A newsletter by Reuters and Westlaw |
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By Diana Novak Jones, Mike Scarcella and Sara Merken |
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Allison Robbert/Pool via REUTERS |
A Delaware judge ordered Tesla to pay $345 million to the lawyers who voided CEO Elon Musk's $56 billion compensation as excessive, well short of the $6 billion they initially requested, but still one of the largest fee awards ever in securities litigation, our colleagues Tom Hals and Jonathan Stempel report. The fee award, which could be paid in cash or Tesla stock, came as part of a ruling in which Chancellor Kathaleen McCormick of the Court of Chancery said that Musk still is not entitled to receive the compensation package despite shareholders of the electric vehicle company voting to reinstate it. The ruling follows McCormick's January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk's future at the world's most valuable carmaker. |
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- Former U.S. Attorney General Loretta Lynch is no longer representing China-based drone maker DJI in its lawsuit challenging the U.S. Defense Department's addition of the company to a list of entities allegedly working with Beijing's military. Lynch and her firm Paul Weiss have been replaced with attorneys from Quinn Emanuel.
- The Senate voted 48-43 in favor of Los Angeles Superior Court Judge Anne Hwang joining the federal bench as a life-tenured judge in U.S. District Court for the Central District of California.
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It's hardly a secret that the crypto industry is counting on the incoming Trump administration to end the Biden administration's campaign of regulatory enforcement actions. But in the meantime, writes Alison Frankel, federal judges continue to view some segments of the industry with skepticism. The latest example is a ruling from a San Francisco judge who found not only that a decentralized crypto collective could be liable for selling unregistered securities, but also that a high-powered trio of venture capital funds must face investors' claims. Frankel has details. |
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- Apple and Epic Games are scheduled to appear before U.S. Magistrate Judge Thomas Hixson in San Francisco for a discovery hearing. Epic has accused Apple of violating a court order governing its App Store.
- U.S. Magistrate Judge Ona Wang in Manhattan is set to hold a status conference to address discovery issues in disputes between the New York Times, the Authors Guild, Microsoft and OpenAI over the unauthorized use of their material in their AI training.
Court calendars are subject to last-minute docket changes.
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- Freshfields brought on Melissa Hodgman, former associate director in the SEC's enforcement division, as a D.C.-based litigation partner. (Reuters)
- Victoria Nuland, formerly the third-ranking U.S. diplomat, is joining Covington as a senior adviser in D.C. (Reuters)
- Weil hired banking and finance partner Meredith Mackey in New York from Fried Frank. The firm also brought on executive compensation and benefits partner Victoria Rosamond in New York from White & Case.
- BakerHostetler added litigation partners Courtney Barksdale Perez and Joshua Bennett in Dallas. They previously were name partners at Carter Arnett Bennett & Perez. (BakerHostetler)
- Kirkland brought on New York-based real estate finance partners Matthew Bettinger from Fried Frank and Seth Henslovitz from Schulte Roth. (Kirkland)
- Kate Sullivan Morgan has joined Dentons' Dallas office as a partner in its healthcare practice. Morgan was previously senior vice president at healthcare company Transcarent. (Dentons)
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During COP29, climate negotiators adopted standards that will underlie a global carbon market backed by the United Nations. As countries and businesses continue their efforts to decarbonize and fight climate change, the adoption of these standards is a significant development that paves the way for the operation of a global carbon crediting mechanism, writes Pamela Wu of Morgan Lewis. Read today's Attorney Analysis. |
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