After a 150-year legacy, Stroock & Stroock & Lavan, a firm renowned among its contemporaries, is preparing to shutter its operations. The firm recently suffered a significant blow after losing more than half of its partners to Hogan Lovells, leading to the public declaration of its planned dissolution. While promises have been made that many…
California Governor, Gavin Newsom, has recently signed a pioneering bill that bans four specific food additives. This decision has stimulated food industry groups to request action from the U.S. Food and Drug Administration (FDA). According to the California Food Safety Act, this prohibition, effective as of January 1, 2027, will disallow the manufacture, sale, or…
VetCor, a veterinary practices provider, is achieving its mission of rapid expansion by effectively managing a lean in-house legal team. This team is tasked with handling a rising number of acquisitions currently numbering above 100 annually. To streamline this arduous process, they’ve turned to technology and services that give them an edge with document review…
With the pace of regulatory scrutiny in today’s business environment, it is imperative for legal professionals, particularly those working in corporate houses and multinational law firms, to be prepared in advance for potential SEC (Securities and Exchange commission) examinations. As such, SEC Compliance Consultants, Inc., also known as SEC³ – a team that includes ex-SEC…
The widow of a Cleaver-Brooks Inc. employee has advanced in her legal proceedings aiming to compel the company to cover the attorney’s fees she faced when securing a $500,000 life insurance payout. The late employee had been diagnosed with brain cancer in May 2020. The couple had diligently collaborated to ensure that his life insurance…
Joe Swanson, former Federal Prosecutor, has made the career move to Foley & Lardner, joining the firm as partner. His new role will contribute to the law firm’s innovative technology capabilities and government enforcement defense and investigations practice based out of Tampa, Florida, an announcement made by the firm on Monday. Swanson’s legal expertise extends…
As reported by Legal News Platform JD Supra, significant changes have emerged in the approach towards Telephone Consumer Protection Act (TCPA) interagency examination procedures. The twofold developments were driven by the Office of the Comptroller of the Currency (OCC). The first change, implemented on November 2, involved the publication of revisions to the TCPA’s interagency…
As state insurance regulators strive to extend their regulatory reach, lead generators for health insurance and other unlicensed entities now find themselves in the crosshairs. According to recent reports, the Antifraud (D) Task Force of the National Association of Insurance Commissioners (“NAIC”) convened on October 20, 2023, with an agenda to comb through comments received…
On November 1, the Office of the Comptroller of the Currency (OCC) issued a bulletin on “commercial loans to early-, expansion-, and late-stage companies,” a term they have termed as “venture loans.” This signals the OCC’s recognition of the unique risks and opportunities associated with such lending activities. The OCC clarified that venture lending has…
In a recent development that has captivated the legal and pharmaceutical communities, the U.S. Court of Appeals for the Third Circuit handed down a decision that might portend significant financial implications for generic drug manufacturers. The verdict effectively holds that the costs incurred by these manufacturers in defending patent infringement suits, specifically those initiated under…
The U.S. Financial Crimes Enforcement Network (FinCEN) published the BOI Guide for Small Businesses (Guía FinCEN BOI Para Pequeñas Empresas) on September 18, 2023. The guide’s purpose is to aid small businesses in complying with the Reporting Rule of real beneficiaries’ information (“Beneficial Ownership Information” or “BOI”) that takes effect on January 1, 2024, and…
The Corporate Transparency Act (CTA), which forms part of the Anti-Money Laundering Act of 2020, has enacted a new requirement for certain business entities, colloquially referred to as “Reporting Companies,” to disclose beneficial ownership information (BOI) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The requirements of this monumental act officially took…
In a significant move, the Federal Reserve Board (FRB), along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively known as “the Agencies”) came out with their final Principles for Climate-Related Financial Risk Management for Large Financial Institutions (“Climate Principles”) on October 24, 2023. This effort marks a…
The City Council for Bloomington, Minnesota, has recently adopted amendments to what was previously known as its Sick and Safe Leave Time Ordinance, aligning it more closely with Minnesota’s overarching Sick and Safe Time Law. Now referred to as the Sick and Safe Time Ordinance, the amendments, aptly titled Ordinance No. 2023-24 § 23.05, are…
In a recent report released by New York Attorney General Letitia James, profound racial disparities in homeownership and access to home financing in New York have been brought to light. The explicit data states Black and Latino New Yorkers are “underrepresented” among mortgage applicants, with white households showing significantly higher rates of ownership compared to…
Renowned Sherlock Holmes author, Arthur Conan Doyle, crafted not only thrilling detective narratives but also embedded valuable insights into ethical principles, investigative strategies, and leadership qualities within his tales. One such example can be found in “The Adventure of the Musgrave Ritual.” The story, part of the larger collection of The Adventures of Sherlock Holmes,…
On November 2, 2023, the Treasury Department’s Office of Foreign Assets Control (OFAC) unveiled a new set of sanctions targeting Russia’s key sectors – energy production, metals and mining, and defense procurement. An initiative by OFAC to further exert pressure on Russia’s procurement network abroad also came to fore, as it implemented sanctions on entities…
On November 1, the U.S. Securities and Exchange Commission (SEC) issued charges against a cryptocurrency company and its executive team, accusing them of fraud and violation of anti-registration provisions. The charges were centered around the unregistered sale of crypto asset securities. According to the SEC’s complaint, detailed by Orrick, Herrington & Sutcliffe LLP, the defendants…
In a recent announcement, seasoned legal professional Greg Lavigne has transitioned to Sidley, joining the firm as a partner in its energy, transportation, and infrastructure group. This news highlights a substantial coup for Sidley, securing a partner from leading law firm Allen & Overy. Lavigne comes with a highly specialized skill set and extensive experience…
The Federal Housing Administration (FHA) has recently made significant changes to the Home Equity Conversion Mortgage (HECM) for Purchase program, according to a notice in the Federal Register. The HECM for Purchase program is designed to help older adults buy a new principal residence using a reverse mortgage. These changes encompass expanding the list of…
The UK government, on November 2, formalized vital guidance concerning the communication and promotion of cryptoassets, ushering in a new era for firms and individuals engaged in the burgeoning field. The conclusion arrived after an intensive consultation period, which ran from July until August 10, and has been eagerly anticipated by UK law firms and…
Almost four years after Virginia-based LeClairRyan’s executive team promoted tax benefits as a strategic move to offset heavy debts and increase shareholder returns, a remaining group of the firm’s former equity shareholders are grappling with a potentially significant, yet bafflingly vague, tax liability. Originating from the company’s previous proposition to pair with legal mammoth UnitedLex…
On October 30, 2023, President Biden made significant strides in legislating around the rapidly emerging AI landscape. A comprehensive Executive Order was issued with specific focus on mitigating potential risks associated with artificial intelligence (AI) systems. The official title of this mandate is Executive Order on the Safe, Secure, and Trustworthy Development and Use of…
In the ongoing legal battle between two Oregon attorneys and the Oregon State Bar over mandatory membership requirements, a U.S. District Court Judge in Oregon has denied the attorneys an early victory. The judge ruled that the plaintiffs must be able to prove that the bar association had engaged in so-called “nongermane” political activities, and…
As is suggested by the term, an irrevocable trust is one which cannot be revoked by the person who puts it into place. This sort of trust is typically also resistant to alterations by a trustee or beneficiary, largely due to its irrevocable nature which serves to make it an effective tool for a number…