For 13 years, the University of Texas Board of Regents and IDEXX Laboratories seemed pleased with a royalty deal they inked for certain diagnostic tests used by veterinarians. Then an auditor told UT IDEXX had been underpaying what it owed under the structure of the deal. That finding led to litigation and a $51 million award for UT that was later undone by the Fourteenth Court of Appeals in Houston. The Texas Supreme Court has agreed to determine whether the contract binding the parties is ambiguous.
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SCOTX to Decide if Class Action Suit May Proceed Against USAA
The owner of a restored vintage Mercedes that was declared salvage by USAA, a decision the company later walked back, argues the insurance giant participates in a wrongful practice of prematurely reporting to the state that it has paid claims. USAA argues the plaintiff should be required to pursue her novel claims as an individual and not on a classwide basis.
2023 — The Year of Billion-Dollar M&A Deals in Texas
The size of a deal may not always be an indicator of its success, but 2023 in Texas will certainly go down in history as the year of some massive billion-dollar transactions.
Despite the fact that the global M&A market saw a 17 percent decline in value and 6 percent decline in volume, Texas had the distinction of leading the world with the two largest megadeals: ExxonMobil’s $64.5 billion acquisition of Pioneer Natural Resources and Chevron’s $60 billion purchase of Hess Corp. Even ONEOK’s $18 billion acquisition of Magellan Midstream Partners made it to the top dozen deals worldwide, as Texas demonstrated its energy prowess across the globe.
Chesapeake and Southwestern to Merge in $7.4B Deal
Advised by lawyers from Kirkland & Ellis and Latham & Watkins, the deal brings to NG and LNG the same kind of billion-dollar consolidations taking place among major holders in the Permian Basin.
Fifth Circuit Says Lack of ‘Fair Notice’ Dooms $7.5M Jury Verdict Against Energy Futures Co., Broker
The Fifth Circuit Court of Appeals on Monday determined the Commodity Futures Trading Commission employed an “unprecedented interpretation” of a 39-year-old rule when it filed a “novel civil liability suit” against energy futures trading company EOX Holdings and a Houston energy trader that resulted in a $7.5 million penalty.
Mesa Airlines Settles Racial Profiling Suit
Issam Abdallah and Abderraouf Alkhawaldeh recently reached a confidential settlement with Mesa Airlines. The two men filed suit after their flight was delayed and subsequently canceled because of what they allege was racial profiling by a flight attendant and pilot. U.S. District Judge Reed O’Connor had tossed the claims against Mesa on summary judgment. The Fifth Circuit revived the lawsuit in October.
Senate Confirms Judge John Kazen to SDTX District Bench
The U.S. Senate Tuesday confirmed the first U.S. district court judge in Texas in nearly four years when it voted to approve U.S. Magistrate Judge John Kazen for an open seat on the federal bench in the Southern District of Texas. President Biden nominated Judge Kazen for the position last year after Houston federal judge Vanessa Gilmore retired. Judge Kazen’s chambers in Laredo, once he is sworn in, will be in the federal building named after his father, former U.S. District Judge George P. Kazen.
2023 DFW GCs of the Year: GameStop, Avantax and Hunt Realty
Corporate general counsel faced a year of business and governmental turmoil, higher interest rates, tightened capital markets and dramatic changes in state and federal regulatory schemes throughout 2023. But three GCs did it exceptionally well. The Association of Corporate Counsel’s DFW Chapter and The Texas Lawbook announced the 2023 DFW General Counsel of the Year awards Tuesday for three categories. The winners are GameStop General Counsel Mark Robinson, Hunt Realty Investments General Counsel Diane Hornquist, and former Avantax Chief Legal Officer Tabitha Bailey. A panel of independent judges reviewed more than 60 nominations in 13 different categories submitted by corporate legal departments and law firms. The DFW Corporate Counsel Awards recognize the successes and leadership demonstrated by in-house counsel in North Texas.
CDT Roundup: 8 Deals, 8 Firms, 84 Lawyers, $7.9B
Worldwide M&A values in 2023 reached $2.9 trillion, down 17 percent from 2022. U.S. M&A values were $1.4 trillion in 2023, down about 5 percent compared to the prior year — the slowest (and lowest) annual number in six years. According to a study by LSEG, a data and information firm, private equity-backed M&A fared even worse: a decline of 30 percent in value from 2022. Mega deals ($10 billion+) were down in value and volume. So, what went right? Maybe more than it seems. A closer look at the numbers reveal something far less grim; maybe even optimistic. Perhaps needless to say, CDT Roundup takes that closer look — along with the usual “roundup” of lawyers and firms who reported their deals last week.
FBFK CEO on Merger with OC Litigation Firm: ‘You Can’t Ignore California’
The 55-lawyer Dallas-based law firm announced a combination with three-lawyer Orange County firm Stephens Friedland on Monday. FBFK CEO Kyle Ferguson said the firm has been eyeing expansion efforts in the region for several years. It is the firm’s first office outside of Texas.