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Delaware
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March 21, 2024
UpHealth Claims $110M Win In Glocal Control Fight
Global digital health company UpHealth Inc. says an arbitral panel has awarded it more than $110 million following a dispute that arose out of its subsidiary's acquisition of Glocal Healthcare Systems in 2020 — even as Glocal decried the award as "one-sided and perverse."
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March 21, 2024
CymaBay Investor Sues For Books On $4.3B Gilead Merger
A shareholder of liver disease-focused biopharmaceutical company CymaBay Therapeutics Inc. sued the company in Delaware Chancery Court to extract more information over a proposed $4.3 billion merger with Gilead Sciences Inc., saying CymaBay has refused to hand over previously requested documents regarding the valuation analyses without a legitimate excuse.
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March 21, 2024
Canadian Supplement Co. Seeks US Bankruptcy Recognition
A nutritional supplement supplier based in Montreal told a Delaware bankruptcy judge Thursday it needs the U.S. court to recognize its Canadian insolvency proceedings, reasoning that an eviction threat may cut off access to assets in California the debtor needs for its sale plans.
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March 21, 2024
Reorganized REIT Can't Duck Interest Post-Ch. 11, Judge Says
Texas real estate investment trust Hartman SPE LLC must pay an additional $870,000 to satisfy a secured lender's claim, a Delaware bankruptcy judge ruled Thursday, finding that even though the mortgage is set to be repaid Friday, Hartman SPE is still responsible for interest until mid-April.
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
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March 21, 2024
Pot Co. Seller Says Chancery Must Decide Curaleaf Dispute
A court needs to determine which corporate records Curaleaf Holdings Inc. should turn over in its $13 million price adjustment dispute with the seller of a multistate cannabis dispensary before it goes before an independent accountant, the seller told Delaware's Court of Chancery on Thursday.
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March 21, 2024
Nursing Home Woes, Cyberattack Sparked Petersen's Ch. 11
Rising costs after the COVID-19 pandemic, cyberattacks and a general shift away from nursing homes led senior-living company Petersen Health Care to seek Chapter 11 bankruptcy protection this week with about $296 million in debt, according to a declaration filed Thursday by the company's top restructuring official.
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March 21, 2024
3rd Circ. Agrees Investors Have No Case Against Vax Maker
The Third Circuit on Thursday upheld a Pennsylvania federal judge's ruling that a putative class of investors alleging biopharmaceutical company Ocugen Inc. made misleading statements about its ability to quickly produce a COVID-19 vaccine failed to state a claim against the company.
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March 21, 2024
Hospital Operator Alecto Healthcare Gets OK For Ch. 11 Plan
A Delaware bankruptcy judge agreed to give hospital operator Alecto Healthcare Services LLC the all-clear on the company's Chapter 11 reorganization plan, saying the scheme was fair, achievable and made appropriate provisions for disposable income.
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March 21, 2024
Biden's Judicial Nominees Face New Barriers
President Joe Biden is encountering new hurdles to placing his judicial nominees on the bench, particularly one who would be the first Muslim federal appellate judge if confirmed.
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March 21, 2024
Chancery Denies Icahn Midcase Appeal In Illumina Board Suit
Carl Icahn can't interrupt his Chancery Court lawsuit against biotech Illumina Inc.'s board to appeal a decision about redactions to the Delaware Supreme Court, a vice chancellor ruled Wednesday, saying there are no "exceptional circumstances" that call for a midcase review.
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March 20, 2024
Petersen Health Care Files Ch. 11 Amid Suits Over HUD Loans
Assisted living facility operator Petersen Health Care Inc. and more than 100 affiliates filed for Chapter 11 protection Wednesday in Delaware as the company faces claims it has failed to pay millions of dollars in federal housing loans.
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March 20, 2024
RedBird Sues Brookfield For $150M From Compass Deal
The private investment firm that sold Compass Datacenters to Brookfield Infrastructure Partners for $5.7 billion last year sued the infrastructure asset manager in Delaware's Court of Chancery on Tuesday, alleging that Brookfield had breached their agreement by refusing to release $150 million out of escrow.
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March 20, 2024
SentinelOne Sued In Del. Over Advance Notice Bylaw
A shareholder of cybersecurity company SentinelOne Inc. filed a proposed class action against the company's board in Delaware's Court of Chancery on Tuesday, seeking to invalidate a "coercive and preclusive" advance notice bylaw related to board nominations.
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March 20, 2024
Republican Bill Targets Colleges Hiring Unauthorized Workers
Sen. J.D. Vance, R-Ohio, and Rep. Jim Banks, R-Ind., have introduced legislation to prevent universities that receive federal funding from hiring unauthorized immigrants.
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March 20, 2024
IRS Asks Justices To Scrap Couple's Late-Filed Tax Court Suit
The IRS asked the U.S. Supreme Court to consider reversing the Third Circuit's revival of a couple's challenge to their tax bill, saying the appeals court incorrectly concluded that a 90-day deadline for petitioning the U.S. Tax Court need not always be met.
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March 20, 2024
How The Supreme Court Could Narrow Chevron
After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.
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March 20, 2024
Breaking Down Each State's Climate Priority Policies
Forty-five states have now completed climate action plans outlining how they'll advance federal climate goals through policy and programs in coming years, with most focusing at least in part on real estate development as a way to reduce emissions.
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March 20, 2024
Law360 Announces The Members Of Its 2024 Editorial Boards
Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.
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March 20, 2024
US Chamber's Litigation Funding Concerns Spur 2 State Laws
Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.
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March 19, 2024
Nevada Dem. Says She Can't Support 3rd Circ. Nom.
U.S. Sen. Catherine Cortez Masto, D-Nevada, on Tuesday became the first Democrat to publicly say she cannot support Adeel Mangi, nominee for the Third Circuit, who would be the first Muslim federal appellate judge, if confirmed.
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March 19, 2024
Kirkland Restructuring Ace To Join Hilco Global As Vice Chair
James H.M. Sprayregen, the founder of Kirkland & Ellis' restructuring practice group and a well-known deal-maker in the corporate restructuring and mergers and acquisitions community, is set to join Hilco Global as a vice chair, the financial services holding company announced Tuesday.
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March 19, 2024
Joann Fabric Can Tap $95M Of DIP As It Eyes Quick Ch. 11
Joann Inc., the retailer known as Joann Fabric and Crafts, received a Delaware bankruptcy judge's approval Tuesday on a bundle of first-day motions, ahead of an impending bid for confirmation of its prepackaged Chapter 11 plan to slash over half a billion dollars of debt and let creditors take over the reorganized business.
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March 19, 2024
Skin Care Drug Co. Can Ask Creditors To OK Ch. 11 Plan
A Delaware bankruptcy judge said Tuesday she will give a debtor formerly known as Timber Pharmaceuticals Inc. permission to send its Chapter 11 plan out for a vote by the dermatology drug developer's creditors, after counsel for the company explained it had expanded the creditors' ability to opt out of the plan's claim releases.
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March 20, 2024
Future Of Judge-Shopping Reform Hazy After Rule Proposal
The policymaking body for U.S. courts provoked a stir last week when it proposed a rule designed to curb "judge shopping," with observers saying that the policy does address one type of the practice but that it remains to be seen if individual federal district courts will be willing to adopt even that limited reform.
Expert Analysis
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Rockport Ch. 11 Highlights Global Settlement Considerations
A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Opinion
Activist Short-Sellers Are The Dark Knights Of Wall Street
While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.
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Managing ANDA Venue Issues As Del. And NJ Filings Rise
Delaware and New Jersey have prevailed as the primary forum for pharmaceutical litigation as more generic companies file abbreviated new drug applications, but this venue scheme presents traps for the unwary, and legislation may still be necessary to ensure fairness and predictability, say Timothy Cook and Kevin Yurkerwich at WilmerHale.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Chancery's 'Unfair Deal, Fair Price' Ruling Part Of A Trend
The Delaware Court of Chancery's recent decision in In re: Straight Path Communications is the latest in a line of recent post-trial rulings by the court that seem to prioritize a fair price in determining damage awards — even when a transaction has been clouded by an unfair process, say attorneys at V&E.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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An Overview Of Circuit Courts' Interlocutory Motion Standards
The Federal Arbitration Act allows litigants to file an immediate appeal from an order declining to enforce an arbitration agreement, but the circuit courts differ on the specific requirements for the underlying order as well as which motion must be filed, as demonstrated in several 2023 decisions, says Kristen Mueller at Mueller Law.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.