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A few days after the NBA announced that it had awarded the rights to carry its games to ESPN, NBCUniversal and Amazon.com in a deal worth $77 billion, Warner Bros Discovery and its sports division, Turner Broadcasting System, hit the league with a lawsuit over its rejection of Warner Bros’ matching bid for media rights.
The future of the deal could come down to a fight over the value of streaming rights versus TV rights, experts told our colleague Dawn Chmielewski.
Warner Bros said the NBA’s refusal to honor its right to match offers from a third party violates its agreement with Turner. NBA spokesman Mike Bass said Warner Bros Discovery’s claims are “without merit.”
But the lawsuit may well hinge on the court’s interpretation of matching rights, said Emarketer senior analyst Ross Benes.
“Warner Bros Discovery claims it can match Amazon’s price. The NBA claims the Amazon portion is for streaming distribution, not linear,” said Benes, using the industry term for traditional television distribution. “The precedent on digital versus linear rights is not settled so the outcome will be in the eye of the beholder.”
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- The Southern District of Texas bankruptcy court, one of the busiest in the U.S., has reconstituted its two-judge panel for handling large cases, with newly sworn-in judge Alfredo Perez replacing long-time veteran Marvin Isgur. Perez took the spot on the court vacated by now former U.S. Bankruptcy Judge David Jones, one of the architects of the two-judge panel, and will serve alongside Judge Christopher Lopez on the panel.
- The NLRB issued a final rule reviving a tactic commonly used by unions to delay votes on dissolving bargaining units or elections they think they will lose. The rule rescinds a measure adopted by Trump appointees, which the now Democratic-led board said could interfere with the right of employees to make free, informed decisions on union representation.
- John Dunlea, the former chief financial officer of New Jersey-based McElroy, Deutsch, Mulvaney & Carpenter was sentenced to five years in prison after embezzling more than $1.5 million from the law firm, the state attorney general’s office said.
- Global lock maker Assa Abloy has resolved a dispute over the power of a court-appointed monitor to police its settlement with the DOJ stemming from the company’s $4.3 billion acquisition of a Spectrum Brands unit. Assa Abloy had clashed for weeks in court papers with the corporate monitor supervising its compliance with the settlement, Hausfeld’s Melinda Coolidge, arguing that she overstepped her authority.
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That’s how many companies short seller Andrew Left recommended for long or short positions to social media followers of his business Citron Research, only to quickly reverse his own positions at Citron Capital to capitalize on stock price movements, according to the SEC and the DOJ. Left is facing criminal and civil charges over an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla. Left’s lawyer James Spertus said the investor plans to fight the charges. Left has been one of the prominent so-called “short activists,” who say they bet against public companies on the basis they’re overvalued or engaging in fraud.
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You’ve got to be 16 to drive, 17 to enlist in the military, 18 to vote. Is there also a minimum age for First Amendment protection? After a 7-year-old girl was punished for giving a friend a drawing that her school principal allegedly deemed “racist,” that question is now before the San Francisco-based 9th U.S. Circuit Court of Appeals, where it’s being litigated by the libertarian-leaning Pacific Legal Foundation. In her latest column, Jenna Greene looks at the case, which has already attracted amici interest from conservative free speech advocates.
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“I’m not going to impose a duty to opt out, so you might as well change it now.“
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— U.S. Bankruptcy Judge Grace Robson in Orlando, who ruled that Red Lobster’s creditors will not be considered to “consent” to a release of their legal claims in the restaurant chain’s bankruptcy simply because they failed to submit an “opt-out” form. Robson cited a recent U.S. Supreme Court ruling in Purdue Pharma’s bankruptcy that limited courts’ ability to wipe away lawsuits against people and companies that have not filed for bankruptcy themselves. The creditors are about to begin voting on a Chapter 11 plan that would turn over control of the company to lender Fortress Investment Group.
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- On Monday, Medtronic will try to convince a Delaware federal jury that its Evolut and CoreValve devices used in heart-valve replacement surgery do not infringe patents owned by Speyside Medical. The trial is expected to last for one week.
- Also Monday, Donald Trump’s media company, Trump Media & Technology Group, and the investor who helped originate the deal to take Truth Social public will square off in a one-day trial to determine the size of the founding investor’s stake. ARC Global Investments II, which is controlled by Patrick Orlando, sued Trump Media & Technology Group Corp earlier this year, claiming it was being short-changed the amount of stock it should receive in Digital World Acquisition Corp once it merged with Trump Media.
- On Tuesday, the acting director of the U.S. Secret Service, Ronald L. Rowe Jr, and Deputy FBI Director Paul Abbate are scheduled to testify before the Senate Judiciary Committee on the attempted assassination of former President Donald Trump.
- On Wednesday, U.S. District Judge Philip Gutierrez in Los Angeles is holding a hearing as he weighs whether to wipe out the $4.7 billion verdict handed down by a jury hearing testimony in a trial over a lawsuit against the NFL brought by subscribers to the league’s “Sunday Ticket” telecasts who claimed they were overcharged. Lawyers for the class action plaintiffs have argued that the evidence at trial justified the verdict, while the NFL said a “runaway” jury did its “own unfounded math,” and the amount awarded unfairly used the list price for Sunday Ticket and treated subscriber discounts as overcharges.
- On Thursday, the FTC is holding an open meeting to hear testimony on pharmacy benefit managers and their role in drug pricing. The agency is considering further regulation of these companies, and has argued the three biggest PBMs – managing 79% of U.S. prescription drug claims – have greatly enriched themselves at the expense of smaller pharmacies and consumers, according to an interim staff report.
- On Friday, Tesla will argue to a Delaware judge that Elon Musk’s $56 billion payday was restored by a recent shareholder vote, essentially reversing the judge’s ruling that rescinded the compensation. The judge invalidated the pay package in January, describing it as “unfathomable.”
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Court calendars are subject to last-minute docket changes.
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- After thousands of improper claims were detected in a $30 million settlement of several class actions against Novartis, a U.S. judge in Manhattan charged with reviewing the process said there were “robust” safeguards in place to ward off fraudulent distributions. The report issued by a federal magistrate came after U.S. District Judge Alvin Hellerstein said that nearly 15,000 settlement fund checks were never cashed and that out of 132,000 consumer claims submitted to the settlement administrator, just over 22,000 were allowed.
- The D.C. Circuit rejected the EPA’s decision in 2022 to deny small oil refineries temporary waivers from the nation’s biofuels blending program and sent the matter back to the agency for review.
- The 3rd Circuit affirmed a decision that ended J&J’s second attempt to resolve tens of thousands of cancer lawsuits through a shell company’s bankruptcy, while J&J pushes ahead with its third bankruptcy gambit. J&J, which is in the process of counting votes on its plan to file for a third bankruptcy, said it plans to appeal the decision to the U.S. Supreme Court.
- Indivior reached an $86 million settlement to resolve the company’s role in spreading opioid addiction across the United States, New York Attorney General Letitia James said. James said Indivior improperly targeted sales of its products to doctors running pill mills and failed to monitor suspicious orders.
- LinkedIn agreed to pay $6.625 million to settle a proposed class action accusing the Microsoft unit of overcharging advertisers by inflating how many people watched video ads on its platform. LinkedIn, which denied wrongdoing as part of the deal, was sued after the company disclosed that its engineers fixed software bugs that may have led to more than 418,000 overcharges.
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Since 2010, the CFTC has had the power to ban the listing of some event contracts that allow parties to speculate on the outcome or occurrence of a specific event. Since Congress gave the agency that power, the CFTC put forward a rule banning certain event contracts, but it did so without finding that the events are against the public interest. Anthony Dreyer, Karen Lent and Chad Silverman of Skadden explain the CFTC’s recent proposed changes to Rule 40.11, and how those changes seem to be directed at filling that gap.
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