Recent Blog Posts

  • July in Brief (Business Litigation and Dispute Resolution) 2020 Dispute Resolution Will the Supreme Court Resolve the Split in the Circuits Concerning Use of Discovery in Private International Arbitration? By Leslie A. Berkoff and Tina M. Kassangana Section 1782 of Title 28 of the United States Code provides that a U.S. district court may compel testimony or document production in connection with a proceeding in a “foreign or international tribunal” upon request by an “interested person.”  28 U.S.C. § 1782.  However, whether or not a private international arbitration panel constitutes a tribunal... More
  • June in Brief (Securities Law) 2020 Securities Regulation Liu v. SEC: The Supreme Court Limits the SEC’s Disgorgement Power and Sets the Stage for Future Legal Battles By Neil T. Smith, David Peet, R. Nicholas Perkins, K&L Gates On June 22, 2020, in a much-anticipated decision, the Supreme Court held that the Securities and Exchange Commission (“SEC” or “the Commission”) can continue its longstanding practice of seeking disgorgement as an equitable remedy in judicial proceedings under Section 21(d) of the Securities Exchange Act of 1934. In Liu, the Court held... More
  • June in Brief (Mergers and Acquisitions) 2020 M&A Law Investor’s Consent Not Required for Purchase Agreement Amendment that Benefited Investor, Says Delaware Chancery Court By John Adgent On June 8, 2020, the Delaware Chancery Court (the “Court”) entered judgment in favor of Yenni Income Opportunities Fund I, L.P., a private equity investment firm (the “Fund”), on all breach of contract claims brought by Braga Investment & Advisory, LLC (“Braga”). The dispute arose from Braga’s 2016 investment to acquire a minority interest in Steven Feller, P.E., LLC (“Newco”) as part of... More
  • June in Brief (Cybersecurity and Internet Law) 2020 Cybersecurity Law Firm Faces Counterclaim in ERISA Case due to Work from Home and Personal Email Policies By Jessica Poggi, Duke University School of Law A Pennsylvania law firm is facing a claim that its lax security procedures contributed to the theft of $400,000 worth of 401(k) funds from the firm’s retirement accounts. Leventhal v. MandMarblestone, Grp., C.A. No. 18-cv-2727 (E.D. Pa. May. 27, 2020).  According to the pleadings, criminals were able to gain access to the funds by obtaining a copy of an... More
  • June in Brief (Business Regulation and Regulated Industries) 2020 Banking Law FDIC Issues Final Rule Codifying Valid When Made Doctrine By Robert W. Savoie, McGlinchey Stafford, PLLC The FDIC has issued its final rule codifying the “valid when made” doctrine. The rule clarifies that the interest rate lawfully assessed by an originating depository institution may not be impacted by the sale, assignment, or other transfer of the loan or a change in state law. The FDIC also confirmed that an originating depository institution may apply the law of any state in which it... More
  • May in Brief (Business Regulations and Regulated Industries) 2020 Banking Law OCC Issues Final Rule on Permissible Interest on Transferred Loans By Lynette I. Hotchkiss, McGlinchey Stafford, PLLC On May 29, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule to clarify that when a bank sells, assigns, or otherwise transfers a loan, the interest rate that was permissible before the transfer is not affected by the transfer. The OCC issued this rule to clarify the legal uncertainty created by recent developments, including the decision by the... More
  • May in Brief (Mergers and Acquisitions) 2020 M&A Law New York Supreme Court Finds AT&T Offering Documents Not Misleading By John Adgent On May 5, 2020, the Supreme Court of New York (the “Court”) dismissed a securities class action suit on behalf of former shareholders of Time Warner Inc., a media and entertainment company (“Time Warner”), alleging several violations of the Securities Act of 1933 (the “Securities Act”) by AT&T, Inc., a communications holding company (“AT&T”), in connection with its June 2018 acquisition of Time Warner (the “Acquisition”). To facilitate the... More
  • May in Brief (Securities Law) 2020 Securities Regulation Developments Relating to Investments in Emerging Markets By Thomas W. White, Retired Partner, WilmerHale Issues related to investments in securities of companies based in or with significant operations in emerging markets continue to be a focus of the Securities Exchange Commission (“SEC”) as well as Congress.  Although they address emerging markets generally, these actions appear to specifically target China, the largest emerging market and the world’s second largest economy. In April, SEC Chairman Jay Clayton, PCAOB Chairman William Duhnke and several members... More
  • May in Brief (Internet Law and Cybersecurity) 2020 Data Privacy Court Enforces Arbitration Clause Against Contractor of Customer By John Ottaviani, Partridge Snow & Hahn LLP A Pennsylvania federal court recently enforced the arbitration clause in an online license agreement where each log-on displayed a link to the terms and stated that use of the system constituted acceptance of the terms. Healthplan CRM, LLC d/b/a Cavulus v. Avmed, Inc., No. 2:19-cv-1357NR (W.D. Pa. April 28, 2020). Avmed subscribed to Cavulus’s cloud-based customer relationship management (CRM) software for insurance companies managing Medicare Advantage... More
  • May in Brief (Bankruptcy and Finance) 2020 Bankruptcy Law Golden Share May Not Be A Golden Ticket Out of Bankruptcy  By Michael Enright  A bankruptcy court in Delaware recently weighed in on the ongoing controversy over whether special shareholder approval mechanisms for authorization of a bankruptcy filing actually work to prevent a filing that is not in compliance with the agreed conditions. In the Chapter 11 case of Pace Industries, LLC (In re Pace Industries, LLC, Case No. 20-10927) on May 5, 2020, the court denied the motion of Macquarie Septa (US) I, LLC... More