By: T. Scott Shogren In true Fifth Circuit fashion, the court’s decision in In re Ultra Petroleum Corporation upended an already uneasy circuit split between the Second and Third Districts.[1]  In approaching make-whole provisions, a contract tool used to require the acceleration of debt interest payments in the event of the advanced closing of an account, the Fifth Circuit disallowed the provisions by explaining that in the bankruptcy process, they must be disallowed as they allow for unmatured interest.[2]  Contrasting this decision with rulings by the other Circuit Courts, this po ..read more

By: A. Asad Imam The National Association of Realtors (NAR) reached a nationwide settlement on claims alleging that the real estate industry had engaged in anti-competitive practices by keeping buyers’ agent’s commissions high – a per se violation of the Sherman Act (the “Act”).[1]  The case, Burnett v. National Association of Realtors alleged price-fixing and resulting violations of the Act, meaning that the defendants were liable for treble damages; in exchange for a reduction in damages, the NAR gave up its right to appeal.[2]  The Department of Justice (“DOJ”)  investigation ..read more

By: Cassy Sulzer On February 6, 2024, The Securities and Exchange Commission (“SEC”) implemented two new rules in the Securities Exchange Act of 1934 (“the Act”): Rule 3a5-4 and 3a44-2.[1] These rules introduce ambiguity regarding the classification of individuals as “dealers” or as “traders,” crucial for determining registration requirements with both the SEC and self-regulatory organizations.[2] This uncertainty is particularly challenging for participants in markets like decentralized finance (“DeFi”). The Act defines a “dealer” as “any person engaged in the business of buying and selling s ..read more

By: Olivia Woodmansee From 1999 to 2021, the national rate for deaths caused by drug overdose increased by more than sixfold; this increase is in part due to the actions of the Sackler family and Purdue Pharma LP (“Purdue”).[1] Despite knowing of the harmful and addictive effects of opioids, specifically OxyContin, Purdue continued to engage with shady health care providers, market the product, and file false reports with the Drug Enforcement Administration (“DEA”) about its actions.[2] As a result of these actions, Purdue and its owners the Sackler family faced an onslaught of liability liti ..read more

By Elizabeth Carroll On February 28, 2024, President Biden signed Executive Order 14117[1] on “Preventing Access to Americans’ Bulk Sensitive Data and United States Government-Related Data by Countries of Concern.”  The Executive Order delegates authority to the Department of Justice to create regulations that restrict access by “countries of concern” to Americans’ bulk sensitive personal data that would pose “an unacceptable risk to the national security of the United States.”[2]  The countries of concern will likely include China, Russia, Iran, North Korea, Venezuela, and Cuba.[3 ..read more

By: Connor Charney Google and Reddit recently finalized a licensing agreement (“the Agreement”) that will allow Google to train its Vertex AI on Reddit’s data.[1] The Agreement is allegedly valued at $60 million annually.[2] While the Agreement’s precise terms and value have not been made public, commentators are quick to label this as an example of a new paradigm of licensing agreements for AI companies.[3] However, Google and Reddit’s unique positions may make this an agreement of convenience instead of a harbinger of agreements to come. Google and Reddit both enter this agreement in intere ..read more

By: Jae De Leon In a recent legal setback for Donald Trump, a state judge in New York ordered him to pay nearly $355 million in penalties for engaging in years of fraud by misrepresenting the value of his real estate portfolio.[1] The ruling comes after a three-year investigation by New York Attorney General who alleged that Trump and his associates committed fraud by inflating asset values to secure better business, insurance, and banking deals.[2] The judge’s decision is based on allegations of fraud committed by Trump and his associates over the years.[3] Common law fraud involves “false r ..read more

By: Veronica Walsh On October 6, 2023, 23andMe reported they had experienced numerous data breaches executed by hackers through credential stuffing between April and September of 2023.[1] Since the data breach, affected users have filed a class action lawsuit against 23andMe.[2] The lawsuit alleges the company recklessly maintained users’ personal information and “failed to use reasonable and adequate measures” to keep consumers’ data safe.[3] The Santana v. 23andMe[4] complaint alleges theories of recovery based on negligence, breach of implied contract, invasion of privacy, and unjust enrich ..read more

By: Sarah Benjamin The Antiquities Act, which was passed in 1906, gives Presidents broad discretion to designate areas as National Monuments and thereby take them out of use for commercial industries and set them aside for the sole purpose of public recreation and enjoyment.[1] Since the Act’s passage, various Presidents have designated nearly 100 million acres of federal public lands.[2] On August 8, 2023, President Biden designated Baaj Nwaavjo I’tah Kukveni – Ancestral Footprints of the Grand Canyon National Monument.[3] On February 12, 2024, an Arizona rancher filed suit against President ..read more

By: Julie Chung The rise in cryptocurrency usage and sales confused the traditional securities and financial space. The Securities and Exchange Commission (“SEC”) typically exercised regulatory oversight to protect investors in the capital markets.[1]Cryptocurrencies have notably dodged financial regulators like the SEC with virtual currencies and sophisticated payment systems structured to avoid financial regulation.[2] Cryptocurrencies are incredibly volatile and lack investor protection and regulatory oversight.[3] Therefore, the SEC has sued crypto companies, like Terraform, in an attempt ..read more