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On The Case Headlines

2nd Circuit to review investors’ ‘unprecedented’ theory in Goldman class cert appeal redux

In a highly unusual grant of a second interlocutory petition for permission to appeal, the 2nd U.S. Circuit Court of Appeals agreed Tuesday to review the certification of a class of investors suing Goldman Sachs over pre-2010 assurances that the bank had in place scrupulous systems to avoid client conflicts. Shareholders claim they lost billions in the ensuing crash of Goldman’s share price when investors received definitive news that the bank sold complex, crisis-era financial instr

Trump DOJ faces conundrum in SCOTUS review of Auer deference

The U.S. Supreme Court agreed Monday to take up an issue that seems wonky but is of overarching importance to the future of the administrative state: Should judges defer to federal agencies when it comes to their interpretation of their own ambiguous regulations?

Forced into arbitration, 12,500 drivers claim Uber won’t pay fees to launch cases

Uber fought as hard as any company in America in the past few years to assure the enforceability of its contractual arbitration provisions. When drivers who had signed contracts with Uber attempted to sue the company for wage and hour violations, Uber and its lawyers at Gibson Dunn & Crutcher won key rulings from the 9th U.S. Circuit Court of Appeals that effectively ended the drivers’ quest to litigate their claims in court – or even to arbitrate their claims as a class. For Uber dr

Shareholders to SCOTUS: Don’t meddle with private right to sue over M&A disclosures

It’s no secret that the U.S. Chamber of Commerce believes that securities class actions – and, in particular – shareholder class actions challenging M&A transactions – are at best an inefficient way to police corporate conduct. In the view of the Chamber, securities class actions benefit lawyers, not shareholders. That’s why the business group launched a lobbying campaign in October to encourage Congress to restrict shareholder class actions by revising federal securities laws.

Sunk by now-dismissed FTC case, LabMD wants revenge on Bryan Cave

Last June, in a decision with important repercussions for the Federal Trade Commission’s enforcement of corporate data security, the 11th U.S. Circuit Court of Appeals tossed the FTC’s cease-and-desist order against LabMD, a Georgia cancer detection company accused of failing to safeguard patient files. The ruling came too late to save LabMD, which went out of business in the course of defending against the FTC’s allegations.

Does Delaware law preclude mandatory arbitration of federal securities claims?

The debate over corporations imposing arbitration on shareholders through corporate charters and bylaws is still mostly in the realm of theory and academic furor. The Securities and Exchange Commission, as you know, is contemplating the issue, though SEC Chair Jay Clayton has said he’s in no rush to decide whether the commission will end its longtime policy of squelching proposed mandatory arbitration provisions for companies going public.

Asylum case judge to DOJ: The president can’t override immigration law

Broadly speaking, challenges to the Trump administration’s policies fall into three categories: statutory, in which critics claim Trump directives encroach on laws already enacted by Congress; procedural, citing alleged shortcomings under the Administrative Procedure Act; and constitutional, in which challengers invoke, for instance, the First Amendment, due process protections or even separation of powers doctrine.

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May urges EU to help get Brexit 'over the line'

Britain's weakened prime minister, Theresa May, appealed to fellow EU leaders on Thursday for concessions to help her win support in parliament next month for a deal that can smooth Britain's exit from the European Union.