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USDC For Delaware Affirms Bankruptcy Court’s Denial Of Derivative Standing

On March 13, 2015, the United States District Court for the District of Delaware, in the case of Walnut Creek Mining Company v. Cascade Investment, LLC, Civ. No. 14-738-LPS (In re Optim Energy, LLC, Bankr. Case No....more

Illinois Supreme Court Clarifies Voidness Doctrine, Strikes Constitutional Finding in Collection Agency Dispute

In the closing days of February, the Illinois Supreme Court handed down its decision in LVNV Funding, Inc. v. Trice, a direct appeal from the Cook County Circuit Court. LVNV is noteworthy because it clears away ambiguous...more

Illinois Supreme Court Likely Poised to Strike Down Pension Reform Act

9684675705_4dda20b9d4_zThis afternoon, the Illinois Supreme Court heard oral argument on the biggest case on its civil docket, In re Pension Reform Litigation. In re Pension Reform Litigation involves the question of whether...more

Georgia Complaint Challenges Constitutionality of SEC Administrative Proceedings

A complaint filed in the Northern District of Georgia on February 19 alleges that the Securities and Exchange Commission brings claims in administrative courts that are unconstitutional. The plaintiffs in the case, Gray...more

How Does Contamination Impact “Fair Market Value”?

As California continues to expand and improve its infrastructure, public agencies are more frequently running into contaminated property. A frequent question for eminent domain attorneys is: “how does contamination impact...more

The Pension Case: The State’s Reply Brief

In their reply brief in the Public Pension Reform Act appeal, the State immediately zeroes in on what it perceives as the central difficulty of the plaintiffs’ position: the trial court’s conclusion that the Pension...more

Corporate and Financial Weekly Digest - Volume X, Issue 8

In this issue: - CBOE Proposes to Offer Extended Trading Hours for SPX and VIX Options - CFTC Staff to Host Public Roundtable on Recovery and Orderly Wind-Down of DCOs - CFTC Reopens Comment Period for...more

Second Circuit Narrows Class Standing Doctrine

In NECA-IBEW v. Goldman Sachs, the Second Circuit arguably opened up a new door in class action litigation when it held that investors in one securities offering had standing to represent a putative class of investors in...more

Puerto Rico Debt Recovery Act Ruled Unconstitutional1

On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R.,...more

Pensions at the Constitutional Convention, Part III: The Opponents and the Vote

We conclude our discussion of the July 21, 1970 debate on the Pension Protection Clause at the Illinois Constitutional Convention. Today, we’ll take a look at more statements by opponents of the measure, the summations by...more

Texas Federal Court Rejects Challenge to ‘No Credit Card Surcharge’ Law

A federal district court in Texas has dismissed a lawsuit brought by several merchants challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. In Rowell v....more

"France's Double-Trial System for Market Abuses May Be Headed for Reform"

In 2015, the French double-trial system for market abuses will be referred to the Constitutional Council for an assessment of the system’s constitutionality under the double jeopardy rule (or, using the Latin maxim, the ne...more

State’s Defense of Pension Reform: Constitutional Convention Couldn’t Make Pension Protection Absolute (Even If It Wanted To)

Today we continue our discussion of the centerpiece of the Illinois Supreme Court’s civil docket – the public pension reform case – with a look at the State’s Opening Brief, which was filed January 12, 2015. As we’ll see...more

There’s No Place Like Home: SEC Increasingly Uses Administrative Proceedings

Stung by adverse court rulings in some of its enforcement cases, the SEC is bringing more of those cases in its own forum—an SEC administrative proceeding. ...more

American Bankruptcy Institute (ABI) Reform Commission Releases Report Recommending Significant Changes to Chapter 11

On December 8, 2014, the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 published a 400-page report containing far-reaching recommendations. The report is the result of a three-year study...more

Guindon: SCC Hears Arguments in Penalty Case

The Supreme Court of Canada heard oral arguments today in the case of Guindon v. The Queen (Docket No. 35519). At issue in the case is the nature of the third-party penalty in section 163.2 of the Income Tax Act....more

Prosecuting Individuals for Financial Crimes - Some Questionable Recent Ideas

The government must be very sensitive about all the criticism it has been getting, from Congress, some judges and others, for not prosecuting more individuals for financial crimes. Perhaps in response, senior government...more

The Supreme Court Keeps Its “Stern” Promise Not To Change Bankruptcy Court Jurisdiction

The bankruptcy bench and bar breathed a sigh of relief when the Supreme Court issued Executive Benefits Insurance Agency v. Arkison (In re Bellingham Insurance Agency, Inc.), No. 12-1200 (June 9, 2014) (“Bellingham”). Its...more

Construction Law Alert: Appellate Court Rules General Contractors Can Contractually Subordinate Mechanics Lien Rights

In Moorefield Construction, Inc. v. Intervest-Mortgage Investment Co., 230 Cal. App. 4th 146 (4th Dist. 2014), a California appellate court upheld an agreement executed by a general contractor which subordinated its...more

Blog: HOA Liens Reign Supreme Under Nevada’s Interpretation of the Uniform Common Interest Ownership Act

Nevada is one of many states that adopted some iteration of the Uniform Common Interest Ownership Act, an act designed in part to aid homeowners’ associations (“HOAs”) in recovering delinquent fees from their members. As...more

Mexico’s Energy Reform Provides Significant Opportunities In Oil And Gas Exploration And Production

Mexico’s new energy legislation, which went into effect on August 12, 2014, will completely restructure the Mexican energy sector, including both hydrocarbons and electricity. This legislation opens up oil and gas...more

In re Credit Default Swaps Antitrust Litigation: Big Banks Still Must Face Section 1 Sherman Act Claim

In a decision upholding most of the class action antitrust claims against 12 of the world’s largest financial institutions, Judge Cote of the Southern District of New York held that the plaintiffs had standing and alleged...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending October 10 & October 17, 2014

REAL PROPERTY CASES - - Sinkhole Loss/Statute of Limitations: homeowners’ lawsuit was barred by the one-year statute of limitations, even though lawsuit was filed promptly after FIGA processed the claim and made a...more

Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to...more

Contractors: Beware the Subordination Clause

Did you know that California is the only state in the country in which mechanics liens are a constitutional right? Tis true. Article XIV of the California Constitution states: Mechanics, persons furnishing...more

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