Welcome to A&O Shearman's Need-To-Know Litigation Weekly, which analyzes notable U.S. decisions, orders and developments each week in areas of Securities Litigation, Government/Regulatory Enforcement, M&A and Corporate Governance, Antitrust Litigation and IP Litigation. This weekly newsletter is intended to supplement our various publications and thought leadership concerning these important substantive areas.
Securities Litigation
Eleventh Circuit Revives Putative Class Action Against Power And Utility Holding Company
On November 26, 2025, the United States Court of Appeals for the Eleventh Circuit reinstated a putative class action asserting claims under the Securities Exchange Act of 1934 against an electric utility company, its parent company, and certain of their executives. Jastram v. NextEra Energy, LLC., No. 24-13372 (11th Cir. Nov. 26, 2025), ECF No. 51-1.Read More
Northern District Of California Dismisses With Prejudice Putative Securities Class Action Against Social Media Company
On November 20, 2025, Judge Edward J. Davila of the United States District Court for the Northern District of California dismissed with prejudice a putative securities class action against a social media platform (the “Company”) and its chief executive officer (the “CEO” and, collectively, “Defendants”) under Sections 10(b) and Section 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. Hollingsworth v. Nextdoor Holdings, Inc. et al., No. 5:24-cv-1213-EJD (N.D. Cal. Nov. 20, 2025).Read More
Government/Regulatory Enforcement
CFTC Announces Reforms To Rules Of Practice And Investigations
On December 15, 2025, the Commodity Futures Trading Commission (“Commission” or “CFTC”) agreed to dismiss with prejudice its enforcement action against an energy trading firm (“Firm”) and its CEO (together, “Defendants”), alleging spoofing and manipulative trading. Commodity Futures Trading Commission v. Logista Advisors LLC et al., No. 1:23‑cv‑07485 (N.D. Ill.).Read More
CFTC Agrees To Dismiss With Prejudice Spoofing Action Against Energy Trading Firm
On December 2, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced an $11,485,352 settlement with a Chicago-based private equity firm (the “Company”) to resolve alleged violations of Ukraine- and Russia-related sanctions due to continued indirect investment by the Company on behalf of a Russian oligarch, Suleiman Kerimov, designated by OFAC as a Specially Designated National (“SDN”) in 2018.Read More
M&A and Corporate Governance
Delaware Supreme Court Reverses Rescission Of CEO Compensation Package Where Status Quo Ante Cannot Be Restored
On December 19, 2025, the Delaware Supreme Court issued a unanimous per curiam opinion that affirmed in part and reversed in part the Court of Chancery’s post-trial decision rescinding Tesla’s CEO’s $55.8 billion compensation package. In re Tesla, Inc. Deriv. Litig. No. 534, 2024 (Del. Dec. 19, 2025).Read More
Delaware Chancery Holds That Fiduciary’s Personal Misconduct Involving Corporation’s Employees Does Not Constitute A Per Se Breach of Fiduciary Duty
On December 1, 2025, Vice Chancellor Lori W. Will of the Delaware Court of Chancery dismissed with prejudice a derivative breach of fiduciary duty claim against a former director and officer of a closely held corporation alleging that his sexual harassment of employees constituted a breach of his duty of loyalty to the corporation. Brola v. Lundgren, C.A. No. 2024-1108 (Del. Ch. Dec. 1, 2025).Read More
Antitrust Litigation
Federal District Court Dismisses Manufactured Homes Price-Fixing Claims
On December 4, 2025, the U.S. District Court for the Northern District of Illinois dismissed a proposed price-fixing and information sharing class action against several manufactured housing companies and Datacomp Appraisal Systems, Inc., the nation’s largest manufactured and mobile home data vendor. In re Manufactured Home Lot Rents Antitrust Litig., No. 1:23-cv-06715 (N.D. Ill. Dec. 4, 2025).Read More
Southern District Of New York Grants Motion To Dismiss Sherman Act Claims In Elite Swimming Case
On November 17, 2025, Judge Jesse Furman of the Southern District of New York granted defendants’ motion to dismiss Sherman Act claims relating to alleged exclusionary and monopolistic conduct in the elite swimming events and athlete services market. Enhanced US LLC v. World Aquatics, et al., No. 25-CV-7096 (JMF) (S.D.N.Y. Nov. 17, 2025). Read More
Intellectual Property Litigation
Federal Circuit Affirms Indefiniteness And Noninfringement Of Intelligent Distribution Network Patents
In Akamai Techs., Inc. v. MediaPointe, Inc., No. 24-1571 (Fed. Cir. Nov. 25, 2025), the Federal Circuit affirmed the Central District of California’s summary judgment determinations of indefiniteness and non-infringement. Akamai Technologies, Inc. sought a declaratory judgment of non-infringement of two patents, U.S. Patent Nos. 8,559,426 and 9,426,195, against AMHC, Inc., the owner of the patents, and its subsidiary, MediaPointe, Inc. (referred to collectively as “MediaPointe”). MediaPointe counterclaimed for infringement, and Akamai sought a declaratory judgment of invalidity.Read More
Federal Circuit Rejects Estoppel And Expired Patent Arguments And Affirms Finding of Anticipation
The United States Court of Appeals for the Federal Circuit reviewed an appeal from the Patent Trial and Appeal Board’s decision in an ex parte reexamination of U.S. Patent No. 7,933,431, owned by Gesture Technology Partners, LLC. The decision interpreted provisions of 35 U.S.C. § 315(e)(1), affirmed the PTAB’s decision to invalidate two claims in Gesture’s patent on motion-sensing technology, and confirmed the Board’s authority to rule on expired patents.Read More