Latest Updates

Financial Services Weekly News - July 2017 #3

Editor's Note - Going Strong to the Mic. The Office of the Comptroller of the Currency’s (OCC) proposed special purpose nondepository national bank charter for FinTech companies (FinTech Charter) has long been the source of… more

Summary Judgment for Insurer in Annuity Sales Practices Action

On March 31, in Chambers v. N. American Co. for Life & Health Ins., an action alleging RICO violations and other claims in the sales of deferred annuities to seniors, the Southern District of Iowa granted the insurer’s motion for… more

Be Careful What You Wish For, You Just Might Get It: Reconsidering When To Ask for Reconsideration

On July 12, 2017, District Judge Alvin K. Hellerstein granted a motion for reconsideration by Intellectual Ventures II L.L.C. (“IV”) of the Court’s prior Order of April 28, 2017. At the time of the motion, the only patent at issue in… more

SEC Issues Long-Awaited Guidance on Token Sales

The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the requirements of… more

5 Keys to Coordinating International Depositions (Updated)

Coordinating international depositions can be an expensive, time-consuming process. Working with a court reporting firm experienced in international depositions greatly reduces the time and expense law firms would encounter on their… more

FCC Opens Up 76-81 GHz Band for Cutting-Edge Vehicular Radar Applications

Recognizing that vehicular and airport-based radar systems designed to prevent collisions should be free from interference and should be permitted to operate at optimum frequency levels, the FCC, in a Report & Order released July 13… more

Independent Directors, Law Firm and Financial Advisor not Liable for Omissions in Private Tender Offer

R.L. Polk & Co. Inc., a private company, was allegedly more than 90% controlled by the Polk family. The Company was in the consumer marketing business with holdings such as Carfax, Inc. In March 2011, the Company initiated a… more

Pot-Friendly Credit Union Gets Second Chance at Master Account

A credit union seeking to provide banking services to marijuana-related businesses is flying high after the U.S. Court of Appeals, Tenth Circuit, reversed an order dismissing its suit requesting a master account at the Federal Reserve… more

Massachusetts’s Highest Court Rules that Employee Fired for Medical Marijuana Use Can Hold Employer Liable for Discrimination

In a groundbreaking decision, the Massachusetts Supreme Judicial Court (“SJC”) ruled recently week that employees in Massachusetts who have a legal prescription for medical marijuana can sue their employers for disability… more

Objective Foreseeability:  Indiana Continues to Broaden the Foreseeability Analysis in Premises Liability Cases

In its June 19, 2017 opinion in Daviess-Martin Cty. Joint Parks & Rec. Dep’t v. Estate of Abel, 2017 Ind. App. LEXIS 260, the Indiana Court of Appeals paved the way for Indiana trial courts to expand their analysis regarding whether… more

SEC Determines That Certain Virtual Tokens Are Securities

On July 26, 2017, the Securities and Exchange Commission (SEC) issued an investigative report concluding that certain tokens (or coins) offered and sold by The DAO, a virtual organization, were securities under the Securities Act of… more

'Re-negotiation' Clause in Contract Not Void for Uncertainty

This alert focuses on the recent judgment in Associated British Ports v Tata Steel UK Ltd [2017] EWHC 694 (Ch). ABP demonstrates the English courts’ reluctance to find clauses and/or contracts void for uncertainty where they contain… more

Did U2’s Bono And The Edge Copy Their Song The Fly From Another Artist?

This is the question being presented in a lawsuit pending in the Southern District of New York against the iconic band U2 and a majority of its band mates. Paul David Hewson (more well known as lead singer Bono), David Howell Evans… more

Court Grants Most of Plaintiff’s Cost Recovery Request, Including All eDiscovery Costs: eDiscovery Case Week

In Ariel Inv., LLC v. Ariel Capital Advisors LLC, No. 15 C 3717 (N.D. Ill., July 17, 2017), Illinois District Judge Matthew F. Kennelly granted the prevailing plaintiff’s request to tax most requested costs in the amount of $99,378.32… more

FCPA Risks and Acquisition Integration Challenges

Chief compliance officers have devoted significant efforts to conducting pre-acquisition due diligence of a proposed target companies. I do not intend to diminish the importance of pre-acquisition due diligence, but I have noticed… more

Deadline Near for Passing the Municipal Advisor Qualification Exam

On September 12, 2016, the Municipal Securities Rulemaking Board (“MSRB”) began offering the Municipal Advisor Representative Qualification Examination (the “Series 50 Exam”). Municipal advisor professionals must pass the Series 50… more

DOL Requests Feedback on Overtime Rule

The U.S. Department of Labor is seeking public input on what to do with the Obama administration overtime rule. In Wednesday’s edition of the Federal Register, the DOL published a “Request for Information Defining and Delimiting the… more

Maine Prohibits Certain Gifts from Pharmaceutical Manufacturers and Wholesalers to Practitioners

Last month, the Maine Legislature passed an amendment to the Maine Pharmacy Act to prohibit licensed manufacturers and wholesalers of pharmaceuticals from offering certain gifts to practitioners authorized to prescribe and administer… more

[Video]CEO Spoofing and Phishing

In this video, McNees attorney Devin Chwastyk discusses CEO spoofing and the endless variety of scams criminal hackers and identity thieves use to defraud businesses… more

Related-Party Provisions Prevent Deduction by S Corp Shareholders - Tax Update Volume 2017, Issue 4

Many routine transactions occur between related parties, including the payment or accrual of interest on indebtedness, license fees, salary or benefits to employees and/or shareholders, and trade invoices. The Tax Court recently found… more

Colorado Set to Regulate Cybersecurity Practices of Broker-Dealers and Investment Advisers

On May 15, Colorado became the latest state to publish major regulations tackling cybersecurity in the financial services industry when the Colorado Division of Securities released amendments to existing division rules previously… more

Intellectual Property and Business: Part 2

(NOTE: This is part 2 of 4 in a series of alerts linking intellectual property and economic strategy. You can read part 1 here. Check back each week for a new installment.) Monitoring and Identifying Existing and New Intellectual… more

Preparing for the space innovations of today and tomorrow

Innovative technologies are reshaping almost every industry, presenting new business cases and changing our daily lives. These technologies are hyper-connecting the world and offering new ways to interact. Many of these innovations… more

IP Basics: The Purpose of Copyright [ © ] and Trademark [ TM ] Symbols

[This post is part 3 of a 3 part IP Basics Series] In a recent series of IP Basics: Copyrights, Trademarks and Trade Secrets, Oh My! and What are “Trade Dress” and “Trade Secrets?”, we considered a number of different types of… more

Brazil’s President Approves Labor Reform Bill

On July 14, 2017, Brazil’s Labor Reform Bill (Law No. 13.467) (the “Bill”) was published after it was approved by President Michel Temer. The new law will go into effect on November 11, 2017… more

A Court Divided: Judges File Widely Varying Opinions on CBM Review Eligibility

The standards used by the Patent Trial and Appeal Board (PTAB) for determining what qualifies as a covered business method (CBM) patent under AIA § 18(d)(1) and 37 CFR 42.301(a) have not always been consistent (see, for example, IP… more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles) restaurants… more

Client Alert: Amazon Brand Registry 2.0 Released – A New Tool for Brand Protection

It’s not uncommon for businesses to feel frustrated in trying to protect their products/brands on Amazon from trademark infringers. Many believe that there’s a lack of control over their product listings, and that third parties can too… more

NJ Seeks to Protect Consumer Data with Personal Information Privacy and Protection Act

A recently enacted New Jersey law restricts retailers from collecting and using personal information gleaned from driver’s licenses and other identification cards. The law, which will take effect October 1, 2017, is meant to crack down… more

Federal Court Stays Section 1557 Litigation Pending HHS’s Decision to Revisit Regulation

On July 10, 2017, the Northern District of Texas stayed its much-watched Section 1557 case (known as the Franciscan Alliance case) pending HHS’s decision to revisit or revise its regulation under Section 1557. At issue in the case… more

Singapore Legal Update - July 2017

Issues of Corporate Governance and Due Diligence Raised in SingPost's Review of Its Acquisition of TradeGlobal - SingPost issued an update on its review of its acquisition of TradeGlobal Holdings Inc. The report noted, among… more

ACA Repeal Could Put Dent In The Number Of Gig Workers

Bloomberg BNA reporter Madison Alder has written an eye-opening article that suggests the possible repeal of the Affordable Care Act (ACA) could force many gig economy workers to abandon their freelance lifestyle and secure full-time… more

FERC issues license for Monongahela Locks and Dam 4 project

U.S. hydropower regulators have issued an original license for a proposed 12-megawatt hydropower project, to be located at the U.S. Army Corps of Engineers’ Monongahela Locks and Dam 4 facility on the Monongahela River, in… more

SCC Confirms the Role of Regulatory Tribunals in Aboriginal Consultation

On July 26, 2017, the Supreme Court of Canada (SCC) released two decisions on the role of the National Energy Board (NEB) and other regulatory tribunals in aboriginal consultation: Clyde River (Hamlet) v. Petroleum Geo-Services Inc… more

SEC Settles Offering Fraud Tied to Cellphone App

The focus of SEC enforcement has not changed under a new Chairman if recent cases are any indication – at least for now. For example, offering fraud actions have been a key focus of Enforcement for years… more

FCC Enforcement Monitor ~ July 2017

Pillsbury’s communications lawyers have published FCC Enforcement Monitor monthly since 1999 to inform our clients of notable FCC enforcement actions against FCC license holders and others. This month’s issue… more

Supreme Court Denies Depublication Request, Declines To Review CEQA Decision Addressing Discretionary/Ministerial Project Approval Distinction

On July 26, 2017, the California Supreme Court issued its order denying the losing appellants’ (Sierra Club and Center for Biological Diversity) request for depublication of the opinion in Sierra Club v. County of Sonoma (2017) 11… more

State Governors Sign Cybersecurity Compact

The National Governors Association (NGA), recently announced that 38 governors had signed “A Compact to Improve State Cybersecurity.” In announcing the Compact, Virginia Governor Terry McAuliffe, outgoing chair of the NGA, cited its… more

CRM Is A Marathon, Not A Sprint

When considering a CRM system, you may think that this is a technology that simply needs to be purchased, installed and implemented… but, in reality, that couldn’t be further from the truth. CRM is not a project, an initiative or a… more

Sixth Circuit Balances Rights of Forest Service and Rights of Private Property Owners Provided by Michigan Law

Balancing the interests of the Federal Government as owner of thousands of acres surrounding Crooked Lake and private owners’ rights, on July 26, in a 2 to 1 ruling, the U.S. Court of Appeals for the Sixth Circuit ruled that the U.S… more

U.S. House of Representatives Passes Russia Sanctions Bill

On July 25, 2017, the U.S. House of Representatives passed a Russia sanctions bill, “Countering America’s Adversaries Through Sanctions Act” (“H.R. 3364”) by an overwhelming vote of 419 to three. This broad-ranging sanctions bill… more

“Ruff” Start for Defendant in Pet Ramp Patent Dispute

Judge Saylor of the United States District Court for the District of Massachusetts recently narrowed the counterclaims and affirmative defenses available to a defendant in a consumer products dispute. The decision highlights not only… more

Down, but not out – initial adverse decision not a bar to future recovery of .ca domain name

A pair of recent decisions under the Canadian Internet Registration Authority (“CIRA”) Domain Name Dispute Resolution Policy (“CDRP”) demonstrate that a trademark owner who fails to obtain a domain name transfer at a first panel… more

The Crisis of Free Speech on Campus: Not Fake News

A recent column in the Detroit News, by John Patrick Leary, an assistant professor of English at Wayne State University, advanced the proposition that concern over the recent protests on campus over free speech is a “manufactured… more

Alert: California New Hires Must Receive Notice of Workplace Rights of Victims of Domestic Violence

Existing California law prohibits employers from discharging or in any manner discriminating or retaliating against an employee who is a victim of domestic violence, sexual assault or stalking who takes time off work for certain… more

UK Supreme Court finds that Employment Tribunal fees are unlawful

In an important judgment today, the UK Supreme Court has ruled that the introduction of Employment Tribunal fees in 2013 was unlawful and that fees should no longer be charged, with immediate effect… more

Mexico's "Red Troncal" project

General Guidelines for the Red Troncal Project - On July 17, 2017, Telecomm issued preliminary general guidelines for the Red Troncal Project. This document outlined the general criteria through which Telecomm seeks to obtain… more

Tort Reform by Any Other Name

A rose by any other name may smell as sweet, but tort reform still smells bad to traditional opponents despite an attractive title. That’s why most observers believe that the House-passed “Protecting Access to Care Act,” H.R. 1215, is… more

Better KM in an Age of Need-to-Know Security

Double-edged Sword: Protect & Deliver - 2016 was a banner year for cyber incidents as records breaches increased by 556% with more than four billion records leaked. The regulatory and client response has been significant...… more

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking in this… more

Readers' Choice 2017
Reporters on Deadline
Contributor Spotlight

Latham & Watkins is a leading global law firm serving multinationals, start-ups, investment banks, private equity funds, venture capital firms, sovereign wealth funds, governments and other…

[ About | Legal Updates ]

Watch This