Welcome to our latest Corporate Law Report. You know what to do: Watch the video overview above and, for any topics that interest you, go deeper with the legal analysis and commentary below>> 1. Need-to-know – in the workplace: Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants – Sutherland Asbill & Brennan… Read more »
“ERISA treats all members of a ‘controlled group’ as a single employer for purposes of its provisions imposing liability on employers in connection with the termination of an underfunded single employer pension plan or a withdrawal from an underfunded multi-employer pension plan. As a result, if an employer terminates or withdraws from an underfunded pension… Read more »
[Link: Bill on Bankruptcy: Who's to Blame for the Hostess Liquidation? - Bloomberg Law] The impending dissolution of Hostess Brands – maker of Twinkies, Ho Hos, and Wonder Bread – has captured headlines over the past few weeks. But Hostess’s story isn’t the only bankruptcy law news of relevance to Corporate America. For your reference:… Read more »
Earlier this week, the Supreme Court of England and Wales ruled that a United States Bankruptcy Court decision against an individual not subject to US court jurisdiction could not be enforced in the United Kingdom. From Skadden Arps: “Traditionally, under English conflict of law rules, a foreign judgment may only be enforced in England at… Read more »
Earlier this month, the Seventh Circuit Court of Appeals ruled in Sunbeam Products v. Chicago American Manufacturing that rights held by a trademark licensee do not automatically end when the license agreement is rejected by a trademark owner in bankruptcy. It’s a significant ruling for IP licensees because it allows them to continue to use… Read more »
What’s on your mind? ICANN’s generic top-level domain names, HIPAA compliance and violations, the SCOTUS RadLAX ruling, the EU Cookie Directive, that’s what (and more!). For your reference, the most-read Corporate Law Report posts in June, 2012: 1. HIPAA Compliance: 6 Audit Questions (and Answers) for Covered Entities “Late last year, members of the Senate… Read more »
From lawyers and law firms on JD Supra, recent advisories on a range of legal considerations: High Noon: The Italians try to play solo the Health Claims game (K&L Gates LLP): “On November 27, 2009, the Italian Government notified a draft regulation on the use of substances other than vitamins and minerals in food supplements… Read more »
On May 29, 2012, the Supreme Court ruled that debtors must allow lenders to “credit bid” when auctioning off assets as part of the bankruptcy reorganization process. Law firm Morrison & Foerster: “In a unanimous opinion in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, the Court held that a Chapter 11 plan of reorganization that… Read more »
Earlier this month, the Eleventh Circuit upheld a widely criticized Bankruptcy Court ruling that will require lenders to return more than $400 million in payments made on fraudulent loans to TOUSA. TOUSA was once one of the nation’s largest home builders. But its size was built on high levels of debt, including more than $1… Read more »
“The trustee liquidating broker- dealer MF Global Inc. said distributions of collateral in customers’ accounts are ‘dependent upon assets available and there is no assurance of a 100 percent return.’ The trustee, James Giddens, got court permission yesterday to transfer $520 million in assets to about 23,300 accounts. While planning a third transfer to include… Read more »
“Regulators hunting for about $600 million in customer money that went missing shortly before MF Global Holdings Ltd. collapsed said they are being stymied by the poor condition of the securities firm’s records. ‘Their books are a disaster,’ Scott O’Malia, a commissioner at the Commodity Futures Trading Commission, one of the regulators leading a hunt… Read more »
File under: one more example of what not to do as CEO of an investment bank. Here’s the background from a recent Business Insider article: Yesterday, 18 months after Jon Corzine took over the helm of MF Global with the goal of building it into a real investment bank, he flew the company into a… Read more »
For your reference, here’s what you need to know about the Supreme Court’s Stern v Marshall ruling that bankruptcy courts don’t have the constitutional authority to rule on state law counterclaims: A Shock to the Core: The Supreme Court Pries Jurisdiction Away From Bankruptcy Courts on Counterclaims to Proofs of Claim, And Possibly More (Sheppard Mullin Richter… Read more »
