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TOP NEWS
UBS Can't Escape $92M FINRA Award Over Tesla Stock Advice
By Sydney Price
An Iowa district judge denied UBS Financial Services' bid to vacate an arbitration award granted by the Financial Industry Regulatory Authority Inc., telling the firm it must pay more than $23 million in compensatory damages and $69 million in punitive damages to several ex-UBS customers who said the firm advised them to short-sell electric car company Tesla Inc.'s stock.
Order attached |
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POLICY & REGULATION
Top Groups Lobbying The FCC
By Christopher Cole
The Federal Communications Commission heard from lobbying groups almost 140 times in April on issues ranging from satellite spectrum sharing to the upcoming auction of C-band, changes to the E-Rate funding program, rules to tamp down on robocalls and more.
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LITIGATION
Analysis
5 Argument Sessions Benefits Attys Should Watch In May
By Kellie Mejdrich
HP, Siemens and Honeywell will defend victories in 401(k) forfeiture suits at the Ninth and Third circuits, while union pensioners will battle over life insurance and early retirement benefits at the Tenth and Seventh circuits. Here, Law360 looks at five coming oral argument sessions that benefits attorneys may want to keep an eye on.
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Investors Lose Contract Claims In Del. Over Stock Financing
By Jarek Rutz
The Delaware Chancery Court has dismissed contract-based claims brought by early investors in materials science company Footprint International Holdco Inc., finding that they could not invoke the implied covenant of good faith and fair dealing to add protections to a governance agreement after a disputed financing allegedly wiped out much of the value of their preferred stock.
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Consumers Challenge Paramount-Warner Bros. Deal
By Bryan Koenig
News watchers and streaming subscribers have brought a lawsuit against Paramount Skydance Corp. opposing both its pending $110 billion acquisition of Warner Bros. Discovery and the completed tie-up between Skydance Media and Paramount Global, telling a California federal court the earlier transaction has already caused higher streaming prices.
Complaint attached |
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Roundup
UK Litigation Roundup: Here's What You Missed In London
By Laura Stewart Liberty
The past week in London has seen a Swiss energy trader bring a Financial List claim against shipping benchmarking company Baltic Exchange, law firm Slater and Gordon sued by a former client, Slack and Salesforce hit Microsoft with an antitrust claim, and Stephen Fry bring a personal injury claim after he broke bones falling off a stage. Here, Law360 looks at these and other new claims in the U.K.
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DEALS
ENFORCEMENT
EXPERT ANALYSIS
How 'Spillover' Effects Can Skew AI Securities Class Actions
Event study evidence is often central in securities litigation at class certification and beyond, but in an environment where earnings forecasts and statements can have spillover market implications, particularly when concerning artificial intelligence, the task of parsing out the price impact of news requires careful consideration, say Erik Johannesson, Olivia Wurgaft and Nguyet Nguyen at Brattle Group.
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Opinion
Congress Must Repair USPTO's Inter Partes Review Process
To challenge recent changes to the inter partes review process issued by the U.S. Patent and Trademark Office, Congress must establish clear statutory guardrails, transparency and meaningful judicial review so that questionable patents receive proper scrutiny, say Sean Tu at the University of Alabama, Arti Rai at Duke University and Aaron Kesselheim at Harvard.
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LEGAL INDUSTRY
Law360's Legal Lions Of The Week
By Kevin Penton
Akin Gump Strauss Hauer & Feld LLP leads this week's edition of Law360 Legal Lions, after a California federal jury cleared Armistice Capital and two of its executives of class action claims that it pumped and dumped $250 million in Vaxart stock during the COVID-19 pandemic and violated federal securities law with insider trading.
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Roundup
GC Cheat Sheet: The Hottest Corporate News Of The Week
By Michele Gorman
A pair of proxy advisory firms have sued two state attorneys general over laws they say impose burdensome requirements for issuing recommendations that go against corporate managers' wishes. Meanwhile, KPMG reports that legal is evolving into a key driver of business performance, and AI is a core component of the department. These are some of the stories in corporate legal news you may have missed in the past week.
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