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November 27, 2023
Zuckerberg Rejected Mental Health Filter Policy, States Say
Meta Platforms Inc. knows its platforms are used by millions of underage children and its CEO Mark Zuckerberg personally shot down a proposed policy to ban image filters found to be harmful to social media users' mental health, according to a newly unsealed version of states' lawsuit filed last week.
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November 27, 2023
NY Adult Survivors Act Window Shuts, Airing Years Of Abuse
While survivors of sexual abuse and their attorneys rushed last week to file otherwise time-barred lawsuits before the New York Adult Survivors Act's lookback window closed, attorneys are waiting to see if the law allows them to hold alleged assailants and enabling institutions to account.
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November 27, 2023
2nd Circ. Remains Mum In Hearing Over Panama Discovery
The Second Circuit did little to tip its hand during oral arguments aimed at resolving whether federal courts can order discovery for arbitration before the International Centre for Settlement of Investment Disputes, asking few questions during a 22-minute hearing concerning controversy over expanding the Panama Canal.
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November 27, 2023
NY Judge OKs $1.65B Voyager Settlement With FTC
A New York federal judge has approved a settlement ordering bankrupt cryptocurrency lender Voyager Digital and its ex-CEO to pay $1.65 billion for misleading investors about the safety of their money prior to the firm's collapse.
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November 27, 2023
Celsius Creditors Balk At $281K In Bidder's Ch. 11 Fees
The official committee of unsecured creditors in the Chapter 11 case of cryptocurrency lending platform Celsius Network opposed the payment of $281,000 in fees requested by a bidder that lost an auction for the reorganized debtor's assets, saying the code doesn't cover such expenses from a debtor's estate.
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November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals
A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
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November 27, 2023
Barretts Minerals Pressured To Move Ch. 11 Case To Montana
The Texas bankruptcy case of Barretts Minerals Inc. should be moved to Montana because the company's ties to Texas are tenuous, the Future Claimants Representative for asbestos victims told the court Monday.
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November 27, 2023
Ex-JPMorgan Traders Want CFTC Spoofing Case Kept On Ice
A convicted pair of former JPMorgan Chase precious metals traders have asked an Illinois federal judge to continue a stay on a parallel Commodity Futures Trading Commission action against them, arguing that the CFTC is trying to rush judgments before appeals on their criminal convictions can be heard.
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November 27, 2023
Investment Co. Can't Send Coverage Suit Back To State Court
A Connecticut federal court refused to send an investment firm's suit seeking coverage for an employment discrimination action back to state court, finding that the firm's insurer satisfied the requirements for removal.
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November 27, 2023
Colombia Oil Co. Wants To Challenge McDermott Restructure
A Colombian state-owned oil company says it has a $1 billion arbitration award on the line and needs permission from a New York federal judge to subpoena a hedge fund manager so it can protect its interests while the company that owes the money restructures in the Netherlands and England.
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November 27, 2023
Horizon Bank Says Investor Suit Omits Relevant Market Info
Horizon Bancorp Inc. wants to dismiss a suit accusing it of artificially inflating its shares by making false and misleading representations about its financial controls, saying among other things the plaintiff omits key information about market conditions during the suit's relevant period, which overlaps with the collapse of Silicon Valley Bank.
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November 27, 2023
Robinhood User Says Platform Withheld Info From Investors
Robinhood and four companies whose shares were available for purchase through the platform are being accused of failing to alert an investor to significant developments, including a reverse stock split and two acquisitions, in a pair of lawsuits filed in Massachusetts state court.
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November 27, 2023
2nd Circ. Lowers Bar For Prisoners' First Amendment Claims
A Second Circuit panel ruled Monday that prisoners do not have to prove they suffered a "substantial burden" on their religious freedom in order to bring a First Amendment claim, finding that legal standard improperly opens the door to courts determining the importance of religious events and practices.
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November 27, 2023
West Point Says Admissions Policy Critical To Military Fitness
West Point urged a New York federal court not to bar it from considering race in its admissions process, arguing its guidelines are intertwined with the country's military readiness and distinct from civilian university policies struck down by the U.S. Supreme Court earlier this year.
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August 10, 2023
Investor Attys Want $19.2M For $74M Libor-Rigging Deals
Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.
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November 27, 2023
Holdouts In Alexion Insider Trading Case Get May Trial Date
A Manhattan federal judge set a May 2024 trial date Monday for the last two defendants to deny their participation in an alleged five-man insider trading ring revolving around Alexion Pharmaceuticals Inc.'s $1.4 billion purchase of another biotech firm.
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November 27, 2023
Proterra Pauses Bus Biz Sale After Customer Objections
Electric bus company Proterra told a Delaware bankruptcy court it is delaying a hearing on the sale of its bus-building business in the wake of complaints that its chosen buyer doesn't have the ability to fulfill its customer contracts.
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November 27, 2023
NY Pot Regulators Will Settle Suits That Stalled Licensure
New York cannabis regulators on Monday approved a resolution to settle two lawsuits challenging the state's marijuana retail licensing program, including one that has hobbled the state's effort to award licenses to those with past convictions and has left hundreds of entrepreneurs in limbo.
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November 27, 2023
Catching Up With Delaware's Chancery Court
Delaware's Chancery Court stuffed a lot into a shortened Thanksgiving week, with new cases involving wrestling promoter Vince McMahon, billionaire Howard Lutnick and activist investor Carl Icahn.
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November 27, 2023
Sullivan & Cromwell Guides $800M L3Harris Aviation Unit Sale
Sullivan & Cromwell-advised L3Harris Technologies said Monday it has agreed to sell its commercial aviation business to New York-based private equity firm TJC LP for $800 million.
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November 27, 2023
Beard Energy Transition SPAC Axes Tie-Up With Solar Biz
Blank-check company Beard Energy Transition Acquisition Corp. and solar and home energy solutions company Suntuity Renewables jointly announced Monday they have called off their planned merger that would have taken Suntuity public at a pro forma enterprise value of $249 million.
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November 27, 2023
Trump Downplays NY Judge's Safety Risk After Threats
Donald Trump's lawyers on Monday said safety concerns don't justify a New York state judge's gag orders against the former president in the state attorney general's civil fraud trial, arguing that threats made by others don't present an "imminent" danger and should not result in his loss of First Amendment rights.
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November 27, 2023
Split 2nd Circ. Partially Revives Nine West Buyout Fraud Suit
A split Second Circuit panel revived some claims in a Chapter 11 suit brought by trustees of women's clothing retailer Nine West over more than $1 billion in allegedly fraudulent transfers, finding the U.S. Bankruptcy Code's safe harbor provision doesn't protect claims tied to $78 million in payroll transfers in the case.
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November 27, 2023
Clyde & Co. Maritime Ace Jumps To Watson Farley's NY Office
International firm Watson Farley & Williams is expanding its corporate team in America, bringing in a Clyde & Co. LLP maritime and corporate attorney as a partner in the firm's New York office.
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November 27, 2023
COVERAGE RECAP: Day 34 Of Trump's NY Civil Fraud Trial
Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 34:
Expert Analysis
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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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3 Rulings Illustrate Infringement Hurdles For Hip-Hop Plaintiffs
Three district court decisions dismissing hip-hop copyright claims recently came down in quick succession, indicating that plaintiffs face significant hurdles when they premise claims on the use of words, phrases and themes that are common in the genre, say Benjamin Halperin and Shiara Robinson at Cowan DeBaets.
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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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What SEC Retreat In Ripple Case Means For Crypto Regulation
The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.
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Why Employers Should Refrain From 'Quiet Firing'
While quiet firing — when an employer deliberately makes working conditions intolerable with the goal of forcing an employee to quit — has recently been identified in the news as a new trend, such constructive discharge tactics have been around for ages, and employers would do well to remember that, comparatively, direct firings may provide more legal protection, says Robin Shea at Constangy.
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What's At Stake In Bystolic 'Side Deals' Litigation
In re: Bystolic Antitrust Litigation, which has oral argument set for next month, will likely shed light on how the U.S. Court of Appeals for the Second Circuit views side deals, and could create a circuit split in pleading standards for reverse payment cases, say attorneys at Axinn.
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Seized Art Ownership Row Highlights Importance Of Vetting
The Cleveland Museum of Art's recent suit against the Manhattan District Attorney's Office to block a seizure order and contest its rightful ownership of a headless statue worth $20 million presents an uncommon challenge that underscores the criticality of due diligence prior to acquiring artworks, especially older pieces, say Robert Darwell and Zach Dai at Sheppard Mullin.
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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.
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What Cos. Should Know About FTC's Proposed Junk Fee Rule
The Federal Trade Commission recently announced a notice of proposed rulemaking targeting junk fees and how businesses may advertise prices to consumers — and since it would give the agency powers to seek monetary penalties against businesses that do not comply, companies should look to get ahead now, say Phyllis Marcus and Nicole Johnson at Hunton Andrews.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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2nd Circ. Holding Could Disrupt SEC Disgorgement Methods
A recent Second Circuit decision in U.S. Securities and Exchange Commission v. Govil that held disgorgement to be an equitable remedy has the potential to substantially disrupt the SEC's long-standing approach to monetary remedies in many of the cases the agency brings, say attorneys at Debevoise.
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A Closer Look At The Sen. Menendez Indictment
Attorneys at Dowd Bennett analyze the latest charges filed against Sen. Bob Menendez, D-N.J., and four co-defendants — from bribery to acting as a foreign agent — potential defenses that may be mounted, and broader lessons for white collar attorneys.
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Transparency And Explainability Are Critical To AI Compliance
Although there is not yet a comprehensive law governing artificial intelligence, regulators have tools to hold businesses accountable, and companies need to focus on ensuring that consumers and key stakeholders understand how their AI systems operate and make decisions, say Chanley Howell and Lauren Hudon at Foley & Lardner.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.