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:

• A Philly jury gave a former Eagles player $43.5 million for this

• The latest crypto crackdown

• A second attempt to sell Simon & Schuster publishing house

• Kum & Go considers selling itself

Programming note: Lookzy will be off the rest of the week, back Tuesday.

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Expensive knee.  A Philadelphia jury awarded former Eagles team captain Chris Maragos $43.5 million in a medical malpractice case Maragos initiated against physicians over improper care of a knee injury which ultimately ended his playing career.  

Crypto crackdown.  Paxos Trust Co. LLC, a New York Department of Financial Services-regulated issuer of two stablecoins, announced that NYDFS halted the production of a Binance-related stablecoin called BUSD and that the SEC issued a Wells notice on Paxos, which indicates that the SEC is formally investigating the company for securities-law violations.  

Infringing lasers.  Alcon Inc. agreed to pay $199 million to a subsidiary of Johnson & Johnson to settle worldwide IP disputes related to cataract and laser-eye surgery devices on the eve of a Delaware federal court jury trial.  At trial, a J&J expert was expected to argue that J&J was entitled to at least $3.1 billion in damages.  

Cancelled flight.  The Department of Justice is reportedly likely to sue to block the proposed $3.8 billion merger between JetBlue Airways and Spirit Airlines on antitrust grounds.  The suit may be filed as soon as March.  

THE DEAL

Wheelin' and dealin' today's corporate news

Sale attempt #2.  Paramount Global, f/k/a ViacomCBS, is reportedly attempting to sell publishing house Simon & Schuster following its prior attempt to sell Simon & Schuster to Penguin Random House last year.  That sale was blocked on antitrust grounds, causing Paramount to receive a $200 million termination fee.  With this sale attempt, Paramount Global is likely to target private equity suitors to avoid further antitrust issues, despite interest from the industry.

Sell & Go.  The Krause family, which owns the Kum & Go convenience store chain based in the Midwest, is reportedly considering a sale of the company for around $2 billion in the face of growing consolidation in the industry.  The owners are also considering other options for the chain including real estate leasebacks and refinancings.  

Declining billions.  Fox Corp. rejected unsolicited offers of more than $2 billion for its Tubi streaming service which has over 61 million monthly viewers and continues to experience strong growth.  Fox Corp. acquired Tubi for $440 million in 2020.  

CFIUS update.  The US announced that the United Kingdom and New Zealand will not be subject to CFIUS regulations due to the strength of their own vetting of foreign investments.  

BUSINESS OF THE FIRM

Lateral Moves: 

• Willkie Farr hired partners Timothy Heaphy and Soumya Dayananda, with each most recently holding a leadership position on the US House of Representatives Select Committee to Investigate The January 6 Attack on the United States Capitol.

• Greenberg Traurig hired partner Noah Pollak from Norton Rose Fulbright.

• Paul Hastings hired partner Helena Potts from Shearman & Sterling.

• Former DC AG and current Hogan Lovells partner Karl Racine joined the board of directors at Safe Harbor Financial, a publicly traded cannabis financial services company.

Industry News:

• Boston.  Akin Gump announced it opened a new office in Boston focused on the alternative investment management industry.

• Denver. Foley Hoag announced it opened a new office in Denver.

BOILERPLATE

Alright, back to billing.  That's all, folks!