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May 13, 2024
Archegos Boss Blew $36B, But It Was His To Lose, Jury Told
The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.
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May 13, 2024
Skadden Guides Squarespace On $6.9B Go-Private Deal
Squarespace Inc. said Monday it has agreed to a $6.9 billion buyout by private equity firm Permira, with Skadden Arps Slate Meagher & Flom LLP serving as lead counsel to the website building company and at least six additional firms guiding the various parties.
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May 13, 2024
Coverage Recap: Day 12 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from Monday, day 12 of the trial.
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May 10, 2024
Immigration Court Backlog Swells To Nearly 3.6M Cases
The number of pending deportation cases in courts across the country has swelled to almost 3.6 million as of the end of April, almost 1.3 million of which are asylum cases, while many immigrants continue to get deported without legal representation, according to a report issued by Syracuse University's Transactional Records Access Clearinghouse on Wednesday.
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May 10, 2024
SEC Opposes Quick Appeal Of 'Crystal Clear' Coinbase Order
The U.S. Securities and Exchange Commission on Friday urged a Manhattan federal court to reject Coinbase's bid for a Second Circuit review of an order allowing an agency enforcement action to proceed, saying the company's cries of uncertainty over how securities laws apply to crypto assets ignore the "crystal-clear" order it is trying to contest.
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May 10, 2024
Real Estate Authority: Norfolk Southern, Big 4 Earnings, HUD
Catch up on this week's key real estate developments by state from Law360 Real Estate Authority — including reflections from co-lead plaintiffs counsel in the Norfolk Southern derailment case, Q1 results from the big four brokers, and a synopsis of billions in new grants from the U.S. Department of Housing and Urban Development.
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May 10, 2024
NY Gov. Orders Shakeup Of Cannabis Regulatory Agency
New York Gov. Kathy Hochul on Friday announced an overhaul of the state's embattled cannabis regulatory agency, unveiling an investigative audit that showed how "inexperienced" leaders "wasted valuable time and resources," and then declaring $5 million in one-time grants would be awarded to a select group of applicants who took a financial hit by the licensing delays.
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May 10, 2024
2nd Circ. Says Subway Texts Don't Trigger Autodial Law
A divided Second Circuit panel upheld the dismissal of a suit claiming that the sandwich chain Subway illegally spammed consumers' phones with automated texts, finding that a Connecticut federal judge was right in ruling that the marketing campaign didn't use an autodialer as defined by federal law.
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May 10, 2024
US Soccer, Relevent Sports Aim To Settle Antitrust Dispute
Relevent Sports' antitrust lawsuit against the U.S. Soccer Federation over its alleged monopoly on professional matches in the United States was referred to a magistrate judge on Friday so the parties can try to work out a settlement.
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May 10, 2024
JLM Couture Nears Settlement With Bridal Dress Designer
Dressmaker JLM Couture told Delaware's bankruptcy court Friday it reached an agreement in principle with a bridal dress designer, who was sued by the company and had sought to convert its Chapter 11 case into a Chapter 7 liquidation.
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May 10, 2024
Dollar Tree Parent Sued Over Alleged Lead In Cinnamon
Dollar Tree Inc.'s parent company and a New York family-owned food business were hit Thursday with a proposed class action in New York federal court alleging that the chain sold cinnamon that was contaminated with lead, following U.S. Food and Drug Administration recalls of lead-tainted cinnamon.
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May 10, 2024
Logan Paul Energy Drinks Have Excess Caffeine, Suit Says
A proposed class of energy drink buyers is suing YouTube celebrity Logan Paul's Prime Hydration LLC, alleging the drinks contain significantly more than the 200 milligrams of caffeine they advertise.
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May 10, 2024
Cohen Urged To Stop Trashing Trump As Testimony Nears
The Manhattan judge overseeing Donald Trump's criminal hush money trial made clear Friday that he wants star witness Michael Cohen to stop talking publicly about the charges as the former president's erstwhile attorney prepares to take the stand as soon as Monday.
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May 10, 2024
Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent
In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.
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May 10, 2024
Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes
Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.
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May 10, 2024
Axl Rose Shouldn't Escape NY Sex Assault Suit, Model Says
A former Penthouse model is urging a New York state court not to toss her case alleging Axl Rose sexually assaulted her in 1989, arguing the Guns N' Roses lead singer is making faulty arguments about attempts to serve him with the suit to avoid accountability.
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May 10, 2024
Coverage Recap: Day 11 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from Friday, day 11 of the trial.
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May 10, 2024
Ex-Pryor Cashman Securities Chair Joins Alston & Bird
Alston & Bird LLP announced Thursday that it hired an experienced trial attorney who previously chaired Pryor Cashman LLP's securities practice as a partner based in New York.
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May 10, 2024
The Week In Trump: All Eyes On NY As Other Cases Lag
Donald Trump's Manhattan hush money trial took center stage with dramatic testimony from adult film actress Stormy Daniels, while the former president's criminal cases in Georgia and Florida ran into delays that could last through Election Day.
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May 10, 2024
Building Materials Biz To Return Further $300M To Investors
CRH PLC on Friday rolled out a new chunk worth up to $300 million of its ongoing share repurchase program as the construction materials manufacturer seeks to reduce its outstanding share capital and to reward investors.
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May 10, 2024
New Evidence, Old Politics To Collide In 2nd Menendez Trial
U.S. Sen. Robert Menendez and the government will face off Monday for the second time before a jury tasked with weighing bribery charges, a courtroom showdown that promises higher stakes — think flashier evidence and a more dramatic defense — than the corruption case the New Jersey Democrat escaped seven years ago.
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May 09, 2024
Daniels Defiant As Trump Atty Attacks Hush Money Account
Adult film star Stormy Daniels was defiant on Thursday in the face of a grueling cross-examination by counsel for Donald Trump in the Manhattan hush money trial, who sought to discredit her account of a 2006 sexual encounter with him at a celebrity golf tournament.
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May 09, 2024
FTC Says Handbag Cos. Have Info Needed To Defend $8B Deal
The Federal Trade Commission assailed Tapestry and Capri on Wednesday for demanding more details on the market allegedly threatened by their planned $8.5 billion merger, which would pair the parent company of Coach and Kate Spade with that of Versace and Michael Kors, arguing the firms have the information they need.
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May 09, 2024
Davis Polk, Simpson Thacher Drive EV Maker's $441M IPO
Chinese electrical vehicle maker Zeekr on Thursday priced an upsized $441 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Simpson Thacher & Bartlett LLP, marking the largest U.S. IPO by a China-based company since 2021.
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May 09, 2024
SEC Sues 3 Penny Stock Firms Over Failure To Register
The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.
Expert Analysis
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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NY, Del. May Be Trending Against Noncompete Enforceability
While neither New York nor Delaware has statutory restrictions on noncompete provisions, recent legislative actions and judicial decisions indicate a trend against enforcement of restrictive covenants in both equity award and employment agreements, says Irene Bassock at Cohen Buckmann.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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NY Guidelines Bring Clarity To Prepackaged Chapter 11 Cases
The Southern District of New York’s recently adopted guidelines provide bankruptcy practitioners guidance on practical matters pertaining to prepacks, and facilitate the use of prepacks as a tool that can greatly reduce the time, expense and risks of a Chapter 11 case, say Robert Drain and Moshe Jacob at Skadden.
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NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.
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US Cos. Must Guard Against Russian Diversion Of Goods
Amid allegations that Russia is end-running trade sanctions through the diversion of otherwise innocuous, everyday goods, U.S. industry involved in the manufacture or distribution of electric products must step up its customer and partner due diligence to avoid unwittingly facilitating the weapons proliferation cycle, say attorneys at Arnold & Porter.
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10 Years Of Retail Battles: Unpacking Pricing Litigation Trends
A close look at a decade of pricing class actions against retailers reveals evolving trends, plaintiffs bar strategies, and the effects of significant court decisions across states, say attorneys at Benesch.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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And Now A Word From The Panel: A Strong Year For MDLs
While the Judicial Panel on Multidistrict Litigation granted even fewer MDL petitions last year than in 2022, hitting a 21st-century low, a closer look at the record-setting number of total actions encompassed within current proceedings reveals that MDL practice is still quite robust, says Alan Rothman at Sidley.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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What's In NY's Draft Guidance On AI Use In Insurance
Last week, the New York State Department of Financial Services released proposed guidance for insurers on the use of artificial intelligence systems and external consumer data and information sources for underwriting and pricing purposes, and these standards will likely help form the basis of an eventual nationwide insurance regulatory framework on AI, say attorneys at Sullivan & Cromwell.
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Mitigating Compliance And Litigation Risks Of Evolving Tech
Amid artificial intelligence and other technological advances, companies must prepare for the associated risks, including a growing suite of privacy regulations, enterprising class action theories and consumer protection challenges, and proliferating disclosure obligations, say attorneys at Eversheds Sutherland.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.