Forfeiture

News & Analysis as of

Real Property, Financial Services & Title Insurance Update: Week Ending February 20, 2015

REAL PROPERTY UPDATE - Sinkhole/Appraisal: reversing non-final order compelling appraisal of sinkhole claim because one is not appropriate under section 631.54(3)(c), Florida Statutes – Fla. Ins. Guar. Ass’n, Inc. v....more

Lessons From Lance Armstrong About the Finality of Arbitration Awards

On February 4, an arbitration panel ordered Lance Armstrong to pay $10 million to his former promotions company, SCA, as a result of his “unparalleled pageant of international perjury, fraud and conspiracy” that covered up...more

Public Entity May Seek to Recover All Proceeds Derived From a Tainted Contract

Private contractors who provide financial benefits to government employees of agencies with whom they contract will face forfeiture of all proceeds and profits derived from such tainted contracts, an appellate court recently...more

Top Ten International Anti-Corruption Developments for January 2015

This installment of MoFo’s Top Ten International Anti-Corruption Developments highlights important Department of Justice (DOJ) personnel changes, an increase in government resources being dedicated to FCPA enforcement...more

FinCrimes Update - January 2015, Volumn 2, Issue 1

In This Issue: - BSA/AML & OFAC | FCPA & Anti-Corruption | Criminal Enforcement ...more

Retrench of DOJ’s Equitable Sharing Program Could be Boon to N.C. Schools

“Equitable Sharing” sounds so reasonable. Who could argue with it? Here’s what it is, and what it does: The Justice Department’s Equitable Sharing program allows federal law enforcement agencies to “adopt” seizures of...more

New Year, New Orleans, Old Tricks

The Department of Justice’s Kleptocracy Initiative is kicking off 2015 strong.  On January 13, 2015, the DOJ filed a civil complaint seeking the forfeiture of nine properties in New Orleans, worth close to $1.53 million.  The...more

The FCC Asserts its Role as Regulator of Data Security

The FCC recently signaled its intention to move aggressively into the realm of data security regulation. On October 24, 2014, the agency released a Notice of Apparent Liability for Forfeiture (NAL), ordering two...more

FCC Proposes $10 Million Forfeiture for Privacy Violations

On October 24, 2014, the Federal Communications Commission (FCC) proposed a $10 million forfeiture penalty against TerraCom, Inc. (TerraCom) and YourTel America, Inc. (YourTel) (collectively, the Corporations) for alleged...more

Usury in Florida: Penalties

There are two “tiers” of penalties for violation of the Florida usury statutes, one civil and the other criminal, and both are severe. Civil penalties usually involve forfeiture of the entire interest charged (or contracted...more

Bankruptcy Court Finds Tenant Cannot Assume Commercial Lease After Waiving Rights to Seek Relief From Forfeiture Under California...

The US Bankruptcy Court for the Central District of California (the "Court") recently upheld the validity of a commercial lease provision by which a debtor/tenant waived its rights to seek relief from forfeiture (i.e.,...more

Texas Supreme Court Draws Distinction Between Loyalty Agreement and Non-Compete

In many industries, it is common to pay incentives in the form of restricted stock options payable in the future if certain conditions are satisfied. In Exxon-Mobil v. Drennen, decided on August 29, 2014, the Texas Supreme...more

Texas Supreme Court Rules for Exxon: A New Day for Noncompete-Triggered Forfeitures in Texas?

On August 29, 2014, the Texas Supreme Court in Exxon Mobil Corp. v. Drennen upheld a noncompete-triggered forfeiture provision in an executive compensation plan that applied New York law. This is a landmark decision in a...more

Court Orders Bank To Forfeit Funds Laundered With Assistance Of Branch Teller

On June 18, the U.S. Attorney for the District of Maryland announced that a federal judge ordered a bank to forfeit $560,000 in drug proceeds laundered through the bank on which the bank failed to file currency transaction...more

Policyholders Beware: New York Court Finds Policyholder Forfeited Excess Coverage By Settling With Underlying Carriers For Less...

Many excess insurance policies provide that coverage is not available unless all underlying insurers have first paid the full limits of their policies. Relying on such language, excess insurers argue that when a policyholder...more

IRS Clarifies "Substantial Risk of Forfeiture"

The Internal Revenue Service ("IRS") recently issued final regulations clarifying whether a substantial risk of forfeiture exists in connection with a transfer of property, such as restricted stock, in connection with the...more

Tax Alert: New Executive Compensation Regulations Clarify Timing of Taxation

The Internal Revenue Service recently published final regulations under Section 83 of the tax code. These regulations deal with the timing for taxation for grants of property (e.g., stock) that are subject to...more

Punishment Without Cause: Disgorgement And Forfeiture Of Salary And Pensions

It has become popular among prosecutors and regulators in recent years to claim that officials who engaged in wrongdoing on the job should be forced to surrender every dollar earned on that job....more

IRS Issues Final Regulations on Substantial Risks of Forfeiture under Code Section 83

On February 25, 2014, the Treasury Department issued final regulations identifying the circumstances in which a substantial risk of forfeiture would exist under Section 83 of the Internal Revenue Code (the “Code”)....more

IRS Clarifies Position On Substantial Risk Of Forfeiture In Final Section 83 Rules

The IRS issued final regulations regarding the definition of “substantial risk of forfeiture” under Code Section 83. These regulations have a particular impact on the timing of taxation of employer transfers of stock and...more

Tax Reform Proposal Takes Aim at Executive Compensation

On February 26, 2014, U.S. Congressman Dave Camp released a comprehensive tax reform proposal that includes several provisions intended to limit or restrict executive compensation. Congressman Camp’s proposal includes the...more

IRS Issues Final Regulations Clarifying Substantial Risk of Forfeiture Under Section 83 of the Internal Revenue Code

The Internal Revenue Service (IRS) recently released new final regulations under Section 83 of the Internal Revenue Code (the Code) that confirm several positions that it has successfully taken in litigation about what is ...more

Final Regulations Illustrate That Lock-Up Arrangements Do Not Prevent Current Taxation Under Section 83

A transfer restriction on its own is not sufficient to defer tax on a compensatory equity grant. This proposition is highlighted by final regulations issued by the IRS on Feb. 25th under Internal Revenue Code section 83. The...more

IRS Issues Final Regulations under Internal Revenue Code Section 83 Regarding Substantial Risk of Forfeiture Analysis

Companies that compensate their employees with annual or long-term awards of restricted property such as restricted stock grants should take note of the final regulations relating to property transferred in connection with...more

Tax Court Provides Color on “For Cause” Termination Under Code Section 83

On December 16, 2013, the Tax Court decided a case that sheds important light on the meaning of the term “substantial risk of forfeiture” under section 83 of the Internal Revenue Code of 1986, as amended (the “Code”). The...more

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