General Business Business Torts

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A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

Michigan Supreme Court Holds That the Federal “Rule of Reason” Applies in Evaluating the Enforceability of Noncompete Agreements...

The Michigan Antitrust Reform Act (MARA) contains a specific provision, MCL 445.774a, that governs the enforceability of noncompete agreements between employees and employers. MARA does not, however, provide standards for...more

Facebook, Inc. v. Power Ventures, Inc.: Shotgun-Toting Borrowers of Jewelry From Bank Safe Deposit Boxes and the CFAA. Wait. What?

On July 12, 2016, the Ninth Circuit filed its published opinion in Facebook, Inc. v. Power Ventures, Inc., et al., Case No. 13-17154 (“Power Ventures”). Power Ventures is the latest in a series of decisions from the Ninth...more

2016 DTSA: Providing Manufacturers with New Avenues to Protect Trade Secrets

On May 11, 2016, President Barack Obama signed the Defend Trade Secrets Act of 2016 (DTSA), which provides a federal civil cause of action to manufacturers for the misappropriation and theft of trade secrets under the...more

Facebook v. Vachani – User Authorization Can Be Revoked By Service Providers

The U.S. Court of Appeals for the Ninth Circuit recently issued a decision that could have far reaching implications for the relationships between companies that provide online services, their customers or users, and third...more

5 Wishes for Securities Litigation Defense: Greater Director Involvement in Securities Litigation Defense and D&O Insurance

One of my “5 Wishes for Securities Litigation Defense” (April 30, 2016 post) is greater involvement by boards of directors in decisions concerning D&O insurance and the defense of securities litigation, including...more

Torts – Intentional Interference With Contractual Relations and Intentional Interference With Prospective Economic Advantage –...

Dan Popescu v. Apple Inc. - Court of Appeal, Sixth Appellate District (July 1, 2016) - The elements of the two separate but related torts of intentional interference with contractual relations (contract...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

Your daily dose of financial news - The Brief – 7.7.16

Disgraced Wall Street scion Andrew Casperson has pleaded guilty to federal wire and security fraud charges related to his Ponzi-like scheme in which he bilked nearly $40 million from friends and a private foundation....more

The Ever-Increasing Importance of the Shareholder Vote: Delaware Chancery Court Extends Corwin to Two-Step Mergers under DGCL §...

On June 30, 2016, the Delaware Chancery Court extended the Supreme Court’s holding in Corwin v. KKR Financial Holdings LLC, 125 A.3d 304 (Del. 2015), to two-step mergers under DGCL § 251(h). The Chancery Court concluded that...more

Successful Two-Step Tender Offer has the Same Revlon Cleansing Effect as a Stockholder Vote

The plaintiffs in In Re Volcano Corp. Stockholder Litigation were former public stockholders of a company that was acquired for $18 per share in an all-cash merger. Just five months prior, the target company had declined an...more

Bankruptcy Beat: Default Judgment Is Not Automatic Following Entry Of Default

On May 12, 2016, the Honorable Julie A. Manning issued a decision in an adversary proceeding entitled Law Office of W. Martyn Philpot, Jr., LLC v. Day, which addressed two issues. The first issue was whether the plaintiff was...more

FTC Raises Maximum Civil Penalty to $40,000; HSR Act and Other Continuing Violations May Incur Civil Penalties of Over $14 million...

Key Points: The FTC is raising the maximum civil penalty that may be imposed for certain violations from $16,000 to $40,000. For HSR Act violations, where penalties may be imposed for each day the person is in...more

D&O Insurance—Issues to Consider Before a Claim Arises

In Depth - Directors and officers (D&O) liability insurance remains a vital issue for companies and their directors and officers as potential sources of liability continue to evolve. More securities lawsuits were filed...more

District Court Judge Issues TRO and Preliminary Injunction Under the Defend Trade Secrets Act

In some of the first decisions under the newly enacted Defend Trade Secrets Act, on June 10 and 22, 2016, United States District Judge Jon S. Tigar granted a temporary restraining order and preliminary injunction in Henry...more

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened...more

South Carolina District Court Finds There Is No Separate Cause Of Action For Apportionment Under South Carolina’s Contribution...

Plaintiff Companion Property and Casualty Insurance Company (“Companion”) participated in a fronted insurance program with Redwood and Freestone. Reinsurance collateral trusts were established for Companion’s benefit and...more

New York and North Carolina Take a Narrow Approach to Common Interest Doctrine

Brief Summary - The "common interest doctrine" generally protects attorney-client communications, even if such communications are disclosed to a third party, as long as the third party shares a common legal interest with...more

Competition News - June 2016

The Paris Court of Appeal compromises the lawfulness of selective distribution networks - Only a few months after its decision rendered in the Caudalie case (see our April Newsletter), the Paris Court of Appeal adopts,...more

FINRA Sanctions Investment Firm Following Unsuitable Sales of Nontraditional ETFs

On June 7, 2016, FINRA settled proceedings against a New York-based investment firm for alleged violations of its suitability and related rules, namely NASD Rule 2310 and FINRA Rules 2111 and 2010. According to FINRA,...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: The Principal Transactions Exemption

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our prior posts discussed the newly expanded definition of “investment advice fiduciary” and the...more

Delaware Chancery Court Rejects MBO Merger Price as Best Evidence of Fair Value in Appraisal Proceeding

In In re Appraisal of Dell Inc., No. 9322 VCL, 2016 Del. Ch. LEXIS 81 (Del. Ch. May 31, 2016) (Laster, V.C.), the Delaware Court of Chancery determined that the fair value of the common stock of Dell Inc. (“Dell” or the...more

Update Kapitalmarkt- und Gesellschaftsrecht: Sind Sie vorbereitet auf die MAR (Marktmissbrauchsverordnung)?

Ab dem 3. Juli 2016 gelten die Vorgaben der Marktmissbrauchsverordnung (Verordnung (EU) Nr. 596/2014 des Europäischen Parlaments und des Rates vom 16. April 2014). Ihre Regelungen gelten für alle börsennotierten...more

Orrick's Financial Industry Week in Review

Council of EU Adopts Regulation Extending Exemptions for Commodity Dealers under CRR - On May 30, 2016, the Council of the EU published a press release confirming that it has adopted a Regulation amending the Capital...more

Compliance into the Weeds-Episode 8, big data, risk assessments, the compliance profession and implications from the Yates Memo [Video]

In this episode, Matt Kelly and myself take a deep dive into the use of big data in risk assessments and possible implications for the future of the compliance profession. We also review some of the implications of the Yates...more

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