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Project Finance
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December 08, 2023
Binance Investors Want To Depose Ex-CEO 'Before He Flees'
The investors suing cryptocurrency exchange Binance over money laundering and securities law violations have asked to depose its former CEO Changpeng Zhao as he awaits a February sentencing connected to his guilty plea in a related criminal case.
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December 08, 2023
AECOM Wants To Stop Co.'s 'End Run' On Liability Cap
Design and engineering giant AECOM has accused its partner in a Colorado toll lanes project of filing a state lawsuit as an "end run" around a federal judge's ruling in AECOM's favor, according to a motion urging the federal judge to block the new case ahead of a trial in January.
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December 08, 2023
Counties Seek Unified Front Against Broadband Permit Bill
A group representing county governments wants local officials to band together against a GOP plan on Capitol Hill to reduce barriers to broadband deployment by revamping local permitting powers.
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December 08, 2023
Nikola Investors Fight Call For Del. SPAC Fraud Suit Toss
Five attorney teams pressed Friday for dismissal of most of the derivative claims in a Delaware Court of Chancery stockholder lawsuit seeking damages from Nikola Corp., its directors, officers and an adviser in the wake of the hydrogen- and battery-powered truck manufacturer's fraud-tainted, $3.3 billion take-public deal.
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December 08, 2023
Shady Gov't Contractor Gets 10 Years For 'Life Of Crime'
A Manhattan federal judge sentenced construction company owner Sina Moayedi to 10 years in prison Friday for a 25-year course of fraud and bribery that left $125 million worth of government contracts for overseas projects plagued by faulty work, remarking he lived "a life of crime."
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December 08, 2023
Sierra Club Handed Loss In NH Coal Plant Permit Dispute
A New Hampshire federal judge has rejected the Sierra Club and Conservation Law Foundation's claims that a power plant on the Merrimack River has repeatedly violated its National Pollution Discharge Elimination System permit with discharges of heated water into the river, holding that the conservation groups failed to show enough proof to support their claims.
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December 08, 2023
Fla. Judge Says Banyan Cay DIP Lenders Are Still Owed $1.5M
A bankruptcy judge has denied an objection by debtors including Banyan Cay Resort & Golf LLC to a $1.5 million deficiency claim that a Chapter 11 lender made after taking possession of the resort as collateral this year when debtor-in-possession financing ran out and a buyer backed out of the sale.
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December 08, 2023
No Shortage Of Action For Energy Deal-Makers In 2023
A fresh wave of oil and gas industry consolidation, stiff macroeconomic headwinds for renewable energy development and the Inflation Reduction Act's growing influence are just some of the highlights of what's been an eventful 2023 for energy sector deal-makers. Here are the transactional trends that stood out to energy attorneys this year, as well as how they expect those trends to carry over into next year.
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December 07, 2023
Missouri's 'Games' Can't Save Anti-ESG Rules, SIFMA Says
Wall Street's top trade group is accusing Missouri of playing "word games" in an attempt to escape a lawsuit over its allegedly unconstitutional rules requiring investment advisers and broker-dealers to disclose whether they make investment decisions based on a corporation's environmental or social policies.
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December 07, 2023
Biden Executive Order Reforms Tribal Funding Access
President Joe Biden has signed an executive order that will make it easier for tribal nations to access and invest federal funds, giving them greater autonomy over their use of resources.
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December 07, 2023
NM Court Reins In Order On Challenged Oil, Gas Co. Permits
While declining to overturn several challenged oil and gas company permits, a New Mexico appeals court panel struck parts of a state board's order affirming them, in a move environmental group WildEarth Guardians said could help ensure minor sources of ozone precursor emissions are adequately reviewed for contributions to air quality problems.
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December 07, 2023
Group Warns Some Broadband Cos. Seek Double Payout
Cable operators and some other broadband providers are trying to tap into federal deployment programs twice, first by underbidding to win Federal Communications Commission support but then still looking to recover utility pole costs using infrastructure grants, a telecom trade group warned.
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December 07, 2023
Pfizer Unit Agrees To Construct Floodplain At Superfund Site
The federal government is urging a New Jersey federal court to greenlight a settlement under which a Pfizer Inc. unit would fund the construction and maintenance of a floodplain, billed as compensation for contamination the company has previously paid $263 million to remediate.
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December 07, 2023
Nantucket Org Urges 1st Circ. To Reject Wind Farm Defense
A Nantucket group pushing to overturn approvals for Vineyard Wind 1 is asking the First Circuit to reject the U.S. Bureau of Ocean Energy Management and the National Marine Fisheries Service's arguments that they took a hard look at the risks the offshore wind project poses to endangered North Atlantic right whales.
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December 07, 2023
2 Australian Petro Cos. In Talks To Merge To Form $52B Giant
Australian energy company Woodside confirmed Thursday that it is in talks with peer Santos Ltd. for a potential merger that could result in the formation of an approximately $52 billion energy giant, as energy companies continue to consolidate around the globe.
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December 06, 2023
Confirmation Of Arbitration Awards Against Lima Nears
A highway contractor's pursuit of roughly $190 million in arbitration awards against Lima closed in on victory on Wednesday, but a D.C. federal judge first wants attorneys for the Peruvian capital to explain the municipality's criminal complaint against three arbitrators weighing the latest chapter in the toll road dispute.
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December 06, 2023
DC Circ. Urged To Undo 'Deeply Flawed' EB-5 Investor Ruling
A D.C. federal judge had no rational basis to find that a U.S. Citizenship and Immigration Services policy preventing Chinese investors from obtaining visas immediately was not a reviewable final agency action, they have said in a bid to undo that decision.
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December 06, 2023
Climate Cases Belong In Federal Court, Oil Cos. Tell 4th Circ.
Oil industry titans pushed the Fourth Circuit on Wednesday to remove to district court a lawsuit brought in a state venue by local Maryland governments that alleges the companies lied about fossil fuels' effects on the climate to promote sales, arguing the claims encompass actions taken at the direction of the federal government.
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December 06, 2023
Feds Can't Justify Gas Pipeline Safety Rules, DC Circ. Hears
A gas pipeline industry group called on the D.C. Circuit to unravel a handful of new safety standards for transmission pipelines, arguing that the U.S. Department of Transportation failed to craft reasonable standards that adequately weighed the benefits against the costs of compliance.
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December 06, 2023
New York MTA Board Approves Congestion Pricing Tolls
The board of New York's Metropolitan Transportation Authority on Wednesday approved new tolls under a controversial first-in-the-nation plan to charge all drivers entering midtown Manhattan a fee ranging from $15 for passenger vehicles to over $24 for trucks.
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December 06, 2023
Groups Renew Fight To Block Willow Construction At 9th Circ.
The Sovereign Iñupiat for a Living Arctic and conservation allies are urging the Ninth Circuit to block winter construction on the Willow oil and gas project on Alaska's North Slope as the court considers their appeal of a ruling upholding Bureau of Land Management approvals for the controversial energy development.
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December 05, 2023
Solar Tech Lender Gets OK For Quick Ch. 11 Exit
A Delaware bankruptcy judge Tuesday said she will approve Sunlight Financial Holding's prepackaged Chapter 11 sale plan just over a month after the solar power financing company filed for bankruptcy.
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December 05, 2023
SEC, Terraform Clash Over Jury's Role At Upcoming Trial
The U.S. Securities and Exchange Commission and Terraform Labs are sparring over whether a jury can determine if Terraform's tokens are securities as the parties await the court's decision on competing motions for summary judgment.
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December 05, 2023
Roberts Declines To Freeze Virginia Pipeline Construction
U.S. Supreme Court Chief Justice John Roberts declined Tuesday to pause construction of the controversial Mountain Valley Pipeline, allowing work to continue on the natural gas pipeline while Virginia landowners challenge the constitutionality of land seizures related to the project.
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December 05, 2023
FCC Seeks $22M In Fines For Rural Deployment Defaults
The Federal Communications Commission says two broadband providers have backed out of their bids to provide internet to more than 7,000 census blocks with Rural Digital Opportunity Funds, and it now plans to fine them $22.4 million.
Expert Analysis
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Green Tech And IP From Obama Through Biden: What's Next?
J. Douglas Miller and Matthew Dills at Shumaker consider how positions on the environment have shifted along with the last three U.S. presidential administrations, how these shifts have affected investment in sustainable green technologies and intellectual property strategies, and how the future might look.
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What US-Canada Critical Minerals Collab Means For Cos.
Recent announcements from U.S. and Canadian officials indicate closer collaboration between the two governments on procurement of critical minerals for electric vehicles and other advanced technology — and companies on both sides of the border may have access to new opportunities as a result, say John Lushetsky, Matthew Simpson and Paul Dickerson at Mintz Levin.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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IRA Monetization Energizes Clean Power Tax Credit Market
Recent large sales of clean energy production tax credits reflect an environment in which the Inflation Reduction Act's provisions for monetizing such credits via direct transfer — bypassing slow, costly tax equity transactions — offer opportunities for both developers and investors, says Andrew Eastman at Husch Blackwell.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Business Takeaways From Biden's Global Labor Rights Memo
President Joe Biden's recent memorandum on protecting worker rights is one of the most expansive statements the administration has made regarding international labor rights policy, and reflects several points of which businesses should take note, including the government’s interest in working with the private sector on these issues and a notable focus on the transition to clean energy, say Tom Plotkin and Pegah Nabili at Covington.
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New Regs Will Strengthen Voluntary Carbon Offset Market
Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Navigating USCIS' New Minimum EB-5 Investment Period
Recent significant modifications to U.S. Citizenship and Immigration Services’ EB-5 at-risk requirement are causing uncertainty for several reasons, but investors who consider certain key aspects of prospective projects can mitigate the immigration and investment risks, say Samuel Silverman at EB5AN, Ronald Klasko at Klasko Immigration, and Kate Kalmykov at Greenberg Traurig.
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Calif. Resource Adequacy Update May Revalue Power Projects
The California Public Utilities Commission's recently initiated proceeding to overhaul its resource adequacy framework — part of an effort to maintain the reliability of the state's power system while decarbonizing it — could have significant effects on the valuation of existing and future power generation resources, say Nicholas Gladd and Max Learner at Wilson Sonsini.
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Series
ESG Around The World: Mexico
ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.