Lookzy: all your daily legal news in 0.1 billable hours. Litigation, deals, lateral moves and industry news; we cover it all. 

Welcome to Lookzy.  In today's Lookzy:

• Fortnite: the FTC's latest conquest

• Amber Heard and Johnny Depp settle their suit

• Minty fresh sale of gum for $1.35 billion

• Law school enrollment drops 11%

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FORTNITE: THE FTC'S LATEST CONQUEST

Epic Games, Inc., the creator of Fortnite, agreed to pay an aggregate of $520 million across two FTC settlements.  Wilson Sonsini is representing Epic Games.  

First, Epic will pay $275 million - the largest penalty ever obtained for violating an FTC rule - for violating the Children’s Online Privacy Protection Act (COPPA).  As part of this settlement, Epic will be required to adopt strong privacy default settings for children and teens, ensuring that voice and text communications are turned off by default. 

Second, Epic owes $245 million in the form of a refund to consumers for its "dark patterns" and billing practices, which the FTC alleged duped customers into making purchases they did not intend to make.  This represents the FTC's largest refund amount in a gaming case and largest administrative order in its history. 

The FTC's record-breaking settlements is the latest in a series of high profile FTC actions taking place this year, flanked by its suit against Microsoft over its Activision acquisition, checking Meta's VR plays and taking a close look at M&A in the grocery space.  

ECON SNAPSHOT

The difference between special bonuses and layoffs.

THE VERDICT

Arguing today's litigation news

Cost of bribery.  Honeywell International agreed to pay nearly $203 million to settle parallel criminal and civil corruption investigations from the DOJ and SEC related to OFAC violations and bribes paid to public officials in Algeria and at Brazil's state-owned oil company.  

Depp drama settles.  Following Johnny Depp and Amber Heard's very public defamation suit ending in an $8.35 million outcome for Depp this summer, Amber Heard agreed to settle their dispute by paying Depp $1 million and to withdraw her appeal of the original verdict, which she had filed citing "errors" made by the court.  Depp's associates have noted that the original $8.35 million judgment can still be held against Heard should she make false or defamatory allegations against Depp in the future.  Brown Rudnick represents Depp.  

No place like NY.  A proposed class action suit against the NFL, New York Jets and New York Giants is likely to come to a swift dismissal, with a magistrate judge noting that the suit's claims of false advertising and fraud because the Jets and Giants play in New Jersey, not New York, are without merit.  

Litigation funding.  Woodsford Group, a litigation funding company, is expected to win $1.8 million in proceeds from Hosie Rice, a law firm it contributed funds to in its suit against Google.  A Hosie Rice client, Space Data Corp., had obtained $4 million in fees and costs but won no contingency fee, so Hosie Rice argued that Woodsford was not due any proceeds.  

It pays to blow the whistle. The SEC is awarding a whistleblower more than $37 million for providing information that contributed to a successful SEC enforcement action.

THE DEAL

Wheelin' and dealin' today's corporate news

Minty fresh. Mondelez agreed to sell Trident, Dentyne and other gum brands in the US, Canada and Europe for an aggregate of $1.35 billion to Perfetti Van Melle Group, the maker of Mentos, as part of its plan to focus on chocolates, cookies and other snack foods.

End of an era. Revlon Inc. has come to an agreement with two large creditor groups in its bankruptcy to restructure its debt so that equity investors are wiped out and creditors take control of the company, in a move which will wipe out Ron Perelman's equity stake.

Boardroom battle.  Hedge fund Blackwells Capital has escalated its boardroom fight with Global Net Lease and Necessity Retail REIT, in which Blackwells is seeking to replace a number of directors due to poor performance, by suing Global Net claiming that it is being blocked by putting board nominees forward.  

New player on the block. India has overtaken China in the amount spent on M&A fees with western banks this year for first time ever, with even JP Morgan receiving more fees from India, as China has turned to local advisers amid Covid lockdowns.

BUSINESS OF THE FIRM

Lateral Moves: 

• Paul Hastings hired partner Patrick Bright from Weil, Gotshal & Manges in London.

• Greenberg Traurig hired tax partner Nikki Dobay from Eversheds.

• US District Judge Amy Berman Jackson of the DC federal court announced that she will assume senior status in May.

Industry News:

• Law student enrollment dropped 11% this fall compared to the prior year, which had experienced 12% growth. According to the ABA, there are currently 38,020 1Ls at accredited schools.

• Kirkland & Ellis signed a 115,000 square foot lease in a newly built 55-story building in the Brickell area of Miami. The building also houses Baker McKenzie, Sidley Austin and Winston & Strawn, as well as Citadel and Microsoft.

• Dentons announced it will finalize its separation of its Russian offices as of January 1st, with the newly spun-off Russian offices operating as an independent law firm called Nextons.

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BOILERPLATE

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