ESMA Supervisory Briefing on AAR Representativeness Obligation

The European Securities and Markets Authority (ESMA) has published a supervisory briefing clarifying expectations for counterparties regarding the active account requirement (AAR) representativeness obligation. The briefing provides guidance on identifying relevant subcategories, reporting trades, and includes an example of compliance.

Delaware Supreme Court Reverses Breach of Contract Dismissal

The Delaware Supreme Court reversed a lower court's dismissal of breach of contract claims filed by insurers against Blackbaud, Inc. The insurers, acting as subrogees and assignees, alleged Blackbaud failed to protect client data after a ransomware attack. The court found the amended complaints adequately pled a breach of contract claim.

SpecialtyCare v. Cigna Healthcare - Motion to Dismiss Recommendation

A US District Court has recommended granting Cigna Healthcare's motion to dismiss a complaint filed by SpecialtyCare, Inc. and affiliated physician groups. The lawsuit concerned Cigna's alleged failure to pay over $1.3 million in arbitration awards related to the No Surprises Act. The court found the plaintiffs' claims were not properly before it.

Bardy Diagnostics v. iRhythm Technologies - Patent Infringement Lawsuit

The District Court of Delaware issued a memorandum resolving disputed claim constructions in a patent infringement lawsuit between Bardy Diagnostics and iRhythm Technologies. The court held a Markman hearing on January 15, 2026, to interpret claim terms across eight asserted patents involved in the dispute.

Ratha v. Rubicon Resources LLC - Trafficking Victims Protection Reauthorization Act Retroactivity

The Ninth Circuit Court of Appeals reversed a district court's denial of a motion for relief from summary judgment in a human trafficking case. The court held that an amendment to the Trafficking Victims Protection Reauthorization Act, clarifying civil liability for attempted benefit from human trafficking, has retroactive effect.

USA v. Alex Ruiz - Criminal Conviction Affirmed

The Ninth Circuit affirmed Alex Ruiz's conviction for transporting illegal aliens. The court held that the district court did not abuse its discretion in admitting evidence of a prior conviction for the same crime under Federal Rule of Evidence 404(b) and that Ruiz's constitutional arguments were forfeited.

Rojas-Espinoza v. Bondi - Rehearing En Banc Ordered

The Ninth Circuit Court of Appeals has ordered a rehearing en banc for the case Rojas-Espinoza v. Bondi. This action vacates the previous panel's order and indicates a significant reconsideration of the case's legal issues. The court's decision to rehear the case en banc suggests potential implications for immigration law and appellate procedure.

Competition Bureau Expands Real Estate Commission Rules Investigation

The Competition Bureau has expanded its investigation into real estate commission rules to include Greater Vancouver REALTORS® (GVR), seeking a court order to gather information. The probe examines whether GVR and the Canadian Real Estate Association's commission rules violate the Competition Act by potentially discouraging competition or leading to higher costs for buyers and sellers.

California AG Reviews Warner Bros. Mergers for Antitrust Concerns

California Attorney General Rob Bonta has issued a statement reviewing proposed mergers involving Warner Bros., Paramount, and Netflix for potential antitrust concerns. The review focuses on market concentration, competition, worker impact, and creative diversity within the media and entertainment industry.

US Supreme Court Strikes Down Trump Tariffs

The U.S. Supreme Court has ruled President Trump's imposition of tariffs under the International Emergency Economic Powers Act (IEEPA) illegal. California Attorney General Rob Bonta celebrated the decision, which is expected to restore order to markets and potentially lead to the return of funds to harmed parties. The tariffs were projected to cost California's economy $25 billion and over 64,000 jobs.