Litigation Roundup: Fifth Circuit Ruling Unravels $7.1B Deal; SEC Goes After $191M Cowtown ‘Ponzi Scheme’
In this edition of Litigation Roundup, the U.S. Securities and Exchange Commission accused a Fort Worth company of operating a $191 million Ponzi scheme involving the purchase and sale of cattle, and a trial team from Susman Godfrey secured an $86 million defense win. Also highlighted is a Fifth Circuit panel’s holding that the Federal Trade Commission used an incorrect standard in determining a $7.1 billion acquisition of a cancer test maker would harm competition, but the court also agreed with the agency’s conclusion, which was enough to prompt Illumina to announce it would divest Grail anyway.