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Maxwell Michael

Third Circuit Makes Clear that Risk Factors Listed for a Company in Proxy Material Must Have A Significant Degree of Specificity

Posted by Maxwell Michael on 07/29/2020

On June 18, 2020, the United States Court of Appeals for the Third Circuit issued a ruling in Jaroslawicz v. M&T Bank Corp., 962 F.3d 701 (3d Cir. 2020) and vacated the dismissal of the Section 14(a) of the Securities and Exchange Act of 1934 ("Section 14(a)") claim relating to M&T Bank Corp.'s risk disclosure obligations. In doing so, the ...

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Alex B. Heller

CFPB Governing Statute Allows for Parallel Enforcement by State Attorneys General

Posted by Alex B. Heller on 07/28/2020

On July 27, 2020, the Third Circuit ruled that the governing statute for the Consumer Financial Protection Bureau ("CFPB") permits parallel enforcement actions by state attorneys general. The three-judge panel also upheld Pennsylvania's claims against Navient Corp. that are similar to claims being pursued by the CFPB. Pennsylvania Attorney ...

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Raymond N. Barto

Taro Agrees to Pay $205 Million to Resolve Price-Fixing Charges

Posted by Raymond N. Barto on 07/28/2020

The Department of Justice announced in tandem a two-count felony charge against Taro Pharmaceuticals U.S.A., Inc. ("Taro") for engaging in price-fixing conspiracies and a deferred prosecution agreement resolving those same charges. In the deferred prosecution agreement, Taro admits that between March 2013 and December 2015, it conspired with ...

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James M. Wilson, Jr.

Maryland Finally Clarifies Muddled Law Regarding an Independent Claim for Breach of Fiduciary Duty

Posted by James M. Wilson, Jr. on 07/28/2020

The Maryland Court of Appeals has clarified existing law to recognize an independent cause of action for breach of fiduciary duty. Plank v. Cherneski, Misc. No. 3, Sept. Term, 2019, 2020 WL 3967980 (Md. July 14, 2020). The issue had been unsettled since the Appellate Court ruled over twenty years ago in Kann v. Kann that: [T]here is no universal ...

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Megan Sullivan

10 Years Later, Dodd-Frank Takes On New Meaning

Posted by Megan Sullivan on 07/27/2020

The 10-year anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank") has brought attention to the law for a wholly new reason, the COVID-19 crisis. Many experts have credited the law for protecting the financial markets during the tumult caused by the global pandemic. In the aftermath ...

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Richard W. Gonnello

The SEC Signs Memorandum of Understanding with the DOJ’s Antitrust Division

Posted by Richard W. Gonnello on 07/27/2020

The Securities and Exchange Commission (the "SEC") recently announced that it signed an interagency Memorandum of Understanding ("MOU") with the Antitrust Division of the Department of Justice (the "DOJ"). While not legally binding, the MOU establishes a framework for the SEC and the DOJ to continue regular discussions and review law enforcement ...

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Dillon Hagius

SEC Adopts Amendments To Its Proxy Solicitation Rules

Posted by Dillon Hagius on 07/27/2020

On July 22, 2020, the Securities and Exchange Commission (the "SEC") voted to adopt amendments to its rules governing proxy solicitations. These amendments are threefold: 1. they require proxy voting advice businesses to adopt written policies and procedures designed to ensure that the proxy voting advice is made available to registrants; ...

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Kristyn Fields

9th Circuit Rejects Challenge to California Pay-For-Delay Law

Posted by Kristyn Fields on 07/27/2020

In a July 24, 2020 decision, the Ninth Circuit instructed the district court to dismiss without prejudice claims by a generic-drug industry association challenging a California statute prohibiting pay-for-delay agreements. The case came to the panel on interlocutory appeal after a California federal judge rejected the Association for Accessible ...

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David Felderman

THE GAP, INC. FILES SUIT IN DELAWARE CHANCERY COURT TO CANCEL STORE LEASES

Posted by David Felderman on 07/24/2020

On July 23, 2020, The Gap Inc. ("The Gap") and its leading subsidiaries including Athleta LLC, Banana Republic, LLC, and Old Navy, LLC sued shopping mall operator Simon Property Group LP ("Simon") in the Delaware Chancery Court seeking an order canceling hundreds of store leases or, in the alternative, letting the retailer avoid rent, retroactive ...

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Camilo Burr

One Dead, Three Injured in Tragic Scaffolding Collapse in New York City

Posted by Camilo Burr on 07/24/2020

On July 16th, 2020, at approximately 4:20 p.m. one construction worker died and three others were hurt when a section of a 12-story building's parapet – located on East 36th Street near Lexington Avenue in Murray Hill – fell from the top of the building on workers below. Specifically, two workers were on a movable platform – similar ...

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