Publications 08.26.24 DOJ Sues RealPage for Alleged Algorithmic Pricing Antitrust Violations On Friday, the U.S. Department of Justice (DOJ), joined by North Carolina, California, Colorado, Minnesota, Oregon, Tennessee, and Washington, filed an antitrust lawsuit against RealPage, Inc. in North Carolina. The DOJ’s complaint[1] alleges RealPage’s Revenue Management Software gathers nonpublic, competitively sensitive data from landlords and uses that data to create algorithms that allow landlords to collaborate on pricing decisions, ultimately increasing rental prices for customers across... On Friday, the U.S. Department of Justice (DOJ), joined by North Carolina, California, Colorado, Minnesota, Oregon, Tennessee, and Washington, filed an antitrust lawsuit against RealPage, Inc. in North Carolina. The DOJ’s complaint[1] alleges... On Friday, the U.S. Department of Justice (DOJ), joined by North Carolina, California, Colorado, Minnesota, Oregon,... Read more... 08.21.24 Texas Federal Court Blocks the FTC Non-Compete Ban Introduction On August 20, 2024, the United States District Court for the Northern District of Texas set aside the FTC’s “Non-Compete Rule” that would have banned substantially all post-employment non-competes. In reaching this decision, the District Court held that (i) the FTC lacks the statutory authority to issue the Non-Compete Rule and (ii) the FTC’s issuance of the Non-Compete Rule was arbitrary and capricious. Based on this holding, the District Court ordered that the Non-Compete Rule be... Introduction On August 20, 2024, the United States District Court for the Northern District of Texas set aside the FTC’s “Non-Compete Rule” that would have banned substantially all post-employment non-competes. In reaching this decision, the... Introduction On August 20, 2024, the United States District Court for the Northern District of Texas set aside the FTC’s... Read more... 07.30.24 Second Circuit: Reaffirms Donoghue Holding That Short-Swing Trading Inflicts Injury Sufficient for Constitutional Standing On June 24, 2024, the Second Circuit reversed a district court’s dismissal of a shareholder’s Section 16(b) derivative suit for lack of constitutional standing, which the district court based on its determination that TransUnion LLC v. Ramirez, 594 U.S. 413 (2021) had abrogated Donoghue v. Bulldog Investors General Partnership, 696 F.3d 170 (2d Cir. 2012). Packer v. Raging Cap. Mgmt., 2024 U.S. App. LEXIS 15218 (2d Cir. 2024) (Cabranes, J.). In TransUnion, the Supreme Court stated that to... On June 24, 2024, the Second Circuit reversed a district court’s dismissal of a shareholder’s Section 16(b) derivative suit for lack of constitutional standing, which the district court based on its determination that TransUnion LLC v. Ramirez, 594... On June 24, 2024, the Second Circuit reversed a district court’s dismissal of a shareholder’s Section 16(b) derivative suit... Read more... 07.25.24 Federal Judge Deals Significant Setback to SEC’s Expansive Use of FCPA’s Accounting Provisions On July 18, 2024, Judge Paul Engelmayer of the United States District Court for the Southern District of New York dealt a significant blow to the Securities and Exchange Commission’s recent expansive use of accounting provisions enacted in the Foreign Corrupt Practices Act of 1977 to charge perceived control deficiencies far beyond accounting matters, including in the cyber and trading contexts. Calling these allegations “ill pled,” Judge Engelmayer granted a motion to dismiss claims grounded... On July 18, 2024, Judge Paul Engelmayer of the United States District Court for the Southern District of New York dealt a significant blow to the Securities and Exchange Commission’s recent expansive use of accounting provisions enacted in the... On July 18, 2024, Judge Paul Engelmayer of the United States District Court for the Southern District of New York dealt a... Read more... 07.16.24 CSDDD—EU Delivers Mandatory Sustainability Due Diligence Regime Despite Political Pressure Despite fears that the EU’s long-awaited flagship legislation for responsible business conduct would succumb to last-minute political pressures (see our February 2024 Alert), the Corporate Sustainability Due Diligence Directive (CSDDD) has finally completed its passage through the EU’s legislative process. The Directive was adopted by the European Parliament in April 2024 and received final approval from the European Council in May. CSDDD was published in the Official Journal of the EU on 5... Despite fears that the EU’s long-awaited flagship legislation for responsible business conduct would succumb to last-minute political pressures (see our February 2024 Alert), the Corporate Sustainability Due Diligence Directive (CSDDD) has finally... Despite fears that the EU’s long-awaited flagship legislation for responsible business conduct would succumb to last-minute... Read more... 02.02.24 UPDATED: ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S. Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG measures in new variations. New York state legislators have proposed climate disclosure bills nearly identical to California’s groundbreaking SB 253 and SB 261 requiring disclosure of greenhouse gas emissions and climate risk reports, which are now the subject of litigation in a federal district court in California. Meanwhile, New Hampshire legislators have proposed a bill... Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG measures in new variations. New York state legislators have proposed climate disclosure bills nearly identical to California’s... Three years after the first anti-ESG law was passed in Texas, states continue to propose and adopt both anti- and pro-ESG... Read more... 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