Finance & Banking, Business Organization, Civil Procedure

Another Business Owner Caught By Withdrawal Liability

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/14/2013

I have blogged before [May 16, 2012, November 21, 2012, April 23, 2012, May 15, 2012, September 5, 2012] about the liability that can be imposed on businesses whose union employees participate in a multiemployer pension plan...more

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

Transfer $8 Million Out Of Accounts In New York? That Action Alone Is Not Sufficient To Establish Personal Jurisdiction

by Mark McGrath | Sheppard Mullin Richter & Hampton LLP on 5/7/2013

In Henkel v. Masiero, Index No. 650425/2012 (N.Y. Sup. Ct., N.Y. Cnty. Mar. 18, 2013) (the “Opinion”), the Supreme Court (J. Bransten) granted the defendants’ motion to dismiss for lack of personal jurisdiction on the grounds...more

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

by Walter Greenhalgh | Duane Morris LLP on 5/3/2013

In AMR Corporation, et al., Debtors, Case No. 12-3967, 2013 WL 1339123 (S.D.N.Y. April 3, 2013), the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic...more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

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

Claims Trading From The Inside Out: Ninth Circuit BAP Holds That A Non-Insider Claimant's Vote On A Plan Is Not Discounted Merely...

by Michael Lauter | Sheppard Mullin Richter & Hampton LLP on 4/19/2013

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

Client Insight: SCC Resolution on offshore entities' disclosure of beneficial owners

by Pavel Boulatov, Grigory Chernyshov | White & Case LLP on 4/15/2013

This alert examines a recent resolution of the Presidium of the Supreme Commercial Court of the Russian Federation (“SCC”) dated 26 March 2013 No. 14828/12 on case No. ?40-82045/11 (the “Resolution”). The Resolution addresses...more

New York Court Rules that Professional Services Exclusion Bars Coverage for Underlying Actions Brought By FINRA and Private...

by Eryk Gettell | Sedgwick LLP on 4/12/2013

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

Cyprus: The Day After - The sun will still shine bright

by Pavlos Aristodemou | Harney Westwood & Riegels on 4/10/2013

Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more

Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker's Alleged Knowledge of Fraud Against...

by John M. Landry, Jonathan Moss, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/28/2013

In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder...more

Corporate and Financial Weekly Digest - March 8, 2013

by Katten Muchin Rosenman LLP on 3/11/2013

In this issue: - SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers - Frequently Asked Questions About Legal Entity Identifiers - CFTC...more

FTB Announces Temporary Reprieve on Retroactive Assessment of Qualified Small Business Stock Taxes

by Matthew Portnoff | Manatt, Phelps & Phillips, LLP on 3/7/2013

On January 8, 2013, we published a newsletter (a copy of which can be found here) detailing the Franchise Tax Board's ("FTB") questionable legal and policy decision to begin collecting on a retroactive basis approximately...more

O Lord Don't Buy The Nanny A Mercedes-Benz

by Mack Sperling | Brooks Pierce on 2/18/2013

The Order Wednesday of last week in Patriot Performance Materials, Inc. v. Powell, 2013 NCBC 10 was appropriately timed for the day before Valentine's Day. Powell, the Defendant, had a 50% interest in several businesses...more

Notice Of Lis Pendens based On An Unrecorded Document And The “Fair Nexus” Requirement

by Schecter Law on 1/30/2013

A notice of lis pendens is only proper where there is a sufficient link between a cause of action and either legal or equitable ownership of a particular property if the cause of action is based on an unrecorded document....more

Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May...

by Christopher R. Hall, Brian Simons | Saul Ewing LLP on 1/25/2013

On January 8, the Supreme Court of the United States heard oral arguments in Gabelli v. S.E.C., 133 S. Ct. 97 (2012) on the question: By when must the government initiate an action to enforce a civil fine, penalty, or...more

Court Confirms No Need For Defendants To Lead Evidence In Motion For Leave Under Part XXIII.1 Of The Ontario Securities Act

by Michael Beeforth | Dentons on 1/23/2013

In the recent decision of Dugai, Murphy v. Manulife Financial Corporation (2013 ONSC 327), the Divisional Court confirmed the principle that defendants have no obligation to lead evidence on a motion for leave to assert a...more

The First Circuit Court of Appeals Articulates a Stricter Independence Standard for Fund Directors When Evaluating Demand...

by Linda Goldstein, Galia Porat | Dechert LLP on 1/23/2013

The U.S. Court of Appeals for the First Circuit, in Unión de Empleados de Muelles de Puerto Rico PRSSA Welfare Plan, v. UBS Financial Services Inc. of Puerto Rico, No. 11-1605, --- F.3d ----, 2013 WL 49818 (1st Cir. Jan. 4,...more

BVI Case Notes: Derivatives, double derivatives and unfair prejudice

by Phillip Kite, Claire Robey, Andrew Thorp | Harney Westwood & Riegels on 1/20/2013

Harneys continues to provide a regular roundup of recent case notes from the British Virgin Islands Commercial Court. In this edition we report on recent court guidance on leave to bring derivative proceedings and double...more

Is the legal environment changing for Russia-related transactions? What new challenges will parties face and how should they...

by David Crook, Andrei Donstov, David Goldberg | White & Case LLP on 1/15/2013

A dynamic market - Russia is a dynamic, developing growth market, with a constantly changing legal environment. Right now Russia is seeing an upturn of activity in corporate transactions of all kinds: mergers and...more

Corporate and Financial Weekly Digest - January 11, 2013

by Katten Muchin Rosenman LLP on 1/14/2013

In this issue: - FINRA Provides Guidance on Rules Governing Communications with the Public - FINRA Requests Comment on Proposed Rule Requiring Disclosure of Conflicts of Interest in Recruitment Incentives -...more

Fourth Circuit Holds Bankruptcy Trustee Cannot Pursue Former Directors Of Bankrupt Holding Company For Alleged Mismanagement Of...

by BuckleySandler LLP on 1/14/2013

On December 28, the U.S. Court of Appeals for the Fourth Circuit affirmed a district court holding that a bankruptcy trustee lacked standing to sue former directors of an insolvent bank holding company for alleged...more

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Finance & Banking › Business Organization › Civil Procedure