Lookzy: all your daily legal news in 0.1 billable hours. Plain English coverage of deals, litigation and legal trends trusted by lawyers at Cravath, Latham, Skadden, Gunderson and elsewhere.

Welcome to Lookzy.  In today's Lookzy:

• Gwyneth Paltrow's very public trial

• The Internet Archive loses its copyright fight

• Dealmakers think work will pick up

• First Citizens buys much of SVB

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Skiing with Gwyneth.  Gwyneth Paltrow testified that she was not at fault for a 2016 ski slope collision in Utah that left a man with a concussion and broken ribs, who is now suing her for $300,000. She contradicted testimony from the lone witness to the incident, claiming the man suing her smashed into her from behind with his two skis. The hearing will resume today. 

Internet Archive.  The Internet Archive has lost its first fight to scan and lend e-books like a library. A federal judge has ruled against the Internet Archive in Hachette v. Internet Archive, a lawsuit brought against it by four book publishers, deciding that the website does not have the right to scan books and lend them out like a library. The nonprofit, which has a mission to provide “universal access to all knowledge,” says it will appeal the ruling.

Crypto crackdown.  The Securities & Exchange Commission issued a Wells notice to Coinbase, indicating a preliminary intention for enforcement. The notice is linked to Coinbase’s staking, Earn, Prime and wallet efforts. Coinbase said that the warning wouldn’t mean any changes to the exchange’s current products or services and likely intends to fight any enforcement efforts. 

Criminal antitrust.  A DOJ criminal antitrust trial is set to begin in Connecticut federal court alleging that Raytheon Technologies subsidiary Pratt & Whitney and a group of aerospace engineering services executives and managers conspired to restrict employee recruitment and hiring in a long-running criminal conspiracy.  The defendants have pleaded not guilty.  

THE DEAL

Wheelin' and dealin' today's corporate news

Twitter discount.  Elon Musk has reportedly offered Twitter employees new equity grants valuing the company at $20 billion, less than half of the $44 billion Musk paid for the company. The valuation is in line with some approximate third party estimates of Twitter's current valuation.  

Deal work pick-up?  Dealmakers at the Annual Tulane Corporate Law Institute event noted they expect a pick-up in dealmaking activity despite a ‘brick wall’ facing M&A. This served as a note of optimism from some of the most prominent rainmakers in the world of corporate mergers, even as they acknowledged a volatile economic backdrop had significantly impacted M&A activity. 

SVB sells.  First Citizens BancShares Inc. announced it agreed to acquire the deposits and loans of failed Silicon Valley Bank, assuming SVB assets of $110 billion, deposits of $56 billion and loans of $72 billion. The FDIC, which took control of SVB earlier this month, separately announced the FDIC received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal. 

AI goldrush.  Data from Pitchbook indicates that VC investments in AI startups has skyrocketed from $1.5 billion in 2020 to $5.9 billion since the beginning of 2022.  

BUSINESS OF THE FIRM

Lateral Moves: 

• Weil, Gotshal & Manges hired partner Brendan Moylan from Latham.

BOILERPLATE

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