A former Enron trader is suing some of the nation’s largest energy and financial firms, claiming they diverted natural gas supplies and cut off production in a scheme to artificially drive up prices ahead of Winter Storm Uri in 2021. CirclesX Recovery claims firms including Energy Transfer, Kinder Morgan, BP, Conoco Phillips and CenterPoint Energy engaged in an Enron-style scheme to cut off gas production or divert supplies into storage days ahead of freezing temperatures that would eventually cripple the Texas power grid.
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Prosecutors Secure Plea Deal, Won’t Retry Ex-Blue Bell CEO
Paul Kruse agreed Wednesday to plead guilty to a misdemeanor and pay a $100,000 fine rather than face another felony fraud trial. Kruse’s attorney, Chris Flood, said the settlement confirms what he’s been saying all along: No one at Blue Bell ever intended to defraud its customers.
Texas Startups Hope to Continue Raising Capital Despite Tech Downturn
While last year was challenging for the tech industry, Texas startups still raised billions of dollars, though often with lower valuations and more stringent deal terms. Now venture capital funds are flush with dry powder from record-high fundraising in 2022. So what does it take for startups to increase their chances of raising capital in a turbulent market?
Houston Chronicle: Whistleblowers Threaten to Withdraw from $3.3M Settlement with TX AG Ken Paxton
The whistleblowers who sued Texas Attorney General Ken Paxton say they’re headed back to court unless he agrees to include in a formal agreement that the Legislature must approve their proposed $3.3 million settlement before the current legislative session ends in May.
Q&A on the Importance of Women Mentoring Women
As we commemorate International Women’s Day and Women’s History Month, two women lawyers in the Austin office of Vinson & Elkins — Marisa Secco Giles and Michelle Arishita — agreed to discuss the importance of women mentoring women from the perspective of both the mentor and the mentee. They share what qualities they think are most important in a mentor, the best advice they have received and how strong mentoring relationships help with the retention of female lawyers.
Houston Jury Doesn’t Buy Episcopalian-based Prejudice Claim
The discrimination and retaliation case lodged against one of the most prestigious funeral homes in the country, Houston’s Geo. H. Lewis & Sons Funeral Directors, didn’t gain traction with a jury that rejected William Coleman’s claims and awarded him no damages. Carter Crow of Norton Rose Fulbright, who represented the defendant, said he believes these types of religious discrimination lawsuits have become more common post-covid.
Foreign Investment Still Welcome in the U.S. Despite Buy American Rules
The good news for foreign investors and manufacturers is that Buy American regulations typically do not apply to investment in privately owned facilities. Opportunities, tax credits and other incentives abound.
CDT Roundup: 20 Deals, 11 Firms, 228 Lawyers, $9.7B
The $2.5 billion acquisition of Ranger Oil by Calgary-based Baytex Energy marked the first merger of public upstream companies in almost a year. If there’s a renewed public-public phase of consolidation among small-to-mid-cap producers in the offing, there may be evidence of such in the Ranger-Baytex deal. The CDT Roundup explores the merger, along with the usual weekly listing of the deals reported by Texas lawyers.
Litigation Roundup: Keurig’s $10M Settlement Approved, Jerry Jones Assault Claim Revived
In this edition of Litigation Roundup, Keurig gets approval to settle a class action lawsuit over claims it made about the recyclability of its coffee pods for $10 million and the Dallas Court of Appeals held that a Jane Doe should be allowed to proceed with her claims Jerry Jones forcibly kissed her at AT&T Stadium.
Lack of Evidence Dooms Farmers’ Spray-Drift Suit
Friday morning the Texas Supreme Court determined that Robert Cox and a group of nine other cotton farmers presented insufficient evidence to proceed with their lawsuit alleging Helena Chemical Company’s negligent aerial application of Sendero damaged their crops. A trial court had tossed the suit on summary judgment, but the Eastland Court of Appeals partially revived it, teeing up the high court battle.