Corporate Update

John C. Coffee Jr.

On Thin Ice: Climate Change, Exxon, NYAG and the Martin Act

By John C. Coffee Jr. |

In his Corporate Securities column, John C. Coffee Jr. of Columbia University Law School discusses regulatory and constitutional issues stemming from the New York Attorney General's investigation of Exxon Mobil, pursuant to the Martin Act, for allegedly fraudulent conduct relating to climate change.

Big Deals: Cravath and Gibson Dunn Represent $12.2B Marriott Purchase of Starwood

By Scott Mayerowitz |

Hotel behemoth Marriott International is becoming even larger, taking over rival chain Starwood in a $12.2 billion deal that will catapult it to become the world's largest hotelier by a wide margin.

$40.5M Fee to Plaintiffs Firms Upheld Against Western Union

The Tenth Circuit has found that Western Union, which had agreed to return an estimated $135 million in unredeemed money transfers as part of a settlement, did not have standing to sue over legal fees that came out of a class fund and not its own pockets.

Howard Wintner

Supreme Court Lanham Act Decisions and Beyond

By Howard Wintner |

In his Trademarks column, Howard Wintner discusses the three Lanham Act cases decided by the Supreme Court in 2014 and 2015, and subsequent district court decisions construing them.

Big Deals: Debevoise Advises Activision in $5.9B Purchase of Candy Crush

By Tom Murphy |

Activision Blizzard, which owns the extraordinarily successful "Call of Duty" series, will pay $5.9 billion to buy Candy Crush maker King Digital Entertainment, combining a console gaming power with an established player in the fast-growing mobile gaming field.

NY Financial Official Sees Need for Cybersecurity Rules

By Michael Virtanen |

New York regulators are considering a host of cybersecurity requirements for banks and insurers and urged other state and federal authorities to collaborate on establishing a framework of defenses for the financial sector.

Fox News anchor Harris Faulkner

Hasbro Accused of Toying With Anchorwoman's Identity

The toy company Hasbro Inc. is fighting a federal lawsuit in which a Fox News anchorwoman claims that Hasbro appropriated her name—and her likeness—for its plastic toy hamster called "Harris Faulkner."

William F. Johnson

SEC Behind Times in 'Modernizing' Administrative Proceedings

By William F. Johnson |

In his Corporate Crime column, William F. Johnson discusses how the SEC has proposed amendments to its Rules of Practice in an apparent effort to provide a more fair process for respondents in administrative proceedings. He writes that these proposals, although a step in the right direction, still do not go far enough to leveling the playing field for respondents.

U.S. Department of Justice

DOJ Emphasizes Compliance With New Chief Officer

The first day on the job for the Department of Justice's new chief compliance officer, Hui Chen, was Tuesday, and her boss used a speech to a group of compliance professionals to explain what Chen will be doing in the newly created position: reality checking.

Big Deals: Walgreens Acquires Rite Aid for $9.41B; KeyCorp Expands With $4.1B Bank Buy

By Andrew Denney |

Walgreens is buying rival Rite Aid for about $9.41 billion in cash, creating a drugstore giant with nearly 18,000 stores around the world. Also, KeyCorp will expand deeper into the Northeast with a $4.1 billion deal to buy First Niagara Financial Group and create the 13th largest commercial bank in the United States.

Michael Millikin, former Executive Vice President and General Counsel of General Motors Company, left, and Mary Barra, CEO, right, testify before the Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Consumer Protection, Product Safety, and Insurance during a hearing titled, “Examining Accountability and Corporate Culture in Wake of the GM Recalls.” July 17, 2014.

Testimony of Former GM GC Sought in Ignition Switch Case

The former general counsel of General Motors Co. is fending off a subpoena to testify in the first bellwether trial over the ignition switch defect that prompted recalls of 2.6 million cars and trucks last year.

David A. Katz and Laura A. McIntosh

Commissioner for Capital Markets: Daniel M. Gallagher's SEC Legacy

By David A. Katz and Laura A. McIntosh |

In their Corporate Governance column, David A. Katz and Laura A. McIntosh discuss the tenure of Commissioner Daniel M. Gallagher, writing: Commissioner Gallagher's public victories on key issues, and his prolific writings and speeches, do not represent the full extent of his legacy. As a minority voice in a highly politicized era, many of his successes have been and will remain largely invisible.

​A Washington federal trial judge this week released a redacted opinion in a dispute between companies and the CFPB. The names of the businesses that challenged the agency remain shielded from the public.​

Companies Risk Exposure in Challenging Secret Probes

In the crosshairs of a secret federal investigation, companies can face a dilemma: challenge the agency and risk public exposure or keep everything confidential as investigators assert their authority. A group of unidentified businesses in the consumer credit counseling market made a choice recently to take their complaint against the Consumer Financial Protection Bureau to a federal court in Washington, who kept the identities of the companies and an individual secret.

<b>GM CEO MARY BARRA:</b> GM’s problems were in focus at the ACC meeting.

Event Speakers Focus on Cybersecurity, Crisis Management

Cybersecurity and crisis management are the primary sources of concern for corporate counsel, judging by the intense focus on both topics at the annual meeting of the Association of Corporate Counsel last week.

Corinne Ball

'LCI Holding': DOJ Fails in Its Challenge to a Sale

By Corinne Ball |

In her Distress Mergers and Acquisitions column, Corinne Ball discusses the Third Circuit decision in 'In re LCI Holding Company', which upheld a §363 sale over the objection of the U.S. government that the sale would generate a substantial administrative expense tax liability that would go unpaid.

The Peter Cooper Village and Stuyvesant Town apartment complex

Big Deals: $5.3B Sale of Apartment Complex Preserves Middle Class Housing

By Jonathan Lemire |

Manhattan's largest apartment complex, Stuyvesant Town-Peter Cooper Village, will be sold for $5.3 billion in a deal that will preserve nearly half its 11,232 units for middle-class families, New York City officials said Tuesday.

State Attorneys General Mount Probe of Volkswagen Scam

By Ronnie Greene and Ryan J. Foley |

With billions of dollars at stake in restitution and penalties, U.S. states are moving quickly to try to hold Volkswagen accountable for its emissions-cheating scandal.

2006 Chevrolet Cobalt in which Kelly Irvin suffered brain injuries following a 2012 accident in Missouri. Her lawyers say an ignition switch defect caused her  to lose power and prevented the airbags from deploying.

GM Ignition Switch Case Focus of In-House Counsel Conference

The takeaway for lawyers from the GM ignition-switch fiasco is for legal staff to have an open path for full disclosure—up the chain. That was the conclusion from a discussion at the panel titled "General Motors: What In-house Counsel Can Learn from the Valukas Report" on Tuesday at the Association of Corporate Counsel’s annual meeting.

David E. Kahen and Elliot Pisem

What Is 'Insurance' for Tax Purposes?

By Elliot Pisem and David E. Kahen |

In their Taxation column, Elliot Pisem and David E. Kahen discuss a recent Tax Court decision addressing whether a company engaged primarily in the sale of "residual value insurance" with respect to property such as automobiles, commercial real estate, and commercial equipment may compute its income under favorable IRC provisions relating to "insurance companies."

<b>GERMAN ENGINEERING:</b> Suits over the drop in VW stock have a better chance abroad.

U.S. Shareholders on VW Limited in Loss Recovery at Home

Volkswagen A.G.'s emissions scandal has sent the German company's stock tumbling, but shareholders looking to recover their losses have a difficult road ahead in court, largely due to the U.S. Supreme Court's 2010 decision in 'Morrison v. National Australia Bank'.

Big Deals

By Mae Anderson |

Dell is buying data storage company EMC for $67 billion in a huge bet on a segment of technology that has proven to be more profitable than the slumping personal computer market.

The European Court of Justice

European Data Ruling Creates Complications for U.S. Companies

In a setback for many U.S. companies, the EU’s highest court on Tuesday struck down a 15-year-old agreement allowing the personal data of customers and employees to flow freely from Europe back to the United States. By nixing the safe harbor agreement that around 4,500 companies rely on to move data without dealing with Europe’s strict data privacy laws, the court has thrown into question what had been assured legal protection.

U.S. Securities and Exchange Commission building in Washington, D.C. September 4, 2014. Photo by Diego M. Radzinschi/THE NATIONAL LAW JOURNAL.

Bristol-Myers Squibb Settles China Bribery Case for $14.7M

New York-based Bristol-Myers Squibb Co. on Monday agreed to pay nearly $14.7 million to settle civil charges that its joint venture in China bribed health care providers at state-controlled hospitals in order to promote drug sales.

Mayer Brown Tapped to Defend Volkswagen Consumer Suits

Mayer Brown has assumed a leading role defending Volkswagen against consumer lawsuits in the U.S. arising from its emissions scandal, according to one of the plaintiffs lawyers spearheading a lawsuit against the company.

Anahita Thoms

U.S. Investigations and EU Data Privacy Regime

By Anahita Thoms |

In her Data Privacy column, Anahita Thoms writes: As U.S. regulatory investigations become increasingly global, the EU data protection laws and the restrictions they impose present major challenges for companies that want to cooperate with authorities by transferring requested EU data to the United States.

Barbara M. Goodstein

Extinguishment of Liens in Bankruptcy Proceedings

By Barbara M. Goodstein |

In her Secured Transactions column, Barbara M. Goodstein revisits, both generally and in light of a recent Second Circuit decision, how a confirmed reorganization plan can extinguish liens in bankruptcy, and further how a lienholder's failure to participate in a bankruptcy proceeding can affect that result.

U.S. District Judge Lucy Koh, Northern District of California..Photo by Jason Doiy.8/2/2013.

Repeat Players Compete for Leadership Roles in MDL Cases

The high number of plaintiffs attorneys appointed to steer multidistrict litigation and the repeated use of the same firms are drawing criticism from lawyers competing for those posts and from the judiciary involved in several prominent MDL cases this year.

Fiat Chrysler Under-Reported Vehicle Deaths, U.S. Finds

By Tom Krisher |

The National Highway Traffic Safety Administration said Tuesday that Fiat Chrysler Automobiles failed to report some deaths, injuries and other information to the agency as required by law.

SEC Denied Access to Phone Codes in Insider Trading Case

The smartphone passwords of two former Capital One data analysts accused of insider trading will remain a secret to the U.S. Securities and Exchange Commission, a federal judge has ruled in a case one securities lawyer said covered rarely-trodden ground.

David A. Katz and Laura A. McIntosh

13(d) Reporting Inadequacies in an Era of Speed and Innovation

By David A. Katz and Laura A. McIntosh |

In their Corporate Governance column, David A. Katz and Laura A. McIntosh write: The lightning speed of information flow and trading, the constant innovations in financial products, and the increasing sophistication of active market participants each pose enormous challenges for the SEC; together, even more so. The ongoing controversy over §13(d) reporting exemplifies the many challenges facing the SEC in this regard.

Big Deals: European Company to Pay $17.7B for Long Island Cable Operator

European telecommunications and cable company Altice has agreed to buy New York cable operator Cablevision for $17.7 billion, including debt, as it pursues its aggressive expansion in the U.S.

New York Regulator Issues First Bitcoin License

By Michael Virtanen |

Circle Internet Financial has outlined security, capitalization, controls against money laundering and other measures intended to protect consumers and root out illicit transactions, the Department of Financial Services said Tuesday. Applications from 24 other companies are under review.

Litigation Mounting Over Volkswagen Emissions Scandal

Volkswagen has been hit with at least 16 putative class actions around the country in the wake of the Environmental Protection Agency's announcement that the company programmed software in cars with diesel engines to evade clean air standards.

John C. Coffee Jr.

Backstabbing in Washington: The Curious Case of the PCAOB

By John C. Coffee Jr. |

John C. Coffee Jr. writes: It is premature to predict whether James R. Doty will be replaced or reappointed at the Public Company Accounting Oversight Board. The battle will play out over the next several weeks. But, at the worst, he will be remembered. Sadly, in Washington, mediocrity is increasingly winning it its ancient and unending battle with excellence.

<b>MEMO:</b> Deputy Attorney General Sally Yates wrote the guidelines announced last week.

Department of Justice Sets Sights on Executives

In some ways, the new DOJ memo on white-collar investigations standardizes in writing the same approach many prosecutors, especially big-city U.S. attorneys, have practiced all along. But to others in Big Law and within corporations, the memo published last week—directing prosecutors to focus on individuals in addition to wider corporate wrongdoing—swings like a blunt instrument at how companies under investigation talk to officials from Main Justice.

(l-r) David Sentelle; Laurence Silberman, and Sri Srinivasan.

DOJ, Dutch Company Urge Court to Revive Corporate Settlement

A federal appeals court on Friday weighed whether a trial judge abused his authority when he rejected a corporate settlement as too lenient—one day after the U.S. Department of Justice announced plans to take a tougher approach against white-collar crime.

bayway refinery rahway, nj

Environmental Groups Renew Effort to Block Exxon Settlement

A coalition of environmental groups has revived its attempt to intervene in and object to New Jersey's controversial $225 million settlement with Exxon Mobil Corp. over contamination claims.

Oil in the Ecuadorian Amazon.

Canada’s Supreme Court Rules Ecuadoreans Can File Suit in Canada

Canada’s highest court ruled Friday that thousands of Ecuadorean villagers seeking to hold Chevron liable in an epic environmental toxic torts case can sue the energy giant north of the border.

Headquarters of the U.S. Securities and Exchange Commission in Washington D.C.

Judge Faults Tardiness in Adopting Payment Disclosure

A Boston federal judge ordered the U.S. Securities and Exchange Commission to speed up rulemaking that will require energy companies to disclose their payments to governments in exchange for commercial development of natural resources.

Philip Berkowitz

Gender Diversity, European Quotas, and U.S. Law

By Philip Berkowitz |

In his Employment Issues column, Philip Berkowitz of Littler Mendelson writes: In the United States, mandatory hiring quotas based on gender, or any other protected factor, may violate anti-discrimination laws. While the law encourages voluntary diversity and affirmative action, these efforts are subject to careful scrutiny to assure that they do not constitute unlawful "reverse discrimination."

Steven M. Witzel

Grand Jury Reform One Year After Ferguson and Staten Island

By Steven M. Witzel |

In his Corporate Crime column, Steven M. Witzel of Fried, Frank, Harris, Shriver & Jacobson surveys the current status of state and federal efforts to reform the grand jury system, and seeks to provide an overview of the various reform efforts and where the consensus is heading.

The New World of Access to Capital: Regulation A+

By Chaim A. Levin |

In his Securities Law and Regulation column, Chaim A. Levin writes: The new Regulation A+ that became effective this summer represents an important and innovative SEC rule promoting hybrid private and public offerings that permit the flexibility of far less disclosure than was mandated before.

NLRB Ruling Expected to Impact Business Relationships

The National Labor Relations Board released a long-awaited ruling last week on the Browning-Ferris Industries case that reworks the definition of "joint employer" in a manner that could cause major headaches for many companies.

U.S. District Judge Edward Chen, Northern District of California

Judge Approves Uber Drivers' Class Action

Ruling in a case with implications for the entire on-demand economy, a federal judge on Tuesday certified a class of Uber Technologies Inc. drivers seeking employee status and reimbursement for withheld tips.


Expert Reports Challenged in Zoloft Lititgation

After being postponed for several months, a Daubert hearing in the Zoloft MDL kicked off again with counsel for Pfizer claiming the plaintiffs' causation expert was unqualified to offer opinions in the case and used improper methodology to arrive at his conclusions that Zoloft causes cardiac birth defects.

Corinne Ball

Third Circuit Rejects Investors' 'Direct' Claims: 'In re SemCrude'

By Corinne Ball |

In her Distress Mergers & Acquisitions column, Corinne Ball discusses 'In re SemCrude', in which the Third Circuit sought to clarify the difference between direct and derivative investor claims.

Hewlett-Packard in Palo Alto

HP Uses Report to Fight Foreign Bribery Allegations

Lawyers for Hewlett-Packard Co. have seized ammunition from an unusual source in their latest bid to knock out a RICO lawsuit brought by Petroleos Mexicanos—the Mexican state oil and gas company's own SEC filings.

Airline Antitrust Probe Sparks Dozens of Class Action Suits

More than 75 class action lawsuits have been filed across the country so far against the four major airlines that are the targets of an antitrust investigation by the DOJ, which is exploring whether the airlines kept ticket prices high by limiting the number of available seats.

bayway refinery rahway, nj

NJ Judge Approves $225M Settlement With ExxonMobil

A New Jersey judge on Tuesday upheld the controversial $225 million settlement reached by the administration of Gov. Chris Christie and ExxonMobil over contamination claims, including about $44.4 million in fees for the state's outside counsel.

David E. Kahen

Decisions Tackle Corporate Equity and Compensation

By David E. Kahen |

In his Taxation column, David E. Kahen discusses two decisions addressing situations where amounts were paid with respect to stock or stock options previously issued to an executive of the corporation, and either the executive or the corporation sought more favorable tax treatment with respect to the amounts paid than would have been expected based on prior tax reporting positions by the same or related taxpayers.

A miner works in a mine in Mbuji Mayi, Congo, Monday, July 31, 2006.

D.C. Circuit Rejects SEC's 'Conflict Minerals' Rule for Second Time

The rule, which requires companies to report to the SEC and note on their websites whether any products "have not been found to be [Democratic Republic of the Congo] conflict free," was initially struck down as violating the First Amendment in April 2014.

Manny Pacquiao, left, from the Philippines, trades blows with Floyd Mayweather Jr., during their welterweight title fight on Saturday, May 2, 2015 in Las Vegas.

Federal Judge in LA to Hear Lawsuits Over 'Fight of the Century'

Emmanuel "Manny" Pacquiao and Home Box office Inc. won the first round in the litigation over his highly publicized match against Floyd Mayweather after a federal panel sent more than 40 consumer class actions to a judge in Los Angeles.

Citigroup Affiliates to Pay $180 Million to Settle SEC Charges

Two Citigroup affiliates agreed to pay nearly $180 million Monday to settle charges by the SEC that they misled and defrauded investors. At the same time, the SEC agreed to grant Citigroup another controversial waiver from automatically becoming an ineligible issuer of securities.

Nirvana May Pursue Unfair Competition Claims Against Nestle

By Joel Stashenko |

An upstate New York spring water company can move ahead with a claim that beverage giant Nestle crippled its business by discrediting it with retailers both companies had solicited for business, a federal judge decided.

Joseph M. McLaughlin

Shareholder Derivative Actions and Demand Futility

By Joseph M. McLaughlin |

In his Corporate Litigation column, Joseph M. McLaughlin reviews a recent Delaware Chancery Court ruling that a decision made by a board committee composed of a minority of the board will not be evaluated as a decision of the full board for demand futility purposes. Consequently, in order to avoid dismissal, the shareholder must point to particularized allegations in its complaint raising reasonable doubt that a majority of the board could impartially consider a demand to sue.

Report Gathers Statistics on Copyright Litigation

The legal analytics company that has worked to change the way attorneys approach patent litigation is hoping to do the same in the copyright world.

Cleary Team Advises Google on Alphabet Restructuring Plan

A team from Cleary Gottlieb Steen & Hamilton advised Google on the corporate restructuring plan that promises to unshackle its less-proven businesses from the its mainstay search business.

Teva's tablet production plant

Big Deals: Pharma Company Buys Generics Business for $40.5B

By Jasmine Grays |

Israel's Teva Pharmaceutical Industries Ltd. is purchasing Dublin-based Allergan PLC's generic pharmaceuticals business for $40.5 billion, in what Israeli analysts called the largest-ever acquisition by an Israeli company.

Barbara M. Goodstein

Puerto Rico Confronts a Dilemma of Constitutional Proportions

By Barbara M. Goodstein |

In her Secured Transactions column, Barbara M. Goodstein writes: The typical secured creditor would not expect to confront (or be permitted to raise) constitutional issues in a financing or restructuring. But the financial crisis in Puerto Rico is notable not only for the sheer enormity of its economic scope; it has also indeed brought creditors face-to-face with issues of constitutional proportion.

Anton Valukas, chairman of Jenner & Block, during a hearing before the US Senate Committee on Banking, Housing, & Urban Affairs to discuss securities, insurance, and investment. April 6, 2011.

Sides in GM Litigation Battle Over Scope of Lawyer's Deposition

General Motors Co. and plaintiffs lawyers are fighting over the scope of the upcoming deposition of the lawyer whose report on the company’s ignition-switch defect blamed a handful of employees for the fiasco.

Sam Fleischmann, Jawbone general counsel

Record M&A Activity Leads to Challenges for In-House Counsel

The first half of 2015 saw a record 31 M&A transactions worth more than $10 billion, according to a recent Ernst & Young report, and experts expect companies of all sizes to be active dealmakers this year.

Big Deals: $54.2B Health Insurer Acquisition

By Jasmine Grays |

Anthem Inc. is buying rival Cigna Corp. for $48 billion in a deal that would create the nation's largest health insurer by enrollment, covering about 53 million U.S. patients. Also, Lockheed Martin will acquire Blackhawk helicopter maker Sikorsky Aircraft for $9 billion as it seeks greater access to the military and commercial helicopter market.

Patrick Sweeney

Two Decisions Provide Lessons on Corporate Record Requests

By Patrick Sweeney |

Patrick Sweeney of Holland & Knight discusses two First Department decisions—'Lerner v. Prince' and 'North Miami Beach v. McGraw-Hill', which signaled a change in the way shareholders in New York corporations can, and likely will, challenge the conduct of their boards.

Walt Disney Corp. office and studio complex in Burbank, Calif.

European Agency Takes Aggressive Approach to Studios

The European Commission’s decision to file antitrust claims against six major U.S. film studios last week is an aggressive approach at dismantling how Hollywood does business. But it comes as little surprise to antitrust experts given the regulatory agency's push to unify consumer access to digital products in the European Union.

David A. Katz and Laura A. McIntosh

The Changing Dynamics of Governance and Engagement

By David A. Katz and Laura A. McIntosh |

David A. Katz and Laura A. McIntosh discuss the 2015 proxy season (the "Season of Shareholder Engagement") and write: With an awareness of the general trends of the recent proxy season, and by taking specific actions as appropriate, boards can prepare and adapt effectively to position themselves as well as possible to achieve their strategic objectives.

Big Deals

By Jasmine Grays |

Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor. P&G puts the deal's value at about $15 billion. That amount includes stock valued at about $13.1 billion and $1.9 billion in debt, but the debt could range from $1.9 billion to $3.9 billion.

GC Pay Survey Shows a Comeback in Stock Options and Equity

By Rebekah Mintzer |

Today's general counsel shoulder a great deal of responsibility for the legal well-being of some of the world's largest and most complex corporations. And if current trends hold, they will continue to become bigger players in corporate strategy and risk management in the coming years.

John C. Coffee Jr.

News From California: Ninth Circuit and SEC Challenge New York

By John C. Coffee Jr. |

In his Corporate Securities column, John C. Coffee Jr. discusses two new developments emanating from California: (1) the Ninth Circuit has handed down a significant decision on insider trading that disagrees with a Second Circuit decision, and (2) the SEC's Regional Office in California has issued Wells Notices to attorneys, taking the position that an attorney representing clients in immigration matters may be acting as a broker under the federal securities laws.

2005 Chevrolet Cobalt.

King & Spalding Strikes Back at Bid to Pierce GM Privilege

King & Spalding has fired back in court against allegations that it helped client General Motors Co. conceal an ignition-switch defect for years.

Treasury's OCC Churns Human Resources Seas

By Philip M. Berkowitz |

In his Employment Issues column, Philip M. Berkowitz discusses the Office of the Comptroller of the Currency's new "safety and soundness" guidelines which make talent management, recruitment, succession planning, and compensation practices a focus of boards and senior executive officers at large foreign and domestic banks.

Big Deals

By Tom Murphy |

Aetna aims to spend about $35 billion to buy rival Humana and become the latest health insurer bulking up on government business as the industry adjusts to the federal healthcare overhaul.

Court Urges SEC to Clarify Shareholder Proposal Rules

It was Wal-Mart founder Sam Walton's own words on the key to business that led the Third Circuit's determination that the company's sale of high-capacity firearms was done in the ordinary course of business and free from shareholder input.

William F. Johnson

Is It Time to Reconsider 'Chevron' Deference for SEC Proceedings?

By William F. Johnson |

In his Corporate Crime column, William F. Johnson analyzes whether 'Chevron' deference should still apply to the SEC's administrative litigation process without limitation and states that it remains to be seen whether the SEC's change in policy is consistent, or at odds, with the original rationale for 'Chevron' deference.

Judge Plans to Trim Copyright Damages in 'Blurred Lines' Case

A federal judge has tentatively upheld a nearly $7.4 million jury verdict in the copyright battle over the hit song "Blurred Lines" but plans to reduce the damages amount.

App-based Car Services Praise New City Regulations

By Lejla Sarcevic |

New York City's taxi regulatory agency on Monday approved new rules governing how Uber and other app-based car services operate within the five boroughs.

Corinne Ball

Successor Liability: GM Sale Vulnerable on Due Process Failures

By Corinne Ball |

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, discusses the court's decision on the General Motors 363 sale. The ultimate outcome is not known as appellate relief has not been exhausted, but at least for now, the decision serves as a template for assessing what notice is required. It does not, however, provide greater clarity on successor liability, particularly as to future claimants, and §363 sales.

David E. Kahen and Elliot Pisem

Tax Treatment When Estate Satisfies Transaction-Related Claims

By Elliot Pisem and David E. Kahen |

In their Taxation column, Elliot Pisem and David E. Kahen discuss 'Batchelor-Robjohns', which serves as yet another reminder of the numerous potential pitfalls that can frustrate an attempt to obtain relief under §1341 from the harsh income tax results otherwise often attributable to the annual tax accounting principle that is a foundation of income tax accounting.

Jenner & Block Fights Subpoenas by Google

Subpoenas that Google Inc. served on Jenner & Block and others this year are an abuse of the court system, the law firm said Monday, urging a judge to reject the tech company's demand for documents.

Joseph M. McLaughlin

Disinterested Directors and 'Entire Fairness' Cases

By Joseph M. McLaughlin |

In his Corporate Litigation column, Joseph M. McLaughlin writes: Last month, the Delaware Supreme Court ruled that regardless of the underlying standard of review for the board's conduct, a plaintiff must plead a non-exculpated claim against disinterested directors to avoid dismissal at the pleading stage. In so holding, the court reversed two decisions issued last year by the Court of Chancery and clarified the seminal 'Emerald Partners v. Berlin' decision, which those decisions interpreted.

Richard Cordray.

Penalty Against Lender Surges After CFPB Review

In the first appeal of a Consumer Financial Protection Bureau administrative action, Director Richard Cordray on Thursday imposed a 17-fold increase in penalties on PHH Corp., ordering the mortgage lender to pay the bureau $109 million.

E.W. Brown power plant in Burgin, Kentucky, one of the oldest coal-fired power plants in the state

Challenge to Proposed Coal Pollution Rule Is Dismissed

By Sam Hananel |

A federal appeals court on Tuesday threw out a pair of high-profile lawsuits challenging the Obama administration's sweeping plan to address climate change, saying it's too early to challenge a proposed rule that isn't yet final.

Judge Engelmayer

Another Securities Case Founders on Confidential Witnesses

By Scott Flaherty |

Thanks to tough pleading standards, securities plaintiffs frequently turn to confidential witnesses to beef up their complaints. Relying on informants can help nudge a case past a motion to dismiss, but the practice has become a minefield for the securities class action plaintiffs bar, as a recent Southern District decision shows.

Barbara M. Goodstein

Collateral Descriptions and Blanket Liens: Is the Kitchen Sink Enough?

By Barbara M. Goodstein |

In her Secured Transactions column, Barbara M. Goodstein, a partner at Mayer Brown, writes: Two recent bankruptcy court decisions reflect the importance of distinguishing between a blanket lien collateral description in a security agreement and one in a UCC financing statement.

Elizabeth Warren, left, and Mary Jo White, right.

Senator Finds SEC Head's Record 'Extremely Disappointing'

In a harshly worded 13-page letter, Sen. Elizabeth Warren on Tuesday blasted U.S. Securities and Exchange Commission Chairwoman Mary Jo White for granting waivers to banks guilty of criminal misconduct, and for her "failure to address conflict of interest concerns related to your husband’s role as a Wall Street attorney," among other issues.

Google offices in New York City.

Google Presses Court to Enforce Subpoenas

Google Inc. has asked a Washington judge to force Jenner & Block and the Motion Picture Association of America to comply with subpoenas for documents that Google says will prove their involvement in "anti-Google" lobbying efforts.