Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:
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The Delaware Supreme Court recently affirmed the lower court’s dismissal of a derivative and class action complaint against the general partner and other managers of a limited partnership because the plaintiff failed to...more
This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Limited v Craigside Company Limited BVI company number 74124 named in the Schedule [2013] FCA 201 considered when it is...more
On June 4, 2013, the Second Circuit Court of Appeals ruled in favor of excess insurers and against former directors and officers (collectively, the “Directors”) when it concluded that the excess insurers did not have to “drop...more
This week Federal Insurance Company achieved an important victory in a long-standing insurance coverage litigation concerning the proper trigger of excess directors and officers insurance. DLA Piper represented Federal, a...more
A federal district court in Missouri granted insurer Philadelphia Indemnity Insurance Company’s Motion for Summary Judgment in a coverage dispute finding that the insured, Secure Energy, Inc., did not provide timely notice of...more
In this issue: - California FTB Takes Harley-Davidson for a Ride: Securitization Subsidiaries Are Financial Corporations with Nexus in California - “Tut-Tut,” Long Beach: California Supreme Court Permits...more
On May 29, 2013, the Delaware Court of Chancery held in In re MFW Shareholders Litigation that a going-private merger with a controlling stockholder will be subject to the deferential business judgment rule, rather than the...more
On May 14, 2013, Judge Lewis A. Kaplan of the Southern District of New York affirmed a magistrate judge's decision denying plaintiff Chevron Corporation's ("Chevron's") motion to quash deposition notices for Chevron CEO John...more
Pennsylvania’s tax appeal system has long been criticized as very complicated, expensive and lacking impartiality. A few years ago, the PA Chamber and other interested groups were able to work with the General Assembly to...more
Commercial tenancies may be extinguished by a liquidator appointed to a landlord company by exercising the statutory right under the Corporations Act 2001 (Cth) to disclaim certain property....more
Welcome to the first of a new series of quarterly updates from Reed Smith on state tax developments in Illinois. Every three months we will be giving you updates on the key cases and administrative releases, as well as...more
In a recent case, YCC No. 82 v. Bujold, the Court of Appeal considered the interpretation of Section 85 of the Condominium Act (the “Act”) and, in particular, the timing requirements under the Act relating to notice of the...more
In this memorandum opinion, the Court of Chancery granted defendants’ summary judgment motion dismissing claims based on the implied covenant of good faith and fair dealing under a shareholders’ agreement and further denied...more
Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more
On Monday, April 22, the United States Supreme Court agreed to hear DaimlerChrysler AG v. Bauman, which asks whether a foreign parent corporation can be subject to suit in the United States for wrongs allegedly committed by a...more
In a petition recently filed in the U.S. Tax Court, a taxpayer has challenged the Internal Revenue Service (IRS) regulation that provides that the IRS can reallocate income between affiliates even when foreign law prohibits...more
In an unpublished decision in In re The Village at Lakeridge, LLC, BAP Nos. NV-12-1456 and NV-12-1474 (B.A.P. 9th Cir. Apr. 5, 2013), the United States Bankruptcy Appellate Panel of the Ninth Circuit held that a vote on a...more
In David Lerner Associates, Inc. v. Philadelphia Indemnity Insurance Company, 2013 WL 1277882 (E.D.N.Y. Mar. 29, 2013), the United States District Court for the Eastern District of New York affirmed the plain meaning of the...more
Since 1995, the Large Corporation Rules found in subsections 165(1.11), 169(2.1) and 152(4.4) of the Income Tax Act (Canada) have applied to discourage large corporations from objecting to tax assessments as a means of...more
In this memorandum opinion, the Delaware Court of Chancery stayed an action for advancement of legal fees and expenses, ruling that provisions in four separate agreements, when viewed together, demonstrated the parties’...more
Piercing the Corporate Veil: VTB Capital plc v. Nutritek International Corp and Others [2013] UKSC 5 - In a recent case, the United Kingdom Supreme Court unanimously refused to pierce the corporate veil in order to treat an...more
The Court of Chancery’s memorandum opinion in Eluv Holdings (BVI) Ltd. v. Dotomi, LLC awarded a defendant company summary judgment on plaintiffs’ claim for declaratory judgment regarding their purported ownership of...more
On April 2, 2013, Governor Chris Christie signed P.L. 2013, C.40, P.L. 2013, C.41 and P.L. 2013, C.42 into law. The three laws are intended to make New Jersey more business friendly by aligning New Jersey's corporate statutes...more
In its widely followed Allergan decision, the Delaware Court of Chancery declined to apply collateral estoppel to dismiss a Delaware derivative complaint even though a California federal court dismissed (with prejudice)...more
Late last month, the Nevada Committee on Judiciary introduced a bill that would, among numerous other things, authorize forum selection provisions in corporate and other Nevada entity charters. If SB 441 is enacted, a...more
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