Meta, Facebook’s parent company, is being dragged to Court by a Chicago-based tech firm, MetaCompany, for stealing their name. What multiple statements has the tech firm given against the social media platform?
Also, the U.S. President Joe Biden signed legislation to raise the country’s debt ceiling by $480 billion, and pushed the deadline to December 3rd, 2021. What if the country fails to raise the debt ceiling, and can a $1 trillion coin really put a stop to the crisis?
All this, and much more, when you scroll below👇
What’s in this issue 📰
1. Chicago-Based Tech Firm To Take Facebook To Court
2. House Passes Bill To Raise US Debt Ceiling
3. Define Relationships Between Contracts
4. Tackle In-house Legal Problems With Creative Solutioning
5. What Else Is Making The News In Legal?
A Chicago-based tech firm, MetaCompany, goes to court against Facebook, claiming that the social network has stolen its name and ‘livelihood’ by rebranding itself to Meta.
In the recent Facebook Connect 2021 event, Mark Zuckerberg introduced the future of social network Facebook - Meta, a set of virtual spaces integrating today’s social experiences, expanded into three dimensions or projected into the physical world. The possibility of teleportation as a hologram is yet another milestone the organization looks forward to achieving. To reflect and incorporate all the products they build in the future, Mark says that they would want to be seen as a metaverse company, since Facebook doesn’t fully encompass everything the company does now, and is closely linked to one product.
Nate Skulic, founder of MetaCompany clearly mentioned in the letter posted on their homepage that the Facebook lawyers had been consistently asking them to sell their domain registrations. On October 20th, 2021, they had declined Facebook’s offer and maintained their requirements.
Meta has yet to respond to these allegations.
Other than these allegations, many firms such as M-sense Migräne have tweeted on Meta’s logo being similar to theirs, “We are very honored that @facebook felt inspired by the logo of our migraine app - maybe they’ll get inspired by our data privacy procedures as well.”
Facebook parent company Meta is shutting down its face recognition system “as part of a company-wide move" to limit the use of the technology in its products.
Early October this year, US legislation passed a bill raising the US debt ceiling to $28.9 trillion pushing off the deadline for debt default only until December.
The debt ceiling is the maximum amount of national debt - typically set by the law - that the US Department of Treasury can issue to different federal agencies. Almost every year, since 2011, America is on the verge of hitting the biggest economic crisis of the debt ceiling until it is raised. Every year the country starts off with a budget but ends up spending, due to wars or investments during recessions. The Treasury keeps a daily record of the debt.
Senate Republican leader Mitch McConnell wrote a letter to the president, Joe Biden, saying that he would not help Democrats in raising the debt limit again.
The Congress will have to find a longer-term solution in December. For now, the $480 billion raise in debt ceiling will give enough time for Democrats to raise the borrowing authority through the procedural move, known as reconciliation, which would not require republican votes.
During the heated debate between Republicans and Democrats, some in the democratic camp suggested that the U.S. Treasury can issue a $1 trillion platinum coin to bypass the debt ceiling if Republicans refuse to raise it. Will they issue the coin in December?
Trouble relating various contracts? Or do you wish to establish a hierarchy between your contracts? Think of all the time you can save if only you could attach any supporting documents such as invoices, notes, etc., to your contracts!
With SpotDraft's new Related Document feature, you can define contract relations and add supporting documents to any contract type, all from a single dashboard. This way, whether it’s an MSA related to a specific SOW or an amendment to an enforced contract, it’s only a click away!
You’ll be able to establish four types of relations, namely, Parent, Child, Addendum and Amendment. Watch it in action below👇
JP Kirkley, Associate General Counsel at VSP Global, discusses why law firms were not his cup of tea, how he tackles in-house problems with creative solutioning, and much more!
In this episode of Legal Matters, we catch up with JP Kirkley, who wears many hats. He is also a Board Member at Travis Credit Union and an Adjunct Professor at Pepperdine Law. He talks to us about his motivation that landed him to pursue an in-house career rather than following the path of law firms.
With that, we come to an end with this month’s SpotDigest. We’ll catch you in the next one, until then take care and stay well!