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Venture Capital Valuations

In a recent paper, “Squaring Venture Capital Valuations with Reality,” authors Will Gornall and Ilya A. Stebulaev review and consider valuations for a sample of unicorns. The valuations are on average 49% above fair value largely… more

Department of Transportation Releases New Voluntary Guidance for Autonomous Vehicles

On September 12, 2017, the Department of Transportation (DOT) released new Voluntary Guidance for Automated Driving Systems (ADS) in a document titled “A Vision for Safety 2.0” (the “Guidance”). The document, which comes as Congress… more

Staying Out of Trouble: How to Avoid IRS and DOL Audits

The Internal Revenue Service (IRS) and the Department of Labor (DOL) conduct different types of benefit plan audits, such as retirement plans and health and welfare plans, and for various reasons. In a presentation, Jeffrey Holdvogt… more

Filed v. Furnished, What’s the Difference?

When disclosing information in a filing with the SEC, it is important to know whether such disclosure and any related exhibits should be "filed" or "furnished". To non-lawyers, this may seem like semantics or another technical… more

Bill That Aims to Ease Stark Penalties Receives House Committee Approval

On Wednesday, September 13, the House Ways and Means Committee gave unanimous approval to H.R. 3726, the Stark Administrative Simplification Act (the “Bill”). The Bill would amend the Stark law, codified at 42 U.S.C. § 1395nn, to… more

DOMINICAN REPUBLIC—Update: Conditions for CDEEE-Related PPAs for Renewables

In our August 1, 2017 Cross Border Transactions Newsletter we informed about the announcement made by the Corporación Dominicana de Empresas Eléctricas Estatales (CDEEE) regarding several new conditions included in the Power Purchase… more

SEC Files Administrative Proceeding Against An Investment Services Firm For Improperly Recommending Higher-Fee Mutual Funds To Investment Clients

On September 14, 2017, the Securities and Exchange Commission (“SEC”) filed an administrative proceeding against SunTrust Investment Services, Inc. (“STIS”), the investment services subsidiary of SunTrust Banks. STIS consented to the… more

European Court Says Employers Cannot Monitor Employees' Personal Email Sent on Company Servers

The European Union has taken a substantially different approach than the United States to employee online privacy rights. Upcoming ePrivacy regulations promise to limit employers’ ability to monitor employee electronic communications… more

[Event] 29th Annual Employee Benefits Seminar - September 28th, Dallas TX

Please join the Locke Lord Employee Benefits and Executive Compensation Group for our 29th Annual Employee Benefits Seminar. Our attorneys will provide an overview of current developments related to employee benefit plans… more

Summary Judgment Motion on Infringement in Immunex v. Sandoz

A hearing on summary judgment on infringement of claim 1 of U.S. Patent No. 8,722,631 for the biosimilar version of etanercept has been set for next month before Judge Claire C. Cecchi… more

The Financial Report, Vol. 6, No. 17

The juxtaposition of items in the financial news is always fascinating. Earlier this week, an article appearing in the Wall Street Journal stated that state legislatures are moving to bolster investor protections due to concerns… more

NLRB Ditches Effort To Expand Weingarten Rights to Non-Union Workplaces

Since the change in Presidential administrations, the main topic has turned to what rules will a newly constituted NLRB change? With the addition of Marvin E. Kaplan the Board now has four members, which makes undoing some of the past… more

California District Court Dismisses Securities Fraud Class Action, Finding News Reports Insufficient To Support A Claim Absent "Corroborating Details"

On September 6, 2017, Judge Fernando M. Olguin of the Central District of California granted in part and denied in part a motion by defendants to dismiss a putative securities fraud class action against Goldcorp, Inc., a gold mining… more

Bona Fide Prospective Purchaser Escapes CERCLA Liability

The owners of a shipyard sued a prior owner and the current owner of an adjacent former steel mill property in Baltimore, Maryland for recovery of cleanup costs under the Comprehensive Environmental Response, Compensation, and… more

The Interactive Process Is a Two-Way Street: Ninth Circuit Finds Employee’s Inadequate Effort Doomed ADA Claim

“Once an employer becomes aware of the need for accommodation, that employer has a mandatory obligation under the ADA to engage in an interactive process with the employee to identify and implement appropriate reasonable… more

Beware: Claims Investigations May Not Be Protected From Disclosure In Maryland

Insurance companies and lawyers defending insurance companies oftentimes try to shield claims investigations from disclosure during discovery. Oftentimes, the claimed basis for non-disclosure is the work-product privilege. In light of… more

Sanofi & Regeneron Seek to Assert Inequitable Conduct Defense in Dupilumab Patent Litigation

As we previously reported, Immunex sued Sanofi and Regeneron earlier this year in the Central District of California alleging that the sale of Sanofi and Regeneron’s FDA-approved Dupixent® (dupilumab) product would infringe Immunex’s… more

Termination of employment due to poor performance – a brief legal comparison

Bryan Cave's Scandinavian Desk advises numerous Scandinavian clients in Germany. This article highlights the similarities and differences between German and Swedish law regarding the termination of employment due to poor performance… more

Give Your Customers the Gift of Security

2017 has reminded us that data security threats continue to evolve and that the stakes for companies can be very high if their data security programs fail to evolve as well. Before the recent announcement of Equifax’s megabreach, the… more

Tiffany’s Trademark Infringement Win a Costly Lesson for Costco

A federal district court has ordered Costco to pay Tiffany at least $19.4 million in a trademark infringement battle based on generic diamond engagement rings bearing the “Tiffany” name. Judge Laura Taylor Swain in the Southern… more

Seventh Circuit Affirms Dismissal Of Post-Liquidation Reinsurance Claim As Time-Barred

We previously posted on the trial court’s ruling addressing the statute of limitations in this case on June 23, 2016. By way of background, the underlying contract between the insurer and the reinsurer required the insurer to calculate… more

SEC Issues Guidance on Investment Adviser Advertising Rule

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a new Risk Alert outlining the most frequent compliance issues relating to Rule 206(4)-1 (the “Advertising Rule”) under the Investment… more

When Does “On” Mean “On”? Judge Netburn Holds That It Depends.

On September 11, 2017, Magistrate Judge Sarah Netburn (S.D.N.Y.) issued a claim construction ruling on, among other things, the construction of the word “on” across four different patents directed to semiconductor lasers. In three of… more

Board Blows the Whistle on Independent Contractor Status for NBA Video Production Crew

Seyfarth Synopsis: With the NBA season opener just over a month away, at least one team could be getting an unexpected influx of free agents. In Minnesota Timberwolves Basketball, LP, 365 NLRB No. 124 (2017), the Board recently held… more

U.S. Department of Energy Releases “Staff Report to the Secretary on Electricity Markets and Reliability”

On August 23, 2017, the Department of Energy (DOE) released its “Staff Report to the Secretary on Electricity Markets and Reliability,” which was commissioned by U.S. Secretary of Energy Rick Perry in April to provide an assessment of… more

It's a Bicycle, It's a Motorcycle, It's a Motor Vehicle…No, It's an Electric Bicycle - More states enacting specific e-bike use, labeling and equipment regulations as popularity surges

Illinois recently became the sixth state to adopt electric bicycle ("e-bike") legislation to become effective on January 1, 2018 joining Arkansas, California, Colorado, Tennessee and Utah. States like Ohio, Michigan and Wisconsin have… more

European Commission Proposes Screening Mechanism for Foreign Direct Investment into the European Union

The European Commission ("Commission") has published a legislative proposal that seeks to establish a screening framework across the European Union ("EU") for foreign direct investment ("FDI") that may affect security or public order… more

Special Rules for Plans due to Hurricane Irma

On September 12, 2017, the Internal Revenue Service (IRS) issued Announcement 2017-13, which provides guidance on the ability of qualified plans to provide plan loans and hardship distributions to people in Florida affected by… more

Massachusetts Pregnant Workers Fairness Act Takes Effect April 1, 2018

A new Massachusetts law, the Pregnant Workers Fairness Act, will expand existing legal protections for pregnant employees beginning April 1, 2018. Most notably, employers will be required to provide reasonable accommodations for… more

Rulings, Orders, Settlements – August 4, 2017

Court Denies Motion to Dismiss for Non-Functional Slack-Fill Class Action - White v. Just Born, Inc., No. 2:17-cv-4025 (W.D. Mo.): The Court issued an order denying Defendant’s motion to dismiss this putative non-functional… more

Senate Democrats Push for Tougher Merger Enforcement

On September 14, 2017, Senator Amy Klobuchar (D-MN), introduced new legislation to curtail market concentration and enhance antitrust scrutiny of mergers and acquisitions. As the Ranking Member of the Senate Judiciary Committee’s… more

Words Matter: The Third Circuit Clarifies That a Single Racial Slur in the Workplace May Be Enough to State a Hostile Work Environment Claim.

Seyfarth Synopsis: Telling African-American employees “that if they had ‘n—– rigged’ the fence, they would be fired” may be enough, standing alone, to state a hostile work environment claim… more

CMS Announces Revisions to State Operations Manual for Hospitals “Primarily Engaged” in Providing Care to Inpatients

On September 6, 2017, CMS’s Center for Clinical Standards and Quality/Survey & Certification Group announced revisions to Appendix A of the State Operations Manual (SOM), which governs hospital surveys. The revisions are aimed at… more

Court Awards Nearly $280 Million in Treble Damages Against Former FHA Lender

On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury verdict… more

Expanded Fraud and Abuse Liability under Proposed “Medicare for All” Bill

On September 13, 2017, Senator Bernie Sanders (I-VT) introduced his “Medicare for All Act of 2017” which, as the name implies, would expand Medicare to cover nearly every American. Although it is unlikely that the bill will pass, is… more

Immigration Enforcement and Deadlines: A Pause for Disasters

U.S. Immigration and Customs Enforcement has put a hold on immigration enforcement operations in areas affected by Hurricanes Harvey and Irma. Routine non-criminal immigration enforcement operations will not be conducted at evacuation… more

Updates on DACA and Temporary Protected Status

DACA Developments - On September 5, 2017, the Trump administration announced that it would formally end the Deferred Action for Childhood Arrivals (DACA) program. Since then, 19 states and the District of Columbia have sued the… more

Concierge Medicine – Medicare Compliance Is Still A Consideration

In our July 10, 2017 post, Concierge Medicine – Is it for you?, we cautioned that Medicare compliance concerns do not fall away when moving to a concierge or direct-pay model. HHS has determined that concierge-style agreements are… more

California Employment Law Bills Sent to Governor’s Desk

Several California labor and employment law bills passed in both the state assembly and senate on or before the September 15, 2017, legislative deadline. Governor Brown will have until October 15, 2017, to sign or veto these bills… more

MiFID II for Non-EU Investment Banks and Brokers

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal entity… more

Additional guidance from HUD/Freddie/Fannie/Ginnie/VA on mortgage-related disaster relief for hurricane victims

In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane Harvey and… more

Calling President An Idiot May Be Protected Speech (But Maybe Not)

“President Trump is a Big Fat Idiot” or, for that matter, “Secretary Clinton is a Sore Loser.” Let’s suppose you see one of your employees tweeting one of these expressions on Twitter during non-work hours from a personal account… more

More Hurricane Relief & Expansion of DoL Relief to Hurricane Irma

Leave donation program was extended to assist victims of Hurricanes Irma today. The new leave donation program permits an employee to donate his leave to a charitable organization that is eligible to receive charitable contributions if… more

Despite No Allegations of Bad Faith or Tortious Conduct, Liberty Mutual Owes Millions for Breaching the Duty to Defend

In Hyland v. Liberty Mutual Fire Ins. Co., No. 1:15-cv-01264-JES-JEH, 2017 WL 3388161 (C.D. Ill. Aug. 7, 2017), the U.S. District Court for the Central District of Illinois granted plaintiff’s motion for summary judgment for breach of… more

Africa Focus: Sub-Saharan African power projects - Credit support and enhancement

Counterparty credit risk continues to remain a key, often threshold concern for private sector sponsors and lenders to the majority of power projects in sub-Saharan Africa. Structuring power projects in an effort to overcome or… more

A Video Plus a Sinatra Song Attracted Investors for Fraudster

A Wall Street office; a youtube.com video; Frank Sinatra singing New York New York. These were the keys to building an apparently successful commodity trading business that attracted clients – at least for a while… more

Buyer Beware: Make Sure Your Copyright Assignment Is Valid

You are in negotiations with a copyright owner to obtain a license to her work, which you want to publish, distribute, and/or license yourself. You want to ensure that you have the right to enforce the copyright against third parties… more

Equifax: The Empire State Strikes Back

Yesterday, New York Governor Andrew M. Cuomo announced that he has directed the Department of Financial Services (DFS) to issue a new regulation requiring “credit reporting agencies to register with” the DFS, as well as comply with the… more

Utility Patents in Fashion Design? Nike & Huzu Innovate The Way

Edited by Catherine Holland   What is a Utility Patent? Utility patents cover a new and useful process, machine, manufacture, or composition of matter.  Design patents are much more common in the fashion industry since design patents… more

AML Beneficial Ownership Register for Irish Funds – Who’s Holding the Baby?

If you’ve been involved in the funds industry, you will be well aware of the ever-increasing focus on anti-money laundering and “know your customer” requirements by national and supranational regulatory bodies alike. In fact, the… more

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