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Adam Steinfeld

Largest Antitrust Settlement in U.S. History Lurches Toward Resolution

Posted by Adam Steinfeld on 11/01/2019

In July 2014, the parties in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litig., No. 12-4671 (E.D.N.Y.) announced what was widely reported to be the largest antitrust settlement in U.S. history. Two years later, the Second Circuit sent the parties back to the drawing board. See In re Payment Card Interchange Fee & Merch. ...

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Richard W. Gonnello

Ex-New York Congressman Pleads Guilty To Insider Trading Charges

Posted by Richard W. Gonnello on 10/30/2019

Ex-New York Congressman Christopher Collins ("Collins") pleaded guilty this past month to insider trading charges. In pleading guilty, Collins admitted that—while serving on the Board of Directors of Innate Immunotherapeutics Limited (the "Company")—he illegally tipped off his son about the failed results of the Company's drug trial. Immediately ...

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Dillon Hagius

Ninth Circuit Rejects Facebook’s Petition For En Banc Rehearing In Biometric Suit

Posted by Dillon Hagius on 10/30/2019

On October 18, the Ninth Circuit rejected Facebook's petition for an en banc rehearing of the Circuit's August 8 panel decision in Patel v. Facebook (the "Decision"). The Patel litigation centers on whether Facebook's use of facial recognition technology for its "Tag Suggestions" feature, which the plaintiffs allege occurred without users' ...

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Stuart J. Guber

Caremark Duties Include Duty Not Only to Establish Oversight Processes but Also to Monitor Them

Posted by Stuart J. Guber on 10/30/2019

In Marchand v. Barnhill, 212 A.2d 805 (Del. 2019) the Delaware Supreme Court held that boards that fail to implement oversight procedures for their company's mission critical functions can be held liable for breach of their fiduciary duty, reversing and remanding the Delaware Chancery Court's dismissal of the case. See Marchand v. Barnhill, ...

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Alex Hartzband

Supreme Court to Clarify LGBTQ Workers’ Rights Under Title VII

Posted by Alex Hartzband on 10/30/2019

The United States Supreme Court recently heard oral arguments on three related cases from New York, Georgia, and Michigan, respectively, that will determine whether Title VII of the Civil Rights Act's prohibition against "sex" discrimination in the workplace extends to discrimination on the basis of sexual orientation and gender identity. ...

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Stephen Doherty

FTC Taking Mulligans With The Tech Sector

Posted by Stephen Doherty on 10/30/2019

You'll never see Tiger Woods ask for a do-over, also known in golfing circles as a "mulligan." The rules of golf prohibit mulligans. In the eyes of the U.S. Federal Trade Commission, however, the rules of antitrust do not. According to Bruce Hoffman, Director of the FTC's Bureau of Competition, it may take some mulligans as the Bureau revisits ...

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Kristyn Fields

Namenda Antitrust Litigation Settles For $750 Million

Posted by Kristyn Fields on 10/29/2019

On October 28, 2019, the direct purchaser plaintiffs and Forest Laboratories (now Allergan) reached a settlement to end the "pay for delay" and "product hopping" antitrust case known as the In Re Namenda Direct Purchaser Antitrust Litigation, set to begin trial that same day. The case resulted in a proposed settlement amounting to $750 million ...

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Sherief Morsy

SEC Issues Tips To Help Mainstreet Investors Avoid Scams

Posted by Sherief Morsy on 10/28/2019

On October 10, 2019, the Securities and Exchange Commission's ("SEC") Office of Investor Education and Advocacy and Retail Strategy Task Force issued an investor alert and bulletin ("Investor Bulletin") titled, "Don't Fall for an Investment Scam – Investor Alert." The SEC issued several tips including the following: (1) avoid get rich quick ...

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Megan Sullivan

Congresswoman introduces draft bill that would classify Stablecoins as Securities

Posted by Megan Sullivan on 10/24/2019

In advance of Mark Zuckerberg's highly anticipated testimony before the House Financial Services Committee regarding Facebook's stablecoin cryptocurrency called Libra, Texas Congresswoman Sylvia Garcia introduced a draft bill entitled the "Stablecoins are Securities Act of 2019." The bill would amend the definition of the term "security" in ...

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Raymond N. Barto

Monopolization Claims Move Forward in Actos Litigation

Posted by Raymond N. Barto on 10/22/2019

In a pair of recent decisions, United States District Judge Ronnie Abrams held that classes of purchaser plaintiffs stated monopolization claims for overcharge damages by plausibly alleging that Takeda misrepresented its patents to the FDA to delay generic entry. The cases are In re Actos Direct Purchaser Antitrust Litigation, No. 1:15-cv-03278, ...

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