Shaq Suit Shows NFTs Could Be Next Wave of Crypto Securities: The Morning Minute
The news and analysis you need to start your day.
September 13, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
SHAQ ATTAQ - A Miami attorney told Law.com's Michael A. Mora that a class action against NBA star Shaquille O'Neal and his NFT project, Astrals, represents the next wave of cryptocurrency lawsuits seeking to coin an NFT as a security in the emerging area of digital assets law. "There are billions of dollars worth of NFTs that have been sold and some of these cases are clearly securities," said the attorney who filed the suit, Adam Moscowitz of the Moscowitz Law Firm. "There's going to be another billion dollars of litigation. It's an interesting indication of what's to come from this crypto mess. It won't end with FTX and Voyager." Alan Rolnick, a partner at Rivero Mestre in Coral Gables who represents O'Neal, did not respond to a request for comment.
TITLE WAVE - Facing an unprecedented deluge of public comments, it's now looking more and more like the U.S. Department of Education will not finalize the new version of Title IX by the department's self-imposed October deadline. Experts told Law.com's Colleen Murphy that the department's Office for Civil Rights is likely seriously considering the feedback on proposed changes the Education Department previously described as "historic." "The DOE is obviously going to want to shore things up if they head in a direction where they know, inevitably, there is going to be litigation," said Patricia Hamill, co-chair of Clark Hill's Title IX and campus discipline practice.
ON THE RADAR - 5 Minute Will LLC was hit with a civil rights class action on Sept. 11 in California Superior Court for San Diego County. The suit, brought by Greg Adler PC and the Law Offices of Daniel J. Williams, accuses the defendant of drafting wills for single women with children under 18 for free while charging fees from men and married women for the same services in violation of the California Unruh Civil Rights Act. Counsel have not yet appeared for the defendant. The case is Beeman et al. v. 5 Minute Will LLC. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
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David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
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Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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