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Corporate
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October 29, 2024
NFT Platform OpenSea Taps Consensys Atty To Be Deputy GC
Blockchain software developer Consensys' head of litigation has departed the firm amid its fight with the U.S. Securities and Exchange Commission to step into a deputy general counsel role at OpenSea, another crypto firm facing scrutiny from the securities regulator.
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October 29, 2024
Lovesac To Pay SEC $1.5M Fine In Accounting Fraud Case
Beanbag chair maker Lovesac has agreed to pay $1.5 million to the U.S. Securities and Exchange Commission to settle allegations that some of the company's former executives conspired to cover up an accounting debacle over how it recorded what's known as last-mile shipping costs.
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October 29, 2024
Merger Guides In Fashion As Court Pauses Handbag Deal
The Federal Trade Commission scored a major win last week with a court order pausing the planned $8.5 billion merger between the owners of Coach and Michael Kors, but the ruling stopped short of fully embracing enforcers' recent attempts to influence merger law.
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October 29, 2024
Lye Buyers Can't Save Rejected $38.5M Antitrust Settlement
A New York federal judge refused Tuesday to change her mind about rejecting a $38.5 million class settlement between direct chemical buyers and three manufacturers accused of colluding to inflate the price of lye.
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October 29, 2024
Ex-ComEd GC Calls Madigan's Interest In Law Firm 'Strange'
A Jenner & Block LLP attorney and former Commonwealth Edison general counsel testified Tuesday that he found it "strange" to read ex-Illinois House Speaker Michael Madigan was interested in the granular details of the utility's negotiations with Chicago law firm Reyes Kurson. Madigan's counsel, however, appeared to suggest a confidant and co-defendant had name-dropped the speaker in 2016 without actually talking to him.
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October 29, 2024
Chancery Shoots Down $9.5M Straight Path Atty Fee Claim
Stockholder attorneys who waged a multiyear Delaware Court of Chancery battle over IDT Corp. founder Howard Jonas' campaign to scuttle damage claims against him arising from federal sanctions against Straight Path Communications on Tuesday lost a Chancery fight for a $9.5 million attorney fee.
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October 29, 2024
McDonald's Catches New Suits Over E. Coli Outbreak
McDonald's Corp. is facing two new lawsuits over an outbreak of E. coli linked to its Quarter Pounder hamburgers, including a proposed class action filed Tuesday in Illinois federal court accusing the fast-food giant of misrepresenting to customers that its hamburgers were safe to consume.
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October 29, 2024
Biopharma Co. Escapes Investor Suit Over Drug Approval Lies
Biopharmaceutical company Spero Therapeutics Inc. has escaped a proposed investor class action accusing it of concealing warning signs that it would not secure regulatory approval of one of its drugs, with the court ruling that Spero's interactions with the U.S. Food and Drug Administration do not indicate Spero should have known its application would be rejected.
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October 29, 2024
Google Seeks To Toss Yelp's 'Self-Preferencing' Case
Google urged a California federal court Monday to toss Yelp's case accusing the search giant of giving preference to its own local search offerings over Yelp and others, saying the review site has been "peddling these same claims to antitrust authorities around the world for over a decade."
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October 29, 2024
Investors Float $21M Deal To End Life Sciences SPAC Suit
Shareholders in special purpose acquisition company CM Life Sciences Holdings have reached a tentative $21 million class settlement in Delaware's Court of Chancery after suing over alleged missing or misleading disclosures in the lead-up to the take-public merger of clinical data and genomics company Sema4 Holdings in July 2021.
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October 29, 2024
NBA Angles To Keep Sensitive Media Rights Info Under Wraps
Litigation over the National Basketball Association's broadcast rights lurched ahead Tuesday as the league published carefully redacted documents detailing its negotiations with media heavyweights while asking a New York state court to keep sensitive details under wraps.
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October 29, 2024
NYC Pet Leave Bill Marks 'Radical Departure' In Sick Time Use
Legislation proposed by two New York City Council members that would require letting workers use sick leave to care for pets and service animals is an unprecedented move and an acknowledgment of the rising importance employees place on mental health, experts say.
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October 29, 2024
Cash-Strapped Boeing Prices Upsized $21B Share Sale
Boeing said Tuesday it had priced an upsized sale of common and depositary shares to raise more than $21 billion, in an offering guided by Kirkland & Ellis LLP and Davis Polk & Wardwell LLP that would bolster the plane maker's cash balances amid a protracted strike.
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October 29, 2024
EBay, Ex-Execs Deny Fault For Harassment Of Bloggers
Online retailer eBay and a group of former executives say a 2019 harassment campaign against a pair of Massachusetts bloggers was solely the work of rogue employees, urging a Massachusetts federal court to rule they're not liable over the episode.
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October 29, 2024
Oil Trader's Brother Gets Probation, Fine For Brazilian Bribes
An ailing Connecticut man who admitted to helping his brother pull off a scheme to bribe officials at Brazil's state-owned oil company has been sentenced to probation, a fine and asset forfeiture, federal court records showed Tuesday.
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October 29, 2024
Roberto Clemente's Family Drops Bias Suit Against Allstate
A long-running discrimination lawsuit against Allstate, filed by the insurance agency run by the son of baseball legend Roberto Clemente, has officially come to a close with a Tuesday dismissal following a settlement reached last month.
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October 29, 2024
5th Circ. Revives Pilots Union's Dispute With Southwest
The Fifth Circuit has revived a union's dispute with Southwest Airlines over alleged retaliation against a worker for his union activity and sent it back to Texas federal court, saying the legal fight qualifies for an exception to the Railway Labor Act's mandatory arbitration rule.
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October 29, 2024
M&A Rebounded As Equity Issuance, IPOs Faltered In Q3
The number of global M&A deal announcements increased for the second consecutive quarter in the third quarter, but global equity issuance and IPO activity slowed, according to a Tuesday report from S&P Global Market Intelligence.
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October 29, 2024
Alibaba's $433.5M Investor Suit Deal Gets Initial OK
A New York federal judge granted preliminary approval to a $433.5 million deal settling a suit between Alibaba Group and investors alleging the company made misstatements about its exclusivity practices and the planned $34 billion initial public offering of a fintech affiliate.
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October 29, 2024
1st Circ. Scraps Securities Fraud Case Against 3D Printing Co.
The First Circuit has affirmed a ruling throwing out a securities fraud lawsuit against 3D printing business Desktop Metal, finding the investor behind the action abandoned one of her claims and failed to adequately allege the other.
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October 28, 2024
Google Shadow Attacks Divert Regulator Eyes, Microsoft Says
Like a shadow in the night, Google has been quietly organizing campaigns to attack Microsoft, mislead the public and divert antitrust regulatory scrutiny away from itself, a top attorney for the Washington tech giant claimed Monday in a fiery blog post.
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October 28, 2024
Union Pacific Told To Face Injury Retrial With Reinstated Expert
Railroad giant Union Pacific must face retrial against an injured worker after a California appeals court ruled that an expert with decades of rail experience but no formal accident-analysis training was wrongly blocked from telling a jury how a freight train behaves when starting up.
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October 28, 2024
Apple Withholding Docs In Monopoly Row, Epic Says
Epic Games and Apple continued on in a discovery dispute in Epic's suit accusing Apple of monopolizing the iOS app distribution and in-app payment processing markets, with the video game company saying in a joint letter filed Friday that Apple is withholding "tens of thousands" of responsive documents.
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October 28, 2024
Masimo Sues Founder Over Alleged 'Empty Voting' Scheme
Masimo Corp. has sued its founder for allegedly conspiring with an investment firm and company stockholder to manipulate a shareholder vote in order to maintain his seat on the medical technology company's board of directors.
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October 28, 2024
SEC Sues To Enforce Subpoena On Telehealth Co.
The U.S. Securities and Exchange Commission has asked a New York federal judge to order a weight loss-focused telehealth company to comply with a subpoena issued in connection with the SEC's investigation into whether the company violated federal securities laws.
Expert Analysis
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Avoiding Merger Disputes Via Careful LLC Agreement Drafting
The Delaware Court of Chancery recently upheld a merger in a dispute over the process of amending the target's limited liability company agreement, underscoring the importance of understanding the Delaware LLC Act default rules and careful drafting to allow for contractual modifications, says Jane Trueper at Lathrop.
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Navigating The Bankruptcy Terrain After Purdue Pharma
The U.S. Supreme Court’s June ruling in Harrington v. Purdue Pharma is having a significant impact on bankruptcies, with recent cases addressing nonconsensual third-party releases and opt-out mechanisms, and highlighting strategies practitioners can employ to avoid running afoul of the decision, say Brett Axelrod and Agostino Zammiello at Fox Rothschild.
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How Project 2025 Could Upend Federal ESG Policies
If implemented, Project 2025, the Heritage Foundation's policy playbook for a Republican presidential administration, would likely seek to deploy antitrust law to target ESG initiatives, limit pension fund managers' focus to pecuniary factors and spell doom for the U.S. Securities and Exchange Commission's climate rule, say attorneys at Mintz.
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Opinion
Rental Price-Fixing Suit Against RealPage Doesn't Add Up
Recent government antitrust litigation against RealPage, alleging that the software company's algorithm for setting rental prices amounts to price-fixing, has failed to allege an actual conspiracy, and is an example of regulatory overreach that should be reined in, says Andrew Ketterer at Ketterer & Ketterer.
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Opinion
FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos
A proposed Federal Deposit Insurance Corp. rule concerning control over passive index fund investments in banks is outside the agency's remit, clashes with an existing Federal Reserve process and would inhibit competition in the index fund sector, says J.W. Verret at George Mason University.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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What To Make Of Dueling Corporate Transparency Act Rulings
Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.
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Perspectives
Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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California's AI Safety Bill Veto: The Path Forward
California Gov. Gavin Newsom's veto of a bill that sought to impose stringent regulations on advanced artificial intelligence model development has sparked a renewed debate on how best to balance innovation with safety in the rapidly evolving AI landscape, say Bobby Malhotra and Carson Swope at Winston & Strawn.
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To Report Or Not To Report Others' Export Control Violations
A recent Bureau of Industry and Security enforcement policy change grants cooperation credit to those that report violations of the Export Administration Regulations committed by others, but the benefits of doing so must be weighed against significant drawbacks, including the costs of preparing and submitting a report, says Megan Lew at Cravath.
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With Esmark Case, SEC Returns Focus To Tender Offer Rules
The U.S. Securities and Exchange Commission's recent enforcement action against Esmark in connection with its failed bid to acquire U.S. Steel indicates the SEC's renewed attention under Rule 14e‑8 of the Exchange Act on offerors' financial resources as a measure of the veracity of their tender offer communications, say attorneys at MoFo.
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What FDIC Expansion Of Change In Bank Control Could Mean
A recent Federal Deposit Insurance Corp. proposal pertaining to the Change in Bank Control Act has the potential to create uncertainty around investments by mutual fund complexes in banking organizations, which represent a stable source of capital for the banking industry, say attorneys at Sullivan & Cromwell.
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HSR Amendments Intensify Merger Filing Burdens, Data Risk
The antitrust agencies' long-awaited changes to premerger notification rules under the Hart-Scott-Rodino Act stand to significantly increase the time and cost involved in preparing an initial HSR notification, and will require more proactive attention to data issues, says Andrew Szwez at FTI Technology.