With a market cap valued at over a staggering $1 trillion, cryptocurrency’s (or “crypto(s)”) exponential market growth has led to a hotly debated, new-found regulatory force by the U.S. Securities and Exchange Commission (“SEC”). (Forbes). The SEC’s eager regulatory control over crypto has fueled legal battles, with the most recent development involving investors advocating for bitcoin exchange-traded funds (“ETF(s)”). (Aislinn Keely, Law360). The Commission has historically resisted investor’s efforts. (Hannah Lang, et al., Reuters). However, a recent District of Columbia Court of Appeals decision, dubbed a victory for plaintiff and digital asset management company Grayscale Investments (“Grayscale”), has proven hopeful to investors. Id. This post explores the Grayscale decision, the SEC’s and Grayscale’s respective arguments, and both the narrow and broad implications of the decision against the backdrop of the SEC’s position on cryptocurrency.
Read MoreThe Federal Aviation Administration (“FAA”) recently proposed a rule change that, if passed, would likely put airlines like JSX out of business. (Regulations.GOV; Alison Sider, The Wall Street Journal). JSX is a Dallas-based airline founded in 2016, which operates regularly-scheduled flights using a fleet of 30-seat aircraft that provides a premium flying experience to the general public. (JSX). JSX does this by operating “semi-private” flights out of private terminals that provide flyers with easy access parking, no lines, no-hassle security, and a flexible pet policy. (JSX; Gary Leff, View From The Wing). Additionally, because JSX operates from private terminals, it can fly to destinations that other airlines cannot, such as Taos, New Mexico. Id.
Read MoreThe largest mass tort litigation in U.S. history has come to an end. On August 29, 2023, 3M, a company specializing in the manufacturing and distribution of industrial, safety, and consumer products, reached a $6 billion settlement, resolving hundreds of thousands of lawsuits filed by U.S. military service members (the “Plaintiffs”). The Plaintiffs claimed that they suffered hearing loss from the use of 3M’s earplugs. (Brendan Pierson, Reuters). The settlement followed 3M's failed attempt to limit its liability through a controversial legal maneuver known as the “Texas Two-Step.” Id. This article explores 3M’s legal battle, specifically its unsuccessful Texas Two-Step, and the potential impact from the failed maneuver on future corporate liability.
Read MoreUnder the leadership of Chair Lina Khan, the Federal Trade Commission (“FTC”) has taken an “aggressive” approach on challenging monopolies, especially in the healthcare industry. (Caitlin McCabe et al., WSJ). Echoing the FTC's recent approach to antitrust enforcement, the agency launched a civil suit on September 21, 2023, against U.S. Anesthesia Partners, Inc. (“USAP”) and private equity (“PE”) firm Welsh, Carson, Anderson & Stowe (“Welsh Carson”). (Megan McArdle, Washington Post; FTC). The FTC alleges that USAP and Welsh Carson engaged in an “anticompetitive scheme to consolidate anesthesiology practices in Texas.” Id. This lawsuit has ignited a firestorm of controversy, raising questions about fair competition and the future of the healthcare industry.
Read MoreIn August of 2020, Apple removed Fortnite, a popular game created by Epic Games (“Epic”), from the Apple App Store. (Perez, Techcrunch). Apple removed Fortnite the same day Epic began offering discounts to Fortnite users who made in-game purchases directly through Epic. (Browning, N.Y. Times). Apple has an “anti-steering” policy, which prohibits companies from directing app users to transact directly with the app developers and cutting out Apple as the middleman. Id. Epic’s practice violated the anti-steering policy and another Apple policy requiring that all “in-app” purchases be made through the Apple App Store where Apple collects a 30% fee. (Gilbert, Businessinsider). This policy has paid major dividends for Apple as the Apple App Store provides a significant portion of the company’s $78.1 billion in services revenue in 2022. (Leswing, CNBC).
As a result, on August 13, 2020, Epic sued Apple in federal court in the Northern District of California bringing a variety of claims including federal antitrust claims under the Sherman Act, California antitrust claims, and claims under California’s Unfair Competition Law. Epic Games, Inc. v. Apple Inc., 559 F. Supp. 3d 898, 1014 (N.D. Cal. 2021), aff'd in part, rev'd in part and remanded, 67 F.4th 946 (9th Cir. 2023).
Read MoreIn 2022, the Biden-Harris Administration announced plans to forgive up to $400B in student loans (“forgiveness plan”). (Amy Howe, SCOTUSblog). The Supreme Court struck the plan down in a 6-3 vote, ruling that the Biden-Harris Administration had exceeded its authority. Id. In response, the Administration has posited a new tactic to help student loan borrowers: the Savings on a Valuable Education Plan (“SAVE Plan”). This article analyzes the SAVE Plan, including key details and potential issues, as well as the positive impact it will have on future generations of college applicants.
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