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Creditor Lacks Standing To Bring Derivative Suit against LLC

by Fox Rothschild LLP on

The recent decision of Trusa v. Nepo, C.A. No. 12071-VCMR (Del. Ch. April 13, 2017), stands for the proposition that a creditor lacks standing to assert a derivative claim against a limited liability company. In Trusa, the...more

Debt Dialogue: April 2017 - Creditor Barred from Bringing a Derivative Action Against an Insolvent Delaware Limited Liability...

In a recent ruling, Trusa v. Nepo (Del. Ch. April 13, 2017), consistent with prior case law, Vice Chancellor Montgomery-Reeves of the Delaware Chancery Court held that a creditor cannot bring a derivative action against a...more

A Key Difference Between the DTSA and UTSA: “Continued Misappropriation” Continues to be a Viable Claim

by Fisher Phillips on

The Defend Trade Secrets Act (“DTSA”), unapologetically, was modeled after the Uniform Trade Secrets Act (“UTSA”) in many respects. For background, the DTSA is the federal statute, enacted in 2016, that creates a federal...more

The ERISA Litigation Newsletter - October 2016

by Proskauer Rose LLP on

Editor's Overview - This month, we look at the implications of the two federal district court cases from California that applied the ban on discretionary clauses typically found in ERISA plans to self-insured plans. The...more

The Tennessee Business Court Further Defines LLC Law

by Butler Snow LLP on

The Tennessee Business Court continued its prolific promulgation of rulings affecting the resolution of internecine disputes between LLC members. In Terrell K. Raley, et al. v. Cees Brinkman, et al., Case No. 16-0196-BC, the...more

Second Circuit: Aluminum End Users Lack Antitrust Standing; Price Manipulation Claims Against Traders and Warehouses Foiled

by Mintz Levin on

Last week, in In re Aluminum Warehousing Antitrust Litigation, the US Court of Appeals for the Second Circuit (“Second Circuit”) rejected a claim by certain downstream end-users of aluminum that their price manipulation...more

Equity Trust Notches a Rare Defense Win in SEC Administrative Proceedings

On June 27, 2016, SEC Administrative Law Judge Carol Fox Foelak dismissed the Division of Enforcement’s charges against IRA custodian Equity Trust Company in connection with the company’s processing of investments marketed by...more

Second Circuit Seeks Guidance from Delaware on Direct Shareholder Lawsuits for Holding Stock Based on Alleged Misstatements

by Carlton Fields on

May former stockholders who allege they were damaged by holding stock of a company, because of fraudulent and negligent misrepresentations about the company’s financial status, sue the company directly versus in a derivative...more

Magistrate Recommends Denying Dismissal Of State Law Claims As Moot

by Morris James LLP on

Counter-defendants claimed that counterclaims 1(breach of contract), 4(breach of duty of loyalty), 5(tortious interference with contractual relations) and 6 misappropriation of trade secrets) are procedurally improper. The...more

Northstar v. Schwab: The Ninth Circuit’s End Run Around Derivative Lawsuits in the Mutual Fund Context

by Carlton Fields on

It is well recognized that only investors have standing to sue a mutual fund on behalf of a class of investors and that a fiduciary duty claim accusing fund trustees of mismanagement is the property of the fund, and not of...more

Insurer’s Liability for Breach of Contract Is Not a Condition Precedent to Insured’s Bad Faith Claim

A Florida appeals court recently held in Cammarata v. State Farm Florida Insurance Co. that an insured is not required to show that its insurer breached the insurance policy before it can bring a claim for bad faith. Although...more

Directors’ Alleged Breach Of Fiduciary Duty Not Subject To Anti-SLAPP Statute

by Allen Matkins on

A SLAPP is a strategic lawsuit against public participation. California enacted Code of Civil Procedure Section 425.16 as an antidote to SLAPP suits. In general, a SLAPP is subject to a special motion to strike unless the...more

Inside The Courts - March 2014 | Volume 6 | Issue 1

In This Issue: - U.S. SUPREME COURT: ..Lawson v. FMR LLC, No. 12-3 (U.S. March 4, 2014) ..Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014) - CLASS CERTIFICATION: ..In re BP...more

California Employment Law Notes - January 2014

by Proskauer Rose LLP on

TV Station's Failure To Hire Weather News Anchor Was Protected By Free Speech Rights - Hunter v. CBS Broadcasting, Inc., 221 Cal. App. 4th 1510 (2013) - Kyle Hunter sued CBS Broadcasting for age and gender...more

Stanwich Clarifies Wagoner Rule in Fraudulent Transfer Cases

In the Second U.S. Circuit, the so-called Wagoner rule deprives a trustee of standing to sue third parties, such as lawyers and investment bankers, if the bankrupt corporation participated with them in defrauding creditors. A...more

In Edmonson, Third Circuit Affirms Summary Judgment for Insurer in Retained Asset Account Case

by Goodwin on

In one of many cases challenging the use of retained asset accounts in group insurance benefit plans, the Third Circuit, in Edmonson v. Lincoln National Life Insurance Company, affirmed summary judgment for the defendant...more

Tennessee Insurance Legal News - June 2013 • Volume 2, Number 2

by Dickinson Wright on

In This Issue: - TENNESSEE ATTORNEY GENERAL HOLDS THAT TENNESSEE STATUTE PROHIBITING PREFERENCES OR DISTINCTIONS IN CERTAIN INSURANCE TRANSACTIONS IS NOT UNCONSTITUTIONAL: In its April 24, 2013 opinion, the...more

Bill Maher Prevails Over Donald Trump Lawsuit By Sitting and Waiting for the Donald to Figure Out to Drop It Himself

In February, I wrote about a particularly fake-haired boneheaded lawsuit that Donald Trump brought against comedian Bill Maher. As you may recall, Trump accused Maher of breach of contract based on a joke that Maher had made...more

New Lawsuit Attacks Constitutionality and Authority of the CFPB and FSOC

by Richik Sarkar on

The Competitive Enterprise Institute (CEI), one of the organizations that filed briefs supporting the recent challenge to the Affordable Care Act, has now brought a constitutional challenge seeking to block two major...more

Freeman, et al. v. Quicken Loans, Inc.: Supreme Court Declines To Expand Consumer Protections Beyond Congress’ Exact Words

by Richik Sarkar on

Adhering to the exact wording of the Real Estate Settlement Procedures Act (“RESPA”), the U.S. Supreme Court held in a rare, unanimous decision that a violation of Section 8(b) of RESPA does not apply unless a...more

Legislative Changes Give Georgia Employers Cause to Review the Restrictive Covenants in Their Employment Contracts

by Carlton Fields on

Non-competition agreements and other restrictive covenants are valuable tools for employers, allowing companies to protect their business models, customer lists, trade secrets, and other critical information. Until last year,...more

Stern v. Marshall Updates – DC Bankruptcy Court Has Jurisdiction to Hear State Law Counterclaims

In GB Herndon, the District of Columbia Bankruptcy Court determined that it had constitutional authority to determine state common law counterclaims and state law claims against nondebtor codefendants. Adams Nat’l Bank v. GB...more

Goodyear Luxembourg v. Brown et al.

Petition for Writ of CertiorariU.S. Supreme Court

by Santiago Cueto on

In Goodyear Luxembourg Tires v. Brown, the issue is whether a foreign corporation is subject to general personal jurisdiction, on causes of action not arising out of or related to any contacts between it and the forum state,...more

J. McIntyre Machinery v. Nicastro

Petition for Writ CertiorariU.S. Supreme Court

by Santiago Cueto on

In J. McIntyre Machinery v. Nicastro, the issue is whether, consistent with the Due Process Clause and pursuant to the stream-of-commerce theory, a state may exercise in personam jurisdiction over a foreign manufacturer when...more

Barbara Bauer & Barbara Bauer Literary Agency, Inc. v. Jenna Glatzer, et al.

Brief in Opposition To Motion To DismissNew Jersey

On May 1, 2008, EFF and the law firm of Sheppard Mullin Richter & Hampton filed a motion to dismiss a lawsuit brought against the operator of the popular online encyclopedia Wikipedia, arguing that federal law immunizes it...more

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