Today, Judge Sullivan granted Greenlight’s motion to preliminarily enjoin the Apple shareholder vote on “Proposal Number No. 2.”  That proposal sought to amend Apple’s Articles of Incorporation to make four changes, including to eliminate Apple’s “blank check” authority to issue preferred stock.  Prior posts on the cases are here.
Continue Reading Judge Sullivan Grants Einhorn’s PI, Blocking Apple Shareholder Vote

Today, Apple responded to Greenlight Capital’s motion for preliminary injunction blocking a shareholder vote on a plan which Greenlight claimed would eliminate Apple’s ability to issue preferred stock.   Greenlight had argued that the plan was “bundled” with other proposed amendments to Apple’s articles of incorporation (as “Proposal No. 2”)  for a single up or down vote, and that “bundling” violates SEC “unbundling” rules. (For the details of Greenlight’s motion, see our previous post.)

Continue Reading UPDATE: Apple Opposes Greenlight PI Motion

Judge Engelmayer has dismissed a $25 billion lawsuit filed by insurance company Starr International against the Federal Reserve Bank of New York over its 2008 bailout of AIG.  Starr, which owned about 12 percent of AIG and is run by former AIG CEO Hank Greenberg, had alleged that the Fed assumed a fiduciary role at AIG by virtue of its actions during the bailout, and then breached its fiduciary duties to AIG’s shareholders.
Continue Reading Starr Lawsuit Against NY Fed Over AIG Bailout Dismissed

Today, the ACLU (along with the National Consumer Law Center ) filed a class action suit against Morgan Stanley on behalf of African American homeowners in Detroit, Michigan. The complaint alleges that Morgan Stanley’s policies and practices enabled and encouraged predatory lending by the (now bankrupt) New Century Mortgage Company, that disparately impacted African American borrowers in and around Detroit, and violated the Fair Housing Act and the Equal Credit Opportunity Act.
Continue Reading ACLU Sues Morgan Stanley For Discrimination and Predatory Lending

This evening, Judge Baer dismissed one of three actions alleging that Google’s mass digitization of written works owned by certain Universities – which are then contributed to the HathiTrust Digital Library and made available – in snippets – via Google Books, is violative of the Copyright Act. Judge Baer concluded that the Mass Digitization Project and the HathiTrust Digital Library are protected under fair use, and granted defendants’ motions for summary judgment. Judge Baer observed that the project’s full-text search capability “allows scholars to identify relevant works far more efficiently. In addition, the program helps Defendants preserve their collections in the face of normal deterioration during circulation, natural disasters, or other catastrophes that decimate library collections, as well as loss due to theft or misplacement.” He concluded “I cannot imagine a definition of fair use that. . . would require that I terminate this invaluable contribution to the progress of science and cultivation of the arts . . . .”
Continue Reading Judge Baer: Google’s Mass Digitization of Copyrighted Works is Fair Use