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First Department Finds Forum Selection Clause in Earlier Agreement Valid Despite Later Agreement Providing for Arbitration

In a 3-2 split decision, a New York appellate court determined that a forum selection clause providing for litigation in New York courts had not been explicitly terminated and thus trumped agreements to submit to arbitration in London…more

Some Case-by-Case Comment K Mixed with Some Insufficient Pleading of Fraud

In Hawaii, from whence today’s case comes, tourists are encouraged to try poi, mashed up taro root, which looks like purple wallpaper paste and tastes like, well, purple wallpaper paste. The term is also used as a friendly descriptor…more

Maryland Registration Requirement for CRAs

Maryland requires consumer reporting agencies to register with the Office of the Commissioner of Financial Regulation if you “intend to conduct consumer credit reporting services in the State of Maryland.” Last week I wrote about…more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of commerce for…more

Justice Friedman of the New York Supreme Court Dismisses Two FHFA Repurchase Actions

On April 12, 2016, Justice Marcy Friedman of the New York Supreme Court granted motions to dismiss in two RMBS breach of contract actions filed by FHFA against Morgan Stanley ABS Capital I Inc. (“MSAC”) and Morgan Stanley Mortgage…more

Do No-Damage-for-Delay Clauses Bar Acceleration Claims?

Time is money in construction, and project delays can cause contractors to incur substantial additional costs. To avoid responsibility for paying these costs, project owners often include a no-damage-for-delay (NDFD) clause in the…more

The United States - Cuba Commercial Relationship Moves Forward

For the first time since 1978, a U.S. Cruise line sailed to and docked in Havana, Cuba. On May 2, 2016, Fathom, a Carnival Corporation brand, became the first U.S. cruise line to take advantage of regulatory changes implemented by the…more

No Closure Yet on the Issue of Aggregation of Claims Against Solicitors

The Court of Appeal in AIG Europe Ltd v OC320301 LLP (formerly The International Law Partnership LLP) has ordered a retrial of the question of whether actions brought by 214 investors in two failed holiday property schemes in Turkey…more

West Coast Real Estate Update: May 2016

IRS Reevaluates "Bad Boy" Carve-Outs - Before providing a non-recourse loan to a Limited Liability Company (LLC) – i.e., one for which the LLC members do not bear the risk of economic loss – a lender often will require the LLC's…more

GDPR Published Today, Commencing Two-Year Countdown to Application

One of the most important EU legislative initiatives in recent years, and a landmark in privacy regulation worldwide, the GDPR is set to replace the Data Protection Directive (95/46/EC) of 1995. After the Council of Ministers…more

New FLSA Overtime Exemption Rules Expected Imminently

Seyfarth Synopsis: As early as next week, the Department of Labor is expected to issue its final rule implementing revisions to the regulations governing the application of the FLSA’s “white collar” exemptions from overtime and minimum…more

Fed Wants Limits on Qualified Financial Contracts of Large Banks

The Board of Governors of the Federal Reserve System is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking organizations and…more

Eighth Circuit Becomes First Appellate Court to Apply Halliburton II Price Impact Analysis

The Eighth Circuit has become the first federal circuit court to apply the Supreme Court’s Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014) (Halliburton II) decision. Relying on Halliburton II, the Eighth Circuit…more

Antitrust & Your Deal: Pre-Closing Conduct Matters

There are three U.S. antitrust laws that regulate the diligence process, transition planning, and overall conduct between parties during deal negotiations and due diligence prior to closing: Section 7A of the Clayton Act (better known…more

Cheerleaders and Laches

Monday the U.S. Supreme Court agreed to hear cases on patent laches, SCA Hygiene Products Aktiebolag et al. v. First Quality Baby Products, LLC et al., and copyright protection for clothing, Star Athletica, LLC v. Varsity Brands, Inc…more

Requirements for valid consent – Why opting-in should not be optional

The Düsseldorfer Kreis, a committee made up of representatives of German data protection authorities, recently published guidance on the requirements for obtaining valid consent to the collection, processing and use of personal data…more

Supreme Court Rules Against Using Settlement Offers to Moot Class Actions

In Campbell-Ewald Co. v. Gomez, a decision released in January, a majority of the United States Supreme Court held that an unaccepted Rule 68 offer of judgment by a defendant cannot moot a putative class action…more

Results mixed for Illinois texting while driving ban

Laws passed in 2014 to curb distracted driving, especially texting while driving, may have helped some, but fatalities and accidents in the Chicago area are still going up, studies show. A University of Illinois safety study showed…more

But I Didn’t Mean To! U.S. Supreme Court Says Employer Intentions Govern in First Amendment Retaliation Case

For government employers, disciplining and terminating employees can be especially difficult. Not only does the public employer face the same challenges in complying with the standard alphabet soup of employment laws that private…more

First Circuit Opens New World of Potential Liability for Video Producers

You may be too young for this to have been a big thing to you, but almost 30 years ago, D.C. Circuit Judge Robert Bork was nominated to the Supreme Court, and Washington, D.C. went into a tizzy. Coming as it did just a year after…more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled to drop…more

Are Private Development Projects Covered by Prevailing Wage Laws?

When a governmental entity contracts with a general contractor to build a community center on government-owned land, the question of whether prevailing wages are required for workers on that project is easily answered. If federal funds…more

Corporate E-Note - April 2016

In an article published by the Birmingham Business Journal in the April 1 print edition, India Vincent provides insights on a series of questions related to cybersecurity, including some best practices to help monitor for and identify…more

May the Fourth Be With You – The Norwegian Sovereign Wealth Fund Awakens to Good Corporate Governance

May 4th is universally recognized (at least in the universe I inhabit) as Star Wars Day. According to Wikipedia, “May 4 is called Star Wars Day because of the popularity of a common pun spoken on this day. Since the phrase “May the…more

British Columbia Announces Changes to Film and TV Tax Credits

On May 2, 2016 the government of British Columbia announced significant changes to the province’s film, television and digital media tax credit programs. While the changes remain to be approved by the provincial legislature, they will…more

Revisiting FinCEN’s Proposed Regulations on Beneficial Ownership

You don’t need a weatherman to know which way the wind blows. – Bob Dylan, Subterranean Homesick Blues Political winds are important for a number of reasons. When working in the government, you have to seize the political…more

The Defend Trade Secrets Act Of 2016

Companies seeking to protect their intellectual property should be aware that Congress has created a new federal law designed to prevent the actual and threatened misappropriation of trade secrets. Passed by the House and the Senate…more

Insurer Antitrust Exemption in Europe in Jeopardy

In the United States, the McCarran Ferguson Act provides insurers with an exemption from the federal antitrust laws. Enacted in 1945, the Act provides that conduct that constitutes the "business of insurance" is outside the scope of…more

OFAC Updates Cuba-Related FAQ Document

On April 21, 2016, the Department of Treasury’s Office of Foreign Assets Control (OFAC) updated its FAQ document related to Cuba. This document contains answers to several questions regarding information about Cuba such as Embargo…more

CFPB and DOJ Continue Enforcement Orders Against Indirect Auto Lenders Based on Discriminatory Loan Pricing Policies

In February the Consumer Financial Protection Bureau and Department of Justice announced entry of a consent order with Toyota Motor Credit, the U.S. financing arm of Toyota Motors’ subsidiary Toyota Financial Services. The order…more

gTLD Sunrise Periods Now Open

As first reported in our December 2013 newsletter, the first new generic top-level domains (gTLDs, the group of letters after the "dot" in a domain name) have launched their "Sunrise" registration periods. Please see our December 2013…more

FDA grants Emergency Use Authorization to Quest Diagnostics for Zika Test

According to Medical Device Daily, the US Food and Drug Administration (FDA) has authorized the emergency use of a diagnostic molecular test developed by Quest Diagnostics subsidiary, Focus Diagnostics Inc., in response to growing…more

Sandy Hook Lawsuit Aims to Weaken PLCAA, While Judge Denies Motion to Dismiss

In January, we analyzed the immunities provided to firearms industry members under the Protection of Lawful Commerce in Arms Act (PLCAA). Despite statements by some political candidates, the PLCAA provides protection only in a limited…more

European Banking Authority Publishes First List of Other Systematically Important Institutions

The European Banking Authority published the first list of Other Systematically Important Institutions in the European Union. O-SIIs are institutions which have been deemed by national regulators to be systematically relevant in…more

New York’s Highest Court Rules in Favor of “All Sums” and Vertical Attachment in Certified Question from Delaware Supreme Court

In the recent decision of Viking Pump, Inc., et al. v. TIG Insurance Co., et al., 2016 N.Y. LEXIS 1018 (N.Y. May 3, 2016), the New York Court of Appeals (New York’s highest court), on questions certified by the Delaware Supreme Court…more

SEC Finalizes Rules Implementing JOBS Act and FAST Act Provisions Concerning Exchange Act Registration Thresholds

On May 3, 2016, the SEC adopted final rules regarding reporting obligation thresholds under the Securities Exchange Act of 1934 mandated by the JOBS Act and the securities provisions of the FAST Act. The rules become effective 30 days…more

DOJ Requests Further Comments on Web Accessibility Rules

Following years of delay, the U.S. Department of Justice (DOJ) is requesting comment on more than 120 questions regarding the proposed web accessibility rule under Title II of the Americans with Disabilities Act (ADA). Though the…more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked at recent…more

Il Decreto Banche E La Vigilanza Sulle Obbligazioni Bancarie Collateralizzate

The decree law no. 18 of 14 February 2016 (cd. Banks Decree, hereinafter the "Decree 181 ") has recently been converted, with modifications, by Law no. 49 of 8 April 20162 ("Exchange Act"). Thanks to the Conversion Law were introduced…more

Phase 2 of the OCR HIPAA Audit Program Already Underway

On March 21, 2016, the Department of Health and Human Services, Office for Civil Rights (OCR) announced the launch of the long-awaited Phase 2 HIPAA Audit Program (Phase 2), and OCR activities related to Phase 2 are already underway…more

Trial Court Dismisses Georgia Patronage Capital Lawsuits

On May 2, a trial court in DeKalb County, Georgia, dismissed two class action patronage capital lawsuits filed against Oglethorpe Power Corporation, Georgia Transmission Corporation (GTC) and certain distribution electric membership…more

Your daily dose of financial news The Brief – 5.4.16

MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest penalty…more

European Commission under MiFID II Requests Amendments to Draft Technical Standards

The European Commission published three separate letters rejecting European Securities and Markets Authority draft technical standards and requesting amendments in accordance with the Markets in Financial Instruments Directive II. The…more

Employers Face Exposure for Cyberbreaches

A newly filed lawsuit in California and a recent decision from the U.S. Court of Appeals for the Seventh Circuit serve as reminders to employers that the protection of sensitive employee information from cyberthreats remains a…more

KIND Litigation – What Issues can Food and Beverage Companies Face When They Use the Term “Healthy”

If you go down the aisle of your neighborhood grocery store, you’ll find the terms “all-natural” or “healthy” emblazoned on a growing number of products—products that often garner higher prices than their competitors. Over the past…more

Borrowers Misuse RESPA Notice of Error Letter

Effective January 10, 2014, the Consumer Financial Protection Bureau (CFPB) amended Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA). These provisions address, among other things, a servicer’s…more

Legislative Update: Employee Training Required for Hotels, Inns on Human Trafficking

Over the next week or so, I’ll be providing updates on various bills to pass (or fail) at the state general assembly. They’re coming in fast and furious so patience is the order of the day…more

UK Financial Conduct Authority Consults on Changes to Implement the Market Abuse Regulation

The Financial Conduct Authority published its proposed changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for implementation of the Market Abuse Regulation. The MAR will apply directly across the EU from…more

Health Alert (Australia) - May 2, 2016

In This Issue: - Judgments; Legislation; and Reports. - Excerpts from Judgments: Inquest into the death of Chris Pravin Prasad Mr Prasad was a 51-year-old involuntary inpatient at a psychiatric hospital. He…more

FASB Updates Accounting Standards for Stock-Based Awards

The Financial Accounting Standards Board (FASB) has issued updated accounting standards designed to simplify accounting for stock-based awards. Among other changes, the updated standards permit employers to withhold stock for tax…more

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About K2 Intelligence K2 Intelligence is an industry-leading investigative, compliance and cyber defense services firm founded in 2009 by Jeremy M. Kroll and Jules B. Kroll, the originator of the…

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