News & Analysis as of

Disgorgement

Morrison & Foerster LLP

Top 10 International Anti-Corruption Developments for August 2024

Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past...more

Cozen O'Connor

New Mexico Snaps at Snapchat for Allegedly Failing to Protect Minors

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New Mexico AG Raúl Torrez has filed a lawsuit against Snap Inc., accusing Snapchat of facilitating child sexual exploitation and sextortion through its design features and recommendation algorithms, allegedly violating state...more

Kohrman Jackson & Krantz LLP

Supreme Court Review of Trademark Infringement and Corporate Separateness under the Lanham Act

The US Supreme Court granted certiorari to review the 4th Circuit’s damages ruling in Dewberry Engineers v. Dewberry Group, which offers a unique examination of corporate separateness and the protection of trademarks under...more

The Volkov Law Group

DOJ Awards Declination to Proterial Cable America for Fraud — Proterial Pays $15.1 Million in Disgorgement

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DOJ is pushing hard for voluntary disclosures and urging companies to take advantage  of its Voluntary Disclosure Program.  The carrot is significant — a declination in exchange for cooperation, remediation and disgorgement....more

The Volkov Law Group

DOJ Issues New FCPA Declination: Boston Consulting Group Pays $14.4 Million

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The Justice Department is encouraging companies to voluntarily disclose criminal violations — “Come in and confess” and DOJ offers promises of a declination.  But even a declination comes with a requirement — the company has...more

Mayer Brown Free Writings + Perspectives

SDNY Issues Final Ruling on SEC v. Ripple

Earlier this month, the Southern District of New York issued its final ruling and remedies order in Securities and Exchange Commission v. Ripple Labs, Inc. Judge Analisa Torres found that the SEC failed to show that any...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - July 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

McDermott Will & Emery

Don’t Share Trade Secrets With Your Fiancé: A Cautionary Tale

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The US Court of Appeals for the First Circuit largely affirmed a multimillion-dollar award against a temp agency for misappropriation of trade secrets and unjust enrichment due to its employee’s act of obtaining proprietary...more

Fenwick & West LLP

SEC v. Ripple Decision Makes Waves in Digital Assets Enforcement

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On August 7, 2024, nearly four years after the SEC filed its complaint alleging Ripple sold XRP in unregistered securities transactions in violation of Section 5 of the Securities Act, the district court issued its final...more

Katten Muchin Rosenman LLP

Court Denies SEC’s Request for Disgorgement in Ripple Case

In a setback to the Securities and Exchange Commission’s (SEC) crypto enforcement efforts, a federal court has denied the agency’s request for disgorgement of profits in its case against Ripple Labs. The ruling, issued by...more

Amundsen Davis LLC

Supreme Court to Consider Corporate Separateness in Calculating Trademark Infringement Damages

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The United States Supreme Court is set to take on a trademark infringement case that may have a lasting impact on the concept of corporate separateness. In Dewberry Group, Inc. v. Dewberry Engineers Inc., the Supreme Court...more

Seward & Kissel LLP

SEC v. Ripple: Was it Worth it?

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On August 7, 2024, the U.S. District Court for the Southern District of New York permanently enjoined Ripple from future violations of Section 5 of the Securities Act of 1933—that is, from the unregistered offer and sale of...more

Stikeman Elliott LLP

OSC Proposes New Rules for Distributing Funds Paid Under Disgorgement Orders

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The Ontario Securities Commission (“OSC”) recently published for comment proposed rules and policies that would establish a process to distribute funds that the OSC receives under disgorgement orders to harmed investors. The...more

Bennett Jones LLP

The Supreme Court Holds That Securities Disgorgement Orders Survive Bankruptcy

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In ruling that a securities regulatory authority's disgorgement orders (a sanction stemming from misconduct) survive a bankruptcy discharge while its administrative penalties do not, the Supreme Court of Canada endorsed the...more

McDermott Will & Emery

David-Versus-Goliath Trademark Victory Isn’t “Exceptional”

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The US Court of Appeals for the Third Circuit vacated an award of attorneys’ fees for reanalysis, explaining that the district court’s finding that the case was “exceptional” under the Lanham Act was based on policy...more

Cozen O'Connor

Arizona AG Alleges “Super Clean” Trucks Violate Emissions Standards

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Arizona Attorney General Kris Mayes sued FCA US LLC (d/b/a Fiat Chrysler Automobiles) and Cummins, Inc. (Cummins) alleging that the engine and vehicle manufacturers violated Arizona consumer protection laws by installing...more

Seward & Kissel LLP

Regulators Mount Up, Prison Break, Deep Conviction and Rudy Sacked

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FTX and CFTC agree to $12.7 billion settlement following months of negotiations | The Block - FTX and the CFTC struck a deal granting the CFTC $4 billion disgorgement claim and an $8.7 billion restitution claim. Payments...more

Cohen & Gresser LLP

Second Circuit Says that Insiders Are Still ‘Standing’ to Enforce Short-Swing Trading Under Section 16(b) of the Exchange Act

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On June 24, 2024, the U.S. Court of Appeals for the Second Circuit decided Packer ex rel. 1-800-Flowers.com, Inc. v. Raging Capital Management, LLC, reversing a district court decision that had held that a shareholder...more

Schwabe, Williamson & Wyatt PC

Court Orders BNSF to Pay $400 Million to the Swinomish Tribe for Right-of-Way Violation ‎

A monumental victory for the Swinomish Indian Tribe was announced this spring when a judge in the Western District of Washington ordered BNSF Railway Company to pay nearly $400 million in profits damages to the Swinomish...more

McDermott Will & Emery

Robbing Peter to Pay Paul? Supreme Court to Consider Scope of Lanham Act “Defendant’s Profit” Award

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The Supreme Court has agreed to consider the breadth of a damages award in a long-running trademark dispute between two real estate companies. Dewberry Group, Inc. v. Dewberry Engineers, Inc., Docket No. 23-900 (Supr. Ct....more

Sterne, Kessler, Goldstein & Fox P.L.L.C.

Design Patents vs. Utility Patents: A Unique Advantage in Litigation

Need another reason to secure and enforce design patents? Design patents offer a unique additional remedy in district court litigation: profit disgorgement. While design patent owners may still pursue the traditional remedies...more

Fox Rothschild LLP

U.S. Supreme Court to Decide Disgorgement Damages Issue in Trademark Dispute

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Dewberry Engineers Inc. (“Dewberry Engineers”), a prominent engineering firm, has been locked in an on-again, off-again trademark dispute with a real estate development firm called Dewberry Group, Inc. (“Dewberry Group”) for...more

Fox Rothschild LLP

U.S. Supreme Court to Decide Damages Issue in Trademark Dispute Involving Construction Engineering Firm

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Dewberry Engineers Inc. (“Dewberry Engineers”), a prominent engineering firm, has been locked in an on-again, off-again trademark dispute with a real estate development firm called Dewberry Group, Inc. (“Dewberry Group”) for...more

Vinson & Elkins LLP

California Seeks Disgorgement of Oil Profits For Alleged Greenwashing And Climate Deception

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In a significant legal maneuver with potentially far-reaching implications, California Attorney General Rob Bonta filed an amended complaint on June 10, 2024, to California’s high-profile lawsuit targeting five of the world’s...more

Seward & Kissel LLP

Poor Form: Terraform Labs to pay $4.5 Billion

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On June 13, 2024, Terraform Labs PTE, Ltd. and Do Kwon agreed to pay more than $4.5 billion to settle the SEC’s case against them. The settlement followed a jury verdict holding Terraform Labs and Kwon liable for securities...more

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