Rescission

News & Analysis as of

Is Rescission Ever Legal?

Yesterday’s post concerned when a corporation’s rescission of the issuance of shares does not constitute a “distribution to its shareholders” as defined in Section 166 of the California Corporations Code. I noted that one of...more

When A Share Rescission Is Not A Distribution

Section 166 of the California Corporations Code defines “distribution to its shareholders”. Knowing what constitutes a distribution to shareholders is important because Chapter 5 of the General Corporation Law imposes...more

Florida’s Third District Finds Misrepresentation In Insurance Application Was Material, Precluding Coverage And Entitling Insurer...

In Certain Underwriters at Lloyd’s London v. Jimenez, 2016 Fla. App. LEXIS 9231 (Fla. Dist. Ct. App. 3d Dist. June 12, 2016), the Third District reversed a trial court’s final judgment and remanded the case with instructions...more

North Carolina Supreme Court Denies Employee's Claim to Patent Ownership Based on Pay Dispute with Employer

Under the “hired to invent” doctrine, employees who develop intellectual property during the course of their employment generally have no ownership rights to such innovations. Earlier this month, the North Carolina Supreme...more

When is Rescission Based Upon Material Misrepresentations The Proper Course of Action?

Carriers rely on application representations regarding the existence of potential claims. Sometimes, the carrier learns after the fact that an applicant may not have reported all known potential claims. What can/should the...more

New FAQs Address Implementation of the Affordable Care Act, Mental Health Parity and Addiction Equity Act, and the Women’s Health...

In Depth - The US Departments of Labor (DOL), Health and Human Services (HHS) and Treasury (collectively, the Departments) published frequently asked questions (FAQs) on April 20, 2016, clarifying the implementation of...more

New Affordable Care Act FAQs Released on Rescissions of Coverage, Preventive Care Mandate, Out-of-Network Emergency Service...

The U.S. Department of Labor, the Department of Health and Human Services, and the Department of the Treasury (collectively, the “Departments”) have jointly issued a new set of answers to frequently asked questions about the...more

FDIC Rescinds De Novo Period Extension and Releases Supplemental Guidance on Business Plan Content

On April 6, 2016, the Federal Deposit Insurance Corporation (FDIC) rescinded Financial Institution Letter (FIL) 50-2009, titled “Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.” In...more

Insurance Recovery Law - March 2016

High Times in the Insurance Industry: Colorado Federal Court Considers Coverage for Medical Marijuana Business - Why it matters: With legalized marijuana businesses booming, a new decision from a Colorado federal court...more

Illinois Supreme Court Expands Who Can Seek TILA Rescission

A recent Illinois Supreme Court opinion may expose banks to a flood of TILA rescission claims by anyone who claims an ownership interest in mortgaged property. The state supreme court ruled that the right to rescind includes...more

Court Of Chancery Explains When A Minority Stockholder May Have Actual Control Over A Deal

This is another in a series of decisions dealing with the allegation that a minority stockholder controlled a deal through its control of a majority of the board of directors....more

What Happens When a Franchise Agreement Ends - Part Three: Rescission

In our previous posts (See Part 1 and Part 2), we reviewed restrictive covenants and cancellation rights under franchise laws. In a recent decision of the Ontario Court of Appeal, the dispute focused on the right of...more

“‘Tis As Easy As Lying”: Pennsylvania Court Rescinds Policy of Corporate Giant

Claims, arguments and tactics that are familiar from coverage disputes with consumers are increasingly being used against carriers by large corporate insureds—often with the assistance of well-known plaintiffs’ firms. Once in...more

A Preview of Business Immigration in 2016: Visa Bulletin Controversy Continues (Part 5/6)

From proposals to overhaul OPT to decreasing the number of H-1Bs, 2016 is already proving to be an interesting year for business immigration. In a series of posts, the Mintz Levin team will provide an overview of the cases,...more

New York Rescission Law Strikes Again: Lessons Learned From the Voiding of Heinz’s Product Contamination Insurance Policy

An increasingly popular tool in the insurer’s toolset is attempted rescission of the policy. This tool is particularly sharp if the law applicable to the construction of the policy is that of New York. Earlier this week, the...more

Do Treble Damages Mean Treble Rescission?

North Carolina law awards treble damages for violations of N.C. Gen. Stat. § 75-1.1 “if damages are assessed.” A recent Fourth Circuit decision asks this question: If a plaintiff seeks rescission, and if the defendant’s...more

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

A little over one year ago, the U.S. Supreme Court issued its ruling in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015), which resolved a circuit court spit regarding how a mortgage borrower may exercise the...more

Insurer Prevails on Rescission Claim Against H.J. Heinz Co.

On February 1, 2016, Judge Arthur J. Schwab of the Western District of Pennsylvania overrode a jury verdict and ruled that Starr Surplus Lines Insurance Company (Starr) can rescind its policy covering H.J. Heinz Co. for up to...more

Summary of California Appellate Decisions - January 2016

Insurance Coverage; Vandalism and Malicious Mischief Exclusion - Hung Van Ong v. Fire Insurance Exchange (2015) 235 Cal.App.4th 901, 185 Cal.Rptr.3d 524 - Facts: The insured had a vacant apartment building....more

Insurance Recovery Law - January 2016

Despite Finding Policy Application Misrepresentation, Jury Rules Against Policy Rescission - Why it matters: A federal jury concluded that Starr Surplus Lines Insurance Company did not have a valid basis to rescind the...more

2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Rescinding a Foreclosure Sale (or Any Other Real Estate Deal) — Act Quickly, or Lose the Remedy

In a prior post, Respect the Remedy of Rescission in Real Estate Disputes, I highlighted the often under-appreciated remedy of rescission.  With rescission, both parties are restored to their pre-contract positions and issues...more

Money and Dirt: Reviewing 2015; Previewing 2016

We’ll end 2015 with a quick look back at some of the important developments in California real estate and secured lending law covered in this blog, and a look forward to issues that will get attention in 2016....more

Final Regulations on Affordable Care Act Market Reforms

Throughout 2010, the U.S. Departments of Health and Human Services, Labor and the Treasury (collectively, the Departments) issued interim final regulations (IFR) implementing ACA market reforms applicable to grandfathered...more

NJ Supreme Court Upholds Insurer’s Right to Rescind When Professional Liability Insurance Is Procured by Fraud

On December 1, 2015, in DeMarco v. Stoddard, the New Jersey Supreme Court, in a 5–2 decision, reversed an Appellate Division decision, DeMarco v. Stoddard, 434 N.J. Super. 352 (App Div. 2014), and held in favor of the...more

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