Second Circuit = The Avengers? Judges Create Alter Ego Liability by Pullman & Comley, LLC on 5/23/2012 Alter egos are all the rage right now with The Avengers well on its way to becoming one of the most popular movies of all time. Hearing about a new case out of the Second Circuit, it would be easy to conclude the Court...more
Former Employee Blows the Whistle on Delaware Unclaimed Property Exposure by Reed Smith on 5/23/2012 In a recent unpublished decision, the Superior Court of Delaware, New Castle County, decided to allow a business entity’s former tax manager, joining with the attorney general for the state of Delaware, to proceed with a...more
Quinn Emanuel D.C. Litigation in Brief -- Spring 2012 by Quinn Emanuel Urquhart & Sullivan, LLP on 5/22/2012 In This Issue: The Supreme Court Confronts Controversies Overseas, But Will Congress Have the Final Word? Cover; When in Rome...(U.S Law Still Applies): Lessons of Wal-Mart, News Corp. & the Foreign Corrupt Practices...more
Is “Corporation” Spelt “LLC”? by Allen Matkins Leck Gamble Mallory & Natsis... on 5/22/2012 When I first started practicing law, the idea of the limited liability company had yet to be birthed. A decade later, I co-authored an article speculating on whether California would enact a limited liability company law:...more
Seventh Circuit Court of Appeals Rejects Argument That Wisconsin Corporate Law Is Part of Articles of Incorporation by Katten Muchin Rosenman LLP on 5/21/2012 The U.S. Court of Appeals for the Seventh Circuit rejected the argument of a dissenting shareholder in a freezout merger that provisions of Wisconsin’s corporate law were binding contractually on a company’s founders and its...more
Reuters: Corporations Face Long Odds in Tax Cases Heard by the United States Supreme Court – Situation Brighter in Canada by Fraser Milner Casgrain LLP on 5/21/2012 Reuters recently reported a study showing that corporations face very long odds in tax appeals heard by the United States Supreme Court. There were 919 income tax cases in the Supreme Court of the United States from 1909 to...more
Is It Privileged? Privilege Issues for In-House Counsel By Robert LoBue by Patterson Belknap Webb & Tyler LLP on 5/18/2012 Originally published in NYSBA Inside | Spring/Summer 2012 | Vol. 30 | No. 1. SPECIAL ISSUE: WHAT’S NEW IN ETHICS AND PRIVILEGE. The attorney-client privilege is a potent and practical rule of law based on the...more
Second Circuit Rules that Employer Cannot Raise Faragher/Ellerth Affirmative Defense for “Alter Ego” or “Proxy” Harassment by Cullen and Dykman LLP on 5/18/2012 Attorneys who work in the employment and labor field are generally aware of the affirmative defense set forth by the Supreme Court’s decisions in Faragher v. City of Boca Raton, 524 U.S. 775(1998) and Burlington Industries,...more
The Board Still Knows Best: “Say-on-Pay” Vote Does Not Trump a Board of Directors’ Business Judgment by Quinn Emanuel Urquhart & Sullivan, LLP on 5/17/2012 A recent federal district court decision represents a growing trend by courts to limit the enforceability of a shareholder oversight provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law...more
Federal Judge Reconsiders Securities Claims Against GE And Identifies Three Categories Of Statements That Are Not Actionable Under... by Foley Hoag LLP on 5/17/2012 In a consolidated class action in the Manhattan federal court, General Electric and more than 40 other defendants, including CEO Jeffrey Immelt, CFO Keith Sherin, other officers, directors and various underwriters are accused...more
Eleventh Circuit Issues New TOUSA Decision, Upholds Finding That Upstream Guarantees Were Fraudulent Transfers by Davis Wright Tremaine LLP on 5/17/2012 In a decision with significant implications for borrowers and lenders, on May 15, 2012, the Eleventh Circuit Court of Appeals affirmed a bankruptcy court's findings that upstream guarantees and associated liens delivered by a...more
Forsythe, et al. v. ESC Fund Mgmt. Co. (U.S.) I, L.P., et al., C.A. No. 1091-VCL (Del. Ch. May 9, 2012) (Laster, V.C.) by Potter Anderson & Corroon LLP on 5/16/2012 In this memorandum opinion concerning a proposed derivative settlement, the Court of Chancery determined that it would enter a final order approving the settlement and the plaintiffs’ fee award in 60 days unless the objectors...more
Jumping Into the Future: New Jersey’s New Recording Law by Robert Marsico on 5/16/2012 Jumping Into the Future: New Jersey’s New Recording Law by Bob Marsico on May 16, 2012 Early in 2012, the State of New Jersey took a significant step into the future by adopting a thorough update of the state’s decades...more
Extent of Non-Debtor Parent Exposure Under Channeling Injunctions by Cadwalader, Wickersham & Taft LLP on 5/15/2012 Originally published in New York Law Journal - Volume 247—NO. 85, Thursday, May 3, 2012. On April 10, 2012, the U.S. Court of Appeals for the Second Circuit in In re Quigley issued an opinion adopting a narrow...more
Advice of Counsel: An Effective Shield by Michael Volkov on 5/14/2012 Companies hire lawyers for a reason. Hopefully, they do so for more than one reason. Lawyers provide several important benefits, contrary to all the jokes and ridicule against the profession. The attorney-client...more