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Delaware
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May 16, 2024
No Double Jeopardy In Philly Execs' Embezzlement Case
Two former Philadelphia nonprofit executives convicted for an embezzlement scheme weren't subject to double jeopardy when a judge rescheduled trial after several jurors left, the Third Circuit ruled Thursday, reasoning that the court had no other choice.
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May 16, 2024
3rd Circ. Shuns Teva's 'Novel' Appeal On Israeli Investor Class
The Third Circuit on Thursday turned away an appeal brought by Teva Pharmaceutical Industries Ltd., saying the class certification stage was not the right time to hear arguments over the "novel" question of the applicability of U.S. securities laws to Israeli-listed shares.
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May 16, 2024
PTAB Will Review Cash-Out Patent Challenged By DraftKings
The Patent Trial and Appeal Board said Wednesday it will review a patent owned by DraftKings Inc. rival Colossus Bets on a way for gamblers to "cash out" of a sports bet to cut their losses before a game is over.
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May 16, 2024
3rd Circ. Revives Wesco Retirees' ERISA Fee Case
The Third Circuit reinstated a proposed class action Thursday accusing Wesco Distribution Inc. of letting its employee retirement plan pay exorbitant administrative fees, ruling a trial court's "partly valid" criticisms of the suit weren't enough to warrant dismissal.
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May 16, 2024
Rue21 Seeks To Reject 51 Leases As Stores Close
Bankrupt teen retailer rue21 has asked a Delaware bankruptcy court for approval to reject its leases at 51 store locations where going-out-of-business sales have already wrapped up or aren't planned, saying the move would represent "a significant cost savings" to the bankruptcy estate.
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May 16, 2024
DOL Unveils Long-Delayed Abandoned Retirement Plan Rules
After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.
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May 16, 2024
C3.ai Shareholder Sues In Del., Citing Baker Hughes Pact
A shareholder of artificial intelligence-driven software developer C3.ai Inc. filed a derivative suit in Delaware's Court of Chancery late Wednesday, alleging breaches of fiduciary duty and unjust enrichment related to the California company's strategic partnership with Baker Hughes Co.
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May 16, 2024
Olo Investor Sues In Chancery To Stop Raine Group Takeover
A shareholder in New York online food-ordering company Olo Inc. sued its officers, directors and largest stockholder in Delaware's Court of Chancery on Wednesday, alleging the board had approved a stock buyback program that would hand control of the company to its largest shareholder for no consideration.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
Chancery Nixes BuzzFeed Worker Arbitration Bid
Delaware's Court of Chancery dismissed from an arbitration access dispute on Wednesday 85 BuzzFeed Media Enterprises employees who sued for arbitration of a stock conversion right, rejecting claims that company employment agreements require Delaware courts to handle the issue.
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May 15, 2024
Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?
A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.
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May 15, 2024
Ollie's Can Make $14.6M Stalking-Horse Bid For 99 Cents Only
Discount retail chain 99 Cents Only received approval Wednesday from a Delaware bankruptcy judge for a $14.6 million stalking-horse bid for 11 of its properties in Texas from Ollie's Bargain Outlet Inc., another discount retailer.
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May 15, 2024
3rd Circ. Says Pa. City Isn't Covered In Cop's Employment Suit
A Pennsylvania city cannot obtain coverage for underlying litigation brought by a police officer who has repeatedly sued the city, as his present suit is related to previous ones and is therefore excluded by the policy, the Third Circuit said Wednesday.
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May 15, 2024
Tesla Fires Back At Claims It Bullied Retired Law Professor
Tesla has pushed back against allegations that it tried to bully a retired law professor out of weighing in on an investor suit over CEO Elon Musk's $56 billion compensation plan, according to new filings in Delaware.
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May 15, 2024
Cahill Gordon Adds Crypto Attys, Launches Delaware Office
Cahill Gordon & Reindel LLP announced Wednesday that it has added three attorneys to its rebranded digital assets and emerging technology practice, including a former Delaware deputy attorney general who will lead its newly launched office in the state.
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May 15, 2024
Chancery Orders $199M Penalty In TransCanada Deal Suit
Citing "non-cumulative" damages award offsets, a Delaware vice chancellor on Wednesday ordered the former TransCanada Corp. to pay $199 million of a potential $283 million judgment issued in a post-trial ruling last year on amounts owed to former Columbia Pipeline Group Inc. shareholders shorted in a 2016 merger.
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May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
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May 15, 2024
AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing
AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.
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May 15, 2024
Grocery Chain Outfox Files Ch. 7 After Closing All Locations
The parent company of Foxtrot Market and Dom's Kitchen & Market filed for Chapter 7 in Delaware, less than a month after the grocery chain announced it would be closing its 35 stores in Illinois, Texas and the Washington, D.C., area.
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May 14, 2024
Netflix Can't Shake Patent Biz Case In Delaware
A federal judge on Tuesday rebuffed Netflix's attempt to invalidate several patents it has been accused of infringing, finding the ideas underlying the handful of decade-old tech patents are inventive enough to move the lawsuit forward.
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May 14, 2024
Biotech Co. Sued In Del. For Faulty Election, Share Hike Vote
A Cardiff Oncology Inc. stockholder has launched a direct and derivative suit in Delaware Chancery Court accusing the clinical stage biotech company of failing to count "against" votes in decisions that added 2 million shares to the company's limit in 2022 and reelected board members in 2022 and 2023.
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May 14, 2024
Crystallex Special Master Fires Back Against Effort To DQ Him
The special master appointed to oversee the auction of Citgo's parent company to satisfy billions of dollars worth of Venezuelan debt bristled at the country's allegations that he improperly pressured the U.S. to change its sanctions policy to permit the sale to go through.
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May 14, 2024
Norwich, Bausch Ask Fed. Circ. To Rethink Xifaxan IP Ruling
Alvogen's Norwich Pharmaceuticals unit and Bausch Health have launched bids for the Federal Circuit to rehear a case in which it affirmed a Delaware federal court's decision preventing the release of a generic version of Bausch's blockbuster diarrhea and brain disease drug, Xifaxan, until 2029.
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May 14, 2024
Stitch Fix Stockholder's Del. Suit Alleges $102M Insider Trades
Insiders at online personal styling service Stitch Fix Inc. sold $102 million worth of company stock while hiding information for nearly 18 months about the company's faltering business prospects, a shareholder has alleged in a new Delaware Chancery Court complaint.
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May 14, 2024
Jury's $2M Medical Device Infringement Verdict Upended
A Delaware federal judge ruled Tuesday that Kurin Inc. did not infringe claims of a Magnolia Medical Technologies Inc. patent tied to sepsis testing, reversing a 2022 jury verdict that Kurin had infringed the patent and should pay $2 million.
Editor's Picks
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DocuSign's Bad Conduct Warrants Fee Shift, Ex-CEO Says
DocuSign's ex-CEO wants the Delaware Chancery Court to order the e-signature company to pay at least $709,000 for legal fees he has incurred in litigation alleging the company tried to "bully" him into resigning from its board and made false filings saying he resigned as a director.
Expert Analysis
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Businesses Should Take Their AI Contracts Off Auto-Renew
When subscribing to artificial intelligence tools — or to any technology in a highly competitive and legally thorny market — companies should push back on automatic renewal contract clauses for reasons including litigation and regulatory risk, and competition, says Chris Wlach at Huge Inc.
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Del. IP Ruling May Mark Limitation-By-Limitation Analysis Shift
A Delaware federal court's recent ruling in Lindis Biotech v. Amgen, which involved complex technology where the complaint contained neither facts nor a specific allegation directed to a claim limitation, might spark a shift away from requiring a limitation-by-limitation analysis, say Ted Mathias and Ian Swan at Axinn.
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Del. Dispatch: Chancery's Evolving Approach To Caremark
Though Caremark claims are historically the least likely corporate claims to lead to liability, such cases have been met in recent years with increased judicial receptivity — but the Delaware Court of Chancery still expressly discourages the reflexive filing of Caremark claims following corporate mishaps, say attorneys at Fried Frank.
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Cell Therapy Cos. Must Beware Limits Of Patent Safe Harbors
Though developers of gene and cell therapy products commonly assume that a legal safe harbor protects them from patent infringement suits, recent case law shows that not all preapproval uses of patented technology are necessarily protected, say Natasha Daughtrey and Joshua Weinger at Goodwin.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Bankruptcy Courts Have Contempt Power, Del. Case Reminds
A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.
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Opinion
Climate Change Shouldn't Be Litigated Under State Laws
The U.S. Supreme Court should reverse the Hawaii Supreme Court's October decision in Honolulu v. Sunoco that Hawaii could apply state law to emissions generated outside the state, because it would lead to a barrage of cases seeking to resolve a worldwide problem according to 50 different variations of state law, says Andrew Ketterer at Ketterer & Ketterer.
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Del. Rulings Make Clear That 'Arbitrator' Isn't A Magic Word
Recent decisions by the Delaware Chancery Court clarify that calling a process an "expert determination" or "arbitration" in a purchase agreement is not sufficient to define it as such, so practitioners must consider how to structure dispute resolution provisions to achieve their clients’ desired result, say attorneys at Troutman Pepper.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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How Courts Are Interpreting Fed. Circ. IPR Estoppel Ruling
In the year since the Federal Circuit’s Ironburg ruling, which clarified the scope of inter partes and post-grant review estoppel, district court decisions show that application of IPR or PGR estoppel may become a resource-intensive inquiry, say Whitney Meier Howard and Michelle Lavrichenko at Venable.
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Patent Damages Jury Verdicts Aren't Always End Of The Story
Recent outcomes demonstrate that patent damages jury verdicts are often challenged and are overturned approximately one-third of the time, and successful verdict challenges typically occur at the appellate level and concern patent validity and infringement, say James Donohue and Marie Sanyal at Charles River.