Aug 12
In July 2012, the Financial Accounting Standards Board (FASB) voted to drop a controversial project that would have required companies to disclose more about contingent losses, including most notably those arising from litigation. The now-withdrawn proposal would have required significant additional disclosure of litigation. The vast majority of those commenting on the proposal opposed it, …
Permanent link to this article: https://betweenthenumbers.net/2012/08/proposed-changes-to-litigation-accounting-disclosures-are-dropped/
Aug 06
Electronic Arts (“EA”) filed a lawsuit in the U.S. District court for the Northern District of California alleging that Zynga’s “The Ville” infringes on EA’s “The Sims Social”. EA’s position is that the two Facebook based social games are “largely indistinguishable to an uninitiated observer.” The stakes in this intellectual property battle are high, as …
Permanent link to this article: https://betweenthenumbers.net/2012/08/virtual-worlds-subject-of-copyright-infringement-allegations/
Jul 25
In July 2012, the Financial Accounting Standards Board (FASB) voted to drop a controversial project that would have required companies to disclose more about contingent losses, including most notably those arising from litigation. The now-withdrawn proposal would have required significant additional disclosure of litigation. The vast majority of those commenting on the proposal opposed it, …
Permanent link to this article: https://betweenthenumbers.net/2012/07/proposed-changes-to-accounting-and-disclosures-of-pending-litigation-are-dropped/
Jul 13
In mid May, the D.C. Circuit held in United States of America, ex rel. Davis v. District of Columbia, that damages for suits under the False Claims Act (“FCA”) must consider the value of the services actually received. The failure to retain required documentation does not affect the value of the services received, and therefore …
Permanent link to this article: https://betweenthenumbers.net/2012/07/false-claim-act-damages-require-additional-valuation/
Jul 05
Patent law (35 U.S.C. § 284) allows for lost profits in patent infringement cases, but requires damages of at least a reasonable royalty even if lost profits cannot be substantiated. The determination of a reasonable royalty is most often done through a hypothetical negotiation which attempts to ascertain the royalty upon which the parties would …
Permanent link to this article: https://betweenthenumbers.net/2012/07/federal-circuit-approves-evidence-of-both-settlements-and-related-negotiations-in-reasonable-royalty-damages/
Jun 20
A class action lawsuit has been filed against ConAgra Foods, Inc. [“ConAgra” or “Defendant”], the manufacturer and distributor of Hebrew National meat products such as beef franks, deli meats, and beef knockwursts. The lawsuit alleges that the Defendant misled consumers in labeling its products “strictly 100% kosher.” Con Agra has responded that the lawsuit is …
Permanent link to this article: https://betweenthenumbers.net/2012/06/hebrew-national-forced-to-answer-to-a-lower-authority/
May 19
The Federal Trade Commission (“FTC”) and Sketcher USA Inc. reached a $40 million settlement on charges that Sketchers deceived consumers. The FTC joined with 45 attorneys nationwide in the consumer protection agency’s claims against Sketchers. According to the FTC, The Federal Trade Commission announced that Skechers USA, Inc. has agreed to pay $40 million to …
Permanent link to this article: https://betweenthenumbers.net/2012/05/ftc-and-skechers-agree-to-a-40-million-settlement/
May 08
In Tussey vs. ABB. Inc. (Case No. 2:06-CV-04305-NKL, March 31, 2012), a United States District Court for the District of Western Missouri decided an important case regarding common fees and revenue sharing within 401(k) plans. The case imposed extensive liability on the plan sponsor, resulting in $36.9 million of damages, plus Plaintiff’s attorneys’ fees. We …
Permanent link to this article: https://betweenthenumbers.net/2012/05/big-plaintiff-victory-in-revenue-sharing-401k-trial/
May 02
The U.S. Department of Labor has ordered Wal-Mart to pay $4.8 million in back wages and damages for failing to pay workers for overtime. The Wal-Mart employees who were affected are vision center managers and asset protection coordinators at Wal-Mart Discount Stores, Wal-Mart Supercenters, Neighborhood Markets, and Sam’s Club warehouses. Wal-Mart considered these employees exempt …
Permanent link to this article: https://betweenthenumbers.net/2012/05/wal-mart-to-pay-4-8-million-in-back-wages-and-damages/
Apr 24
A Manhattan Judge dismissed a lawsuit brought by Howard Stern again Sirius XM Radio Inc. The lawsuit centered around Stern’s claim that the company owed him stock awards for helping Sirius achieve specific subscriber counts. Stern claims he was owed $300 million and his agent, Don Buchwald, an additional $30 million in stock. Stern’s original …
Permanent link to this article: https://betweenthenumbers.net/2012/04/specific-language-is-important-in-agreements/
