On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, a decisive change in how cryptocurrency staking rewards are viewed from a tax perspective. According to the new guidance, the fair market value of staking rewards received by a cash-method taxpayer is now deemed includible in the taxpayer’s gross income for the…
Apple Inc. recently approached the Trademark Trial and Appeal Board with a plea to revise its attempt to register the “Apple Music” mark. This followed a loss suffered by the technology giant at the Federal Circuit. Notably, the request includes the removal of a section concerning live performances. The particular case at the Federal Circuit…
After witnessing relatively subdued activity in 2021 and 2022, Chapter 11 commercial bankruptcy filings appear to be on the rise again. A recent report, released by Epiq Global, revealed that July registered a notable uptick in the number of filings, marking 71% more than the same period the previous year. For those of you interested…
Significant changes to the Delaware General Corporation Law that took effect on August 1, 2023, sees a reduction in the need for shareholder votes on some corporate matters. The alterations that have garnered the most attention are those affecting requirements for shareholder votes, particularly initiating a reverse stock split and changing the number of outstanding…
Welcome, esteemed legal professionals, to the 20th issue review of the so-called ‘Blockbuster Biologics’. As per usual, we take a deep dive into the most recent happenings in the world of biologics and biosimilars, with a particular focus on patent litigation and post-grant challenges. In the wake of the Biologics Price Competition and Innovation Act…
While the Supreme Court’s overruling of affirmative action and Biden’s student loan forgiveness cases certainly garnered a significant amount of media attention, a number of quieter cases may bear profound consequences for various facets of American life. The public health and environmental sectors anxiously await the implications of Sackett, while artists ponder how they will…
Due to his influential tenure as President of the United States, legal professionals worldwide have developed a keen interest in understanding former President Donald Trump’s various legal troubles still being adjudicated. This discussion focuses on the critical points of the three prominent cases currently open against him, which carry a mindboggling maximum statutory penalty totalling…
Global offshore law firm Harneys has entered definitive agreements to sell its fiduciary business, according to a recent announcement. This transaction has received support from prominent global private equity firm Hillhouse. Financial details related to this sale remain undisclosed. As is often the case with such divestment, this strategic move is intended to fuel further…
On July 12, 2023, the European Union initiated the Foreign Subsidies Regulation (FSR), a sweeping set of regulations that now apply to all non-EU and EU companies across every economic sector. This legislation effectively fills a void in regulatory oversight that had persisted since 1958. According to legal analysis by Sheppard Mullin Richter & Hampton…
In a bid to address relevant environmental issues, the Council on Environmental Quality (CEQ) proposed amendments to the National Environmental Policy Act (NEPA) regulations on July 28, 2023. These alterations concern the strategies federal agencies utilize when assessing the environmental impacts of federal projects of significant scale. JD Supra reports on this matter. The changes…
With the rise of the legal cannabis industry, businesses seeking to out-perform their competition are investing time and money into perfecting their grow processes or creating unique cannabis extracts. These competitive advantages are investments that businesses need to protect. At the heart of this protection lie the trade secrets that give these companies an edge…
In the continually emerging and intricate field of legal updates, it remains crucial for legal professionals to stay abreast with the most recent significant rulings. As such, we bring to you a procedural summary of specific notable decisions primarily in the food and consumer packaged goods industries for the month of August 2023. First amongst…
Legal matters revolving around E. Jean Carroll, author and plaintiff in a defamation trial against former President Donald Trump, continue to intensify. Carroll’s attorney, Roberta Kaplan of Kaplan Hecker & Fink, recently called a Manhattan federal judge to grant summary judgment on the merits in anticipation of the trial, relying on the argument that “no…
Healthcare organizations today often grapple with a significant snafu of the digital age: online reviews. These public testimonials, for better or for worse, have a massive influence on a healthcare organization’s reputation. Even a small number of dissatisfied patients can cause substantial harm with negative comments posted on social media and customer review platforms like…
The United States Sugar Corp. may have ended its nearly $10 million legal battle against a proposed class action over toxic emissions from pre-harvest sugarcane burns, but the financial fallout is far from over. After seeking recoupment from its insurer for all incurred expenses related to the suits, a federal judge in Florida has ruled…
Legal professionals worldwide, particularly those working within educational institutions, need to be aware of the latest amendments and introductions to legislation that directly affect their operations. One such significant law is the Pregnant Workers Fairness Act, which went into effect on June 27, 2023. This recent legislation has a direct bearing on how schools, as…
While artificial intelligence (AI) may be a fairly recent addition to tech stacks generally, M&A lawyers are quite accustomed to this form of technology. Having been incorporated into their utilities for some time, near about a decade now, AI is not a newcomer in the world of mergers and acquisitions law. The increase of AI…
Automakers are eager to capitalize on consumer data gathered from internet-connected vehicles, but privacy watchdogs are urging for more scrutiny before this potential source of revenue becomes too difficult to regulate. The Enforcement Division of the California Consumer Privacy Protection Agency (CCPPA) announced this week it would review the data privacy practices of connected-vehicle (CV)…
In a bid to offer essential clarification and guidance, representatives from the Copyright Office revealed insights during a June 2023 webinar regarding the registration process for works that include material generated through artificial intelligence (AI). These clarifications arrive following the office’s initial guidance shared in March 2023 concerning “Works Containing Material Generated by Artificial Intelligence”….
In the hustle and bustle of our everyday lives, it can be easy to lose sight of the ongoing legal challenges to federal programs that have far-reaching implications for major corporations and law firms. These challenges cover a wide range of areas: from tribal gaming support, and the Small Business Administration’s (SBA) 8(a) program, to…
The patent infringement case against biotechnology firm Pacific Biosciences of California Inc. has been moved from a Delaware federal court to California. According to the judgement, there were insufficient reasons to support maintaining the case proceedings in Delaware. Pacific Biosciences of California Inc., commonly known as PacBio, is a biotechnology company that’s profusely involved in…
Sean Edgett, Twitter’s former general counsel, has taken up the reins as the first chief legal officer at Upside Foods, a pioneering firm in lab-cultivated meat. Known for crafting “no kill” meat products, the Berkeley, California tech-unicorn specializes in producing only the edible parts of livestock – chickens, pigs, and cows. The appointment coincides with…
In a recent opinion piece, renowned legal scholar David Levitt argues that the disclosure of third-party litigation funding should be made mandatory across all cases. This call to action comes on the back of the Appellate Rules Committee’s decision to defer the issue. Third-party litigation funding, wherein a third party unconnected to the lawsuit provides…
Portland’s geographical advantage due to its proximity to Vancouver, Washington is both a boon and a bane for builders, according to panelists at a recent virtual Builder Breakfast event. This event, organized by the Daily Journal of Commerce, witnessed insurance, tax, and legal experts impart critical knowledge on what all contractors need to consider when…
In a move that’s poised to greatly affect the design, production, and waste management sectors of the battery industry across the European Union, the new EU batteries regulation is set to instate enhanced sustainability, recycling, and safety requirements. This development is of critical importance to all our esteemed readers who are engaged in legal advisories…