146 results for 'cat:"Corporations"'.
J. Liman partially denies the company's motion to dismiss its founder's claims it has purposefully frustrated his efforts to exercise millions of dollars worth of options to acquire company stock. The founder has adequately pleaded that the company prevented him from exercising his options by failing to provide a timely valuation of the stock and refusing to issue him shares based on claims he had not satisfied his tax obligations.
Court: USDC Southern District of New York, Judge: Woods, Filed On: May 16, 2024, Case #: 1:22cv682, NOS: Other Contract - Contract, Categories: corporations, Contract
J. Furman partially denies the sellers' motion to dismiss all the company's counterclaims alleging that they fraudulently overstated their media service's growth projections and profit margins to induce the company to acquire their service. The company has adequately alleged scienter, claiming that the individual executives knowingly presented inflated financial information to an auditor with the expectation that an acquirer would rely on these representations.
Court: USDC Southern District of New York, Judge: Furman, Filed On: May 14, 2024, Case #: 1:23cv6339, NOS: Other Contract - Contract, Categories: corporations, Fraud
J. Dever dismisses with prejudice a user of X, the social media platform formerly known as Twitter, who sued X and owner Elon Musk for damages and loss of wages and moving expenses after the user quit his job and moved his family to Florida to compete for the $100 million XPRIZE Gigaton CO2 Removal contest. When the user didn’t win the prize, he suspected that other X users hacked his computer, and he says X and Musk are responsible for not having warned him of these dangerous individuals. The user presents no credible evidence for his claims.
Court: USDC Eastern District of North Carolina, Judge: Dever, Filed On: May 13, 2024, Case #: 7:24cv81, NOS: Other Personal Injury - Torts - Personal Injury, Categories: corporations, Tort, Damages
J. Boyle grants Meta Platforms’ motion to dismiss federal privacy law violation allegations brought by a class of North Carolina drivers. Members of the class claim that Meta illegally accessed private driver’s license and vehicle information from the state’s motor vehicle website, then used the data to target them for advertising. However, while the website contains said information, it is publicly accessible.
Court: USDC Eastern District of North Carolina, Judge: Boyle, Filed On: May 10, 2024, Case #: 5:23cv509, NOS: Other Statutory Actions - Other Suits, Categories: corporations, Privacy, Technology
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J. Anderson affirms the Court of Appeals' decision dismissing the shareholders' buyout claim, finding that while the shareholders' allegations supporting the shareholder status of the bank were sufficient to survive a motion for judgment on the pleadings, the Supreme Court is evenly divided (with J. Thissen taking no part) on the issue of whether beneficial owners of a closely held corporation may initiate an action for a buy-out of their interests. Affirmed in part.
Court: Minnesota Supreme Court, Judge: Anderson, Filed On: May 8, 2024, Case #: A22-0777, Categories: corporations, Fiduciary Duty
J. Joseph grants summary judgment to General Electric, dismissing all land contamination claims by one of two sets of central Louisiana property owners. The litigants unsuccessfully alleged that under a theory of successor liability, the GE is responsible for the clean-up of decades of soil and groundwater contamination from a now-closed pipe valve manufacturing plant. The landowners offer no proof to controvert the business records offered by GE, which show the corporation’s relationship with the failed factory is “indirect and removed by multiple degrees" and “the doctrine of successor liability does not apply to GE at all.” The landowners’ “barebones argument” that GE assumed the liabilities of the plant’s previous owners is unpersuasive.
Court: USDC Western District of Louisiana , Judge: Joseph, Filed On: May 7, 2024, Case #: 1:22cv263, NOS: Torts to Land - Real Property, Categories: corporations, Environment, Evidence
J. Thompson approves a consent decree settling an employment lawsuit alleging unlawful sexual harassment and a hostile work environment based on gender by a former employee against Chipotle. The consent decree governs two Chipotle locations and will be in effect for two years, ensuring compliance and enforcement for a discrimination-free workplace. Chipotle shall pay the employee $50,000 and this case is dismissed with prejudice, but the court retains jurisdiction over this matter for enforcement purposes.
Court: USDC Middle District of Alabama, Judge: Thompson, Filed On: May 1, 2024, Case #: 2:22cv326, NOS: Employment - Civil Rights, Categories: corporations, Employment, Settlements
J. Cogburn denies a hotel corporation’s partial motion to dismiss allegations of breach of contract brought by a class of guests. The guests claim they were placed on a “Do Not Rent” list after they complained about room conditions, but were not made aware of this fact. So, when they went to make reservations within the same hotel franchise again, they were allowed to make non-refundable payments in advance but then barred from staying in the rooms they’d paid for. The franchises refused refunds, saying they were invalid. The guests are correct that the corporation is responsible for its employees, including those of its franchises, so they may proceed.
Court: USDC Western District of North Carolina, Judge: Cogburn, Filed On: April 26, 2024, Case #: 3:22cv663, NOS: Other Contract - Contract, Categories: corporations, Class Action, Contract
J. Hassan finds that the trial court properly ruled against the majority shareholder of a corporation on third party claims against accounting firm parties stemming from a dispute with a partner in a hotel business. The shareholder failed to give evidence that the firm owed a fiduciary duty or that there was an alleged breach of any duty to him. Affirmed.
Court: Texas Courts of Appeals, Judge: Hassan, Filed On: April 25, 2024, Case #: 14-22-00769-CV, Categories: corporations, Fiduciary Duty
Per curiam, the appellate division finds that the lower court properly awarded Home Depot $1.1 million plus interest in a dispute arising from an escrow account set up in connection with the parties' asset purchase agreement, which allocated $5 million to be used to indemnify Home Depot for non-compliant products. Home Depot is entitled to damages for losses attributable to inventory it acquired in the deal that was subsequently recalled. Affirmed.
Court: New York Appellate Divisions, Judge: Per curiam, Filed On: April 25, 2024, Case #: 02256, Categories: corporations, Business Practices, Banking / Lending
J. Smith finds that the trial court properly and improperly ruled in a breach of fiduciary duty case filed by the co-owner of a corporation against an attorney who represented the corporation in litigation. The co-owners alleged in their complaint that the attorney failed to inform the corporation's board of directors of a possible conflict of interest and aided another owner of the corporation in starting a competing firm. Nothing in the evidence establishes a relationship between the co-owner and the attorney. However, remaining questions on the award of attorney fees in this litigation still exist and should be adjudicated. Affirmed in part.
Court: Texas Courts of Appeals, Judge: Smith, Filed On: April 24, 2024, Case #: 03-22-00234-CV, Categories: corporations, Fiduciary Duty, Attorney Fees
J. Baker finds that the trial court improperly ruled against an interior design firm that a design communications company sued for breach of a promissory note. The design firm argues that genuine fact issues remain on their counterclaims, specifically, an affidavit purporting to challenge the notion that there was a joint venture between the entities, entitling the communications company to a promissory note from the design firm. The trial court did indeed err in excluding the affidavit. Furthermore, the company is not entitled to summary judgment on the firm's breach of fiduciary duty claims while these fact issues exist. Reversed.
Court: Texas Courts of Appeals, Judge: Baker, Filed On: April 24, 2024, Case #: 03-22-00451-CV, Categories: corporations, Evidence, Fiduciary Duty
Vice Chancellor Zurn declines to dismiss certain claims associated with $344 million paid to the founders of a partnership and other insiders for the loss of tax benefits in the partnership's conversion to a corporation because safe harbors in the partnership agreement are available, and the shareholder successfully pleads that defendants lacked leverage to extract payment for such.
Court: Delaware Chancery Court, Judge: Zurn, Filed On: April 24, 2024, Case #: 2022-0664-MTZ, Categories: corporations, Tax, Partnerships
[Consolidated.] J. Cannataro finds that the tax appeals tribunal properly denied corporate tax deductions to Walt Disney and IBM based on their foreign affiliates' royalty payments on licensed intellectual property. For a decade, New York allowed companies that paid franchise taxes to deduct income received as royalty payments if the affiliates already paid a state tax on the same income, as long as companies included the royalty payments when calculating their own taxable income. However, the affiliates operate overseas and thus are not subject to that provision, and royalty deductions do not apply. Affirmed.
Court: New York Court Of Appeals, Judge: Cannataro, Filed On: April 23, 2024, Case #: 34, Categories: corporations, Commerce, Tax
J. Caproni grants the investment company's motion to dismiss breach of contract claims brought by a former U.S. Senator who claims he was never compensated for serving on its subsidiary's Board of Directors. According to the ex-Senator, he is entitled to a quarterly retainer of $20,000. However, there is no evidence to support the claim that the subsidiary and parent company operate as a single economic entity in order to pierce the corporate veil.
Court: USDC Southern District of New York, Judge: Caproni, Filed On: April 22, 2024, Case #: 1:23cv9176, NOS: Other Contract - Contract, Categories: corporations, Contract
J. Hansen finds that partners in a business that broke up during a mortgage default are still liable for the remaining debt after foreclosure per the clear, enforceable language of the mortgage agreement. One of the partners in the business break-up, who controlled the mortgage, is liable for indemnification of the other partners under the applicable laws. An issue of fact as to which partner signed the mortgage shall be resolved at trial.
Court: USDC Southern District of Texas, Judge: Hansen, Filed On: April 16, 2024, Case #: 4:22cv3901, NOS: Other Contract - Contract, Categories: Bankruptcy, corporations, Debt Collection
J. Vitter finds for a two-member limited liability corporation in Louisiana, holding two Texas-based LLCs jointly liable for the outstanding balance of a $4 million loan. Although the obligation was vested to one LLC by operation of a merger, the original borrower-LLC was never released from its obligation under the promissory note. Furthermore, while the original borrower validly allocated its obligation under the promissory note to the other Texas LLC in the merger, thereby making it the primary obligor of the note under Texas law, nothing in Texas law supports that original borrowing LLC extinguished all liability via the merger.
Court: USDC Eastern District of Louisiana , Judge: Vitter, Filed On: April 16, 2024, Case #: 2:23cv1707, NOS: Other Contract - Contract, Categories: corporations, Banking / Lending, Contract
J. Cogburn grants a pool products manufacturer’s motion for a temporary restraining order against a competitor in this ongoing trademark infringement case. A jury found in favor of the manufacturer, awarding it over $4.9 million for the competitor’s violations. Because of the manufacturer’s success at trial and likelihood it would be irreparably harmed financially without a restraining order, the competitor’s assets are frozen to prevent it from evading paying the manufacturer’s damages.
Court: USDC Western District of North Carolina, Judge: Cogburn, Filed On: April 11, 2024, Case #: 3:20cv710, NOS: Trademark - Property Rights, Categories: corporations, Trademark, Restraining Order
J. Underhill finds that narcotics agents from the IRS Criminal Investigation Division did not violate the Fourth Amendment while conducting a search. The searched citizen is was connected to entities identified on the warrant, and the search was conducted in a professional manner, with no office employees present at the site of the search after 10 p.m. The judge grants the agent’s motion for summary judgment and denies motion by a business entity searched at the site.
Court: USDC Connecticut, Judge: Underhill, Filed On: March 29, 2024, Case #: 3:14cv741, NOS: Other Civil Rights - Civil Rights, Categories: Civil Rights, corporations, Tax
J. Ross denies both parties motions' for summary judgment in an ERISA suit seeking unpaid contributions from three interrelated construction companies. There is ample evidence for a jury to find that the three companies share a single owner, some managers, and share equipment. In addition, evidence suggests that one company siphoned off work from a related company within the iron worker trade jurisdiction in order to avoid paying required contributions to the fund. These disputes of material fact are properly resolved at a trial.
Court: USDC Eastern District of Missouri, Judge: Ross, Filed On: March 29, 2024, Case #: 4:21cv223, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: corporations, Erisa
J. Kelly finds that the trial court improperly ordered a hosting facility to restore electricity to a premises used by a bitcoin mining operation. The trial court's injunction fails to satisfy the requirement under the rules of Civil Procedure 683 that temporary injunctions describe in "specific" and "reasonable detail" the acts being restrained. Reversed.
Court: Texas Courts of Appeals, Judge: Kelly, Filed On: March 27, 2024, Case #: 03-23-00853-CV, Categories: Civil Procedure, corporations, Injunction