Westlaw Journals weekly round-up

September 17, 2014

Westlaw Journals Weekly RoundupSome highlights from the past week’s litigation news headlines over at the Westlaw Journals blog include a Delaware Chancery court ruling over corporate bylaws and home-state venue; a federal court says the SEC has jurisdiction over county’s swap deals; Viacom’s fight for insurance for showing dead body on MTV; and Yelp petitions California high court about its review filter:

Delaware-chartered firms can force investor suits into home-state courts: The directors of Delaware-chartered First Citizens BancShares did not violate that state’s law by unilaterally adopting a bylaw that herds most investor suits into courts in North Carolina, where the bank is based, the Delaware Chancery Court’s chief judge has ruled. In a Sept. 8 opinion, Chancellor Andre G. Bouchard said even though his predecessor, Leo Strine Jr., previously ruled Delaware companies could adopt bylaws requiring shareholders to sue in the First State, that did not prevent First Citizens from choosing its home-state courts as its preferred venue. Boilermakers Local 154 Ret. Fund et al. v. Chevron Corp. et al., No. 7220; IClub Inv. P’ship v. FedEx Corp. et al., No. 7238, 73 A.3d 934 (Del. Ch. June 25, 2013).  (Delaware Corporate)

SEC has jurisdiction over county’s swap deals with JPMorgan, judge rules: The Securities and Exchange Commission has jurisdiction over interest-rate swap transactions that are part of its lawsuit accusing two JPMorgan employees of paying Alabama county government officials’ friends so the investment bank could get $5 billion in underwriting contracts for municipal bonds and swaps, a federal judge decided Sept. 5. The defendants in the case, JPMorgan managing directors Charles E. LeCroy and Douglas W. MacFaddin, argued the SEC did not have jurisdiction over two types of interest-rate swap transactions.  (Derivatives)

Viacom fights for coverage in dispute over TV broadcast of dead body: Media giant Viacom International is opposing Axis Insurance Co.’s motion to dismiss its lawsuit alleging the insurer failed to cover $5 million in litigation costs stemming from claims that an MTV reality show aired images of a dead man without his family’s permission. Axis said in its motion that the policy’s terms “leave no question” that it correctly determined that only $3 million is owed under the policy for the underlying litigation. “Axis’ asserted interpretation, which depends on twisting the policy’s terms and ordinary English into a pretzel, is facially wrong,” Viacom argues Aug. 29 in its opposition in the U.S. District Court for the Central District of California.  (Insurance Coverage)

Yelp asks California high court to slap down restaurateur’s suit over review filter: Yelp’s statements to consumers about the accuracy of its review-filter software are protected speech, the website operator has told the California Supreme Court. In an Aug. 28 petition for review, Yelp urges the high court to overturn a recent appeals court decision allowing restaurateur James Demetriades to proceed with his false-advertising suit against the site. The company says the state’s anti-SLAPP statute protects Yelp’s statements about the review filter.  (Computer & Internet)