The SEC adopted cybersecurity rules to require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised, and lawyers said SPACs won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal. These are among the stories in corporate legal news you may have missed in the past week.
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TOP NEWS

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

The SEC adopted cybersecurity rules to require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised, and lawyers said SPACs won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal. These are among the stories in corporate legal news you may have missed in the past week.

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Analysis

Chancery Rulings Stir Up Del. Corporate Bar Push-Back

By Jeff Montgomery

Intrigue surrounding closed-door talks on amendments to Delaware's General Corporation Law picked up in recent days, bringing greater scrutiny to an often sedate effort stirred up this year by a draft proposal seen as potentially removing some corporate policing powers traditionally given to the state's courts.

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TikTok, Feds Ask DC Circ. To Fast-Track Potential Ban Row

By Lauren Berg

TikTok, a group of its creators and the U.S. Department of Justice on Friday all asked the D.C. Circuit to fast-track challenges to a new federal law that would exclude the popular app from the U.S. market unless it cuts ties with its Chinese parent company.

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Roundup

Employment Authority: Workers Take Aim At Pregnancy Bias

Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on the substantial stack of charges the U.S. Equal Employment Opportunity Commission fielded last year brought under a new law that grants accommodations to pregnant employees, the Biden administration's rush to wrap up rulemaking to dodge potential Republican opposition, and why experts think United Auto Workers' upcoming union talks with Volkswagen present unique challenges.

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Judge Reluctantly Dismisses FirstEnergy Shareholder Suit

By Jessica Corso

An Ohio federal judge said Friday that he had no other choice but to dismiss a shareholder lawsuit filed against scandal-plagued utility FirstEnergy Corp., though his reluctance to do so was underscored by a lament that a $180 million settlement brokered in another courtroom left a "shroud of darkness" over a $1 billion bribery scandal. 

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Koch-Tied Group Says Transparency Law Offends Federalism

By Kat Lucero

The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.

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Nestle Assistant GC Joins Mayer Brown's IP Practice In LA

By Tracey Read

Mayer Brown LLP has hired Nestle's U.S. head of brand intellectual property as counsel for its global IP practice in Los Angeles.

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POLICY & REGULATION

Calif. OKs Rule For Judges To Work Remotely In Civil Cases

By Henrik Nilsson

California's Judicial Council on Friday approved a new rule of court to allow judges to preside remotely under limited circumstances over civil proceedings from a location other than a courtroom.

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Analysis

New Domestic Content Guidance May Boost Energy Credits

By Kat Lucero

The U.S. Treasury Department's new guidance on bonus tax credits for clean energy projects that source domestic-made materials and components aims to simplify the process for determining eligibility and spur more development to get those extra incentives.

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ENFORCEMENT

Analysis

Crypto Cos. Take SEC Cases To The Court Of Public Sentiment

By Aislinn Keely

Mounting tension between the U.S. Securities and Exchange Commission and the cryptocurrency industry has led companies dealing in digital assets to toss the long-held practice of keeping notices of potential enforcement quiet and wear them as a badge of honor in the hopes of currying public favor.

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LITIGATION

Pfizer Unit Wins $107.5M Patent Verdict Against AstraZeneca

By Bonnie Eslinger

A Delaware federal jury on Friday said that AstraZeneca Pharmaceuticals LP should pay $107.5 million in royalty damages for infringing a Pfizer-brand cancer treatment patent, although a final decision won't be issued until after a bench trial on some of AstraZeneca's additional defenses. 

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Analysis

Industry Emboldened After Justices Galvanize Agency Attacks

By Jeff Overley

In the year since the U.S. Supreme Court said "extraordinary" and "far-reaching" attacks on administrative enforcers can skip agency tribunals and go straight to federal district court, ambitious challenges to regulatory powers are rapidly gaining traction, and the high court is poised to put them on an even firmer footing.

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Meet The Attys Fighting Efforts To Ban TikTok

By Allison Grande

Facing a potential federal ban, TikTok and creators on the platform have tapped a bevy of BigLaw heavyweights, including attorneys who have successfully led challenges to prior moves to shut down the popular social media platform and limit children's online activities, as well as a pair of litigators who've argued dozens of cases before the U.S. Supreme Court. 

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Judge Won't Bar Thermo Fisher Exec's Jump To Repligen

By Julie Manganis

A Massachusetts judge won't block a former Thermo Fisher Scientific executive from jumping to smaller rival Repligen, calling a noncompete agreement signed by the employee overbroad and suggesting that it was really aimed at stifling competition in a ruling released Friday.

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Apple OK'd New App Fees Despite Antitrust Ruling

By Dorothy Atkins

An Apple Inc. executive conceded during a high-stakes antitrust hearing Friday over Apple's compliance with a court-ordered ban on App Store anti-steering rules that executives decided to implement a new 27% fee on out-of-app transactions despite knowing a jury had recently found that similar Google fees violated antitrust laws.

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Kohl's Directors' Aversion To Sale Was Self-Serving, Suit Says

By Sydney Price

A Kohl's shareholder has hit the retailer's brass with a derivative suit alleging they covered up the results of a disastrous shift in business strategy and takeover offers, all in a bid to protect their own positions.

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Aramark Spinoff Faces Investor Action Over Slow Growth

By Sydney Price

Uniform supplier Vestis Corp. was hit with a proposed class action on Friday alleging that it concealed years of underfunding prior to being spunoff by Aramark last year, leaving it unable to grow its revenue and retain customers.

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TD Bank Says Ex-Advisers Enticed $25M To Raymond James

By Ryan Harroff

TD Bank NA and its subsidiary TD Private Client Wealth LLC are accusing two former employees of "brazenly" breaking nonsolicitation agreements by moving to Raymond James Financial Services Inc. and enticing $25 million in client assets to come with them.

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Boeing Jury Urged To Award Startup At Least $163M At IP Trial

By Greg Lamm

An electric-jet company told a Seattle jury Friday that Boeing misappropriated its trade secrets to build a copycat plane under the guise of investing in the startup, entitling it to an award of more than $163 million.

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Calif. Jury Finds Samsung Breached Contract With Netlist

By Craig Clough

A Los Angeles federal jury found on Friday that Samsung materially breached a contract with chipmaker Netlist by cutting off its supply of crucial memory products, delivering a significant win for Netlist in its multi-jurisdictional patent fight with Samsung even though no monetary damages were at stake.

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DOL Fails To Win Order Barring Retaliation On Pork Workers

By Elliot Weld

A Tennessee federal judge rebuffed a request from the U.S. Department of Labor to bar a pork producer from retaliating against workers providing information about wages, ruling that the department had failed to show that any retaliation had occurred.

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Frontier Attacks Ex-CEO's $17M Life Insurance Tax Refund Bid

By Aaron Keller

Pointing to a 2004 arbitration agreement and criticizing its ex-CEO's compensation, Frontier Communications has asked a Connecticut state court judge to hang up on a call by Leonard Tow to litigate a $17 million demand for reimbursements on life insurance policies.

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Feds Seek 10 Years In First Product Safety Conviction

By Jared Foretek

The government is asking for a pair of 10-year prison sentences for two Gree USA Inc. executives convicted of failing to report defective humidifiers, after the two were found guilty of conspiracy to defraud the U.S. Consumer Product Safety Commission.

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DEALS

Glass Lewis, ISS Split On Chevron-Hess Deal Guidance

By Al Barbarino

Hess Corp. shareholders got mixed advice from the two leading proxy advisory firms on whether to vote in favor of a $53 billion takeover by Chevron Corp., further muddling the oil and gas giants' path to closing the mega-deal amid an ongoing dispute with Exxon Mobil Corp. 

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PEOPLE

Ex-Alpine Summit Energy CLO Joins Holland & Knight

By Rose Krebs

Holland & Knight LLP has added Alpine Summit Energy Partners Inc.'s former chief legal officer as a partner to bolster its corporate practice group.

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EXPERT ANALYSIS

3 Employer Lessons From NLRB's Complaint Against SpaceX

Severance agreements traditionally have included nondisparagement and nondisclosure provisions as a matter of course — but a recent National Labor Relations Board complaint against SpaceX underscores the ongoing efforts to narrow severance agreements at the state and federal levels, say attorneys at Williams & Connolly.

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How CFPB Credit Card Rules Slot Into Broader Considerations

Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.

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LEGAL INDUSTRY

Pa. Federal District Judge Gene Pratter Dead At 75

By James Boyle

U.S. District Judge Gene E.K. Pratter, who joined the bench in the Eastern District of Pennsylvania in 2004 and presided over several landmark cases, died Friday at the age of 75, according to a statement from the court.

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Baker McKenzie Ends FOIA Suit Over IRS Partnership Audits

By Ali Sullivan

A Baker McKenzie attorney has dropped a public records lawsuit against the Internal Revenue Service that sought to compel the agency to turn over documents pertaining to its scrutiny of large partnerships.

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ABA's Education Section Endorses Alternative Atty Licensing

By Matt Perez

The American Bar Association's national accrediting arm for law degree programs announced during a council meeting Friday the adoption of a report that effectively recognizes alternative methods of attorney licensing outside the bar exam.

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Menendez Texts With Wife A Legislative Promise, Judge Says

By Pete Brush

Emoji-laden texts between Sen. Robert Menendez and his wife about an arms sale constitute a legislative promise, a Manhattan federal judge reiterated Monday, as the government seeks to prove the power couple had a corrupt agreement with a New Jersey businessman.

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Girardi Wants To Probe Jurors' 'Real Housewives' Exposure

By Brandon Lowrey

Public defenders for Tom Girardi want to ask prospective jurors in his upcoming fraud trial whether they have seen his wife's reality television show and news reporting about his law firm's massive scandal, according to a recent motion in Los Angeles federal court.

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McElroy Deutsch Says Ex-Exec's Guilt Boosts Home Claim

By Emily Sawicki

McElroy Deutsch Mulvaney & Carpenter LLP doubled down on its attempt to seize the home of two former firm executives following a guilty plea on criminal embezzlement charges earlier this month by one of them, the firm's former chief financial officer.

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Trial In Blackmail Case Over Judge's Photos Delayed

By Carolina Bolado

A Florida state judge agreed Monday to push back the trial in a Palm Beach County judge's suit accusing an attorney of trying to blackmail her with nude photographs, after the defendant cited discovery delays and an ongoing bellwether trial in multidistrict litigation against Chiquita that is tying up the schedule of two key witnesses.

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Georgia's 1st Female Chief Appellate Judge Dies

By Madison Arnold

The first woman both appointed and elected to the Court of Appeals of Georgia, Judge Dorothy Toth Beasley, is remembered by her colleagues for the glass ceilings she shattered as well as for two important words she had inscribed in the courtroom.

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Catching Up With Delaware's Chancery Court

By Leslie A. Pappas

Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.

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LAW FIRMS IN TODAY'S NEWS

Arnold & Porter

Baker & Hostetler

Baker McKenzie

Ballard Spahr

Bernstein Litowitz

Brouse McDowell

Cohen Milstein

Connolly Gallagher

Conrad & Scherer

Corr Cronin

Covington & Burling

Cravath Swaine

Davis & Wright

Davis Wright Tremaine LLP

Day Pitney

Debevoise & Plimpton

Dickinson Wright

Duane Morris

Edelson Lechtzin

Fisher & Phillips

Fox Rothschild

Gibbons PC

Gibson Dunn

Girardi & Keese

Goodwin Procter

Herrick Feinstein

Holland & Knight

Holwell Shuster

Hueston Hennigan

Hughes Hubbard

Irell & Manella

Jackson Shields Yeiser

Jones Day

Katten Muchin

Kohrman Jackson

Kozyak Tropin

Lape Mansfield

Lindsey & Lacy

Littler Mendelson

Marino Tortorella

Mayer Brown

Maynard Nexsen

McDermott Will & Emery

McElroy Deutsch

Morgan Lewis

Morris Nichols

Norton Rose

O'Melveny & Myers

Paul Hastings

Perez Morris LLC

Perkins Coie

Perlman Bajandas

Robinson & Cole

Ropes & Gray

Saxena White

Searcy Denney

Seila Law

Shaw Keller

Skadden Arps

Tucker Ellis

Vinson & Elkins

Weil Gotshal

Williams & Connolly

Willkie Farr

Winston & Strawn

Ziemer Stayman

de Castro PC

COMPANIES IN TODAY'S NEWS

Activision Blizzard Inc.

Allianz SE

Alpine Securities Corp.

American Bar Association

Americans for Prosperity Foundation

Amgen Inc.

Apple Inc.

Aramark

Arthrex Inc.

AstraZeneca PLC

Axon Enterprise Inc.

BHP Group PLC

BP PLC

Baker Hughes Co.

Baylor University

Beam Suntory Inc.

Bolt Financial Inc.

Brookfield Infrastructure Partners LP

BuzzFeed Inc.

ByteDance Ltd.

C3.ai Inc.

CNOOC Limited

Cantor Fitzgerald

Cardiff Oncology Inc.

Cemex, S.A.B. de C.V.

Change Healthcare Inc.

Chevron Corp.

CityMD

Coinbase Global Inc.

Community Financial Corp.

Delaware State Bar Association

Dell Technologies Inc.

Enel SpA

Epic Games Inc.

Exxon Mobil Corp.

Financial Industry Regulatory Authority Inc.

FirstEnergy Corp.

Frontier Communications Parent Inc.

Getty Images Holdings Inc.

Glass Lewis & Co. LLC

GlobalData PLC

Google LLC

Hess Corp.

Illumina Inc.

Institutional Shareholder Services Inc.

International Game Technology PLC

JetBlue Airways Corp.

Kik Interactive Inc.

Kohl's Corp.

LanzaTech Inc.

Law School Admission Council Inc.

LinkedIn Corp.

Los Angeles Times

Massachusetts Mutual Life Insurance Co.

Meta Platforms Inc.

Miami Dolphins

Microsoft Corp.

Moelis & Co.

NASDAQ Inc.

Nestle SA

Olo Inc.

Pacific Legal Foundation

Pfizer Inc.

Philadelphia Bar Association

Pioneer Natural Resources Co.

Puma Biotechnology Inc.

Raymond James Financial Inc.

Raytheon Technologies Corp.

RedBird Capital Partners

Repligen Corporation

Ripple Labs Inc.

Robinhood Markets Inc.

Ryan LLC

Samsung Electronics Co. Ltd.

Southern Poverty Law Center Inc.

Space Exploration Technologies Corp.

Spokeo Inc.

Stitch Fix Inc.

Tesla Inc.

The Boeing Co.

The Home Depot Inc.

Thermo Fisher Scientific Inc.

TikTok Inc.

Toronto-Dominion Bank

TransCanada Corporation

U.S. Chamber of Commerce

UBS Group AG

United Auto Workers

United Food & Commercial Workers International Union

UnitedHealth Group Inc.

University of Southern California

University of Virginia

Volkswagen AG

Walgreens Boots Alliance Inc.

Warburg Pincus LLC

Wolters Kluwer

Xiaomi Corp.

Ziff Brothers Investments LLC

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commonwealth of Massachusetts

Consumer Financial Protection Bureau

Court of Appeals of Georgia

Equal Employment Opportunity Commission

Federal Aviation Administration

Federal Deposit Insurance Corp.

Federal Energy Regulatory Commission

Federal Housing Finance Agency

Federal Reserve System

Federal Trade Commission

Financial Crimes Enforcement Network

Food and Drug Administration

Internal Revenue Service

National Credit Union Administration

National Labor Relations Board

U.S. Attorney's Office

U.S. Attorney's Office for the Central District of California

U.S. Attorney's Office for the Southern District of New York

U.S. Consumer Product Safety Commission

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Eleventh Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Department of Agriculture

U.S. Department of Commerce

U.S. Department of Defense

U.S. Department of Energy

U.S. Department of Health and Human Services

U.S. Department of Justice

U.S. Department of Labor

U.S. Department of State

U.S. Department of the Treasury

U.S. District Court for the Central District of California

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the District of Delaware

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Georgia

U.S. District Court for the Northern District of Texas

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Tennessee

U.S. District Court for the Western District of Washington

U.S. Environmental Protection Agency

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the Eastern District of Wisconsin

United States District Court for the Northern District of Ohio