General Business Conflict of Laws Finance & Banking

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Asymmetrical Jurisdiction Clauses: Where Are We Heading?

On 25 March 2015, France’s highest court, the Cour de cassation, once again ruled against the validity of a contractual asymmetrical jurisdiction clause, this time on the basis that it was contrary to Article 23 of the 2007...more

Europeans Authorize Negotiations with US to Loosen Reinsurance Collateral Requirements

Earlier this week, the European Union’s executive body gained key approval to begin negotiations with the United States on a deal aimed at cutting the minimum collateral levels required of foreign reinsurers operating in the...more

Blog: Recent Decision May Assist Challenges to Alleged Fraudulent Transfers

A recent decision by the Bankruptcy Court for the Southern District of New York may enhance the ability of bankruptcy trustees and creditors committees to challenge allegedly fraudulent transfers that could qualify for...more

SEC Adopts Final Rules Expanding Regulation A, Providing a New Option for Offerings Under $50 Million

On March 25, 2015, the SEC formally adopted its final rule amendments governing the expansion of registration exemptions for public offerings of $50 million or less in any 12-month period under Regulation A of the Securities...more

Locke Lord QuickStudy: New Jersey Appellate Court Rules That HAMP Does Not Bar State Breach of Contract Claims

In Miller v. Bank of America Home Loan Servicing, L.P., A-0169-13T2, the New Jersey Appellate Division recently held that while HAMP precludes a private right of action, it “does not preempt pursuit of valid state law claims...more

Medical Marijuana Update—More Confusion by the Federal Government

In my post of June of last year, I wrote about the dangers that commercial lenders may face should they provide financing to borrowers who lease to medical marijuana dispensaries real property that is pledged as collateral...more

Denial of Plan Confirmation and Finality - Supreme Court's Resolution of Circuit Split May Apply to Chapter 11

The Supreme Court has agreed to hear Bullard v. Hyde Park Savings Bank (In re Bullard), U.S., No. 14-116 (cert. granted 12/12/14). The Court's decision in this case will resolve a circuit split with regard to whether an order...more

Navigating the Maze of Medical Cannabis - Uncertainty and the Challenge of Obtaining Banking and Insurance Services for...

The current and two immediate past presidents have smoked it. As one leading expert commented during a congressional hearing, perhaps “marijuana is a gateway drug to the White House?” Medical marijuana is now legal in...more

First Issuer Completes NASAA Coordinated Review Program

There has been somewhat of a controversy surrounding the SEC’s rulemaking in connection with Regulation A+ under the JOBS Act. Should larger Tier 2 offerings preempt state blue sky regulation (my preference) or be subject to...more

The cannabis industry: how big will it get?

On November 17, the PBS affiliate in Chicago, WTTW, reported the Better Government Association had issued an investigative report on the medical marijuana application process in Illinois. While the “Chicago Tonight” program...more

Nevada’s Business Judgment Rule: FDIC – 4; Management – 0

In recent weeks, the U.S. District Court has issued four separate rulings in cases brought by the Federal Deposit Insurance Corporation (FDIC) against former bank managers for breach of fiduciary duty. Here is a brief recap...more

Second Circuit Affirms Orders Enjoining Arbitration, Holding Broad Forum Selection Clause Supersedes FINRA Arbitration Rule

The Second Circuit affirmed two cases in which financial services firms had succeeded in enjoining FINRA arbitrations that were initiated against them by public financing entities. The court held that in each case, the FINRA...more

Second Circuit Holds Forum Selection Clause Supersedes FINRA’s Mandatory Arbitration Rule

In Goldman, Sachs & Co. v. Golden Empire Schools Financing Authority, No. 13-797-cv, 2014 WL 4099289 (2d Cir. Aug. 21, 2014), the United States Court of Appeals for the Second Circuit held that a forum selection clause in a...more

Construction Case Law Update - September 2014

FLORIDA STATE CASES - Forum selection clause in construction contract will not be enforced where third party defendant would be forced to testify in two venues. Forum selection clauses in contracts are generally...more

Forum-Selection vs. Arbitration Issue Teeing Up for Supremes

The Second Circuit stayed its mandate last week to allow public-pension litigants to file cert petitions seeking review of its August holding that a subsequent account-agreement forum-selection clause requiring federal-court...more

A Check in the “Win” Column for Broker-Dealers!

The Second Circuit recently issued a single opinion for two cases [Goldman Sachs & Co. v. Golden Empire Sch. Fin. Auth., No. 13-797-cv (2d Cir. Aug. 21, 2014) and Citigroup Global Mkts. Inc. v. N.C.E. Mun. Power Agency, No....more

Second Circuit Decision Provides Guidance for Drafting Enforceable Broker-Dealer Agreement Forum Selection Clause

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. (FINRA) rules mandating arbitration of...more

Second Circuit Holds Contractual Forum Selection Clause Supersedes FINRA Mandatory Arbitration Rule

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. rules regarding mandatory arbitration of disputes...more

Second Circuit Finds That Forum Selection Clauses Supersede FINRA Arbitration Rule

On August 21, the U.S. Court of Appeals for the Second Circuit held that forum selection clauses, requiring “all actions and proceedings” related to the transactions between the parties to be brought in court, supplant...more

Illinois defines metrics for medical cannabis applicants

Cannabis industry hopefuls in Illinois are poised to begin the application process after the three state agencies administering Illinois’ medical marijuana law released long-awaited metrics on Aug. 8....more

California Dividend Statutes Found To Preempt Common Law Claims

Chapter 5 of the California Corporations Code imposes specific limitations on “distributions to shareholders”, a term defined in Corporations Code section 166. Directors who approve the making of any distribution to...more

Summary Of Puerto Rico Public Corporation Debt Enforcement & Recovery Act

On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcement Act”), enabling certain Commonwealth public corporations in financial...more

Out-Of-State Bank Fees Permissible Under Federal Law, Eleventh Circuit Rules

Out-of-state bank fees are permitted under federal law, the Eleventh U.S. Circuit Court of Appeals recently concluded. A pair of Florida customers – Derek Pereira and Camila De Freitas – presented checks at a Florida...more

Utah Federal Court Dismisses Putative Class’s “True Lender” Claims Against Online Merchant

On May 23, the U.S. District Court for the District of Utah dismissed a putative class action filed against an ecommerce merchant for allegedly operating a financing program that violated various California laws, including...more

Privacy Concerns and the Proposed Reg AB II Revisions Relating to Asset Level Data

In February 2014, the Securities and Exchange Commission (SEC) once again re-opened the comment period with respect to proposed revisions to Regulation AB relating to the disclosure of asset-level data after receiving many...more

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