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View From McDermott: What Private Equity and Hedge Funds (and Their Benefit Plan Investors) Should Know About ERISA

ERISA imposes numerous obligations on fiduciaries holding assets of employee benefit plans. In addition to discharging its duties prudently and for the exclusive purpose of providing benefits to benefit plan participants and...more

Pension News

Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

The ERISA Litigation Newsletter - April 2014

This month we discuss the evolving case law on the issue of whether unpaid employer contributions due under a collective bargaining agreement can be viewed as plan assets such that the individuals who decide to withhold such...more

Tax Court Rules Amounts Paid Out Of Ponzi Scheme Not Taxable

The tax treatment of amounts paid out of failed Ponzi schemes is once again in the news. In Roszko v. The Queen (2014 TCC 59), the Tax Court of Canada allowed the taxpayer’s appeal and held that amounts paid out of a...more

"Government Enforcement: Aggressive Efforts Continue Around the Globe"

Government enforcement efforts in 2013 produced major settlements of matters relating to the global financial crisis, high-profile insider trading convictions, near-record amounts of FCPA settlements, and new pledges of...more

Court of Federal Claims Rules Adviser Fraud Does Not Extend Three-Year Statute of Limitations Period

The U.S. Court of Federal Claims recently held that third-party fraud committed on a partnership’s tax return did not extend the three-year statute of limitations period for assessment of income taxes, a decision that...more

The ERISA Litigation Newsletter - October 2013

This month we return to the age-old question – "What makes someone a fiduciary?" As Nicole Eichberger explains, the Seventh Circuit reminded us that the meaning of a "functional fiduciary" depends on exercise/conduct in...more

Fiduciary Liability and Offshore Assets

Fiduciaries, like trustees and conservators, may face personal liability for wrongful acts in administering estates. Among the liabilities that a fiduciary may face is to the IRS for wrongful distributions such as those made...more

So, You inherited an unreported offshore account, now what!

There may have been a time when inheriting an unreported offshore financial account was not problematic; but not today. The executor/trustee of the estate of the decedent has fiduciary responsibility to IRS and faces personal...more

Orrick's Financial Industry Week In Review - July 15, 2013

In This Issue: Financial Industry Developments; Rating Agency Developments; RMBS and Other Securities Litigation; and, European Financial Industry Developments. ...more

Federal Court Of Appeal Strikes Out A Pleading Alleging That Expenses Are Non-Deductible In Light Of “Egregious And Repulsive”...

In a ruling handed down May 6, 2013, the Federal Court of Appeal ordered that portions of a Crown pleading be struck out for suggesting that a deduction may be disallowed on the basis that the conduct of the taxpayer in...more

No Happy Trails For Victorville Tax Increment Bond Financing

For more than thirty years, I’ve driven by, but never stopped at, the Roy Rogers and Dale Evans Museum in Victorville, California. The museum eventually relocated to Missouri but reportedly did not survive for long. Despite...more

Supreme Court Dismisses Leave Application In Johnson v. The Queen

On March 21, 2013, the Supreme Court of Canada dismissed (with costs) the application for leave to appeal in the case of Donna M. Johnson v. Her Majesty The Queen....more

Wealth Management Update - November 2012

In This Issue: - November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Keller v. United States, 5th Cir., No. 10-41311 (09/25/12) -...more

Miami-Dade County Joins Counties Across the US Suing Freddie Mac and Fannie Mae for Unpaid Transfer Taxes

This week, Miami-Dade County sued Fannie Mae and Freddie Mac in the United States District Court for the Southern District of Florida in Case NO. 12-CV-23917, styled Ruvin v. Federal National Mortgage Ass'n et al. and Harvey...more

IRS Victory In FBAR Wilfulness Penalty Case

In an unpublished opinion, the Fourth Circuit Court of Appeals in U.S. v. Williams, reversed the district court’s holding that the taxpayer’s failure to file Form TD F 90-22.1 (“FBAR”) was not willful and in so holding, gave...more

France: Introduction of New Anti-Abuse Rules on the Tax Deductibility of Interest and other Financing Expenses

Until recently, private-equity investment funds and international corporate groups investing in France enjoyed a very favorable tax environment, including inter alia the benefit of both EU Directives and the double tax...more

Structured Thoughts - Volume 2, Issue 11 - August 2, 2011

In this issue: The SEC’s Report of Its Sweep Examination of Retail Structured Products; RIC Commodity Ruling Update; and In re Lehman Brothers and Principal Protection. Excerpt from 'The SEC's Report...': As many...more

U.S. District Court Finds No Fiduciary Breach for Change in Qualified Default Investment Alternative

The U.S. District Court in the Western District of Kentucky recently ruled in favor of plan fiduciaries that adopted a qualified default investment alternative (QDIA) for an employer’s tax-qualified retirement plans. In...more

Top 10 Hidden Liability Pitfalls That Retirement Plan Fiduciaries Should Avoid

Being a retirement plan fiduciary such as a plan sponsor or a plan trustee is like being a homeowner. Homeowners see their homes as a serious financial accomplishment and an important investment. Homeowners are unaware of the...more

Compassionate Care Hospice v. Compensation Solutions Inc.

Brief in Opposition to Motion for Summary Judgment

Lawsuit against client's former payroll services providers, Compensation Solutions, which removed over half a million dollars from client's bank account in order to "pay itself" a claimed fee after termination of its contract...more

Compassionate Care Hospice v. Compensation Solutions Inc.

Brief in support of plaintiff's motion for a preliminary injunction

Lawsuit against client's former payroll services providers, Compensation Solutions, which removed over half a million dollars from client's bank account in order to "pay itself" a claimed fee after termination of its contract...more

Compassionate Care Hospice v. Compensation Solutions Inc.

Amended Verified Complaint

Lawsuit against client's former payroll services providers, which removed over half a million dollars from client's bank account in order to "pay itself" a claimed fee after termination of its contract by the client....more

Plaintiff v. U.S. Bank, Specialized Loan Servicing, et al.

Plaintiffs' Opposition to Defendants' Demurrer to Complaint

This Opposition is in response to a Demurrer to a wrongful foreclosure matter. Specifically, it addresses the standing of the foreclosing trustee and alleged beneficiary to foreclose on the property. Here, MERS allegedly...more

You know it is a tax scam when ...

The article reviews indicators and warning signs that should alert a taxpayer that what he/she is being told and/or sold is a tax scam that may put him/her at risk for severe civil or criminal penalties. Look at what...more

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