In a recent Board decision dated December 13, 2023, the United States Army Corps of Engineers sought to amend its answer in the case of APPEALS OF – KELLOGG BROWN & ROOT SERVICES, INC., under Contract No. W912GB-13-C-0011....more
The Supreme Court of Georgia issued an opinion reversing the Superior Court of Fulton County’s 2022 ruling that Sections 4 and 11 of the Georgia LIFE Act (the Act) were void ab initio....more
The phenomenon of void ab initio life insurance policies has “spawned a host of thorny questions regarding the appropriate remedial response to the identification of a policy as STOLI.” The Supreme Court of Delaware...more
Q: I was appointed a receiver to collect a judgment. I have not yet filed my final account and report, the court has not approved my final fees. Other creditors of the judgment debtor are demanding that I pay them, because...more
Two Recent Decisions Throw Cold Water on Investors’ Ability to Get Their Premiums Back on Policies Deemed Void Ab Initio - In the latter half of 2022, the Seventh Circuit Court of Appeals and the Delaware Supreme Court—two...more
On January 11, the U.S. Court of Appeals for the Third Circuit affirmed a district court’s decision to grant summary judgment in favor of defendants accused of violating the FDCPA when attempting to collect on a judgment that...more
On January 11, 2023, the Third Circuit held that attempting to collect on a default judgment did not constitute using "'false, deceptive, or misleading' representations in connection with collecting the judgment" if the...more
On Nov. 23, the Supreme Court of Georgia reinstated the state’s ban on abortions after the detection of a fetal heartbeat. The Supreme Court of Georgia issued a one-page order granting the State of Georgia’s Emergency...more
Key Takeaways - ..On Nov. 15, The Superior Court of Fulton County declared sections of Georgia’s 6-week abortion ban void and unenforceable. ..The Court held that because the ban was unconstitutional at the time it...more
New York’s default rules regarding LLC members’ rights to transfer their interests appear in sections 603 and 604 of the LLC Law. Section 603 provides that a membership interest is fully assignable, but the assignee does not...more
On March 15, 2022, the U.S. Court of Appeals for the Second Circuit vacated a district court’s denial of a borrower’s motion to dismiss lender claims. Applying the New York Court of Appeals’ guidance from certified questions,...more
On December 4, 2020, the Consumer Financial Protection Bureau announced the filing of a lawsuit against an online lender for allegedly violating the Military Lending Act ("MLA"). The CFPB's complaint alleges that the lender...more
In 2014, the Delaware Supreme Court’s landmark Kahn v. M&F Worldwide Corp.1 (MFW) decision established that the deferential business judgment standard of review could apply to controlling stockholder “squeeze-out” mergers...more
Lidenbaum v. Realgy, LLC, 2020 WL 6361915 (N.D. Ohio Oct. 29, 2020) - Pending before the Court was a class action lawsuit, contending Defendants violated the Telephone Consumer Protection Act, 47 § U.S.C. 227 (“TCPA”)....more
In In re HomeFed Corp. Stockholder Litigation (“HomeFed”), the Delaware Court of Chancery considered on a motion to dismiss whether a squeeze-out merger by a controlling stockholder complied with the procedural framework set...more
On March 30, 2020, in a case captioned Sun Life Assurance Company of Canada v. Wells Fargo Bank, N.A., Judge Philip Reinhard of the United States District Court for the Northern District of Illinois issued a decision...more
Consistent with trends in recent years, in 2019 Delaware corporation law largely was shaped by post-closing suits for money damages against directors who had approved mergers and acquisitions. Two Delaware Supreme Court...more
The New Jersey Supreme Court recently condemned stranger-originated life insurance (“STOLI”) transactions as void ab initio human life wagers in a case that the life insurance and life settlement industries watched closely....more
A Pennsylvania federal district court granted a motion to compel arbitration pursuant to 9 U.S.C. § 4 of the Federal Arbitration Act, over objection by the defendant on severability grounds. The defendant argued that its...more
On June 4, 2019, in a case captioned Sun Life Assurance Company of Canada v. Wells Fargo Bank, N.A., the Supreme Court of New Jersey answered two questions certified to it by the United States Court of Appeals for the Third...more
To obtain business judgment deference, controllers must insist on MFW’s minority protections before engaging in any substantive economic or valuation discussions. The Delaware Supreme Court’s 2014 decision in Kahn v. M&F...more
In the second half of 2018, the Delaware courts once again produced decisions that will guide M&A transactions in the future. Three cases affecting US M&A stood out in 2018....more
The Delaware Supreme Court’s seminal decision in Kahn v. M&F Worldwide Corporation (MFW) offers a pathway for having challenges to controlling stockholder “squeeze-out” mergers reviewed under the highly deferential business...more
In Flood v. Synutra Int’l Inc., the Delaware Supreme Court clarified its holding in Kahn v. M&F Worldwide Corp. (“MFW”). ...more
QBE Seguros brought a successful action declaring a marine insurance policy was void ab initio under the doctrine of uberrimae fidei and the breach of the warranty of truthfulness in the application for insurance....more