Forfeiture

News & Analysis as of

Friends and Family and Criminal Forfeiture

One of the many potential consequences of a criminal conviction is that the government may seize assets held by the defendant’s family to satisfy a criminal forfeiture order against the defendant himself. In United States v....more

Germany: It's Time To Review Forfeiture clauses in standard employment contracts

It is market standard in Germany to insist on forfeiture clauses in employment contracts, i.e., language providing that any claims arising under the contract are forfeited if not exercised within three months after their due...more

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

New York Man Sentenced to 15 Years in Prison for Loan Modification Scheme

On March 7, 2017, the United States Attorney’s Office for the Eastern District of New York announced the sentencing of an individual defendant to 15 years in prison and $2.5 million in forfeiture in connection with a loan...more

Real News - Winter 2016/2017

Welcome to the winter 2016/2017 edition of Real News, DLA Piper’s quarterly real estate publication. This edition is a quick review of 2016 and a look forward to what 2017 may bring into the real estate world. I look...more

IRS Allows 401k Plan Safe Harbor and ADP ACP Corrective Contributions to be Funded from Forfeitures

We are pleased to bring you some good news for 401(k) plans from the IRS. The IRS just issued a proposed regulation that allows safe harbor contributions to a 401(k) plan, or employer contributions used to correct a...more

A Change of Pace? Pirate Radio Actions Signal A Possible Shift to Accelerated Issuance of Forfeiture Orders

On Thursday, February 23, 2017, the Federal Communications Commission (FCC) issued a pair of forfeiture orders against pirate radio operators. Each was subject to a $25,000 fine for allegedly continually operating unlicensed...more

Is There a Statute of Limitations on Disgorgement?

How long does the Securities and Exchange Commission (SEC) have to bring a lawsuit asking for disgorgement of unlawful gains? The United States Supreme Court will decide that issue this term in Kokesh v. Securities and...more

Relief from forfeiture granted to a mere licensee

In General Motors UK Limited v. The Manchester Ship Canal Company Limited 2016 EWHC 2960 (Ch) the High Court granted relief from forfeiture to a mere licensee, thereby reinstating a licence that had otherwise been validly...more

Built-In Contract Remedies: Avoiding the Unenforceable Penalty

Under California law, a provision of a contract found to impose a penalty is unenforceable as a forfeiture and contrary to public policy. The characteristic feature of a penalty is the lack of proportional relation between...more

2016 Year in Review: Money Laundering (Part Two)

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

2016 Year in Review: Forfeiture

The field of forfeiture saw significant action in 2016. The IRS offered to return forfeited funds used in structuring, but Congress still may clip its ability to forfeit such funds. Meanwhile, DOJ renewed a controversial...more

How to comply with the new record-keeping requirements for Ontario corporations

In an attempt to improve management of corporate land forfeited to the Crown (that is, to facilitate the ease with which the Crown may act in order to seize forfeited land), Ontario has amended the Business Corporations Act...more

Newly Proposed IRS Rules Permit the Use of Forfeitures for QNECs and QMACs

On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more

IRS Relaxes Rules on Use of Forfeitures to Fund Safe Harbor Contributions and QNECs to 401(k) Plans

The IRS recently issued welcome guidance for sponsors of 401(k) plans. On January 18th, the IRS issued proposed regulations that permit forfeitures to be used to fund the employer’s safe harbor contributions, qualified...more

Now You Can Be Up to Your QNEC in Forfeitures

On January 18, 2017, the IRS issued proposed regulations allowing amounts held as forfeitures in a 401(k) plan to be used to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs). This...more

State Insurance Regulatory Actions Serve as Warning

Recent regulatory actions against Zenefits, a cloud-based software company, demonstrate the importance for companies to be properly licensed where they are conducting business. Zenefits has reached regulatory settlements with...more

Supreme Court to Review SEC Enforcement Limitations

On Friday, January 13, the Supreme Court granted certiorari to resolve a Circuit split on the extent to which SEC enforcement actions are restricted by the five-year statute of limitations in 28 U.S.C. § 2462. Section...more

Vacation Policies Are Not All-Inclusive; Seventh Circuit Denies Bid to Certify Class And Affirms Summary Judgment on Part-Time...

Seyfarth Synopsis: In McCaster v. Darden Restaurants, the Seventh Circuit affirmed the District Court’s order denying class certification of claims for denial of earned vacation benefits at separation and granting summary...more

Money, Dirt and Steel: Year End 2016

COPIES AND AFFIDAVITS ADMISSIBLE IN POWER OF SALE FORECLOSURE PROCEEDINGS - In the Matter of Foreclosure by Rogers Townsend & Thomas, __ N.C. App. ___, COA15-581 (April 15, 2016), was a Non-judicial foreclosure action...more

Best Practices for 401(k) Plan Administration Includes Using Forfeiture Accounts by Year-End

Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype or volume...more

"Cross-Border Investigations Update - December 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update looks at Brexit’s impact on corporate crime and investigations, the U.S. DOJ’s increased use of forfeiture actions with international implications, current...more

An Argument for the Use of Stock Options with Forfeiture Clauses for Breach of Duty of Loyalty

Introduction Jimmy John’s In 2014, Emily Brunner (“Brunner”) and Caitlin Turowski (“Turowski”) filed a complaint in Illinois against the sandwich company, Jimmy John’s, and its franchise affiliates. The complaint was amended...more

SuperVision Today - December 2016

Notes from the Chair and Executive Editor - Welcome to the final edition of SuperVision Today for 2016. The topic that has consumed the time and interest of many human resource professionals in recent days has been the...more

The Rosenbaum Law Firm Review - November 2016

Things That Won't Help A Retirement Plan Sponsor Limit Their Liability. Yup, not going to help. When I was a teenager, we were told that eating oat bran would lower cholesterol and it didn't. We're told that...more

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