In a recent decision that merits attention from legal professionals working in corporations and law firms, the U.S. Court of Appeals for the Tenth Circuit delivered its judgment in the case of Matney v. Barrick Gold of North America, et al. on September 6, 2023. The crux of the verdict revolved around high-cost funds and…
On September 6, 2023, the Financial Accounting Standards Board (FASB) approved an important Accounting Standards Update (ASU) which targets the accounting treatment and disclosure of cryptocurrency assets. Known as ‘Accounting for and Disclosure of Crypto Assets’, the update was approved as an adjustment to FASB Accounting Standards Codification (ASC) Topic 350, dually referred to as…
A federal judge in Texas ruled on Tuesday that the state’s ban on drag performances was unconstitutional, blocking it from going into effect. District Judge David Hittner determined in his preliminary injunction against the ban that it infringes on the First Amendment and chills free speech. This decision follows a temporary restraining order on August…
On September 25, the Financial Conduct Authority (FCA) published its consultation paper CP23/20 titled “Diversity and inclusion in the financial sector – working together to drive change”. The objective of the paper is to emphasize the necessity of diversity and inclusion within prominent firms in the financial sector. This initiative was taken in conjunction with…
In an unprecedented legal move, the Federal Trade Commission (FTC) has filed a suit against a private equity firm and its portfolio company, following allegations of executing an aggressive consolidation strategy within Texas. This marks a significant extension to the community of legal professionals and corporations, given the significant rise in scrutiny over private equity-backed…
A recent report published by Law.com International indicates that law firms ENS, DLA Piper Africa, and Bowmans maintain their standing as the biggest legal entities on the African continent for the third consecutive year. The analysis, conducted alongside Africa Legal, enumerates the top 50 largest firms in Africa. Read more about it here. International firms…
In today’s digitized world, cyber breaches pose a significant threat to corporations and law firms alike. Efficient and timely responses to such incidents are critical to mitigate their adverse effects, especially given the wide range of factors that come into play. The breach’s size, time constraints, legal requirements, notification needs, urgency for containment, and disruptions…
As global awareness surrounding environmental sustainability heightens, many big-name corporations are exploring possibilities to divest from oil and gas projects. However, this task may not be as straightforward as it seems. In a manner akin to the timeless lyrics of The Eagles’ “Hotel California,” which warned, “You can check out any time you like, but…
Reports have surfaced about a data breach incident involving debt collection company LCS Financial Services, which happened on September 22, 2023. The company has officially filed a notice of the event with the Attorney General of Montana. According to the declaration, LCS Financial Services discovered that hackers managed to infiltrate their computer system, leading to…
Peru is witnessing a significant drain of its youthful talent pool and skilled labor force, with over 420,000 citizens departing the country in 2022, according to a recent BBC report discussed on JD Supra. Instability factors – be they political, economic, or concerns over public safety – have been impacting the country. Although these factors…
Disquiet continues to permeate the real estate industry in Montgomery County, as concerns and unanswered queries persist regarding the implementation of the Rent Stabilization Bill (15-23) signed into law by the County Executive on July 24, 2023. Despite months after its passing, consensus and operational clarity seem elusive, potentially casting unforeseen challenges for one of…
West Virginia University Health System, popularly known as WVU Medicine, recently posted a website notice on September 26, 2023, informing patients of a third-party data breach. The incident involves Nuance Communications, a renowned provider of cloud-based medical transcription services. WVU Medicine detailed that due to this incident, an unauthorized party was able to gain access…
As the era of Environmental, Social, and Governance (ESG) accountability grows more profound, a recent case handled by the U.S. Securities & Exchange Commission (SEC) provides valuable insights for legal professionals in corporate and financial law sectors. The SEC recently discovered that an investment adviser had incorrectly presented how it integrated ESG factors into research…
In a decisive ruling, a New York federal judge has dismissed a trademark infringement lawsuit filed by The Wonderful Co. LLC. The company had accused a competitor of duplicating the packaging of its Wonderful Pistachios product, a claim the court found to be without merit. The judge stated that the resemblance between the two packaging…
In a recent case, Westconnaug Recovery Co., LLC v. U.S. Bank N.A, the Rhode Island Supreme Court ruling had a firm stance against redemption, advocating for a strict compliance with the Rhode Island’s Tax Title Act. The Court claimed that any interested party contesting the validity of tax title should assert a statutory right to…
With growing concerns over greenwashing in the investment industry, the U.S. Securities and Exchange Commission (SEC) has made a significant regulatory decision aimed at ensuring investment fund transparency. On September 20, 2023, the SEC officially approved amendments to the “Names Rule”. The changes to this rule were proposed in May 2022 and its primary objective…
A Los Angeles resident has been indicted by a California federal court due to accusations of dispatching over 400 threatening and harassing emails to judges stationed in New Jersey. This is reportedly an act of revenge against the legal system that issued a protective order against him. This measure was taken in response to threats…
Issues of criminal conduct within condominium associations are of considerable difficulty. A recent incident in Florida revealed how quite complex these issues can be, where a unit owner was arrested and charged for contaminating the environment of a neighboring unit with poisonous chemicals. Over several instances, it was proven that the individual in question had…
In 2023, the international arbitration landscape seems to have undergone a significant shift influenced primarily by macroeconomic elements. Chief among these factors is the influx of inflationary stresses combined with unstable prices, an upshot due in part to the government-imposed sanctions following Russia’s invasion of Ukraine. The knock-on effect of these dynamics has levied substantial…
In a noteworthy legal personnel movement, Proskauer Rose LLP, a leading international law firm, has reportedly added a dynamic corporate law team to their Paris office. The team, which was previously associated with Shearman & Sterling LLP, includes four distinguished partners, and is spearheaded by the former leader of Shearman’s Paris base. Through the strategic…
The shadow of a potential government shutdown is looming larger, with the current federal funding expiring this Saturday. As the deadline comes closer, chances of Congress passing a continuing resolution or a short-term stopgap measure to prevent the shutdown seem increasingly slim. This precarious situation warrants keen attention, especially by government contractors who could face…
The Florida Gaming Control Commission (FGCC) is raising eyebrows within the fantasy sports industry. In a significant move, the FGCC has issued cease-and-desist letters to three online fantasy sports operators. This represents the FGCC’s maiden action against the online fantasy sports industry in Florida, but it is part and parcel of a rising trend observed…
In a recent development, the U.S. Equal Employment Opportunity Commission (EEOC) has lodged a lawsuit against the Zoe Center for Pediatric & Adolescent Health, LLC, a provider of pediatric and adolescent health services based in Thomaston, Georgia. The EEOC alleges that the center has committed disability discrimination, a violation of federal law. More specifically, the…
In a move of undeniable significance for not-for-profit organizations operating in New York, Governor Kathy Hochul has inked her signature on legislation paving the way for out-of-state “risk retention groups” to provide automobile insurance coverage. Facilitated under the legislation, S.5959-B/A.5718-B, only those risk retention groups registered within the confines of the Empire State will be…
Artificial intelligence (AI) is ushering in a new era across all sectors, and the legal profession is not exempt from this transformation. The traditional hourly billing structure prevalent in law firms is being challenged by the rise of AI and Generative AI technology. The crucial question to ponder upon is – what will these technologically…