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September 04, 2024
Fintech Investor Tries To Undo 'Formulistic' Nix Of NCino Suit
A pension fund invested in financial technology company nCino Inc. urged Delaware's Supreme Court on Wednesday to revive its suit against company directors and investment firm Insight Venture Partners over a $1.2 billion acquisition, arguing the Chancery Court "missed the mosaic for the tiles" by dismissing the case.
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September 04, 2024
DraftKings, Vox Settle Photographer's Suit Over Giants QB Pic
A New York federal judge on Wednesday dismissed a photographer's copyright case against DraftKings and Vox Media over a picture of New York Giants quarterback Daniel Jones after receiving word that the litigants were finalizing a settlement.
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September 04, 2024
2nd Circ. Hears Unvaxxed NY Judge's 'Exile' Challenge
A Second Circuit panel on Wednesday voiced some skepticism of a bid to revive a New York state judge's lawsuit over his "exile" after he failed to get a religious exemption from the court system's COVID-19 vaccine mandate.
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September 04, 2024
2nd Circ. Says Free E-Book Library Not Fair Use
The Second Circuit on Wednesday rejected a nonprofit digital library's fair use defense of its practice of distributing copyrighted e-books for free, ruling in favor of a group of book publishers in a closely watched case.
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September 04, 2024
Pillsbury Adds EDNY Veteran As Corporate Prosecutions Rise
Pillsbury Winthrop Shaw Pittman LLP announced Tuesday that it has hired a former assistant U.S. attorney for the Eastern District of New York to help clients navigate the U.S. Department of Justice's increasingly aggressive pursuit of alleged corporate misconduct.
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September 04, 2024
AIG Avoids Defending Retailer Against Ghost Gun Lawsuits
Two AIG units have no duty to defend a Texas-based firearms retailer against three lawsuits alleging that it knowingly sold unfinished firearm components that would later be assembled into untraceable "ghost guns," a New York federal court ruled, finding the underlying claims do not allege a covered occurrence.
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September 04, 2024
Election Year Surprise? GOP Judges Opening Seats For Biden
Well ahead of fall elections that could flip the White House and U.S. Senate to Republicans, many GOP-appointed judges are retiring and giving Democrats opportunities to fill key seats before Republicans can capitalize on any wins at the polls, and several of the judges discussed the political backdrop with Law360.
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September 04, 2024
Kirkland-Led Warburg Pincus Lands $4B For Latest Fund
Kirkland & Ellis-advised investment firm Warburg Pincus has closed its Capital Solutions Founder Fund, securing commitments of more than $4 billion to pursue research-based opportunities in the market less than a year after closing its largest fund ever, according to a Wednesday announcement.
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September 04, 2024
AI Musician Duped Streaming Giants To Steal $10M, Feds Say
A North Carolina man streamed thousands of artificial intelligence-generated songs to dupe streaming giants like Spotify and YouTube and generate $10 million in an elaborate scam, federal prosecutors in Manhattan charged Wednesday in a first-of-its-kind case.
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September 04, 2024
Simpson Thacher-Led Blackstone Inks $16.2B AirTrunk Deal
Simpson Thacher & Bartlett LLP-led Blackstone Inc. said Wednesday it has agreed to acquire AirTrunk, an Australia-based data center platform focused on the Asia-Pacific region, from Macquarie Asset Management and the Public Sector Pension Investment Board at an implied enterprise value of over AU$24 billion ($16.2 billion).
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September 03, 2024
DOJ Charges Senior Hamas Leaders Over Oct. 7 Attacks
The U.S. Department of Justice on Tuesday announced criminal charges against six senior Hamas leaders the agency said had "central roles" in planning, supporting and perpetrating the Oct. 7 Hamas attack in Israel.
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September 03, 2024
PE Firm Investors Say False SEC Filings Caused Big Losses
Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.
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September 03, 2024
Ivy Leaguers Withdraw Opposition To NCAA's $2B NIL Deal
Two Brown University athletes have withdrawn their opposition to the NCAA's proposed $2.78 billion name, image and likeness settlement, telling a federal judge in California on Tuesday that they've been assured it will not impact their own antitrust case against several Ivy League schools.
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September 03, 2024
2nd Circ. Won't Ax Dad's Removal Over Child's Mental Health
The Second Circuit ruled Tuesday that a man who entered the U.S. illegally more than two decades ago can't cancel his removal on the grounds that it would cause his daughter hardship, ruling that any adverse impacts would be typical of family separation.
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September 03, 2024
Pharma Co., State Street Hit With Pension Annuity Suit
Bristol-Myers Squibb retirees hit the pharmaceutical giant and its investment adviser, State Street, with a class action Tuesday in New York, alleging they breached their fiduciary duty to pensioners by converting pension benefits into annuity insurance contracts using a provider that wasn't the safest available.
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September 03, 2024
Manhattan DA's Art Seizure Unit Hit With New Calif. Challenge
A private art collector has filed a California federal lawsuit fighting the Manhattan district attorney's investigation into his ancient Roman statue, joining a small but growing number of legal challenges to the New York prosecution unit that seizes and returns allegedly stolen antiquities.
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September 03, 2024
NBA, Warner Bros. Eye April 2025 Trial In Media Rights Spat
The NBA and Warner Bros. Discovery have told a New York state judge they want to complete an expedited discovery process in their broadcasting rights dispute, with a targeted trial start date in April.
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September 03, 2024
Aspire Biopharma Inks SPAC Deal At $316M Valuation
Aspire Biopharma Inc., advised by Sichenzia Ross Ference Carmel LLP, on Tuesday announced that it will go public through a merger with special purpose acquisition company PowerUp Acquisition Corp., led by Dykema Gossett PLLC, in a transaction that values the business at a pre-money equity value of roughly $316 million.
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September 03, 2024
Adviser Lied About Wall Street Skyscraper Digs, SEC Says
A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.
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September 03, 2024
Shkreli Hands Over 15 Copies Of Wu-Tang Clan Album
Martin Shkreli turned over 15 copies of the one-of-a-kind Wu-Tang Clan album he once owned after a New York federal judge ordered him to surrender any copies to his attorneys amid an ongoing lawsuit.
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September 03, 2024
Ch. 11 Bankruptcy Trustee Says Firm Charged Excessive Fees
The Chapter 11 trustee overseeing collapsed debt relief law firm Litigation Practice Group has accused a New York law firm of charging excessive fees while defending the California firm from lawsuits from merchant cash advance companies.
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September 03, 2024
O'Melveny Hires Restructuring Partner From Willkie In NY
O'Melveny & Myers LLP on Tuesday announced the hiring of a partner at Willkie Farr & Gallagher LLP in New York for its corporate restructuring group.
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September 03, 2024
Bracewell Energy Ace Joins Willkie In New York
Willkie Farr & Gallagher LLP announced Tuesday that it has expanded its energy team by hiring a leading renewable energy and energy finance attorney as a partner in the firm's New York office.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
Expert Analysis
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Why High Court Social Media Ruling Will Be Hotly Debated
In deciding the NetChoice cases that challenged Florida and Texas content moderation laws, what the U.S. Supreme Court justices said about social media platforms — and the First Amendment — will have implications and raise questions for nearly all online operators, say Jacob Canter and Joanna Rosen Forster at Crowell & Moring.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Constitutional Protections For Cannabis Companies Are Hazy
Cannabis businesses are subject to federal enforcement and tax, but often without the benefit of constitutional protections — and the entanglement of state and federal law and conflicting judicial opinions are creating confusion in the space, says Amber Lengacher at Purple Circle.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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2nd Circ. ERISA Ruling May Help Fight Unfair Arb. Clauses
The Second Circuit recently held that a plaintiff seeking planwide relief under the Employee Retirement Income Security Act cannot be compelled to individual arbitration, a decision that opens the door to new applications of the effective vindication doctrine to defeat onerous and one-sided arbitration clauses, say Raphael Janove and Liana Vitale at Janove.
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Series
After Chevron: Various Paths For Labor And Employment Law
Labor and employment law leans heavily on federal agency guidance, so the U.S. Supreme Court’s decision to toss out Chevron deference will ripple through this area, with future workplace policies possibly taking shape through strategic litigation, informal guidance, state-level regulation and more, says Alexander MacDonald at Littler.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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What NYC's Green Fast Track Means For Affordable Housing
New York City's Green Fast Track for Housing initiative, which went into effect last month, aims to speed up the environmental review process for modest residential developments and could potentially pave the way for similar initiatives in other cities, say Vivien Krieger and Rachel Scall at Cozen O'Connor.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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Justices' Bribery Ruling: A Corrupt Act Isn't Necessarily Illegal
In its Snyder v. U.S. decision last week, the U.S. Supreme Court held that a bribery law does not criminalize gratuities, continuing a trend of narrowing federal anti-corruption laws and scrutinizing public corruption prosecutions that go beyond obvious quid pro quo schemes, say Carrie Cohen and Christine Wong at MoFo.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.