The Supreme Court of Texas has completed its first week of oral arguments of the 2024-25 term. Here is a preview of key business cases currently on the Court’s argument docket.
How to Get a Case Into and Out of Texas’ New Courts
Texas’ new business court and Fifteenth Court of Appeals are now open for business. But how do you get your case into — or out of — those courts? And how do you move your case between divisions within the business court?
A Warning for Employers in the Energy Sector
The U.S. energy sector is experiencing ongoing consolidation, with $250 billion worth of deals in 2023 alone. This trend often leads to workforce restructuring, making it crucial for employers to understand potential triggers for the Worker Adjustment and Retraining Notification Act requirements.
Lessons from the Wind-Up of the SEC’s First Major ‘Care Obligation’ Reg BI Enforcement Action
In 2022, the SEC brought its first enforcement action centered on the alleged failure of a broker-dealer and its associated persons to comply with the Regulation Best Interest (Reg BI) “care obligation.” The SEC sought to use the case to impose a new standard of knowledge and education about investments upon investment professionals. A close read of the case has important lessons for both financial professionals and attorneys who represent them.
FTC Noncompete Ban Invalidated Until Further Notice
Judge Ada Brown’s opinion is both well-reasoned and well-written, but it is not surprising. In light of the invalidation of the FTC’s rule, employers can breathe easy. Of course, the FTC can, and likely will, appeal the decision.
How the COVID Experience is Transforming Juror Attitudes Toward Corporate Defendants and What Lawyers Can Do About It
The pandemic has left a lasting impact on society, particularly in shaping public perceptions of corporate America. Media coverage during COVID-19, often sensationalized and focused on corporate failures or profiteering, has influenced public narratives about corporations. These narratives were further amplified by social media, where individual experiences and opinions shape jurors’ preconceived notions long before they enter the courtroom.
How Meta’s $1.4B Settlement Impacts Your Obligations Under CUBI
The Texas Capture or Use of Biometric Identifier Act has been around since 2009, but it has been making headlines recently due to a $1.4 billion settlement between Meta Platforms and the Texas attorney general. Companies concerned about potential liability under CUBI should undertake a comprehensive review of what data they collect to ensure that they are treating biometric identifiers properly.
Business Court Clauses: Contracts Are Key to Securing Business Court Jurisdiction
Many people know that Texas’s new system of business courts opens in September. What they may not know is how, er, nuanced business court jurisdiction is. There are, however, two steps every company may take now to ensure they may invoke business court jurisdiction later. Of course, anyone wishing to avoid business court jurisdiction should simply apply Costanza’s razor and “do the opposite.”
Texas Law: New Business Courts Should Reject Prior Pending Cases
There have been reports of some confusion regarding whether cases pending in Texas state courts on Aug. 31 that otherwise satisfy the jurisdictional requirements of the Texas business court can be removed to the business court after it opens its doors on Sept. 1. The answer is clear. Attempts to remove these cases should be rejected by the business court.
The clear intent of HB19’s authors was that pending cases in Texas state courts should not be pulled and sent to the business court Sept. 1. With the small number of judges initially serving the business court, the limited history, precedent and resources of the business court when it opens, and the potential for constitutional challenge, it was recognized that the business court would not have the resources to respond to a possible avalanche of hundreds if not thousands of pending cases.
Proposed Anti-Money Laundering Rules and Other Requirements: Has the SEC Exceeded Its Authority in Regulating Private Funds?
In May, the Securities and Exchange Commission and the Financial Crimes Enforcement Network initiated rulemaking to enhance anti-money laundering compliance for certain SEC-Registered Investment Advisers and Exempt Reporting Advisers. The proposed rule was expected, following FinCEN’s February 2024 related notice that would add certain RIAs and ERAs as financial institutions subject to the Bank Secrecy Act. Taken in aggregate, these changes represent a new and more formalized regulatory wrapper for small funds, making compliance more prescriptive and resource-intensive. Recent decisions at the Fifth Circuit and the U.S. Supreme Court complicate matters further.
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