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The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more

Second Circuit Accepts Controversial “Inflation-Maintenance” Theory of Securities Fraud Liability

In so-called “price maintenance” securities fraud cases, plaintiffs argue that a misrepresentation that does not cause a stock’s price to rise can nevertheless be actionable under Section 10(b) of the Securities Exchange of...more

CPSC Sends Another Shot Across the Bow of Retailers with $3.8 Million Civil Penalty Against Best Buy for the Sale of Recalled...

On Tuesday, the U.S. Consumer Product Safety Commission (CPSC) announced that Best Buy Co., Inc. entered into a settlement agreement with the CPSC to pay a $3.8 million civil penalty to resolve allegations that it “knowingly...more

Eighth Circuit Reverses District Court for Ignoring Price-Impact Evidence That Rebutted the Fraud-on-the-Market Presumption and...

In IBEW Local 98 Pension Fund v. Best Buy Co., Inc., No. 14-3178 (8th Cir. Apr. 12, 2016), the United States Court of Appeals for the Eighth Circuit held, in a Rule 10b-5 securities fraud action, that the district court...more

Eighth Circuit Becomes First Appellate Court to Apply Halliburton II Price Impact Analysis

The Eighth Circuit has become the first federal circuit court to apply the Supreme Court’s Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014) (Halliburton II) decision. Relying on Halliburton II, the Eighth...more

Split 8th Circuit Rejects Class Certification in 10b-5 Case

In IBEW Local 98 Pension Fund v. Best Buy Co. Inc., Plaintiffs alleged that misleading statements by Best Buy officers made during a phone call with stock analysts artificially supported Best Buy’s stock prices until a report...more

Class Certification: Halliburton II and Basic

The predicate for many securities class actions is the fraud-on-the-market theory, adopted by the Supreme Court in Basic, Inc. v. Levinson, 485 U.S. 224 (1988). There the Court held that a securities law plaintiff could...more

Eighth Circuit Denies Class Certification in Securities Fraud Suit, Finding the “Fraud-on-the-Market” Presumption of Reliance Did...

On April 12, 2016, the U.S. Court of Appeals for the Eighth Circuit issued a significant decision denying class certification in a federal securities fraud action, holding that the defendants had rebutted the...more

Eighth Circuit Breathes Life Into Halliburton's Price Impact Defense

The First Circuit Court of Appeals decision applying the Supreme Court's landmark 2014 decision in Halliburton Co. v. Erica P. John Fund Inc., 134 S. Ct. 2398 (2014) ("Halliburton II"), favored the defendants, finding as a...more

Driessen v. Sony Music Entertainment (Fed. Cir. 2016)

On February 10, 2016, the Federal Circuit issued a nonprecedential opinion in a case captioned Driessen v. Sony Music Entertainment, Best Buy Stores, Fye, & Target Corp. addressing issues related to means-plus-function claims...more

Defendants Summary Judgment Motion in In re Cathode Ray Tube Antitrust Litigation May Illuminate Policy Justifications Behind...

Earlier this month, defendants in the In re Cathode Ray Tube Antitrust Litigation moved to challenge the standing of major retailers to pursue damages claims under the Supreme Court’s 1977 Illinois Brick decision. LG...more

2015 End-Of-Year Wrap-Up

On November 19, 2015, Benesch’s 3D printing group quarterbacked a well-attended presentation sponsored by the Association for Corporate Growth-Cleveland. In addition to Mark Avsec from Benesch (and Ira Kaplan’s...more

Three more Darkode Hackers Prosecuted

We previously reported on the prosecutions of Darkode members. Three more members of the computer hacking forum Darkode have pled guilty to accessing protected computers without permission, and for violating the CANSPAM Act....more

Liability Insurance and a Plan Review are warranties worth paying for

The warranty in the electronics business is gravy for the retailers who sell it. You’ll be surprised how many people pay $20 to get a warranty on a $100 Blu-Ray player. When Best Buy was going national, they advertised how...more

Antitrust and Competition Newsletter - October 2013

Top Story - Six Months Since Comcast: What Do Recent Decisions Mean For Antitrust Practitioners? Every antitrust lawyer should be familiar with the U.S. Supreme Court’s decision in Comcast Corp. v. Behrend, 133...more

Virginia Court Denies Best Buy’s Bad Debt Credit, Leaves Hope for Other Retailers

A Virginia circuit court recently held that Best Buy was not entitled to a refund of sales tax remitted to the Virginia Department of Taxation on certain credit card sales....more

Best Buy Bankruptcy Ahead?

In November 2008, Circuit City filed for bankruptcy protection. Circuit City had the same business model as Best Buy: selling electronic equipment in large retail stores. Other retailers with that business model are...more

The Ninth Circuit Holds That The TCPA Prohibits Automated Calls Even When They Do Not Refer To Any Specific Good Or Service

In Chesbro v. Best Buy Stores, LP, No. 11-35784, 2012 WL 4902839 (9th Cir. Oct. 17, 2012), the Ninth Circuit reversed the Western District of Washington’s grant of summary judgment in favor of Best Buy Stores, LP ("Best Buy")...more

Prerecorded Courtesy Calls Providing Rewards Program Information Are Subject to TCPA Consent Requirement, Ninth Circuit Rules

A merchant's prerecorded courtesy calls that provide reward program information to a customer enrolled in the program violate the Telephone Consumer Protection Act (TCPA) if the customer has not consented to the calls, the...more

Unreasonable Reliance: Ninth Circuit Affirms Dismissal of FAL, Fraud and UCL Claims at the Pleading Stage

In Davis v. HSBC Bank Nevada, N.A., No. 10-56488, 2012 WL 3804370 (9th Cir. Aug. 31, 2012), the Ninth Circuit affirmed the dismissal of claims for (1) false advertising in violation of the California Business and Professions...more

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