A New York judge recently nullified several convictions associated with the high-profile FIFA corruption case, often referred to as ‘FIFA Gate’. The nullifications reflect recent rulings by the U.S. Supreme Court, which have implications for the interpretation and application of U.S. law in cases involving commercial bribery. The decisions in question are the Percoco and…
The California Department of Financial Protection and Innovation (DFPI) has released its final regulations under the California Consumer Financial Protection Law (CCFPL), which will come into effect on October 1, 2023. The newly released regulations will impact a broad range of industry professionals who provide commercial financial products and services. The CCFPL focuses primarily on…
In a pivotal ruling on August 24, 2023, the U.S. Court of Appeals for the Second Circuit delivered a unanimous decision in the Kirschner case, declaring that syndicated loans cannot plausibly be classified as “securities” under both state and federal securities laws, as specified under Reves v. Ernst & Young, 494 U.S. 56 (1990). This…
In this week’s legal update for contractors and commercial businesses, we turn our attention to the recent news regarding the General Service Administration’s (GSA) One Acquisition Solution for Integrated Services (OASIS) Unrestricted Contract, which has now been extended until March 2025. This update was reported by GovConWire and comes via the weekly roundup on JD…
In the world of aviation law, three central issues are presently taking center stage: drones, accountability, and the Special Compensation Act (SCC). As the aviation industry evolves, these issues are coming to the fore, prompting new legislative proposals and amendments that will redefine the future of flying. The most noteworthy development of late originates from…
As a stalwart in the tech industry, Microsoft has embarked on a strategy to tackle copyright-infringement risks to foster the adoption of its generative AI tool. The company pledged last Thursday to guard its commercial customers against infringement lawsuits. In addition, the tech giant has assured its clientele that it will shoulder any ensuing costs…
In a recent legal update, the Broad Institute, jointly with Harvard University and MIT, (referred to as “Broad”) handed in their reply brief relating to the cross-appeal of Interference No. 106,115. This marks another chapter in the ongoing legal framework surrounding CRISPR-mediated gene editing patent rights, with Broad contesting a decision from the Patent Trial…
Financial entities, particularly trustees in Texas, are increasingly compelled to understand the details surrounding the attorney-client privilege. A recent webinar addressed these concerns, going in-depth into the specific challenges these professionals may face. For legal professionals navigating the sophisticated landscape of financial services, the insights delivered were insightful and informative. The presentation was run by…
Artificial Intelligence (AI) is rapidly gaining popularity across various industries. With such a swift increase in its use, it becomes imperative for professionals in the creative and advertising sectors to be aware of potential legal, regulatory, and contractual complexities that are intrinsic to commercial applications of AI. A forthcoming webinar is set to discuss these…
If you’re stepping into the complex arena of commercial real estate, prepare yourself to encounter a host of unfamiliar terms. One such term is the “Lease Commencement Date”, which at first, may seem quite straightforward. However, poor contract drafting often gives rise to unexpected difficulties. The definition of the lease commencement is a critical aspect…
In a significant development, Google LLC has reached a settlement with a bipartisan coalition of Attorneys General (AGs) from all 50 states, D.C. and Puerto Rico to resolve antitrust allegations concerning the company’s mobile app store according to legal news provider JD Supra. The settlement was established two months before a scheduled trial date. The…
In the realm of commercial transactions, the role of standby letters of credit has experienced a notable evolution. These documents, once primarily tools to facilitate international commercial transactions involving the sale of goods, have now become a preferred form of collateral in a diverse array of commercial deals. Traditionally, the commercial letter of credit served…
In a bid to encourage the widespread adoption of its new Copilot AI software, technology behemoth Microsoft has assured its commercial users that it will shoulder any potential legal expenses if they face accusations of copyright infringement pertaining to the use of the software or its generated outputs. This commitment came to light through statements…
In stark contrast to U.S. norms, international privacy watchdogs have issued calls to social media behemoths to shield their users’ publicly available information from web-scraping, a widely-employed commercial practice in the United States. In other jurisdictions, this can be tantamount to a reportable data breach. These concerns are echoed in Britain, particularly. “Social media companies…
Amidst rising interest rates and an increasing number of commercial real estate loan workouts, borrowers and lenders are giving serious consideration to an alternative to the often protracted and vexing process of foreclosure: a deed in lieu of foreclosure. As the name suggests, this process involves the borrower voluntarily handing over the deed to the…
Commercial property tenancy agreements often involve the hiring of contractors by tenants to conduct necessary work on the leased premises. But what happens if a tenant fails to compensate these contractors? Does the contractor have the legal right to record a lien against the leased property, which is technically the landlord’s real estate? The answer…
Property owners in Philadelphia, most notably those who own commercial, industrial, retail, office, or residential spaces, are urged to revisit the tax assessment for their property against its current market value. The call for evaluation stems from existing economic circumstances that have caused a lot of property owners to face challenges connected to rising interest…
The Department of Labor (DOL) announced a Notice of Proposed Rulemaking (NPRM) concerning employer obligations to overtime pay on the 30th of August, 2023. This proposed rule is anticipated to place substantial new responsibilities on various industries – from financial institutions to other commercial businesses – necessitating them to provide overtime pay, or time-and-a-half, to…
On July 7, 2023, the Eastern Caribbean Court of Appeal ruled on the case of Lau Man Sang, James and Others v. King Bun Limited and Others, BVIHCMAP 2021/0034. The Law firm Conyers detailed the judgment, where they represented the successful Respondents, thus deepening the understanding of proceedings in derivative action cases detected within the…
Effective October 1st, two leading securities law firms, Sichenzia Ross Ference and Carmel, Milazzo & Feil, will merge operations, rebranding themselves as Sichenzia Ross Ference Carmel. The newly merged firm will host 60 attorneys spread across offices in New York City, Long Island, California, and Florida. The news comes as a full circle moment since…
Beginning April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) will implement new rules for “Trust Accounts”, thus significantly increasing the level of insurance coverage for many types of trust deposit accounts, according to JD Supra. In essence, the upcoming changes mean that the majority of trust owners will be insured up to $250,000 per…
The Biden Administration has been carving out a new trajectory for the compliance requirements of the Vessel Incidental Discharge Act (VIDA). These developments are a consequence of a new Supplemental Notice submitted to the Office of Management and Budget for review by the Environmental Protection Agency (EPA). This raises anticipation for final regulation in this…
As the data revolution drives the exponential growth of computing power within data centers, industry experts are contemplating innovative cooling strategies to manage the increasing heating implications. In a recent TAG Infrastructure Talks Podcast, a deep-dive discussion into this data center-cooling conundrum was presented by Leland Sparks, a data center expert, and principle at LNS…
In an effort to balance the books, Chicago seems to be making strides towards imposing a ‘mansion tax,’ a tax that is applied to the purchase of residential and commercial properties beyond a specific cost threshold. As stated in a recent report by Levenfeld Pearlstein, LLC, this move has been spurred on by an agreement…
In a recent decision by the United States Court of Appeals for the First Circuit, it was declared that no insurance coverage was available for a lawsuit as the insured party did not provide timely notice to the insurer. This ruling is noteworthy for legal professionals working with commercial clients who have adopted successive claims-made…