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Delaware
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March 18, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar e-cigarette settlements, $4 billion in stock buybacks and a $6.1 million appraisal tweak were among the big-dollar items logged in the Delaware Court of Chancery's ledger last week. Also on the docket: a Panama port project, a news outlet's defamation case, drone disputes and a flood of mail from Tesla shareholders. In case you missed it, here's all the latest from the Chancery Court.
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March 18, 2024
Joann Hits Ch. 11 With $1B Secured Debt, Creditor Deal
Fabric retailer Joann Inc., better known as Joann Fabrics, filed for bankruptcy in Delaware on Monday with $1 billion in secured debt and an agreement with its creditors to trim $505 million from its balance sheet.
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March 18, 2024
Ex-CEO Sues Trump-Tied SPAC For Litigation, Probe Fees
A director and former CEO of Donald Trump-tied Digital World Acquisition Corp. has sued the venture in Delaware's Court of Chancery, seeking legal fee advancements from DWAC for costs arising from federal probes, lawsuits in multiple states and potential fiduciary breach claims.
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March 18, 2024
Justices Won't Review PTAB Ax Of Fabric Printing Patents
The U.S. Supreme Court declined Monday to hear an appeal arguing that four patents on transferring images to fabric were wrongly invalidated in a challenge by Avery Products and others because the decision did not explain why the patents were obvious.
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March 15, 2024
Peer Street Can Solicit Ch. 11 Plan Votes, Judge Says
Peer Street told creditors of the company and its entities Friday to expect ballots for their Chapter 11 plan, after a Delaware bankruptcy judge decided the real estate investment platform had disclosed enough information about its proposal for reorganization.
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March 15, 2024
Apollo Voting Rules Favoring Founders Challenged In Del.
An Apollo Global Management Inc. investor has launched a challenge to board agreements favoring the company's former managing partners in decisions on board and executive committee seats, citing recent Court of Chancery rulings that invalidated similar measures.
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March 15, 2024
White House Stands By 3rd Circ. Nominee Amid GOP Attacks
White House Press Secretary Karine Jean-Pierre on Friday urged the Senate to confirm Third Circuit nominee Adeel Mangi, who would be the first Muslim federal appellate judge, amid widespread criticism from Republicans and a report that the votes might not be there to secure confirmation.
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March 15, 2024
Judge Voids Boy Scouts Ch. 11 Ballots For Likely Forgery
Three Chapter 11 plan ballots that opted for a quicker but smaller settlement payout in the Boy Scouts of America's bankruptcy should be tossed, a Delaware bankruptcy judge has ruled, finding they were likely forged.
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March 15, 2024
Feds Say Bankman-Fried Deserves 40 To 50 Years In Prison
Sam Bankman-Fried should spend 40 to 50 years in prison for engaging in a massive fraud that sank his FTX crypto exchange, Manhattan federal prosecutors argued Friday, pushing back against a request by defense counsel for a sentence of roughly six years.
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March 15, 2024
Onix Networking Buyer Sues Seller In Del. Alleging Deal Fraud
A private equity firm that bought Onix Networking Corp. in 2022 has sued the company's former owners in Delaware's Court of Chancery to rescind part of the deal, alleging seller fraud and misrepresentation of annual revenues by "tens of millions of dollars."
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March 14, 2024
Atty Claims Privilege On Docs In Patent Suit Origin Probe
An attorney whom Delaware Judge Colm Connolly is considering referring for disciplinary action as part of a probe into third-party patent litigation control and funding turned over some documents requested by the judge on Thursday, but said others are being withheld as privileged.
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March 14, 2024
IP Forecast: Internet Archive Fights Vinyl Copyright Case
A California federal judge will hear arguments next week over whether the Internet Archive can toss accusations from record labels that describe its project for a free, digitized library of 78 rpm records as a "wholesale theft of generations of music." Here's a look at that case, plus all the other major intellectual property matters on deck in the coming week.
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March 14, 2024
Chancery Sends Drone-Maker's Claim To Sister Court
A Delaware vice chancellor handed off to a regular civil court Thursday remaining claims in drone-maker Teal Drones Inc.'s suit accusing a software supplier and its owner of wrongly pulling the plug on Teal's license for autonomous-flight programming, after tossing claims against the supplier itself.
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March 14, 2024
Tingo Sued In Del. For Docs On CEO Indictment, DOJ Probe
A stockholder of Tingo Group Inc., a company controlled by a Nigerian man recently charged in connection with an allegedly "staggering" multinational fraud, has sued the business for books and records in Delaware's Court of Chancery, saying the documents are central to assessing next steps.
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March 14, 2024
Near Intelligence's Ch. 11 Plan Gets Court's Approval
A Delaware bankruptcy judge on Thursday confirmed consumer data platform Near Intelligence's Chapter 11 plan, which went through without objection after negotiations resolved outstanding concerns.
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March 14, 2024
Wash. Real Estate Co.'s Ch 11 Plan OK'd After Judgment Slashed
Washington state-based commercial and residential real estate company High Valley Investments LLC 's Chapter 11 plan received a Delaware bankruptcy judge's blessing Thursday after a settlement agreement slashed a $47.4 million judgment against it to an $18 million claim.
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March 14, 2024
Chancery Concedes Appraisal Math Error In HBK Share Award
Delaware's Court of Chancery has issued a rare post-merger appraisal ruling correction, adding $6.1 million to an earlier post-deal valuation of Pivotal Software Inc. shares held by two HBK Capital Management affiliates at the time of Pivotal's $2.7 billion sale to VMWare Inc. in 2019.
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March 14, 2024
Most States Fall Short In Disclosing Justices' Finance Reports
The vast majority of state supreme courts make it exceedingly difficult for the public to get information about justices' financial entanglements, and the information they do give out is often scant at best, according to a report released Thursday.
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March 14, 2024
Camshaft Facing Daily Fine, Manager's Arrest In Byju's Ch. 11
A Delaware bankruptcy judge hit hedge fund Camshaft Capital Fund with $10,000 in daily fines Thursday until it discloses information about the whereabouts of $533 million transferred out of bankrupt tech company Byju's, and ordered the arrest of Camshaft's sole officer for not appearing in court as directed.
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March 14, 2024
Court Urged To Give Sullivan & Cromwell $31M For FTX Work
A Delaware bankruptcy judge should give Sullivan & Cromwell LLP about $31 million in fees for its work in FTX Trading Ltd.'s case from August through October 2023, the Chapter 11 fee examiner said.
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March 13, 2024
Jewish Group Sues UN Relief Agency Over Hamas Massacre
An advocacy group that defends Jewish rights has sued in Delaware federal court an American charity that aids a United Nations relief agency for Palestinian refugees, saying it purportedly bears accountability for the Hamas attack in Israel in October.
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March 13, 2024
Velodyne Investors Seek OK On $27.5M Deal Over CEO Ouster
Velodyne Lidar stockholders asked a California federal judge Wednesday to preliminarily approve a $27.5 million deal to resolve claims that the company failed to disclose adverse facts regarding the ouster of its founder and that it omitted from securities filings that it'd been investigating director misconduct that led stock prices to fall.
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March 13, 2024
Dodging Attempt Doesn't Invalidate Service, 3rd Circ. Told
A consulting firm suing a construction company for failing to pay for its services related to a separate lawsuit against the U.S. Department of Veterans Affairs told a Third Circuit panel Wednesday that it served process to the defendant, in spite of the principal's alleged attempts to dodge service.
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March 13, 2024
Hospital Operator Defends Releases In Ch. 11 Plan
California-based hospital operator Alecto Healthcare Services LLC asked a Delaware bankruptcy judge Wednesday to approve its small business Chapter 11 reorganization, saying it is not leaving money on the table by releasing potential clawback claims.
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March 13, 2024
Judge Connolly Ends Chipmaker's Case Against IP Edge
Delaware's top federal judge has decided to brush aside arguments from California chipmaker Power Integrations that multiple agreements "not to sue" that it had obtained from a consortium of patent litigation outfits led by IP Edge were legally "meaningless."
Expert Analysis
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5 Takeaways From Bellwether AI Copyright Case
A Delaware federal court's ruling last week in Thomson Reuters v. ROSS is the first summary judgment ruling regarding fair use of copyrighted material to train generative artificial intelligence models and provides an early glimpse of how an appeals court judge views key generative AI copyright issues, says Michael Justus at Katten.
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Appellate Rulings Highlight Telecom Standard Uncertainties
Two recent contrasting appellate opinions in Cellco v. White Deer Township and NMSurf v. Webber — interpreting Sections 332 and 253 of the Communications Act, respectively — demonstrate the continuing uncertainty carriers face when challenging state and local requirements that may impede their provision of telecommunications services, say attorneys at Davis Wright.
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2 Cases May Expand CFPB's Reach On Deceptive Practices
In two separate cases, the Consumer Financial Protection Bureau is asserting a broad interpretation of who is subject to the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts and practices, raising questions about what an expansion of its authority might mean for consumer credit markets, say John Coleman and Leslie Meredith at Orrick.
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Why Calif. Applying Del. Caremark Standard Is A Big Deal
A California court of appeal’s recent Kanter v. Reed ruling, which found for the first time that Delaware's Caremark standard is consistent with California law, demonstrates the importance of creating and using board-level reporting mechanisms that fulfill oversight duties, say attorneys at Morgan Lewis.
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Exclusivity Loss Holds Power In Trade Secret Damages Claims
A Pennsylvania federal court's recent decision in Elite Transit v. Cunningham adds to a growing body of case law that illustrates how the loss of trade secret exclusivity alone may be sufficient for claiming damages, even when commercialization of a trade secret has not occurred, say Christopher DeBaere and Julia Bloch at Archway Research.
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Section 363 Ruling Lines Up With Avoidance Action Precedent
While it is safe to say that avoidance actions in bankruptcy cases are the exception, not the rule, when selling assets in a Section 363 sale, the Eighth Circuit’s recent ruling in Simply Essentials’ Chapter 5 case reveals uniformity among courts that have considered the issue, says Daniel Lowenthal at Patterson Belknap.
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What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
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Series
Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
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Opinion
Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.
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Cases, Issues That May Shape The Intersection Of AI And IP
Courts dealing with the current, and likely growing, onslaught of intellectual property litigation concerning artificial intelligence will determine whether certain common forms of AI training constitute IP violations, while the government works to determine whether AI-generated output is itself protectable under the law, say Robert Hill and Kathryn Keating at Holland & Knight and Meghan Ryan at Southern Methodist University.
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How To Protect Atty-Client Privilege While Using Generative AI
When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.
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What FERC-PJM Negotiations Mean For The Energy Industry
Following the aftermath of Winter Storm Elliot, disputes associated with the PJM Interconnection settlement negotiations taking place at the Federal Energy Regulatory Commission have brought to the fore a potential legal minefield arising out of extreme weather events that could lead to commercial risks for power generating companies, say attorneys at Hogan Lovells.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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Del. Corporate Law Overhaul Delivers On Flexibility For Cos.
Recent amendments to the Delaware General Corporation Law provide needed flexibility to public companies, including by making it easier to effect stock splits or changes to authorized shares, and by streamlining the process to ratify defective corporate acts, say attorneys at Venable.