In a recent turn of events, PHH Mortgage Corporation (“PHH”) notified the Attorney General of Texas of a data breach that happened on September 27, 2023. This breach resulted in an unauthorized party gaining access to critical and sensitive consumer data. Among the data leaked were consumers’ names, addresses, dates of birth, and worst of…
More than 20 Asian companies, notably with a significant base in Hong Kong and mainland China, have applied to launch initial public offerings (IPOs) in New York since June. However, a surprising trend has emerged as smaller, boutique law firms, as opposed to Big Law players, such as Kirkland & Ellis and Davis Polk, have…
“Right for any reason” is a principle adhered to by many jurisdictions, allowing appellate courts to affirm a judgment for any reason supported by the record, regardless of the actual basis articulated by the trial court. However, this principle is not without its limitations. This adage initially strikes a balance between the demands of law…
On September 21, 2023, the Consumer Financial Protection Bureau (CFPB) initiated a rulemaking process with the concern of medical payment products at its core. The process was launched after a short time frame to review comments received from a request for information. This move, as outlined in a press release from the regulatory body, is…
Major climate bills have been ratified by the California legislature, bringing forth unprecedented emission disclosure requirements that surpass those imposed by any other state law to date. These bills, which mark the nation’s first comprehensive greenhouse gas (“GHG”) emissions disclosure mandate, are setting a new benchmark in the realm of environmental regulations. This is critical…
The California Privacy Rights Act (CPRA), also referred to as Proposition 24, came into effect on January 1, 2023. Don’t expect a total revision of the existing landscape, rather, it supplements the existing California Consumer Privacy Act (CCPA). The CPRA takes the data privacy rights of California consumers, initially established by the CCPA, a few…
Joe Montana, the football legend, finds himself in the middle of a heated lawsuit against the City and County of San Francisco. The lawsuit complexities do not only involve the high-profile plaintiff but an array of property damage issues that most homeowners would prefer not having to navigate. Given that Montana’s suit includes factors such…
In a recent development, the Internal Revenue Service (IRS) is now disallowing the step-up in tax cost basis for assets held by an irrevocable grantor trust. This rule applies under the current law, which allows assets acquired from a decedent to be adjusted in cost basis to fair market value, potentially eliminating significant unrealized gain….
In a recent scenario of a potential federal government shutdown, Corp Fin, the Corporate Finance department of the United States Securities and Exchange Commission (SEC), laid out plans describing how its operations will be largely restrained. This comes straight from an announcement posted by Corp Fin, shedding light on the agency’s scenario planning in the…
In a recent article released by Orrick, Herrington & Sutcliffe LLP, they shed light on how AI can be harnessed for business growth as a part of their Founder Series for UK start-ups. The series provides important information for startups at each stage of their lifecycle, from incorporation through to potential exit strategies. Contributors to…
The European Commission recently released its perspective on green mergers, as it strives to align competition law with the European Green Deal’s aspirations. The Commission’s guiding thoughts offer a clear glimpse into the possibilities of how its merger policy might back and supplement environmental aims. This data serves as a critical component in the analysis…
In a policy paper released on 14 September 2023, the HM Revenue & Customs (“HMRC”) has announced a planned removal of the 1.5% stamp duty and stamp duty reserve tax (“SDRT”) linked to the issuance of UK shares into depositary receipt systems and clearance services. The policy paper, accompanied by explanatory notes and draft legislation,…
A proposed Federal Trade Commission (FTC) rule is garnering support, aiming to penalize online marketers who post fraudulent reviews and endorsements with substantial civil penalties. The FTC proposed this rule in June with the intention to offer a more balanced playing field for honest corporations. The rule’s inception was partly driven by the potential for…
With the fiscal year 2024 inching ever closer, the specter of a partial government shutdown looms large. This impasse, if it indeed proceeds, would mark the first partial government shutdown since the 36-day stretch that began in late December 2018 and ended on January 25, 2019. Notably, the Nuclear Regulatory Commission (NRC) was exempt from…
U.S. Secretary of State, Antony Blinken, recently announced the implementation of stringent visa restrictions against individuals who are “undermining democracy” in Liberia as the country prepares for the presidential elections in October. In his official statement, Secretary Blinken outlined the United States’ position on the impending Liberian election, specifically stating the use of visa restrictions…
As the legal profession braces for the impending generative AI wave, crucial shifts are already happening beneath the surface. Over the past two decades, the legal industry has seen a significant rise in the number of in-house lawyers, more than double their number, outpacing the growth of lawyers in Big Law firms which saw less…
Companies operating across borders may often deem themselves separate entities, but the complex world of international law often thinks otherwise, notably when exploring the concept of the “alter ego” theory. Legal professionals should be aware of recent developments to ensure their corporations and law firms stay protected. A striking example of this occurred in the…
As the United States teeters on the precipice of a government shutdown, the legal sector of Big Law is preparing its clientele to handle the practical implications this could have on their respective businesses. According to a recent report, their public policy departments are being inundated with queries regarding the potential impact on government contractors,…
Many industries may need to reassess their reliance on background checks in regard to their employment practices. Brent Douglas, a partner at the law firm Hahn Loesser, explained that the use of such checks has dramatically decreased due to the rise in “ban the box” laws. These are legislations that prevent employers from requiring job…
Efforts towards greater company accountability and transparency are not limited to European shores. The United States, too, is stepping up its game. On January 1, 2024, the Corporate Transparency Act (CTA) will come into effect. The CTA marks a significant change in the United States’ regulatory landscape. Introduced by the Financial Crimes Enforcement Network of…
In the legal tug-of-war between governance, regulations, and business, staying up-to-date with compliance news is the key to maintaining a competitive edge. This week in Compliance Notes – Vol. 4, Issue 39, presented by Nossaman’s Government Relations & Regulation Group, we delve into the latest developments in campaign finance, lobbying compliance, election law, and government…
The “UK Financial Insights from Katten | Issue 3” has recently been published. This monthly newsletter, coming from Katten Muchin Rosenman LLP, provides important information on recent and noteworthy developments that could potentially influence the financial markets and funds both in the United Kingdom and across Europe. This newsletter is a valuable resource for legal…
Consideration has been given to the personnel and services that would be most affected during a government shutdown, particularly in relation to federal immigration. Amid looming threats of a partial shutdown, Congress faces a crucial decision – pass multiple appropriations bills or agree on a continuing resolution ahead of Saturday. Whichever course is taken, it’s…
The doctrine of Accounts Stated is a cornerstone of commercial law. It dictates that if a business fails to object to an invoice or statement within an appropriate timeframe, this could result in the business, or individual, being liable for that amount, even if it was not technically owed. However, there exist important exceptions to…
The landscape of noncompete agreements is rapidly evolving in the United States as various jurisdictions take steps to restrict or entirely prevent their use. In a significant development in the constitutional state, California recently expanded its ban on such agreements with a new amendment. With an already strict stance on noncompetes, California is ahead of…