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Good morning. Nearly a year after Elon Musk took over Twitter – now known as X – the fallout from the deal is still ongoing for the billionaire. Plus, the U.S. Naval Academy is the latest to face a lawsuit from a group backed by anti-affirmative action activist Ed Blum, and PayPal is hit with an antitrust lawsuit over fees. It’s Friday – we made it.
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Elon Musk arrives for the Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C. REUTERS/Julia Nikhinson
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The fallout from billionaire Elon Musk’s $44 billion takeover of Twitter isn’t over. Musk is under investigation by the SEC over whether he broke federal securities laws in 2022 when he bought stock in Twitter, which Musk renamed X, as well as statements and SEC filings he made in relation to the deal.
The investigation was revealed in a court filing in which the agency sought to compel Musk to testify. “The SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation – enough is enough,” said a statement from Alex Spiro of Quinn Emanuel, an attorney for Musk.
Musk acquired Twitter after initially building a large minority stake in the social media platform, which he was late in disclosing. Just days ago a federal judge said Musk must face most of a Twitter shareholder lawsuit over his delayed disclosure.
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- Lawyers at Parker Daniels Kibort and Lewin & Lewin who are representing My Pillow CEO Mike Lindell in defamation lawsuits brought by Dominion Voting Systems and Smartmatic USA sought permission to withdraw from the litigation, alleging he owes the attorneys millions in unpaid legal fees. (Reuters)
- Fried Frank tapped Kenneth Rosh as its next chair, effective March 1. Rosh, head of the New York-founded law firm’s private equity funds group, will succeed David Greenwald, who has led the firm since 2014. (Fried Frank)
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Northwestern Wildcats head coach Pat Fitzgerald looks on during a game against the Iowa Hawkeyes. Jeffrey Becker-USA TODAY Sports
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That’s the amount for which Patrick Fitzgerald, the Northwestern University football coach who was fired for allegedly failing to stop the hazing and bullying of football players, sued the Evanston, Illinois, school. Fitzgerald, who was fired in July, said the claims were false and destroyed his career. A team of Winston & Strawn lawyers, including co-executive chairman Dan Webb, represents Fitzgerald in the lawsuit that also names Northwestern President Michael Schill as a defendant. A spokesperson for Northwestern said Fitzgerald was responsible for the football program and failed to prevent hazing.
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If you suddenly found yourself with access to all of your opponent’s internal corporate files via a Dropbox link that turned up in discovery produced by a third party, would you look at the files? Robins Kaplan did – and now it’s on the wrong side of a sanctions decision by a New York state court judge. Alison Frankel has the story.
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“That might not be harmless error.“
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- Morrison & Foerster is set to respond to a lawsuit filed by the conservative activist behind the successful U.S. Supreme Court challenge to the consideration of race in college admissions. The complaint in Miami federal court challenged a fellowship the firm launched that is aimed at promoting diversity in the legal profession. Morrison & Foerster after the lawsuit was filed changed the criteria for the fellowship, removing language specifying that the fellowship is only open to Black, Hispanic, Native American or LGBT applicants.
- Former Goldman Sachs banker Roger Ng, who is facing 10 years in prison after being convicted in New York of helping loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund, faces a deadline today to surrender to the U.S. Marshals Service so he can be turned over to Malaysian law enforcement. He is facing related charges in Malaysia. Ng would be required upon returning to the U.S. to begin his prison term, prosecutors said.
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Court calendars are subject to last-minute docket changes.
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What to catch up on this weekend
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- PayPal is facing a new proposed class action that accuses the payments giant of fashioning agreements with e-commerce merchants that artificially maintain high transaction fees. A plaintiffs’ lawyer leading the case said the lawsuit is the first ever to accuse PayPal of violating U.S. competition law through its “anti-steering” rules. (Reuters)
- Hawaii is the latest state to file a lawsuit accusing the three largest U.S. pharmacy benefit managers, CVS Health’s Caremark, Cigna Group’s Express Scripts and UnitedHealth Group’s OptumRx, of driving up brand-name prescription drug prices through a complex system of rebates and fees, joining other states that have brought similar claims against the drug industry middlemen. Kentucky, California and Ohio have brought similar lawsuits in recent months. Caremark and Express Scripts said the allegations are baseless, while OptumRx did not respond to a request for comment. (Reuters)
- Pfizer, BioNTech, and biotech firm Promosome told a federal judge that they have agreed to end Promosome’s lawsuit accusing the COVID-19 vaccine makers of infringing a patent related to messenger RNA technology. The lawsuit is among several U.S. patent cases brought by biotech companies over the alleged misuse of their technology in the groundbreaking COVID-19 shots. (Reuters)
- An 11th Circuit panel appeared divided over whether medical marijuana users can be barred from owning guns, at oral arguments in a case brought by a group of Florida residents. The case challenges the same federal law, which prohibits users of unlawful drugs from owning guns, at issue in Hunter Biden’s criminal case. (Reuters)
- A lawyer for the state of Texas told the 5th Circuit that President Joe Biden’s administration has no power to force the state to remove a 1,000-foot barrier placed in the Rio Grande river to deter illegal border crossings. Three judges on the appeals court heard oral arguments in the state’s appeal of a lower court ruling requiring the removal of the string of buoys installed in July to an embankment on the Texas side of the river, which forms a border between the U.S. and Mexico. (Reuters)
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- Hunton Andrews Kurth hired environmental partner Rachel Saltzman in Washington, D.C. Saltzman most recently worked at Volkswagen Group of America. (Hunton Andrews Kurth)
- McDermott Will & Emery added tax partner Shawn O’Brien in Houston. O’Brien was previously with Mayer Brown. (McDermott)
- Quarles & Brady picked up IP partner Matthew Holohan in Denver. He was previously at Sheridan Ross. (Quarles)
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Many states have recently passed laws permitting nurse practitioners to practice autonomously, with more than half of the nation adopting such allowances, meaning they can perform activities traditionally reserved for physicians without supervision by a physician. Abbye Alexander and Christopher Tellner of Kaufman Dolowich explore why the trending shift in healthcare brings benefits and concerns alike and magnifies a need for legal clarity on the implications of such a shift where there is still a lot of grey matter.
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