The self-driving car race is on and Google is in the lead. Google plans to move full speed ahead, but faces some hefty regulatory roadblocks. The California Department of Motor Vehicles approved and implemented a set of “testing” regulations for self-driving cars in September 2014, but has been reluctant to allow much leeway in its […]
Law Firm Squire Patton Boggs to Merge with Carroll Burdick
The law firm of Squire Patton Boggs announced in February that it had reached a deal to acquire the San Francisco-based law firm of Carroll, Burdick & McDonough. The acquisition will increase Squire Patton Boggs’ headcount of roughly 1,500 lawyers by approximately fifty more and could be complete as early as the end of this […]
First Lawsuit Regarding Fraudulent Law School Employment Data to Go to Trial
In the past few years, law students unable to find employment after graduation sued their alma maters for alleged fraud. The students claimed that their schools defrauded them with misleading employment figures. However, many courts rejected this argument and these cases never made it to trial. A state judge presiding over a case against New […]
The Future Is Small: One Silicon Valley Incubator Shoots for Quality over Quantity
In the wake of fresh reports of mixed economic signals, some Silicon Valley heavyweights are now placing large bets on a “small” plan. Last week, Expa – the “start-up studio” that was launched in 2013 by Uber co-founder Garrett Camp – announced the close of a $100 million fund to support a different sort of […]
SEC Charges Wells Fargo with Fraud
On Monday, March 7, 2016, the Securities and Exchange Commission (SEC) charged Wells Fargo with fraud in its role as underwriter of a $75 million municipal bond deal. The Rhode Island Economic Development Corporation (RIEDC), a state agency, issued the bonds and loaned $50 million of its proceeds to 38 Studios, a now defunct video […]
“Could” v. “Would” and Other Issues: The Definition of Materiality in Light of Disclosure Reforms
The year of disclosure reforms is upon us. Public financial disclosures, increasingly riddled with boilerplate, repetitious, and irrelevant information, have been criticized for “disclosure overload,” where too much noise drowns out critical information for investors, shareholders, and the public. In light of congressional urging, the SEC has recently sought public comments on financial disclosure requirements […]
In light of Justice Scalia’s Death, Dow Chemicals Settles Instead of Taking Its Chances in Front of the Supreme Court
In a statement released on February 26th, Dow Chemicals announced the $835 million settlement of a pending class-action lawsuit citing “growing political uncertainties due to recent events within the Supreme Court and increased likelihood for unfavorable outcomes for business involved in class action suits.” The suit in question—a class action lawsuit alleging illegal urethane price […]
Retirees Win Against Mining Industrialist
In a nearly unprecedented turn of events, the occupant of one of the largest single-family dwellings in the U.S., mining industrialist Ira Rennert, has settled with a group of retirees from one of his subsidiary companies and agreed to pay their pensions in full. In 2011, Rennert’s conglomerate, Renco, purchased R.G. Steel for $1.2 billion. […]
No Criminal Charges against Citibank Executives for Pre-Crisis RMBS Sales
Citigroup executives involved in the sale of subprime mortgage-backed securities are off the hook in the U.S. as authorities decided not to pursue any criminal charges against them. The acknowledgement came in a report issued by one of the agencies tasked with the Citigroup probe, the Federal Housing Finance Agency’s Office of Inspector General (FHFA […]
Sports Authority Declares Bankruptcy
Sporting goods retailer Sports Authority recently filed for bankruptcy, claiming over $1 billion in debt. The retailer cited a variety of company issues in its bankruptcy filing, including acquisitions that led to inconsistent store formats, expensive leases, frequent executive turnover, and outdated information systems. The U.S. Bankruptcy Court in Delaware has already approved a $595 […]