What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?
Before committing to a franchise business, consider...
What you need to know:
In its recent decision in Chen v. Howard-Anderson, Delaware’s Court of Chancery held that directors and officers may be found to have acted in bad faith, thereby breaching their fiduciary duty of...more
It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more
In This Issue:
- Department of Finance Announces Updated Commercial Rent Tax Audit Policy on Billboards
- ALJ Finds No Hearing Right To Challenge Notice and Demand, and Corporate “President” Is Personally...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act grants to the U.S. Bureau of Consumer Financial Protection (the “CFPB”) the power to bring actions against “related persons” of non-depository institutions. A...more
Employers in New York will not have to issue annual wage notices to employees in 2015 and beyond. On June 19, 2014, a bill was passed in both the New York Assembly and Senate that eliminates the requirement contained in the...more
I am often told by clients that they are protected from a lawsuit because they have a corporation. The advice I usually give them is that while the corporate shield is strong it does not protect them if they are negligent...more
While financial institutions have long faced the possibility of civil monetary penalties and criminal prosecution for violations of the Bank Secrecy Act (“BSA”) and its implementing regulations, found at 31 C.F.R. Chapter X,...more
It might seem uncontroversial that the members of a limited liability company cannot follow with a personal lawsuit for injuries after their LLC litigates, and loses, claims based on the same issues. But it took the Business...more
There are all sorts of reasons why an employee would want to avoid discrimination or harassment of co-workers or direct reports, but the one which resonates the most is the potential that the employee can be found...more
The Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Department of Treasury, recently fined a Miami-based money services business (MSB) and its owner $10,000 for failing to implement proper anti-money...more
May 2014 brought an ordinary end to a series of extraordinary events, with the Consumer Product Safety Commission (CPSC) settling an unprecedented proceeding against Craig Zucker, the former CEO of Buckyballs® manufacturer...more
Gong v. City of Rosemead (May 20, 2014, B247601) -- Cal.App.4th --, a Court of Appeal declined to hold the City of Rosemead ("City") liable for the alleged tortious conduct of former mayor and City Council member John Tran...more
To date, the CFPB has brought 12 cases—out of more than three dozen total CFPB enforcement cases—in which it named individuals as defendants or respondents liable for violations of consumer protection statutes. Below, we...more
The Commission filed settled financial fraud charges against an issuer which discovered and remediated a series of accounting issues and the CFO who caused the books and records to be falsified, eventually resulting in a...more
In This Issue:
- Insider Trading Law
- Insider Trading Penalties
- Cooperating with the Government
- Cooperating with the Department of Justice
- Cooperating with the Securities and Exchange...more
In a couple of speeches at Compliance Week 2014, SEC officials spoke of when it would be appropriate to bring an enforcement action against a Chief Compliance officer, or CCO.
SEC Commissioner Kara M. Stein said “If...more
The internal affairs doctrine “is a conflict of laws principle which recognizes that only one State should have the authority to regulate a corporation’s internal affairs — matters peculiar to the relationships among or...more
In Webmediabrands, Inc. v. Latinvision, Inc., No. 601048/2010, the Supreme Court (J. Friedman) pierced the corporate veil at the summary judgment stage.
Under New York law, the factors used to determine whether a court...more
There's no expression when speaking of football players to recognize a performance that hits three exceptional marks (like a hat trick in hockey or a triple double in basketball or the triple crown in baseball). Maybe there...more
In the wake of the financial crisis, federal and state regulators are increasingly taking action against individuals for alleged compliance lapses inside financial services companies, and recent reports indicate that...more
On May 9, 2014, the CPSC and the maker of Buckyballs and Buckycubes settled the July 2012 administrative case brought by the CPSC alleging that these “rare earth magnets” pose a substantial product hazard. The settlement...more
As we inch our way into summer in Southern California, Barry P. Goldberg warns that the warm weather brings in "dog bite" season as well. More kids running in the sprinklers, dogs on walks on and off leash, barbeques, swim...more
Jaklin Mikhal Romine v. Johnson Controls, Inc. et al.
Court Of Appeal, Second District (March 17, 2014) -
Product liability cases can involve complex mechanisms of injury, and multiple design and manufacturing...more
A district court in the Northern District of California has held that the officer of a now-defunct corporation is personally responsible for the Trust Fund Recovery Penalty based upon the company’s failure to collect, account...more
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