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The financial advisor who sells a trustee an insurance contract that is inappropriate in light of the trust's purposes risks primary fiduciary liabilty in equity to non-contracting parties

It is an understatement that the Minnesota Court of Appeals in In re: Amendment and Restatement of Revocable Living Trust of Alfred J. Berget dated February 15, 2005 [A13-2295, Dec. 8, 2014] afforded the trustee who had invested trust…more

Reading The Cuozzo Tea Leaves: Best Practices Pending The Supreme Court's Decision

The Supreme Court of the United States heard oral argument today on claim construction in inter partes review (IPR) proceedings and the reviewability of institution decisions. On the claim construction issue, the Justices seemed to…more

Context Matters in False Advertising Cases – District Court Judge Denies Chobani Motion for Reconsideration of Scope of Injunction

In a further development in the yogurt false advertising battle between Dannon and Chobani, the federal district court has rejected Chobani’s request that it reconsider and limit the scope of the injunction it issued in late January…more

Prince: Is His Legacy Really Untold?

As we’ve all seen in the news, musician Prince passed away on April 21, 2016 at the age of 57. According to news sources, on April 26, just five days later, one of Prince’s six siblings, his sister Tyka Nelson, filed documents with…more

CMS Increases Oversight of Medicaid Managed Care Contracts

As noted in a post published yesterday, CMS issued the final rule regarding Medicaid managed care earlier this week. With this rule, CMS is taking a much more active role in overseeing states’ Medicaid managed care contracts. CMS…more

Update: Santa Monica Amends Minimum Wage Ordinance, Delays Sick Pay Implementation.

Seyfarth Synopsis: Santa Monica has amended its Minimum Wage Ordinance to postpone implementation of its paid sick leave entitlements, now starting January 1, 2017 instead of July 1, 2016, and create a two phase implementation process…more

Mission Hospital Sued By EEOC For Religious Discrimination

Asheville Hospital Fired Employees Who Declined Flu Vaccinations Based on Their Religious Beliefs, Federal Agency Charged - ASHEVILLE, N.C. - Mission Hospital, Inc., a North Carolina corporation based in Asheville, violated…more

How to Build a Startup, Chicago-Style

Building a startup in Chicago differs from building one in Silicon Valley. Chicago investors, both individuals and committed venture funds, tend to be more reserved and practical, whereas coastal venture investors are more likely to…more

Judge Rakoff Holds a 3-D “Magic Trick” Implemented With Software Is Not Equivalent to One Implemented With Hardware

On April 24, 2016, District Judge Jed S. Rakoff (S.D.N.Y.) ruled that defendants Nintendo Co., Ltd. and Nintendo of America, Inc.’s (collectively, “Nintendo”)’s 3DS pocket gaming console does not infringe Tomita Technologies USA, LLC…more

PA Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment appeal…more

New Jersey Issues Guidance on BEIP Grant Conversion

This month the New Jersey Economic Development Authority (the Authority) provided businesses with guidance, in the form of Frequently Asked Questions, on how to elect to have their unpaid Business Employment Incentive Program (the…more

President Expected to Sign New Federal Trade Secret Law

After years of debate and multiple versions proposed, withdrawn, revised and debated by both Houses of Congress, legislation that would for the first time federalize trade secrets law is headed to the White House for signature. The…more

Socially Aware: The Social Media Law Update Volume 7, Issue 3

How To Protect Your Company’s Social Media Currency - Today’s companies compete not only for dollars but also for likes, followers, views, tweets, comments and shares. “Social currency,” as some researchers call it, is becoming…more

Broadest Reasonable Interpretation and Claim Amendments in Post-Grant Patent Challenges

The United States Patent and Trademark Office has used a “broadest reasonable interpretation” (BRI) standard for claim interpretation when examining pending patent applications. Under the BRI standard, a claim term is generally given…more

Zika Virus Spreading to United States: OSHA Provides Recommendations

Seyfarth Synopsis: OSHA Interim Guidance recommends that all employers develop and implement policies to deal with Zika virus. What is Zika? The Zika virus disease (Zika) primarily is spread through the bites of infected…more

Trade Secrets Going Federal

Yesterday, in an overwhelming 410-2 bipartisan vote, the US House of Representatives passed the Hatch-Coons Defend Trade Secrets Act (DTSA), which would for the first time federalize trade secrets law and provide uniformity (and…more

Court Cannot Divide An Offer To Settle

In Sugar Hut Group Ltd & ors v A J Insurance Service [2016] EWCA Civ 46, 3 February 2016, the Court of Appeal over-ruled the High Court’s judgment about how costs should be awarded where a claimant succeeds on only part of its case…more

Only the Lonely: “Lonely” Life Insurance Companies Confront New Issues Under Proposed Debt-Equity Regulations

The rules of IRC § 1504 and Treas. Reg. § 1.1502-47 provide the general parameters for determining whether a domestic life insurance company (within the meaning of IRC § 816(a)) may join in filing a consolidated U.S. federal income tax…more

New Federal Trade Secrets Protections for Employers

Both the U.S. Senate and House have passed the Defend Trade Secrets Act of 2016 and it is expected to be signed by President Obama in short order…more

CAUTION: Terms of CCP Section 998 Offers to Compromise Must Be Fully Contained in the Offer Itself

In Sanford v. Rasnick, (Ct. of Appeal, 1st App. Dist., No. A145704) the First Appellate District addressed whether a CCP § 998 Offer to Compromise requiring plaintiff to execute a release and enter into a separate settlement agreement…more

Is it Debt or is it Not? Proposed Treasury Regulations Would Significantly Change Debt vs. Equity Analysis

Earlier this month, the IRS and Treasury Department proposed new Treasury regulations (the “Proposed Regulations”) under Section 385 of the Internal Revenue Code. The Proposed Regulations would significantly modify the tax analysis…more

New UK AML Action Plan – The Increased Role of the Private Sector

The UK Government has just published an Action Plan setting out extensive reform to the anti-money laundering ("AML") and counter-financing of terrorism ("CFT") regime and in particular the filing of Suspicious Activity Reports…more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: April 2016 - Issue 4: Germany

Latest Investment Fund Statistics for Germany - The German Investment Fund Association BVI has issued its latest investment statistics report dated 29 February 2016, giving an overview of the net assets and net sales within the…more

This Week In Securities Litigation

The SEC requested comment on the development of a consolidated audit trail this week, a concept long discussed. The audit trail would enable regulators to track trading activity in the U.S. markets. Enforcement initiated proceedings…more

Surviving the Strife: How Start-Up Founders can ensure that Inevitable Friction and Departures won’t sink the Company

History is all too often repeated when start-up founders fail to plan for when (not if) they don’t see eye-to-eye. Relationship breakdowns and messy founder departures are common root causes of start-up failures. Common sense steps…more

Delaware Supreme Court Significantly Limits Personal Jurisdiction of Non-Delaware Corporations

A corporation is no longer deemed to have consented to personal jurisdiction in Delaware solely as a result of registering to do business there. A recent Delaware Supreme Court decision, Genuine Parts Company v. Cepec, makes clear that…more

Federal Circuit Patent Updates - April 2016

Mankes v. Vivid Seats Ltd. (No. 2015-1909, 4/22/16) (Taranto, Schall, Chen) - Taranto, J. Vacating judgment on the pleadings dismissing cases for inadequately pleading divided infringement and remanding for consideration in light…more

Will The Celsis Appeal Put An End To 101 Rejections Of Laboratory Method Claims?

On April 5, 2016, the Federal Circuit heard oral arguments in Rapid Litigation Mgmt. Ltd. v. CellzDirect Inc., where the U.S. District Court for the Northern District of Illinois held invalid claims directed to a “method of producing a…more

German Labor Court Allows Review of Employee’s Browsing History

European courts continue to clarify the right of employers to review their employees’ emails. As we discussed previously, the European Court of Human Rights and the National Labor Relations Board of the U.S. have recognized that…more

WiFi Privacy: Network Analytics Guidance Issued by ICO

The Information Commissioner’s Office (ICO) has issued guidance to help wireless (WiFi) operators understand their duties under the Data Protection Act 1998 (DPA) when collecting and using location and other analytics information…more

UPDATE: Federal Defend Trade Secrets Act Clears the House, Passage into Law Expected

As expected, overwhelming support for the Defend Trade Secrets Act of 2016 led to its passage in the U.S. House of Representatives yesterday by a 410-2 vote. During the floor debate, one Congressman noted that “Congress has the…more

Labor and Employment News: Deflategate: Limited Ability to Appeal Arbitration Awards

Nearly all collective bargaining agreements have an arbitration clause for deciding any disputes under the agreement. Beyond the labor arena, employers have increasingly mandated arbitration as the designated forum for resolving…more

Congress Finally Agrees: Passes Federal Trade Secrets Act

After years of legislative fits and starts, the U.S. House of Representatives on April 27, 2016, passed a bill federalizing trade-secret law. President Obama is expected to sign the bill in short order. Titled the “Defend Trade…more

Financial Services Weekly News - April 2016 #4

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and…more

OIG Issues Revised Policy Statement Regarding Permissive Exclusion

On April 18, 2016, the Office of Inspector General of the United States Department of Health and Human Services (“OIG”) issued a revised policy statement containing the new criteria that OIG intends to use in implementing its…more

Mississippi Legislature Passes Significant Tax Relief

On April 18, 2016, the Mississippi Legislature passed Senate Bill 2858 and enacted the “Taxpayer Pay Raise Act of 2016.” Lieutenant Governor Tate Reeves describes the Act as the largest tax relief package in Mississippi history. The…more

Mark Your Calendars: BPA Prop 65 Warnings Required as of May 11, 2016; Styrene Also Added to the Prop 65 List

Earlier this month, California’s Office of Environmental Health Hazard Assessment (“OEHHA”) issued a Notice of Emergency Action to allow temporary use of a standard point-of-sale warning message for bisphenol A (“BPA”) exposures from…more

Questions to Ask When Deposing an Expert

The task of deposing the opposition’s expert is simplified immeasurably by keeping in mind the deposition’s fundamental purpose: to discover all of the expert’s opinions and all of the bases for those opinions. Your goal should not be…more

After New York, Florida Curbs Surprise Bills for Emergency and Out-of-Network Services

It is generally understood that if a managed care member utilizes the services of a non-participating provider, the member could incur significant out of pocket expenses. However, there are instances where a member may unknowingly…more

Current Issues in U.S. Litigation Discussed at Korean CLE Seminar

On April 15, 2016, a select group of Korean patent and intellectual property attorneys convened at the Ritz Carlton Hotel in Seoul for a continuing legal education seminar entitled “Current Issues in U.S. Litigation.” The seminar was…more

Follow the Data: FDA Addresses cGMPs for Data Integrity Issues in Draft Guidance

The draft guidance provides insight into FDA’s expectations regarding data controls and compliance for pharmaceutical companies. In recent years, issues involving the integrity of and controls around manufacturing data have become…more

OSHA – Injury to Intoxicated Employee is Recordable

Seyfarth Synopsis: An alcohol induced accident involving an intoxicated employee can be an OSHA recordable incident. OSHA recently opined in an Interpretation Letter that, where an employee sustained an injury at work but the…more

Orrick's Financial Industry Week in Review

SEC Adopts Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants - On April 15, 2016, the Securities and Exchange Commission adopted final rules modifying regulations "for…more

Privatization of the United States Air Traffic Control System Hits Roadblock in the U.S. Senate

Less than a month ago, it seemed clear that privatization was the wave of the future for the United States Air Traffic Control System (“ATC System”). On February 19, 2016, the United States House of Representatives Transportation and…more

U.S. Congress Creates Federal Cause of Action for Trade Secret Misappropriation

For the first time in this nation’s history, the U.S. will have a federal trade secrets law that allows private citizens to enforce their trade secrets and sue for damages. On Wednesday, April 27, 2016, the U.S. House of…more

Employer Liability for the Lone Wolf

Shocking acts of violence are reported in the press every day. Reading about bombers, gunmen, and rapists in schools and homes and nightclubs is almost unbearable. For us labor lawyers, workplace violence is particularly disturbing…more

Supreme Court Order Allows Victims of Terrorism to Collect from Frozen Funds of Iranian Central Bank

On April 20, the Supreme Court held in Bank Markazi v. Peterson that Section 8772 of the Iran Threat Reduction and Syria Human Rights Act of 2012 does not violate separation of powers principles. Bank Markazi v. Peterson, No. 14-770…more

CFPB Director Cordray Responds to Senator Corker Letter

The Consumer Financial Protection Bureau (CFPB) responded to a letter from Senator Bob Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated…more

Quirky Question #277: Passage of the Defend Trade Secrets Act

Question: I saw something on the news about some new trade secrets legislation. What’s going on with that? Will it help employers better protect their trade secrets?…more

Defend Trade Secrets Act Approved by Congress - The Legislation Has Implications for Employers and Trade Secret Holders Nationwide

The U.S. House of Representatives passed the Defend Trade Secrets Act (DTSA) on April 27, 2016, significant legislation that proposes to amend the Economic Espionage Act. The DTSA had previously passed the Senate and is expected to be…more

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Founded in Orlando, Florida, in 1969, Lowndes, Drosdick, Doster, Kantor & Reed, P.A., is a multi-practice business law firm. Our attorneys represent corporate, entrepreneurial and individual clients…

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