Safe Harbors

News & Analysis as of

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

And Now Bad Actor Waivers for Forward-Looking Statements

The Securities Act (Section 27A(b)) and the Exchange Act (Section 21E(b)) exclude reliance on the safe harbor for forward-looking statements if, among other things, the statement is made with respect to an issuer that has,...more

Patent Safe Harbor Applies to Supplemental New Drug Applications

On May 13, 2015, the Federal Circuit confirmed in Classen Immunotherapies, Inc. v. Elan Pharmaceuticals, Inc. that the safe harbor provisions of 35 U.S.C. § 271(e)(1) can shield post-FDA approval activities from liability for...more

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Locke Lord QuickStudy: Texas Enacts House Bill 40 To Regulate Oil And Gas At State Level

The Texas Legislature recently passed House Bill 40, which is intended to keep the bulk of oil and gas regulation at the state level—as opposed to myriad standards set by cities, counties, or other political subdivisions. ...more

Some Employers To Get Six-Month “Safe Harbor” Under Massachusetts Sick Leave Law

As we have previously reported, on November 4, 2014, Massachusetts approved Ballot Question 4, titled “Earned Sick Time for Employees.” The new law will take effect July 1, but state Attorney General Maura Healey announced...more

Massachusetts Sick Leave Law – Safe Harbor for Employers

The Massachusetts paid sick leave law is scheduled to go into effect on July 1, 2015. A recent client alert provides a summary of the law: Massachusetts Voters Pass Mandatory Paid Sick Time. While regulations have been...more

Commercial Restructuring & Bankruptcy Alert - May 2015

In this issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Massachusetts AG Announces Safe Harbor Delaying Full Implementation of New Earned Sick Time Law for Some Employers

On May 18, 2015, the Massachusetts Attorney General’s Office (AGO) held the first of several public hearings on proposed regulations concerning implementation of the new earned sick time law passed by Massachusetts voters in...more

Safe Harbors and Securitizations: Loan Payments in Connection with a Commercial Mortgage-Backed Securitization Protected from...

Krol v. Key Bank National Association, et al. (In re MCK Millenium Centre Parking, LLC), Adv. No. 14-00392 (N.D. Ill. Apr. 24, 2015) - Case Snapshot In Krol v. Key Bank National Association, et al. (In re MCK Millenium...more

Multiple Departments Issue Guidance on Wellness Programs

The Equal Employment Opportunity Commission (EEOC) made headlines during the second half of 2014 by attacking employers' wellness programs that require employees to undergo certain medical testing or be penalized. In three...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

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Classen Immunotherapies, Inc. v. Elan Pharmaceuticals, Inc. (Fed. Cir. 2015)

The Hatch Waxman statute created a safe-harbor provision, found at 35 U.S.C. § 271(e)(1), that allows ANDA filers and others to practice patented inventions without fear of infringement liability, provided the acts are...more

Food Litigation Newsletter - May 2015

In This Issue: - RECENT SIGNIFICANT RULINGS ..Court Dismisses in Part “Natural” Claims ..Court Enters Partial Dismissal of “Handmade” Claims ..Court Dismisses Injunctive Relief Claim Allows Others to...more

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Section 546(e) Protects Two Tiered Securitization Structures

What happens when a debtor, whose loan is pooled and securitized, files for bankruptcy? Are payments made to investors recoverable as fraudulent transfers or preferences? Until recently, no published court opinion...more

DMCA Advice from the Department of Commerce

The Digital Millennium Copyright Act of 1998 was created to protect copyright owners from infringement of their works (such as photos, documents, music files, and videos) over the Internet. Amongst other things, the DMCA...more

Effect of a Check Notation: Void After 90 Days

On April 2, 2015, the IRS issued Rev. Proc. 2015-28, which provides new safe harbor correction methods for errors relating to automatic contribution features, including automatic enrollment and automatic escalation of...more

New Correction Options for 401(k) and 403(b) Plans

On April 2, 2015, the IRS issued Rev. Proc. 2015-28, which provides new safe harbor correction methods for errors relating to automatic contribution features, including automatic enrollment and automatic escalation of...more

Bankruptcy "Essentials" in a Low-Price Environment

J. Paul Getty once said, “Formula for success: rise early, work hard, strike oil.” However, with crude oil prices nearly half of what they were a mere six months ago, Getty’s formula may not hold as true as it once did. In...more

IRS Relaxes Correction Requirements for Elective Deferral (But Not After-Tax Contribution) Failures under EPCRS

Less than a week after issuing significant modifications to the Employee Plans Compliance Resolution System (EPCRS) (as described in our March 31, 2015 blog), the Internal Revenue Service (IRS) further modified EPCRS through...more

Amgen Inc. v. Sandoz Inc.

On March 19, 2015, the United States District Court for the Northern District of California issued its decision in Amgen Inc. v. Sandoz Inc., construing the patent negotiation provisions of the Biologics Price Competition and...more

Whistleblower's Legacy: President Reforms Key Surveillance Law; Europe Questions Safe Harbor Regime

Nearly two years ago, Edward Snowden, a contractor working with the U.S. National Security Agency (“NSA”), revealed startling details of widespread surveillance practices by the U.S. government into telephone and Internet...more

Global Tax News - March 2015

Australia's Investment Management Regime reforms 30 MAR 2015 - Australia’s Investment Management Regime (IMR) reforms, initially proposed by the Australian Financial Centre Forum in the Johnson Report in 2009 and the...more

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