Reporting companies should take note of a recent clarification by the Financial Crimes Enforcement Network ("FinCEN") that the Beneficial Ownership Information ("BOI") Rule requires reporting companies that exist on or after...more
Vermont passed a first-of-its-kind law requiring energy companies to pay for part of the damages from extreme weather events, but the law likely will face legal challenges....more
6/10/2024
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Vermont
On March 1, 2024, New York State Governor Kathy Hochul signed into law a revised version of New York State's LLC Transparency Act, which is modeled on FinCEN's Beneficial Ownership Information Rule. Other states are...more
The Financial Crimes Enforcement Network ("FinCEN") has issued a final rule ("Final Rule") extending the initial reporting deadline for new entities required to file beneficial ownership information ("BOI") with FinCEN to 90...more
An estimated 32.6 million domestic and foreign companies will soon be required to report information about their beneficial owners to the U.S. Treasury. This White Paper describes the new requirements and the steps companies...more
Courts and legislatures both in the United States and abroad continue to prioritize the eradication of labor trafficking in corporate supply chains, including those in the health care industry. For example, in the United...more
The Financial Crimes Enforcement Network ("FinCEN") issued a final rule requiring certain entities to identify their beneficial owners and those individuals involved in creating or qualifying the entity to do business in the...more
ESG considerations will continue to play an ever-increasing role in financial markets in 2022. ESG-related transactions will continue to present significant opportunities for financial institutions as they respond to and...more
Over the last decade, the U.S. Supreme Court has significantly restricted when courts can assert general personal jurisdiction over defendants, i.e., jurisdiction in lawsuits that do not arise out of or relate to the...more
On July 6, 2021, the D.C. Circuit decided Jam et al. v. International Finance Corp., holding that lending decisions made by International Finance Corporation ("IFC") in the United States when it financed construction of a...more
In Nestle, six citizens of Mali claimed they were trafficked into and enslaved on cocoa farms in the Ivory Coast. Pursuant to the ATS, these former child slaves sought to impose liability upon Nestle, Cargill, and other U.S....more
More than a year ago the world fell victim to a global pandemic that would change life in ways that could never have been predicted. In the early stages of the pandemic, we published a White Paper directed at financial...more
The Situation: A new line of qui tam cases predicated on alleged human trafficking violations has begun to emerge.
The Result: Potential exposure to qui tam claims heightens the risk of allegations of human trafficking...more
The Situation: On January 1, 2021, the U.S. Congress enacted the most significant reforms to U.S. anti-money laundering laws in decades. The Anti-Money Laundering Act of 2020 ("AMLA") and the Corporate Transparency Act...more
The Situation: The U.S. Congress recently passed landmark anti-money laundering ("AML") legislation for the first time since enactment of the USA PATRIOT Act in 2001. The Anti-Money Laundering Act of 2020 ("AMLA") passed both...more
The Situation: The New York State Department of Financial Services ("DFS") and the European Banking Authority ("EBA") have published guidance relating to Environmental, Social, and Corporate Governance ("ESG")...more
Interpreting a key statutory provision for cross-border discovery, on July 8, 2020, the Second Circuit held that parties to a private international arbitration cannot obtain discovery in the United States in aid of that...more
The U.S. Court of Appeals for the Second Circuit recently ruled that a New York-based affiliate of a global financial institution could be forced to produce documents for use in foreign proceedings even if those documents...more