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Municipal Advisor, School Consultant, and Associated Individuals Enter Settlement Offers with SEC after First-of-Its-Kind...

On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. As...more

The Federal Defend Trade Secrets Act vs. The California Uniform Trade Secrets Act

Although some version of the Uniform Trade Secrets Act (“UTSA”) has widely been adopted by most states, including California, variations among the versions and related judicial interpretation has led to...more

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

Michigan Supreme Court Holds That the Federal “Rule of Reason” Applies in Evaluating the Enforceability of Noncompete Agreements...

The Michigan Antitrust Reform Act (MARA) contains a specific provision, MCL 445.774a, that governs the enforceability of noncompete agreements between employees and employers. MARA does not, however, provide standards for...more

2016 DTSA: Providing Manufacturers with New Avenues to Protect Trade Secrets

On May 11, 2016, President Barack Obama signed the Defend Trade Secrets Act of 2016 (DTSA), which provides a federal civil cause of action to manufacturers for the misappropriation and theft of trade secrets under the...more

After Favorable LIBOR Ruling from the Second Circuit, Investors Now Allege Anticompetitive SIBOR Manipulation

On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more

Further Limiting the Extraterritorial Reach of US Law, the US Supreme Court Limits the Use of the RICO Statute

Further Limiting the Extraterritorial Reach of US Law, the US Supreme Court Limits the Use of the RICO Statute in RJR Nabisco v. European Community - In RJR Nabisco, Inc. v. European Community, the US Supreme Court not...more

DOJ Rule Increases FCA Penalties to Over $20,000 Per Claim

Effective August 1, 2016, the False Claims Act’s (FCA) civil penalty will double.  As it currently stands, the FCA’s civil penalty ranges from $5,500 to $11,000 per violation.  But as of August 1, the FCA’s civil penalty...more

Bankruptcy Beat: Default Judgment Is Not Automatic Following Entry Of Default

On May 12, 2016, the Honorable Julie A. Manning issued a decision in an adversary proceeding entitled Law Office of W. Martyn Philpot, Jr., LLC v. Day, which addressed two issues. The first issue was whether the plaintiff was...more

District Court Denies Agreed Upon Consent Judgment and Permanent Injunction Where Parties Failed to Submit Consent and Injunction...

After the parties settled the lawsuit, the district court dismissed the case without prejudice, subject to the right of any party to re-open the action within sixty days, upon good cause shown, or to submit a stipulated form...more

Modtruss Stumbles on “Same” Problem with Battlefrog Obstacles - Motion for Preliminary Injunctive Relief Denied

This post follows up on this post on Judge Ross’s Order of June 6, 2016, in which she allowed Modtruss, Inc. (“Modtruss”), to clarify its intent with regard to a prior motion for a temporary restraining order and preliminary...more

Mayimba Music Inc. v. Sony/ATV Latin Music Publishing LLC - USDC, S.D. New York, June 9, 2016

District court awards defendants $400,000 in legal fees in copyright infringement suit over Shakira’s hit song “Loca,” in which plaintiff’s claims were shown to be based on fabricated evidence. In 2012, Mayimba Music...more

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

U.S. Supreme Court Decides Cuozzo v. Lee: Upholds General Bar Against Appealing PTAB's Institution Decisions and Affirms Use of...

On June 20, 2016, the United States Supreme Court affirmed the decision of the Court of Appeals for the Federal Circuit in Cuozzo Speed Technologies v. Lee. The Supreme Court granted certiorari to consider two questions....more

Judge Briccetti Stays Patent Case Against a Customer Pending Resolution of Lawsuit Against Supplier

On June 3, 2016, District Judge Vincent L. Briccetti (S.D.N.Y.) stayed a patent infringement action brought by plaintiff Marine Travelift (“Marine”) against defendant K. Graefe & Sons Corp. (“Graefe”), pending the resolution...more

New York Supreme Court Rules that Merchant Lacks Standing to Sue MasterCard over Data Security Breach Assessments; All Merchants...

On May 5, the Commercial Division of the New York Supreme Court for Westchester County dismissed the complaint in Jetro Holdings, LLC v. MasterCard International, Inc., in which Jetro, a leading food service wholesaler, had...more

Intellectual Property Alert: U.S. Supreme Court Rules in Kirtsaeng v. John Wiley & Sons, Inc.

On June 16, 2016, the U.S. Supreme Court ruled in Kirtsaeng v. John Wiley & Sons, Inc., No. 15-375, that it is appropriate for a court to give substantial weight to the reasonableness of a losing party’s position when...more

Intellectual Property Alert: Halo Electronics, Inc. v. Pulse Electronics, Inc. and Stryker Corp. v. Zimmer, Inc. — U.S. Supreme...

Yesterday, the Supreme Court issued an unanimous decision in companion cases Halo Electronics, Inc. v. Pulse Electronics, Inc. and Stryker Corp. v. Zimmer, Inc., which rejected the Federal Circuit’s rigid, two-part test for...more

Court Orders Cigna to Pay Out-of-Network Surgical Claims

On June 1, 2016, the United States District Court for the Southern District of Texas ordered Cigna to pay nearly $13.7 million to Humble Surgical Hospital, LLC (“Humble”). Of the nearly $13.7 million, almost $11.4 million...more

Saffer Fee Shifting and Fee Disgorgement - Who is at Risk?

Twenty years ago, in Saffer v. Willoughby, the New Jersey Supreme Court embarked on a new path for New Jersey jurisprudence by allowing a successful plaintiff in a legal malpractice action to recover as consequential damages...more

Compliance into the Weeds-Episode 8, big data, risk assessments, the compliance profession and implications from the Yates Memo [Video]

In this episode, Matt Kelly and myself take a deep dive into the use of big data in risk assessments and possible implications for the future of the compliance profession. We also review some of the implications of the Yates...more

LendingClub Hit With Class Action Over Usurious Interest

A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more

Eleventh Circuit Limits SEC’s Ability to Seek Disgorgement or Declaratory Relief for Conduct Occurring More Than Five Years Before...

On May 26, 2016, the United States Court of Appeals for the Eleventh Circuit issued an important decision regarding the applicability of 28 U.S.C. § 2462, the five-year statute of limitations governing SEC enforcement actions...more

New EU Trade Secrets Directive Formally Adopted

The new EU Trade Secrets Directive aims to harmonise the protection of trade secrets across all EU Member States. The reform seeks to give businesses greater confidence in sharing trade secrets across multiple Member States...more

CardiAQ Wins $70 Million in Trade Secrets Suit

A federal jury found in favor of CardiAQ in a lawsuit filed against former service provider, Neovasc. The jury found that Neovasc breached the non-disclosure agreement between the parties, misappropriated CardiAQ’s trade...more

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