The US Court of Appeals for the Federal Circuit vacated and remanded a district court decision awarding attorneys’ fees, finding that the district court abused its discretion by failing to properly explain its basis for the...more
Recently, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued new guidance to exporters intended to further assist BIS in its efforts to crack down on third-party diversion to Russia. ...more
The Federal Government is committed to developing its relationship with small and disadvantaged businesses through set-aside contracts that incentivize and protect these companies from competing with large, established...more
The duty of oversight requires directors to (1) make a good faith effort to ensure that their corporations have proper reporting systems in place, and (2) take action to address red flags that indicate potential corporate...more
In 2021, there was a mass shooting at a high school in Michigan in which four students were killed. As a result of this shooting, not only was the shooter prosecuted, but the parents of the shooter were charged with criminal...more
New York AG Letitia James filed a lawsuit against Citibank, N.A. alleging that the bank violated New York’s Executive Law and General Business Law by failing to enact sufficient data security measures or sufficiently respond...more
On September 26, 2023, the “Export Enforcement Five” or “E5” partnership among the governments of Australia, Canada, New Zealand, the United Kingdom, and the United States issued joint guidance focused on preventing Russian...more
The U.S. Securities & Exchange Commission (“SEC”) recently found that an investment adviser mischaracterized its integration of Environmental, Social, and Governance (“ESG”) factors into research and investment...more
On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more
Under the U.S. Export Administration Regulations (EAR), Part 736 General Prohibition #5 (EAR 736.5) imposes restrictions on certain activities related to exports, reexports, and transfers (in-country) of items subject to the...more
U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970...more
The opioid crisis has garnered nationwide attention for decades and has resulted in thousands of lawsuits, subjecting pharmaceutical distributors to billions of dollars in damages. AmerisourceBergen (“Amerisource”) — one of...more
In our February 14, 2023 Stay Current, we discussed a Delaware Court of Chancery decision allowing shareholder derivative claims to proceed against a corporate officer for alleged oversight duty failures stemming from...more
In a recent opinion, the Delaware Court of Chancery for the first time expressly held that corporate officers, like corporate directors, owe a duty of oversight. In defining the scope of the oversight duty at the officer...more
Last year, we discussed how stockholder complaints concerning environmental, social, and governance (“ESG”) issues were making their way to the courtroom and, specifically, how the Delaware Court of Chancery and Supreme...more
On January 25, 2023, the Delaware Chancery Court issued its ruling in In re McDonald’s Corporation Stockholder Derivative Litigation, C.A. No. 2021-0324-JTL (Del. Ch. Jan. 26, 2023), holding for the first time that a...more
A recent Delaware Court of Chancery decision exposes corporate officers to significant liability for breach of fiduciary duties and indicates a trend in Delaware courts in which it is now possible for plaintiffs to assert and...more
Last week, Delaware’s influential Court of Chancery issued an important decision clarifying that the duty of oversight applies to both officers (executive level employees) and directors (members of the board of directors)....more
On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family...more
FINRA punctuated its annual post-New Year’s Report on FINRA’s Examination and Risk Monitoring Program (the “Report”), by including a new target category “Financial Crimes.” The inclusion of this category is noteworthy not...more
The public markets were down last year, and private company values also took a hit. So, is now a good time for a new investment in a private company? The best answer is it depends. There is never a bad time to invest in a...more
Delaware courts have historically been reluctant to allow Caremark (or “board oversight”) claims to gain traction, describing such a claim as “possibly the most difficult theory in corporation law upon which a plaintiff might...more
The New York State Legislature recently concluded its 2022 legislative session, with the Assembly adjourning in the morning hours of Saturday, June 4, following the State Senate, which adjourned early on Friday, June 3....more
Business interruption claims are generally closely scrutinized by insurance carriers and can range from thousands of dollars to claims exceeding $100 million. Insurance carriers often seek the assistance of either internal or...more