NEW YORK - An investor has failed to show that an investment bank and two of its senior executives violated provisions of federal securities law by failing to adequately monitor the bank's internal controls in the wake of a former employees' massive securities fraud scheme, a federal judge in New York ruled on Sept. 8 in granting the defendants' motion to dismiss without prejudice (Gregory G. Barrett v. PJT Partners Inc., et al., No. 16-2841, S.D. N.Y., 2017 U.S. Dist. LEXIS 145781).
NEW ORLEANS - After finding that a Korean company's attachment of pig iron was valid under Louisiana law, the Fifth Circuit U.S. Court of Appeals on Sept. 1 vacated a district court's decision dissolving the attachment in favor of a German company that had already attached the same assets in a Louisiana state court (Daewoo International Corp. v. Thyssenkrupp Mannex GmBH, intervenor, No. 16-30984, 5th Cir., 2017 U.S. App. LEXIS 16916).
WASHINGTON, D.C. - A law firm representing the owners of farms that were expropriated by the Republic of Zimbabwe on Aug. 29 announced that committees for the International Centre for Settlement of Investment Disputes (ICSID) recently issued a decision denying a request made by Zimbabwe for provisional measures and for a temporary stay of the award (Bernard Von Pezold and others v. Republic of Zimbabwe, No. ARB/10/15, Border Timbers Limited, et al. v. Republic of Zimbabwe, No. ARB/10/15).
NEW YORK - A federal judge in New York on July 28 substantially denied dismissal of claims in a securities class action lawsuit against a specialty pharmaceutical company and certain of its current and former executive officers and directors, ruling that a shareholder has shown that the defendants violated federal securities laws by concealing a significant downsizing of its salesforce for one of its drugs, as well as the exclusion of the drug from the formularies of several of the nation's largest health insurers (Andrew Meyer v. Concordia International Corp., et al., No. 16-6467, S.D. N.Y., 2017 U.S. Dist. LEXIS 119436).
HARTFORD, Conn. - A Connecticut federal judge on June 27 granted union employees' motion for a preliminary injunction and ordered Honeywell International Inc. to reinstate previously existing medical coverage benefits, saying that the threat of termination and the actual termination of medical coverage benefits constitute irreparable harm (David Kelly, et al. v. Honeywell International Inc., No. 3:16-cv-00543, D. Conn., 2017 U.S. Dist. LEXIS 99419).
CLEVELAND - Expert testimony attributing a man's mesothelioma to cumulative exposure to asbestos in automobile brakes simply dresses up the theory that every exposure leads to disease in new clothing and is inadmissible under Ohio law, a manufacturer and its amici curiae told the state's highest court on June 15 (Mark Schwartz, et al. v. Honeywell International Inc., et al., No. 2016-1372, Ohio Sup.).
HAMBURG, Germany - The president of the International Tribunal for the Law of The Sea (ITLOS) on June 12 issued the annual report for the tribunal, noting several important rulings and appointments.
OAKLAND, Calif. - San Francisco Bay Area Rapid Transit District (BART) was hit with a putative class complaint in California federal court May 22, with one of its mass transit passengers claiming that the organization's smartphone application surreptitiously collects the International Mobile Equipment Identity (IMEI) numbers associated with users' phones, as well as their precise locations, in violation of state and federal law (Pamela Moreno v. San Francisco Bay Area Rapid Transit District, et al., No. 4:17-cv-02911, N.D. Calif.).
WASHINGTON, D.C. - Two members of a tribunal for the International Centre for Settlement of Investment Disputes (ICSID) on May 15 rejected the fourth request filed by the Bolivarian Republic of Venezuela to disqualify an arbitrator in a case filed by two Venezuelan entities who assert violations of a bilateral investment treaty, finding that it failed to show that the arbitrator's assistant is employed by a law firm that allegedly represented interests that were adverse to Venezuela (Fabrica De Vidrios Los Andres C.A., et al. v. Bolivarian Republic of Venezuela, No. ARB/12/21, ICSID).
SAN FRANCISCO - A California federal judge properly rejected a state law unfair competition plaintiff's effort to apply the Lanham Act's "establishment claim" standard outside the context of a Lanham Act claim, the Ninth Circuit U.S. Court of Appeals ruled April 21 (Serena Kwan, on behalf of herself and all others similarly situated v. SanMedica International, No. 15-15496, 9th Cir., 2017 U.S. App. LEXIS 6995).
NEW HAVEN, Conn. - A Connecticut federal judge on April 19 certified a class of retirees in a suit filed by an employer seeking a court declaration that a union has the authority to agree to changes in retiree medical benefits for those persons who retired after a 1996 class action settlement that provided the retirees with medical benefits without violating federal law (Barnes Group, Inc. v. International Union United Automobile Aerospace & Agricultural Implement Workers of America, et al., No. 16-559, D. Conn., 2017 U.S. Dist. LEXIS 59761).
WASHINGTON, D.C. - Audio products and electronic systems manufacturer Harman International Industries Inc. will pay more than $28 million to settle claims that it and certain of its current and former executive officers concealed issues with the company's line of personal navigation devices (PND) in violation of federal securities laws, according to a motion for preliminary approval of settlement filed April 19 in the District of Columbia federal court (In re Harman International Industries Inc. Securities Litigation, No. 07-1757, D. D.C.).
SAN FRANCISCO - Taxi drivers who lease cabs to pick up passengers at Phoenix Sky Harbor International Airport in Arizona are in business for themselves and not economically dependent on AAA Cab Service Inc. and are not employees under federal or state law, the Ninth Circuit U.S. Court of Appeals ruled March 27 in the drivers' consolidated class action, affirming a trial court's grant of summary judgment in AAA Cab (Ivan Pentchev Iontchev, et al. v. AAA Cab Service, Inc., et al., No. 15-15789, 9th Cir., 2017 U.S. App. LEXIS 5326).
NEW YORK - An asbestos action filed outside Wisconsin's two-year window for suing Special Electric Co. Inc. after its dissolution is untimely, and an earlier motion to reopen and enforce its bankruptcy plan does not save the case, a New York justice held in an opinion posted March 21 (In re: New York City Asbestos Litigation, Thomas McGlynn v. Aerco International Inc., No. 190219/2016, 2017 N.Y. Misc. LEXIS 900, In re: New York City Asbestos Litigation, Bertle Stromholm, et al. v. Aerco International Inc., No. 190177/2016, N.Y. Sup., New York Co.).
NEW YORK - The Second Circuit U.S. Court of Appeals on March 2 granted a petition for rehearing filed by defendants in an action to confirm a $48 million arbitral award issued by the International Chamber of Commerce's (ICC) International Court of Arbitration for the purpose of correcting its previous instructions to the district court with instructions that the district court apply New York law to the remaining issues of the case (CBF Industria de Gusa S/A, et al. v. Amci Holdings Inc., No. 15-1133, 15-1146, 2nd Cir., 2017 U.S. App. LEXIS 3815).