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Tesla will use shareholders’ strong support for Elon Musk’s $56 billion pay package to try to win over a Delaware judge that invalidated his 2018 agreement, the company’s board president said. But will it work?
Months after Delaware judge Kathaleen McCormick struck down the largest-ever corporate pay package, nearly three-quarters of shareholders voted in favor of it, overcoming opposition from a number of institutional investors and proxy advisory firms. McCormick of Delaware’s Court of Chancery rescinded the pay package in January because she found that Musk improperly controlled the 2018 board process to negotiate it. She also ruled that Tesla failed to fully inform investors before they voted for it.
The vote doesn’t resolve the lawsuit McCormick is overseeing, so the legal fight to recognize Thursday’s vote will begin right away.
Legal experts told Hyunjoo Jin, Ross Kerber and Tom Hals they were split as to whether it would hold sway in the case, which could stretch out for months. Some suggested that the original case’s arguments that Tesla’s shareholders were not fully aware of how quickly Musk would achieve the 2018 goals was no longer relevant.
“Now that shareholders have voted for it a second time with all of the facts out in the open, the entire crux of the judge’s argument becomes invalid,” said Natela Shenon, a partner at Grant Shenon.
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- The Texas Supreme Court said it will hear a case over whether Texas Attorney General Ken Paxton’s top lieutenant should be disciplined for his role in challenging Joe Biden’s 2020 presidential win. First Assistant Attorney General Brent Webster had asked the state’s highest court to overturn a July 2023 ruling that revived a disciplinary case brought against him by the Texas state bar’s Commission for Lawyer Discipline.
- In a setback for litigation finance company Burford Capital, U.S. District Judge Thomas Durkin in Chicago ruled that national food distributor Sysco cannot back out of price-fixing settlements with meat industry giant Pilgrim’s Pride. Durkin said Sysco’s settlement with Pilgrim’s Pride was enforceable despite opposition from Burford, which had helped bankroll the litigation and argued that the deal was never finalized.
- The D.C. Circuit rejected a DOJ attempt to revive a lawsuit accusing casino mogul Steve Wynn of lobbying then-President Donald Trump on behalf of China. The ruling upheld a lower court decision to dismiss the lawsuit, which sought to compel Wynn to retroactively register his lobbying activities with the U.S. government. Neither ruling addressed whether Wynn lobbied on behalf of China.
- The DOJ told Republican Speaker Mike Johnson that it would decline to pursue criminal contempt of Congress charges against Attorney General Merrick Garland, according to a letter seen by Reuters. The letter comes just two days after the Republican-controlled House voted along party lines to hold Garland in contempt for refusing to turn over audio recordings of a special counsel interview with President Joe Biden.
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That’s how much New York Attorney General Letitia James said her office has recovered from the cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program. James said Gemini, run by billionaire twin brothers Cameron and Tyler Winklevoss, will provide full recoveries to more than 230,000 Earn investors, including 29,000 in New York, and agreed to a ban on operating crypto lending programs in the state. The payout is in addition to James’ related $2 billion settlement with Genesis announced last month.
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The new edition of Black’s Law Dictionary is out, with more than 2,500 additional law-related words and phrases. Aided by a small army of contributors, chief editor Bryan Garner is tasked with deciding which words make the cut and crafting their definitions. In her latest column, Jenna Greene talks with Garner about the process and takes a breezy look at the new terms that caught her eye.
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- Today, the government faces a deadline to respond in the D.C. Circuit to former Trump aide Steve Bannon’s request to remain free while he appeals his conviction for contempt of Congress. Bannon was sentenced to four months in prison after he spurned a subpoena from a congressional panel that investigated the Jan. 6, 2021, attack on the U.S. Capitol. A judge ordered him to report to prison on July 1.
- On Tuesday, U.S. District Judge Matthew Kennelly in Chicago is scheduled to hold a status hearing in antitrust litigation that accused 17 elite U.S. universities of unlawfully favoring wealthy students for admission. Ten of the schools have reached a total $284 million in settlements since the lawsuit was filed in 2022. Plaintiffs’ firms Freedman Normand Friedland, Gilbert Litigators and Counselors and Berger Montague have asked Kennelly to award them $94.7 million in legal fees for their work in the case so far.
- On Thursday, TikTok and a group of content creators face a deadline to file their briefs at the D.C. Circuit in a challenge to a law requiring China-based ByteDance to divest TikTok’s U.S. assets by Jan. 19 or face a ban. The court is considering challenges to the law on an expedited schedule.
- On Friday, U.S. District Judge Aileen Cannon will hear claims from Donald Trump that Special Counsel Jack Smith, who is leading two federal criminal prosecutions of the former president, was not properly appointed and did not have the authority to bring the cases.
- Also on Friday, a judge in Santa Fe, New Mexico, will hear arguments on whether certain defense witnesses must testify at the “Rust” shooting trial of Alec Baldwin and if the film’s convicted armorer, Hannah Gutierrez, can be granted immunity to testify.
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Court calendars are subject to last-minute docket changes.
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- Alphabet’s Google must face trial in September on U.S. antitrust enforcers’ claim that the internet search juggernaut illegally dominates the online advertising technology market. Google had argued for a win without a trial, saying that antitrust laws do not block companies from refusing to deal with rivals and that regulators had not accurately defined the ad tech market, but U.S. District Judge Leonie Brinkema in Alexandria, Virginia, denied Google’s motion during a hearing.
- Amazon must pay nearly $122 million for violating another company’s rights in targeted internet advertising technology, a Texas federal jury said. After a week-long trial, jurors in Waco, Texas, agreed with patent owner AlmondNet that elements of Amazon’s advertising platform infringe two AlmondNet patents related to personalized ad targeting.
- The Competitive Enterprise Institute, a conservative think tank, filed a lawsuit challenging the U.S. Department of Energy’s new energy-efficiency requirements for household clothes washers and dishwashers, arguing the Biden administration lacked authority to adopt the regulations. The group filed a lawsuit on behalf of two consumers in federal court in Amarillo, Texas, a venue popular among conservative litigants whose sole judge is a Trump appointee.
- Chinese state-owned manufacturing company Irico Group is fighting a potential multibillion-dollar judgment after a court-appointed fact-finder said the company destroyed evidence and flouted a judge’s orders in a U.S. price-fixing lawsuit. Irico Group’s attorneys in a filing in Oakland, California, federal court said such a drastic sanction is not justified and asked U.S. District Judge Jon Tigar to allow the case to go to trial instead.
- The U.S. Supreme Court ruled that bankrupt companies are not entitled to be reimbursed to make up for a disparity in bankruptcy fees that lasted from 2018 to 2020, saying that U.S. taxpayers should not be on the hook for refunds that would add up to hundreds of millions of dollars. The court ruled in a 6-3 opinion that Congress had intended to raise rates uniformly, and had already addressed the disparity by raising rates in two states that briefly charged lower fees.
- Amazon is facing a proposed class action claiming it has monopolized the retail market for audiobooks, leading authors to overpay for the distribution of their works. The lawsuit from author Christine DeMaio, who publishes under the name CD Reiss, said Amazon is violating U.S. antitrust by charging higher distribution fees for writers who do not exclusively use the e-commerce giant’s platform.
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- Polsinelli added Robert Sarfatis as a corporate M&A partner in Dallas and Park City, Utah. He previously was at Foley & Lardner. (Polsinelli)
- Frier Levitt, which focuses on the healthcare and life sciences industries, hired partner Christopher Mayer in New Jersey to lead a new employment law practice. He previously was at McCarter & English. (Frier Levitt)
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