Marketing, Advertising, and Social Media Law
Six states have now prohibited employers from requesting social media passwords during the hiring process. Bill Carleton, at his blog Counselor @ Law, had a number of attorneys (including myself) grade the various legislative attempts to statutorily define employment law. Take a few minutes to check out Bill’s post, which you can find here.
Thanks to Bill for first compiling the definitions and links in a single document and then compiling the opinions and posting the results on his blog!
Here are the full grades… Read the rest
Mergers and Acquisitions
Exxon Mobil Buys Canadian Oil and Gas Company
Oil giant Exxon Mobil agreed to terms on Wednesday to purchase Canadian oil and gas company Celtic Exploration. Exxon is paying roughly $3.1 billion in cash and stock. Exxon has been actively seeking to expand its presence in the energy-rich shale that is in western Canada.
The deal includes Exxon paying about $24.5 Canadian dollars ($24.92 USD) per share, which is roughly 35 percent above the Canadian company’s closing price. Celtic investors will also receive .5 of a share in a new company that will be led by… Read the rest
We recently wrote a post about the new cybersecurity bill, which has been on the Obama administration’s top national security priorities. The bill was blocked Thurdsday by a Republican filibuster in the Senate. This latest development severely impairs its prospects of passing this year. The Senate voted 52 to 46 to cease debates, which falls short of the 60 required to force a final vote on the bill.
The cybersecurity bill would have established optional standards for the computer systems that oversee the country’s critical infrastructure, like power grids, dams, and transportation.… Read the rest
U.S. Stock Market News
Glitches in System Cost Knight Capital Group $440 million
Knight Capital Group, one of the largest trading firms in the U.S., stock plunged nearly 50% by midday Thursday, trading at its lowest price since 1998. The steady plunge resulted from faulty software forcing the company to buy a great number of stocks at an inflated value and then sell all those stocks at a lower price, which sent dozens of U.S. stocks swinging more than 10 percent.
The company is… Read the rest
Local computer giant, Microsoft, has recently publicly announced its support of a federal bill designed to combat cybercrime by increasing cooperation between companies and the government to enforce laws and investigate cybercrimes.
The Cybersecurity Act of 2012 (S. 3414) is currently weaving its way through Congress. President Obama recently released an op-ed in the Wall Street Journal in support of the goals of the Cybersecurity Act. The bill provides for a private, industry-goverment collaboration on setting cybersecurity standards, and the sharing of cyber threat information among critical infrastructure providers… Read the rest
The Lanham Act is the primary federal trademark statute of law in the U.S. The Act prohibits trademark infringement, trademark dilution, and false advertising (among other things). It’s name is derived from its creator, Representative Fritz G. Lanham of Texas, and the Act was passed into law by President Truman on July 5, 1946. The purpose of the Lanham Act is to protect trademarks so as to avoid consumer confusion and help consumers identify the source of particular goods or services.
How to… Read the rest
Social Media Law
Facebook Likes not Protected Free Speech
A Virginia sheriff fired employees after learning that they had “liked” his political rival on Facebook. The employees brought suit complaining that their “likes” were free speech. But in Bland v. Roberts, a federal court in Virginia held that Facebook Likes are not protected free speech. The primary basis for the judge’s ruling was that the “like” was not substantial enough to qualify as protectable speech.
A “like” on Facebook, ”is not the kind of substantive statement that has previously warranted constitutional protection.”
Social Enterprise Law
Washington Now Offering Social Purpose Corporations as… Read the rest
Business owners and their employees often deal with contractual relationships in the course of running almost every type of business.
Though lawyers almost always advise against it, business people often form unwritten “handshake” deals with partners, suppliers, competitors, and customers. Many an unscrupulous business person has been “saved” by the fact that the deal to which he agreed was not in writing. Similarly, many managers have been “saved” by the fact that the oral promises their employees made were not easily enforceable.
The age of social media, for better or for worse, will make it more difficult for business owners… Read the rest
The JOBS Bill & Securities Laws
Senate and House Approve Major Overhauls of Federal Securities Law
This week the house and senate JOBS bills were reconciled and H.R. 3606 was sent to the president to be signed into law. The White House has publicly supported the bill, and is expected to sign the bill soon. The 22 page bill has seven different titles, each of which is intended to make it easier for companies to raise money.
Title I “Reopening American Capital Markets to Emerging Growth Companies” creates reduced reporting… Read the rest
Corporate Finance & Securities Regulation
Senate JOBS Act Passes Key Hurdle
Today the Senate voted 76-22 to pass a cloture motion (a motion to end debate) on the JOBS (Jumpstart Our Business Startups) Act. This controversial legislation would enable businesses to raise money through crowdfunding, and would reduce other restrictions on raising capital. The Wall Street Journal, and Read the rest
