A newsletter by Reuters and Westlaw |
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REUTERS/Dado Ruvic/Illustration |
The 5th Circuit ordered the SEC to assess the economic impact of Biden-era rules aimed at boosting transparency of short sell trades. Here's what to know: |
- In December 2023, three hedge fund associations sued to vacate two new rules adopted earlier that year, arguing they could reveal confidential trading positions and potentially invite retaliation. The groups also argued that the rules violated the Administrative Procedure Act, which requires agencies to justify their rules and consider feedback. Read more about the lawsuit here.
- When adopting the rules, Gary Gensler, SEC chair at the time, said it was "important for the SEC and the public to know more about short sale activity in the equity markets, especially in times of stress or volatility."
- A 5th Circuit panel on Monday rejected the argument that the rules would expose confidential investor positions, but it did require the SEC to assess the costs and benefits of the rule. Read the opinion here.
- The future of the rule is unclear. The review will now fall to the SEC's new leadership, led by Trump appointee Paul Atkins. Read more here.
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- The National Shooting Sports Foundation will urge U.S. District Judge Robert Ballou in Baltimore to block a recently-enacted Maryland law that would allow gun manufacturers to be held responsible for gun violence under the state's "public nuisance" law. Read the motion for preliminary injunction.
- U.S. District Judge Indira Talwani in Boston will hold a status conference concerning former University of Southern California water polo coach Jovan Vavic. The hearing comes after a federal appeals court in May reinstated his bribery conviction arising from his role in the nationwide "Varsity Blues" college admissions scandal, setting the stage for his potential sentencing.
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Court calendars are subject to last-minute docket changes. |
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- Intel was represented by Skadden in the chipmaker's agreement for the U.S. to take a 10% equity stake in the company. Read the filing with the SEC.
- Some U.S. law professors said they were discouraged on Monday after a nationwide plan to require more hands-on training for law students stalled before the ABA, while others said the ABA was right to delay a vote on the requirement amid widespread opposition. Read more here.
- Former U.S. Solicitor General Elizabeth Prelogar rejoined Cooley to lead the firm's Supreme Court and appellate practice.
- More moves: Josh Patashnik, former California deputy solicitor general, moved to Perkins Coie … Energy partner Brock Degeyter joined Troutman Pepper Locke from Medallion Midstream where he was GC … Greenberg Traurig added Amu Schrader to its healthcare and FDA practice from Baker Donelson … Littler hired former NLRB attorney Dan Mueller as a shareholder … M&A partner Tim Van Hal left Polsinelli for Barnes & Thornburg … Healthcare transactions partner Christina McNamara moved to Holland & Knight from King & Spalding … Davis Polk added finance partner Rob Morrison from White & Case … Rachael Jones, former deputy chief of the criminal division in the U.S. Attorney's Office for the Northern District of Texas, moved to McKool Smith … Mary Kathryn Curry and Jennifer Partee joined Honigman's labor and employment practice from Norton Rose Fulbright and Baker & McKenzie, respectively … Aaron Taishoff moved to Morrison Cohen's real estate practice from K&L Gates … Buchalter added two shareholders from Carlton Fields. Brad Markoff will chair the firm's real estate capital markets practice and William Levinson rejoins the firm after more than 30 years.
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That's how much Epic Games is seeking in legal fees after it won a landmark jury verdict and court order requiring Google to make sweeping changes to its app store. Epic's legal team is led by Cravath. Read the filing. |
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"The Judicial Branch, despite much generated confusion on this basic point, does not serve as an omnibus super-legislature to sit in final judgment as to which policy outcomes it prefers." |
— U.S. District Judge Lance Walker, a Trump appointee, in an order rejecting a bid by Maine's largest reproductive health care provider to block the Republican president from implementing a provision of his recently enacted tax and spending bill that would deprive abortion providers of Medicaid funding. Read more. |
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- Elon Musk's artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in Texas federal court, accusing them of illegally conspiring to thwart competition for AI. Read the complaint.
- Tesla rejected a $60 million settlement proposal in a lawsuit over the 2019 fatal crash of an Autopilot-equipped Model S before a jury this month awarded a $243 million verdict in the case. Read the filing.
- Former Mexican drug kingpin Ismael "El Mayo" Zambada pleaded guilty to U.S. charges related to his decades-long leadership of the violent Sinaloa cartel and its role in flooding the U.S. with drugs, including cocaine, heroin, and fentanyl.
- Jazwares, the Berkshire Hathaway-owned maker of Squishmallows, agreed to end a lawsuit against Build-A-Bear Workshop over its alleged knockoffs of the popular plush toys. Read the filing.
- Pfizer urged U.S. District Judge M. Casey Rogers in Pensacola to dismiss lawsuits claiming its birth control shot Depo-Provera can cause users to develop a type of brain tumor. The company said regulators barred it from including a warning about the tumors on the drug's label. Read the filing.
- Kraft, Mondelez, Coca-Cola, and several other major food companies have beaten a lawsuit accusing them of designing "ultra-processed" foods to be addictive to children, causing chronic disease. Read more here.
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"What to do with this mess?" That was the question U.S. District Judge Alvin Hellerstein posed last month to bitterly squabbling plaintiffs lawyers in a class action over French bank BNP Paribas's alleged role in financing the Sudanese government's human rights abuses during the regime of former president Omar al-Bashir. The case is headed for a 10-week trial in Manhattan federal court on September 8, but the nasty brawl between lawyers for the alleged victims has thrown a wrench into the plans, Jenna Greene writes in On the Case. |
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Haynes Boone's David McCombs and Jonathan Bowser examine a new USPTO memo that limits the types of prior art that may be used to challenge patents in IPR proceedings before PTAB. Read today's Attorney Analysis. |
Additional writing by Shruthi Krishnamurthy. |
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