On June 16, 2023, the Illinois General Assembly passed a law, signed by Governor J.B. Pritzker, that significantly enhances the rights of temporary staffing agency workers in Illinois and requires agencies and their clients to bolster safety protocols. Gould & Ratner LLP reports that this new law has amended the Day and Temporary Labor Services…
A critical development for consumer loan FinTechs and their Special Purpose Entities (SPEs) is the recent adoption of statutory amendments by Connecticut and Nebraska that expand licensing requirements to state non-mortgage consumer lending laws. The amendments underscore a keen interest in third-party marketers and servicers who act on behalf of insured depository institutions with respect…
In a significant move for corporate legal professionals working within international trade, the Court of Appeals for the Federal Circuit (CAFC) has refused to reverse a Court of International Trade (CIT) decision concerning a reliquidation order. The case in question involved a dispute between Target Corporation and the United States government. This refusal by the…
The U.K. Prudential Regulation Authority (PRA) launched a consultation on June 30, 2023, pertaining to its projected approach for assessing its rules, incorporating a proposed statement of policy. This information comes following a consequential change in law as described in the Financial Services and Markets Act 2023. In detail, the Act hands over the onus…
On August 1, 2023, U.S. Citizenship and Immigration Services (USCIS) released a revised Employment Eligibility Verification form, commonly known as the I-9 form. This updated document presents an important evolution in employment verification processes and is available for immediate use by employers. However, there is a grace period for implementation – necessary changes should be…
The National Labor Relations Board (NLRB) is returning to a case-by-case approach for determining the lawfulness of facially neutral work rules. Previously, the NLRB assessed whether an employer’s rules could feasibly restrict Section 7 activities, which encompass the rights of employees to engage in collective bargaining and other related cooperative measures. The revised approach means…
Governor Hochul recently announced the appointment of Blake G. Washington as New York State’s new Budget Director, succeeding Robert Megna who was Acting Budget Director following the departure of Robert Mujica. Before his appointment, Washington was Secretary to the NYS Assembly Ways and Means Committee, a role in which he advised the Speaker on budget…
In a new development, the Internal Revenue Service (IRS) has ruled that any rewards obtained from cryptocurrency staking are subject to tax. According to Revenue Ruling 2023-14, a cash-method taxpayer that stakes cryptocurrency native to a proof-of-stake blockchain must pay tax on additional cryptocurrency they receive as rewards when validation occurs. The ruling goes on…
Assuming the role of a trustee often involves navigating complex responsibilities and duties, especially in the wake of the passing of a friend or relative. As someone who may have no prior experience or even no awareness of the role, the trustee position could be rather overwhelming. Cole Schotz’s detail on the issue highlights a…
In a rapidly evolving legal landscape, the potential conflict between privacy laws and trade secret laws is becoming increasingly apparent. As we navigate what some have dubbed the ‘fourth industrial revolution’, facilitated by growing connectivity, prolific data generation, and the rise of analytics and artificial intelligence, this conflict will only become more pronounced. Privacy and…
Artificial Intelligence (AI) – an emerging technology that is reshaping many aspects of life including how we live, learn, and work – is taking news headlines by storm. AI broadly refers to content generated or produced by artificial intelligence systems. The market is currently being saturated by AI-driven chatbots such as Chat GPT, Google BARD,…
In August 2023, one of the standout topics in international trade revolves around the United States-Taiwan Initiative on 21st-Century Trade, which was officially formalized around June this year. This initiative is more than just a trade agreement. In an article penned by Braumiller Law Group, PLLC, they suggest this development might also be seen as…
The Cayman Islands Monetary Authority (CIMA) has issued a new Statement of Guidance for Mutual Funds and Private Funds (Corporate Governance Guidance). This new policy not only updates the existing guidance applicable to funds registered under the Mutual Funds Act (the MF Act), but also significantly expands the scope of CIMA’s Corporate Governance Guidance to…
In a recent development, the US District Court for the Southern District of New York has come to a landmark decision that supports the issuers of residential mortgage-backed securities (RMBS) in a prolonged dispute pertaining to the Employee Retirement Income Security Act of 1974, as reported by Morgan Lewis. The ruling weighs heavily on the…
As reported by JD Supra, the UK Financial Conduct Authority (FCA) began seeking public opinion on its proposed Rule Review Framework on July 14, 2023. This move comes in the wake of significant regulatory changes brought about by the Financial Services and Markets Act 2023. The referenced act impulsively increases the power of UK regulators…
The private equity landscape within the healthcare sector continues to remain active and viable, resisting the challenges of a turbulent macro acquisition environment. Even amidst inflation and increasing interest rates, which have impacted the global deal flow since mid-2022, healthcare companies are managing to thrive as an asset class relative to other target industries. The…
In a notable recent development concerning the application of securities law to cryptocurrencies, United States District Court Judge for the Southern District of New York, Judge Rakoff, rejected key aspects of Ripple ruling in the Terraform cryptocurrency case. On July 31, 2023, Judge Rakoff denied a motion to dismiss the case brought forward by cryptocurrency…
In a dramatic and somewhat predictable move, former President Donald Trump has demanded the recusal of Judge Tanya Chutkan from his case concerning the attempted January 6th coup. Trump aired his feelings on this matter with posts on social media, full of rants, capital letters, ersatz quotes, allegation of conspiracies, and a heap of name-calling….
The world of contract law is once again brought into sharper focus with the much-anticipated release of the Bar Exam Toolbox Podcast Episode 226, Part Two on Contract Defenses. The episode offers an insightful exploration into the complexities of contract defenses, building on the preliminary discussions of mistake, fraudulent misrepresentation, and non-disclosure covered in Part…
Law School Toolbox, a widely-read resource for legal professionals, recently released a podcast covering important topics regarding relevance issues in evidence law. The podcast, eloquently titled “Listen and Learn — Relevance Issues (Evidence)“, delves into the specifics of when evidence is logically relevant, the potential multiple uses for a single piece of evidence, the concept…
In the ever-evolving world of telecommunications law, the Wireline Competition Bureau (WCB) has recently made a decision that could potentially reshape the landscape of service providers. On July 27, 2023, the WCB issued an Order (DA 23-641) seeking comments on a petition by the Osage Nation to gain designation as an Eligible Telecommunications Carrier (ETC)….
On the 13th of July 2023, a remarkable ruling was handed down by the Court of Justice of the European Union (CJEU). This marked the court’s first ruling on the European Union Foreign Direct Investment Screening Regulation that was enforced in October 2020. The CJEU confirmed through this ruling in a case referred to as…
In a decisive move highlighting the ongoing need for stringent supervision in banking relationships with third-party affiliates, the Office of the Comptroller of Currency (OCC) announced on July 25, 2023, a civil money penalty amounting to $15 million against a national bank, you can read the announcement here. The penalties were administered due to the…
On August 8th, 2023, the daily edition of the Compliance News delivered a shocker. In this edition, veteran commentator and well-known Compliance Evangelist, Tom Fox, addressed multiple pressing issues from the world of corporate compliance in his unique, engaging style. As legal professionals in a rapidly changing business world, we are all deeply attuned to…
On July 21, 2023, the Southern District of New York weighed in on a closely-watched class action lawsuit involving an undisclosed agriculture company and several of its senior officers (the “Individual Defendants”). The court, led by Judge Lewis J. Liman, both granted in part and rejected in part a motion to dismiss the securities class…