“[G]ood artists copy[,] great artists steal. And we have always been shameless about stealing great ideas.” – Steve Jobs1 Mimicry, homage, and blatant copying create the foundation for several artistic forms, including contrafacts and mash-ups.2 Yet, copying is merely the start of the creative process. At the heart of the arts is the copying-expression cycle:…
Tag: Litigation
Spoofing: The Newest White Collar Crime
A day after Halloween, federal prosecutors spooked traders nationwide. In the first criminal prosecution of its kind, Michael Coscia was charged with spoofing.1 The indictment claims that he manipulated the futures market through two computer programs that he designed.2 Mr. Coscia is a high frequency trader, and the prosecution comes at a time when authorities…
Lyft Versus Uber: The Competition Revs Up
The fierce competition between rival ride-sharing services Lyft and Uber is revving up for a battle in the courtroom. In a complaint filed with the San Francisco Superior Court on November 4, 2014, Lyft alleges that former Chief Operating Officer Travis VanderZanden breached his confidentiality agreement and fiduciary duties when he joined Uber after leaving…
Proposed Staples-Office Depot Merger Will Depend on Relevant Product Market
In 1996, Staples proposed a merger with Office Depot to the FTC and Department of Justice.1 The FTC, however, opposed the merger on the grounds that it “would violate federal antitrust laws by substantially reducing competition in the retail sale of office supply superstores in various markets throughout the country where each firm directly competes…
In Takeover Battle, Allergan Agrees to Special Meeting Amidst Critique of Restrictive Bylaw
On September 15, 2014, Allergan made a concession in its contentious battle to thwart Valeant Pharmaceuticals and hedge fund Pershing Square Capital Management in their joint attempt at a $53 billion takeover of Allergan. 1 The concession was to agree to the special meeting called by Pershing Square with the hope of voting out a…
Top Private Equity Firms Settle Lawsuit
Private equity firms usually have money on the mind. They aim to make money for their investors by buying companies and selling them at a profit, while pocketing management and performance fees for themselves. In the competitive world of Wall Street, performance is critical – but for some of the biggest private equity funds in…
The Rise of Third-Party Litigation Financing in the United States
Litigation financing is a central concern for parties before any serious litigation is undertaken. Given the high costs associated with high stakes litigation, many law firms are willing to create financing plans with clients that will enable the parties to move forward with their cases. Arrangements where law firms work on a contingency basis have…
ABA Drops Suit Against Volcker Rule but Issues Remain
In January, the five regulatory agencies responsible for carrying out the Volcker Rule—the Federal Reserve, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission—issued an interim final rule modifying portions of the initial version of the final rule released in December.1 The modifications…
Denver Merchandise and “Make-whole provisions”
Earlier this year the U.S. Court of Appeals for the Fifth Circuit added another take on “make-whole provisions” in bankruptcy law when it held that, absent language to the contrary, prepayment penalties may not be included in the claims of lenders who accelerate their borrowers’ notes.1 “Make-whole provisions”, and related “no-call provisions”, are important mechanisms…
Dilemma for Big Four Auditors in China in the Midst of Conflicting Laws
On January 22, 2014, U.S. Securities and Exchange Commission (SEC) Administrative Law Judge Cameron Elliot censured Chinese affiliates of the “Big Four” accounting firms (Ernst & Young LLP, KPMG LLP, PricewaterhouseCoopers LLP, and Deloitte LLP) along with BDO China Dahua CPA Co., Ltd. for willful violation of Section 106(e) of the Sarbanes-Oxley Act of 2002…