal last year.
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April 25, 2024
Antitrust Enforcers Warn FERC About Ownership Overlaps
The Federal Trade Commission and the U.S. Department of Justice warned energy regulators Thursday about competitive risks that can arise from investment firms that own stakes in multiple electric utilities, even if they don't have controlling interests.
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April 25, 2024
Rival Amazon Union Attys Get Warning From Federal Judge
A Brooklyn federal judge expressed displeasure Thursday with how federal litigation between rival factions inside a nascent Staten Island, New York, union representing Amazon warehouse workers has been conducted, saying it has wasted time and raising the possibility of sanctions.
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April 25, 2024
Ex-Burns & Levinson Life Sciences Chair Joins Polsinelli
Polsinelli PC announced that the former life sciences co-chair at New England firm Burns & Levinson LLP has joined its Boston office as a shareholder.
Expert Analysis
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SEC's Final Climate Disclosure Rules: What Cos. Must Know
While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.
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Tips For Orgs Facing AI Data Privacy Compliance Challenges
Regulators around the world are actively seeking to enforce data privacy and consumer protection laws against companies providing artificial intelligence-related services, raising complex compliance questions in areas like transparency, data minimization, lawfulness of processing, data subject rights and higher risk activities, say attorneys at Hogan Lovells.
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Caremark 2.0 Lends Shareholders Agency Against Polluters
The Caremark doctrine has been liberalized by recent Delaware court decisions into what some have termed a 2.0 version, making derivative cases against corporations far more plausible and invigorating oversight duty on environmental risks like toxic spills and air pollution, say Joshua Margolin and Sean Goldman-Hunt at Selendy Gay.
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Behind The 'CVR Spin' Method Of Unlocking Assets In M&A
The spinoff of contingent value rights, or the CVR spin, can unlock secondary and noncore assets in public mergers and acquisitions, while resolving the market dislocation of some traditional divestitures, say attorneys at Gibson Dunn.
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2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion
The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.
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Insurance Implications Of Trump's NY Civil Fraud Verdict
A New York state trial court’s $450 million judgment against former President Donald Trump and affiliated entities for valuation fraud offers several important lessons for companies seeking to obtain directors and officers insurance, including the consequences of fraudulent misrepresentations and critical areas of underwriting risk, says Kevin LaCroix at RT ProExec.
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Opinion
European Union Criticisms Of The FCPA Are Misguided
Some in the European Union have criticized U.S. enforcement of the Foreign Corrupt Practices Act for what they perceive as jurisdictional overreach, but this appears to overlook the crucial fact that jurisdiction is voluntary, and critics should focus instead on the lack of equivalent laws in their own region, say John Joy and YuTong Wang at FTI Law.
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Del. Dispatch: How Moelis Upends Stockholder Agreements
The Delaware Court of Chancery's Moelis decision last month upended the standard corporate practice of providing governance rights in stockholder agreements and adds to a recent line of surprising decisions holding that long-standing, common market practices violate Delaware law, say attorneys at Fried Frank.
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Understanding Insurance Is Key To Limiting Antitrust Liability
As regulators signal their intent to continue last year's aggressive campaign of corporate antitrust litigation, businesses must make active management of their liability insurance policies, along with a firm knowledge of the limits of their coverage, central to their strategies for limiting the enormous financial risks of enforcement, say attorneys at Nossaman.
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Takeaways From USPTO's AI-Assisted Invention Guidance
Recently issued guidance from the U.S. Patent and Trademark Office clarifies how patent inventorship is to be determined when AI is involved, and while the immediate risk of prosecution for failing to meet the new standards appears low, the extent of examiners’ scrutiny remains to be seen, say attorneys at Foley & Lardner.
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What FTC's 'Killer Acquisition' Theory Means For Pharma Cos.
The Federal Trade Commission's recent lawsuit to block Sanofi's acquisition of a pharmaceutical treatment developed by Maze Therapeutics builds on previous enforcement actions and could indicate the agency's growing willingness to use its so-called killer acquisition theory against perceived attempts to eliminate nascent competition, say attorneys at Morgan Lewis.
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Under The Hood Of The SEC Securitization Conflict Rule
Elanit Snow and Julia Vitter of Proskauer consider the U.S. Securities and Exchange Commission's recently finalized rule that prohibits conflicts of interest in certain securitization transactions, uncovering what the new regulation does and doesn’t entail, why it was adopted, and how commenters' remarks affected the process.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Tips For Counsel Seeking Balance In The ESG Political Divide
Corporate counsel tasked with navigating environmental, social and governance factors in the current polarized political environment should not lose sight of best practices, including sticking to what the law requires and always telling the truth, say Jennifer Rubin at Mintz and Mike Rider at ResMed.