Good Faith

News & Analysis as of

Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

General partner to pay $171 million for special committee’s failure to act in good faith: 2 key takeaways

In In re El Paso Pipeline Partners, L.P. Derivative Litigation, 2015 WL 1815846 (Del. Ch. Apr. 20, 2015), the Delaware Court of Chancery (Vice Chancellor J. Travis Laster) issued a post-trial opinion finding that the general...more

Enforceability Of Reasonable Endeavours And Good Faith Obligations In Mous And Lois - IPT Update

Obligations to "use reasonable endeavours" and "negotiate in good faith" are often found in commercial agreements, and are a particularly common feature of preliminary agreements such as Memoranda of Understanding (MOU),...more

Patriot Act Reauthorization Debate Delays Cybersecurity Legislation

In This Issue: - Industry Liability Protections and Standards - Legislative Timeframe - Additional Notification Bill Expected - Conclusion - For More Information - Excerpt from Industry...more

In re El Paso Pipeline Partners, L.P. Deriv. Litig., C.A. No. 7141-VCL (Del. Ch. Apr. 20, 2015) (Laster, V.C.)

In this post-trial opinion, the Delaware Court of Chancery determined that a general partner breached a limited partnership agreement in connection with a “drop-down” transaction. The Court held that the partnership’s...more

District Court Dismisses Breach Of Contract Claim, Allows Breach Of Duty Of Utmost Good Faith Claim In Reinsurance Dispute

The District Court for the Middle District of Florida recently held that defendant First American Title Insurance Company (“First American”) could maintain its breach of the utmost duty of good faith counterclaim against...more

Supreme Court: The EEOC Must Answer For Its Efforts To Conciliate

On Wednesday, April 29, 2015, the United States Supreme Court unanimously held that courts may review whether the United States Equal Employment Opportunity Commission (“EEOC”) fulfilled its obligations to engage in...more

Supreme Court Requires Review Of EEOC Conciliation Effort

Before suing an employer for discrimination, the Equal Employment Opportunity Commission (“EEOC”) must try to remedy unlawful workplace practices through informal methods of conciliation. The EEOC sued Mach Mining in federal...more

Court Of Chancery Explains How To Overcome Claim Of Subjective Good Faith

Limited partnership agreements often only require that the general partner act with subjective good faith in doing a deal with a parent entity. That is because the standard seems an easy one to meet....more

Avoiding Personal Liability: A Guide For Directors And Officers

According to the popular media, we are living in an era of corporate crime. Scandals like Enron, HealthSouth and WorldCom stretch so far back they seem like they are not even of this millennium. Among the milestones since...more

The Fifth Circuit Shifts the Risk of Doing Business with Fraudulent Enterprises to Trade Creditors

When a debtor pays the market cost for goods and services provided to it by third-party vendors, these payments normally cannot be recovered as fraudulent transfers in the U.S. That is because the debtor receives reasonably...more

The Ropes Recap: Mergers & Acquisitions Law News - First Quarter 2015

In this issue: - News from the Courts - Chancery Court Denies Enforcement of Drag-Along Right in Transaction Where Notice to Minority Stockholders Improperly Provided After Majority Stockholder Approval...more

Supreme Court Considers New Defense to Inducing Infringement

On March 31, 2015, the Supreme Court heard oral argument in Commil USA, LLC v. Cisco Systems, Inc. (No. 13-896), which relates to whether a defendant can be liable for inducing infringement if the defendant had a good faith...more

Impact of Supreme Court’s Commil v. Cisco?

On March 31, the Supreme Court heard oral argument in Commil USA LLC v. Cisco Systems Inc. The Supreme Court considered the Federal Circuit’s holding that a belief in a patent’s invalidity is a defense to inducing...more

Indiana Court Dismisses Bad Faith Allegations and Praises Insurer for Timely Claims-Handling

A recent federal District Court decision from Indiana, Autumn Glen Homeowners Ass’n. v. Travelers Ind. Co. of America, 2015 WL 1256391, 2015 U.S. Dist. LEXIS 33317 (S.D. Ind., Mar. 18, 2015) provides insight into both...more

The Supreme Court's Omnicare Decision: Implications And Remaining Questions Regarding When Opinions Are Actionable Under The...

On March 24, 2015, the Supreme Court issued its much anticipated decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, 2015 WL 1291916 (Mar. 24, 2015). With some significant...more

IMHO, Omnicare Doesn’t Materially Change Opinion Disclosure

Today, the U.S. Supreme Court issued its anticipated Omnicare decision, which addresses the standard of liability applied to expressions of opinion in a registration statement for a public offering. While there will be...more

Reinsurance Exclusion Bars Coverage For Bad Faith Lawsuit

A federal judge in North Carolina recently examined a reinsurance policy provision excluding loss “resulting from any claim for . . . any actual or alleged lack of good faith or unfair dealing in the handling of any claim or...more

Letters of the Law: 'E' is for Express Terms

Contract terms are not always in black and white. Express terms are those which are specifically agreed between the parties. In a written contract 'express' terms are those written on the pages of the contract. However,...more

Congress Takes Up Patent Litigation Reform – Innovation Act Reintroduced, Supreme Court Cases Examined

Congress v SCtPatent litigation reform has been on the U.S. House Judiciary Committee agenda, with the recent reintroduction of legislation seeking to address patent litigation abuses and a hearing examining recent U.S....more

February 2015: Patent Litigation Update

Supreme Court to Review Good Faith Defense to Patent Inducement Claims. Last month in Commil USA, LLC v. Cisco Systems, Inc., 720 F.3d 1361 (Fed. Cir. 2013), cert. granted in part, No. 13-896, 2014 WL 318394 (U.S. Dec. 5,...more

First Circuit Recognizes Uberrimae Fidei In Admiralty Context

The First Circuit recently examined, in the admiralty context, the doctrine of uberrimae fidei, a legal doctrine requiring that all parties to an insurance contract deal in good faith and fully disclose all material facts....more

Considerations For Lenders in Workouts & Loan Restructurings

Despite the improvement in the economy since the advent of the “Great Recession,” many businesses nevertheless continue to struggle. Accordingly, lenders are well advised to stay up to date on  “best practices” when facing a...more

Negotiating Admitted Facts in Pretrial Stipulation

Determining admitted facts can be one of the more difficult aspects of preparing a pretrial stipulation. Parties often propose factual statements that are advantageous to their position, while resisting facts that may favor...more

Mach Mining and the Future of the EEOC’s Duty to Conciliate in Good-Faith Prior to Civil Litigation

Last year, individuals filed over 100,000 charges of Title VII violations with the Equal Employment Opportunity Commission (“EEOC” or “Commission”), thousands of which the EEOC has—and continues—to aggressively investigate...more

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