Many California investors held Bitcoin at Mt. Gox, a prominent exchange for the cryptocurrency that collapsed after an attack on the service. Now, the consequences of the losses that accompanied the fall of Mt. Gox are playing out in litigation, including a complaint by several former Mt. Gox customers against Mizuho Bank. Several former Bitcoin holders who used the exchange allege that the bank tortiously interfered with their contract with the exchange.
California sports fans might be interested in learning about a recent lawsuit that was filed by Skechers against Adidas for unfair competition and false advertising. The lawsuit was filed on May 10 in the U.S. District Court in Los Angeles.
San Francisco-based Coinbase, a cryptocurrency exchange, is now the target of a class-action lawsuit for allegedly engaging in insider trading. The lawsuit was filed on March 1 by a man who is representing a group of investors who placed trades between Dec. 19 and Dec. 21, 2017.
The California-based technology giant Apple is facing a consumer backlash after it was revealed that older iPhone models slow considerably when their iOS operating systems are updated. Apple claims that the decision to slow down the performance of older iPhones was made to make their lithium batteries last longer, but critics of the Cupertino-based company say that the throttling is designed to encourage consumers to purchase the latest iPhone 8, 8 plus and X models.
California business owners should be aware of the practice of restraint of trade, which includes any activity that stops another party from doing business as it would typically do in the absence of such restraint. Examples of illegal restraint of trade can include interfering with a business deal in an illegal manner or two businesses colluding to fix prices so that a competitor is run out of business. However, there are restraints of trade that comply with the law.
The California motion picture industry is big business throughout the world, and a lawsuit brought by Landmark Cinemas, an exhibitor, claims that it is being kept out of the action. Specifically, it blames Regal Entertainment Group, a significantly larger operator, for preventing Landmark from showing popular films by insisting that movie distributors deal exclusively with Regal.
Yelp is suing three individuals and a reputation management firm for unfair competition, breach of contract, trademark infringement and other illegal activities. The company that stands accused is DOES 1-20 while the individuals named in the lawsuit do business as RevLeap, Yelpdirector and Revpley. The suit was filed on Feb. 13 in the Northern District Court of California.
The California legislature has set out clear laws preventing unfair competition in business and guiding the path of those who seek legal recourse after experiencing such practices. Businesses that are found to have been engaged in unlawful, fraudulent or egregiously unfair actions may be subject to strict penalties and forced to pay compensation to the affected parties.