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The SEC is poised today to vote on whether to adopt rules requiring U.S.-listed companies to report climate-related risks, in a potentially major overhaul of U.S. disclosure rules that is expected to quickly bring legal challenges, Douglas Gillison, Isla Binnie and Ross Kerber report.
The rules, first proposed two years ago, are part of the Biden administration’s agenda to address climate change threats through federal agencies. The SEC wants to standardize climate-related company disclosures. Pending regulations have been bogged down by pushback from companies and Republican state officials who say they overreach and will be burdensome for companies. The new rules are expected to bring legal challenges, as evidenced by the more than 16,000 public comments that the agency received — the most in its history.
The SEC earlier dropped its most ambitious “Scope 3” plank that would have required companies to disclose emissions from their supply chains. That change could help the rule withstand court challenges, sources told our colleagues. The regulatory effort could prove to be the biggest overhaul of U.S. disclosure requirements in a generation, some securities law experts said.
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- The writing section of the LSAT will get an overhaul this summer with a greater emphasis on gauging analytical skills, the Law School Admission Council announced. The council said it also plans to start scoring the writing section sometime after the upcoming testing cycle, which begins in August and ends in the summer of 2025.
- Plaintiffs’ firm Zimmerman Reed asked a U.S. judge to dismiss a lawsuit against it by L’Occitane, claiming the skincare company “fabricated” conspiracy allegations and improperly invoked an anti-wiretapping law in a bid to escape thousands of consumer arbitration claims.
- Brownstein Hyatt Farber Schreck expanded its U.S. lobbying work for Saudi Arabian clients to include the county’s $500 billion flagship project NEOM, a high-tech development on the Red Sea. The firm previously registered government affairs work for the Saudi embassy and the country’s sovereign wealth fund, Public Investment Fund.
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That’s how many lawsuits have been filed accusing the maker of the ultra popular Stanley Quencher tumblers of failing to disclose that the cups are made using lead. The lawsuits, which are all proposed as class actions, are pending in federal courts in California, Washington and North Carolina. Learn what law firm the company has tapped for its defense.
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The U.S. Securities and Exchange Commission scored a big victory in a small enforcement action last Friday when a federal judge in Seattle granted a default judgment against a no-show defendant accused of trading crypto tokens based on insider information he obtained from a since-fired Coinbase employee. Now the agency is now hoping to leverage that win in its vastly more consequential case against Coinbase itself. Alison Frankel has the story of an intense little skirmish between the SEC and Coinbase in one of the commission’s biggest crypto cases.
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“This case marks the third time that we have been called upon to resolve the same legal issue.“
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- The Democratic-led U.S. Senate Judiciary Committee will hold a hearing to consider some of the latest judicial picks from the Biden administration. The nominees set to appear include Sanket Bulsara, nominated for the Eastern District of New York; Dena Coggins, nominated for the Eastern District of California; and Eric Schulte and Camela Theeler, both nominated for the District of South Dakota.
- U.S. District Judge Mark Mastroianni will hear arguments in Massachusetts over the state’s effort to dismiss a lawsuit by a Massachusetts couple challenging the denial of their application to become foster parents over their views on LGBTQ people. The conservative religious legal group Becket Fund, representing the couple, alleged the state is violating First Amendment rights. The state contends the regulation at issue requires “all foster care applicants, regardless of religious beliefs, to demonstrate the ability to meet a foster child’s basic physical and emotional needs.
- The American Bar Association kicks off a three-day conference in San Francisco focused on white-collar crime. U.S. Attorney General Merrick Garland, Deputy Attorney General Lisa Monaco, SEC enforcement director Gurbir Grewal and CFTC enforcement director Ian McGinley are among the planned speakers.
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Court calendars are subject to last-minute docket changes.
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- Bayer won a trial in a lawsuit brought by a retired postal service worker in Pennsylvania who alleged he developed non-Hodgkin’s lymphoma from using the company’s Roundup weedkiller. Plaintiffs in a similar lawsuit in California voluntarily dropped their case while a trial was underway. Bayer has prevailed in 13 of the last 20 Roundup trials, while plaintiffs have scored verdicts totaling more than $4 billion, including $2.25 billion in a single case in January.
- The Federal Circuit revived an IBM lawsuit accusing online pet-food retailer Chewy of infringing the technology giant’s patents covering internet advertising. The court ruling reversed part of a New York federal judge’s decision to end the case before trial, finding that Chewy’s online services may have infringed one of IBM’s patents.
- An Oregon state jury ordered Berkshire Hathaway’s PacifiCorp to pay at least $29.2 million to nine homeowners and a summer camp whose properties were damaged by 2020 wildfires they claim were sparked when the utility failed to shut off its power lines during high winds. The trial was the second of at least three scheduled this year to serve as test cases to determine how much PacifiCorp owes people following a series of fires that caused nearly $1.9 billion in damage and other harms, according to a state estimate.
- Cosmetics giant L’Oreal USA settled a patent case brought by a Christian religious order and the University of Massachusetts over patents related to the order’s anti-aging skin cream. UMass and Carmel Laboratories, a subsidiary of a Massachusetts-based religious community, claimed L’Oreal infringed patents related to skin creams with the chemical adenosine that were invented by a UMass professor who was a member of the community.
- Chief U.S. District Judge Miranda Du in Las Vegas dismissed part of a class action accusing ranching companies of conspiring with a trade association to artificially suppress wages for sheepherders in the western United States. Du ruled that the plaintiff, whose lawyers include a team from Edelson, had not alleged enough information to support claims of a rancher conspiracy.
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- Davis Wright Tremaine picked up employment litigators Tritia Murata and David Zins as partners in Los Angeles. They were previously at Morrison Foerster, where Murata served as co-chair of the global employment and labor group. (Reuters)
- Norton Rose Fulbright hired partner Neely Agin in D.C. as the U.S. head of the firm’s antitrust team. Agin arrives from Winston & Strawn, where she was a leader in the firm’s competition practice. (Reuters)
- Sidley Austin added D.C.-based partners Gregory Williams and Richard Smith in the firm’s litigation and global arbitration, trade and advocacy practice. They join from Wiley Rein. (Sidley)
- Fried Frank added finance partner Monica Thurmond in the firm’s New York office. Thurmond was previously at Paul Weiss. (Fried Frank)
- Jackson Lewis hired Evan Citron as a New York-based management-side employment partner from Ogletree Deakins. (Jackson Lewis)
- Troutman Pepper added financial services partners Kevin Petrasic and Matthew Bornfreund from Davis Wright Tremaine. The pair will be based in D.C. (Troutman)
- GRSM hired commercial litigation and real estate partner Reagan Larkin for the firm’s Denver office. She was previously at Messner Reeves. (GRSM)
- Real estate partner George Hinchey returned to Haynes and Boone. Hinchey, who was previously in-house at Las Aguilas Real Estate, will work from the firm’s San Antonio office. (Haynes and Boone)
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