Corporate

  • October 17, 2024

    Zoox Investors Battle Amazon Sale Suit Toss In Chancery

    An attorney for self-driving robotaxi venture Zoox Inc., its directors and Amazon.com told Delaware's chancellor on Thursday that insolvency was days away when Zoox agreed to a $1.3 billion acquisition by Amazon.com in June 2020, despite conflicting claims from stockholders who challenged the deal.

  • October 17, 2024

    Meta Judge Doubts Investor Suit Over Efforts To Protect Kids

    A California federal judge appeared skeptical Thursday of keeping alive an investor's lawsuit claiming Meta Platforms Inc.'s annual proxy statement misled investors about the social media giant's efforts to protect children from sexual predators, telling the investor his economic loss arguments are circular and doubting whether Meta's statements are actionable.

  • October 17, 2024

    Amgen Faces Derivative Suit In Del. Over Tax Disclosures

    An Amgen Inc. stockholder has sued the company in Delaware's Court of Chancery seeking derivative recoveries for the multinational biopharmaceutical company from its directors and officers based on allegedly false and misleading statements regarding $10.7 billion in federal tax bills and penalties.

  • October 17, 2024

    6th Circ. Can't Ax Captive Audience Memo, NLRB Atty Says

    A Michigan federal judge properly tossed a challenge to a memo that outlined why National Labor Relations Board general counsel Jennifer Abruzzo thinks so-called captive audience meetings are illegal, Abruzzo told the Sixth Circuit, saying the memo isn't the kind of agency action that's reviewable in federal courts.

  • October 17, 2024

    Ex-Worker Says She Was Fired For Threatening EEOC Charge

    A logistics company was sued Wednesday in federal court by a former Georgia employee who alleges she was sexually harassed and mistreated by "aggressive and threatening" male co-workers and then fired after warning the company she would file a complaint with the U.S. Equal Employment Opportunity Commission if things didn't improve.

  • October 17, 2024

    Ex-Genzyme Exec Says Anxiety Disclosure Led To Firing

    A former marketing director for Sanofi subsidiary Genzyme says he was fired on a pretext after disclosing that he suffers from anxiety, according to a lawsuit filed Wednesday in Massachusetts state court.

  • October 17, 2024

    Restaurant Says Toast Refusing To Update Bank Info

    A Boston restaurant says it's struggling to stay afloat because point-of-sale provider Toast Inc. won't update its banking information and is sitting on more than $200,000 in revenue, according to a lawsuit filed Thursday in Massachusetts state court.

  • October 17, 2024

    Randy Newman Sells Music Rights To Carlyle-Backed Litmus

    Musician and songwriter Randy Newman has sold his stake in his recorded music and publishing rights to Carlyle-backed music rights business Litmus Music, a transaction that includes decades of popular recordings and music from feature films, including the song "You've Got A Friend In Me" from 1995's "Toy Story," Litmus said Thursday.

  • October 17, 2024

    Former X Exec 'Worst' For Class In Bonus Suit, Judge Says

    A former X Corp. senior director of compensation is "the worst possible candidate" for the class he proposed in his suit claiming unpaid bonuses after Elon Musk took the reins of the company, a California federal judge said, slamming his bid for class certification.

  • October 16, 2024

    TD Bank's $3B AML Deal Sparks Scrutiny Of Its Oversight

    The long-standing, widespread compliance failures at the root of TD Bank's blockbuster $3 billion U.S. anti-money laundering settlement last week have stunned experts and brought tough punishment for the Canadian bank — but they're also raising questions about why regulators didn't act sooner.

  • October 16, 2024

    Airline Owner Can't Force Cravath To Give Docs, Court Says

    Cravath Swaine & Moore LLP doesn't have to turn over documents used in the prosecution of an airline owner accused in a scheme to defraud Polar Air Cargo Worldwide of millions of dollars, a New York federal judge ruled Wednesday, saying the defendant hasn't shown the firm was part of the prosecution.

  • October 16, 2024

    NY's Financial Regulator Releases AI Cybersecurity Guidance

    New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.

  • October 16, 2024

    Chinese AI Co. Hit With Investor Suit Over Nasdaq Compliance

    China-based artificial intelligence company Xiao-I Corp. was hit with a proposed investor class action in New York federal court alleging it downplayed increasing research and development costs that it was incurring, increasing the likelihood that it would fail to comply with the Nasdaq Stock Market's minimum price requirement after going public.

  • October 16, 2024

    Philips Says $12M Sanction Needed For Evidence Destruction

    A spoliation sanctions hearing for around $12 million in royalty damages turned terse when the owner of a medical device equipment sale and servicing company seemingly hedged his statements, with a Texas federal judge saying, "Oh my gosh, just answer the question," during the Wednesday hearing.

  • October 16, 2024

    ConocoPhillips Targets Hedge Fund Over Del. Citgo Sale

    ConocoPhillips has initiated a new lawsuit in Delaware in an attempt to preserve the value of Citgo's indirect parent company, PDV Holding Inc., for an upcoming auction aimed at satisfying Venezuelan debt, as Connecticut hedge fund Gramercy allegedly threatens to undermine the long-awaited Citgo sales process.

  • October 16, 2024

    Judge Orders 'Starbuds' Co. To Grind Down Logo And Name

    A federal judge in Manhattan has ordered a cannabis food truck to destroy all of its "Starbuds" logos, after siding with coffee giant Starbucks Corp. in a copyright infringement lawsuit.

  • October 16, 2024

    Utah Groups Can't Scrap Corporate Transparency, US Says

    A Utah federal court hasn't seen sufficient evidence to block the Corporate Transparency Act's disclosure requirements in presentations by an off-the-grid community, an online meat market and a trade group for cattle producers that have sued over the statute, the federal government said.

  • October 16, 2024

    Nerds, Laffy Taffy Maker Hit With Genetic Info Privacy Claims

    The Illinois-based company behind popular candies such as Nerds, Laffy Taffy and SweeTarts probes job applicants' medical histories in violation of their genetic information privacy rights, according to a proposed class lawsuit filed Tuesday in Illinois state court.

  • October 16, 2024

    Ex-Pharma Co. Employee Traded On GSK Deal Info, SEC Says

    The former director of analytical development at Canada-based drug company Bellus Health Inc. has agreed to pay the U.S. Securities and Exchange Commission over $120,000 to settle claims that he sold shares on nonpublic information about pharma giant GSK's impending takeover of his company, according to court filings.

  • October 16, 2024

    Fla. Sued Over Threats To TV Stations For Airing Abortion Ad

    The sponsor of a ballot initiative that would enshrine the right to abortion in the Florida Constitution sued the state Wednesday over letters threatening television stations with criminal prosecution if they did not pull a campaign ad promoting the initiative.

  • October 16, 2024

    Insurer Gets Philly Eagles' COVID-19 Coverage Suit Tossed

    A Pennsylvania federal court on Wednesday tossed the Philadelphia Eagles' suit seeking to recover pandemic-related losses from Factory Mutual Insurance Co., citing a recent Pennsylvania Supreme Court holding that physical loss or damage requires tangible alteration to property.

  • October 16, 2024

    Alphatec Investor Seeks $9.5M Atty Fee After Chancery Win

    A family office investment company that recently won a five-year battle over millions worth of securities purchase rights not honored by a surgical and medical device developer asked Delaware's Court of Chancery on Wednesday to shift more than $9.5 million in fees and expenses to the developer.

  • October 16, 2024

    Caremark, Optum Say FTC Insulin Case Gets PBMs All Wrong

    Caremark Rx, Express Scripts and OptumRx continue to attack the Federal Trade Commission's in-house case accusing the country's three largest pharmacy benefit managers of artificially inflating insulin prices by relying on unfair rebate schemes, arguing the agency's case lacks authority, facts and the right targets.

  • October 16, 2024

    UFC, Fighters Get New Hearing On Revised $375M Settlement

    A Nevada federal judge has scheduled an Oct. 22 hearing to consider a $375 million proposed settlement between UFC and former fighters that would resolve claims the organization underpaid match participants for years, according to a minute order on Tuesday.

  • October 16, 2024

    Ex-Tidal VP Jumps To Entertainment Boutique In California

    The former vice president of licensing lead and business affairs at music streaming platform Tidal has joined entertainment boutique firm Granderson Des Rochers as senior counsel in Los Angeles, the firm said.

Expert Analysis

  • Licensing And Protections For Voice Actors In The Age Of AI

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    While two recently enacted California laws and other recent state and federal legislation largely focus on protecting actors and musicians from the unauthorized use of their digital likenesses by generative artificial intelligence systems, the lesser-known community of professional voice actors also stands to benefit, says attorney Scott Mortman.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • John Deere Penalty Shows Importance Of M&A Due Diligence

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    The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.

  • Opinion

    FTC's Report Criticizing Drug Middlemen Is Flawed

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    The Federal Trade Commission's July report, which claims that pharmacy benefit managers are inflating drug costs, does not offer a credible analysis of PBMs, and its methodology lacks rigor, says Jay Ezrielev at Elevecon.

  • 2 High Court Securities Cases Could Clarify Pleading Rules

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    In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q3

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    In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches

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    The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • The Trade And Tax Issues Behind US-Canada Digital Tax Clash

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    The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.

  • Secret Service Failures Offer Lessons For Private Sector GCs

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    The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.

  • Opinion

    Bill Is Key To Protecting US Economy From Patent Piracy

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    It is critical that Congress pass a recently introduced bill that would protect U.S. investors from intellectual property theft by restoring court-ordered injunctions as the default remedy in patent infringement cases to ensure inventors get the justice they deserve, says Andrei Iancu at Sullivan & Cromwell.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Takeaways From TOTSA Settlement And Critical CFTC Dissent

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    The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.

  • Building US-Japan Relationships In The M&A Market

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    The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.

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