Stinson Leonard Street attorneys produce and maintain industry or topic specific blogs that discuss relevant legal developments, issues and concerns.
09/26/2016 01:55 PM
Echoing a holding already issued by four other circuits, the Third Circuit recently found that a defendant does not waive its right to arbitration by continuing to litigate in court, if the reason it failed to move to compel arbitration is that the motion would have been futile. Chassen v. Fidelity Nat’l Fin., Inc., 2016 […]
09/14/2016 06:09 PM
The 9th Circuit’s decision to enforce the arbitration agreement in Uber’s agreements with drivers made lots of news last week. And although it includes no new principles of law, it does emphasize some principles that come up regularly in consumer and employment arbitration, so it’s worth reviewing the details. Former drivers brought an action in federal […]
09/07/2016 03:19 AM
While I was busy blogging out listicles and “think pieces” last month, my stack of unread arbitration cases grew exponentially. August was apparently a very busy month for publishing arbitration opinions. Maybe most surprisingly, the federal appellate courts vacated three arbitration awards in recent weeks. So I will start there, and end with two headline-worthy awards that […]
08/26/2016 08:26 PM
I am celebrating my fifth anniversary of blogging by publishing one listicle per day this week, and today is the last one (sniff, sniff). To recap: Monday’s topic was the five biggest surprises in arbitration law; Tuesday’s was the five states most hostile to arbitration; Wednesday’s was the five arbitration cases lawyers really ought to know; and Thursday’s […]
08/25/2016 09:11 PM
I am celebrating five years of blogging by publishing one “listicle” per day this week. Monday, the topic was the five biggest surprises in arbitration law; Tuesday it was the five states most hostile to arbitration; Wednesday it was the five arbitration cases lawyers really ought to know. Today, we leave case law behind and talk about the […]
08/17/2016 01:30 PM
Written by: Nate Van Emon On Friday, August 5, the Federal Financial Institutions Examination Council (FFIEC) requested public comment on a proposal to streamline the existing regulatory reporting requirements by eliminating and revising several Call Report data items for certain financial institutions with assets of less than one billion and domestic offices only. The […]
08/04/2016 01:15 PM
Written by: Steven Vetter On July 27, 2016, the Federal Deposit Insurance Corporation (“FDIC”) issued a Financial Institution Letter regarding Prudent Risk Management of Oil and Gas Exposures. The letter states that due to the complex and highly specialized nature of loans to borrowers in the oil and gas industry, banks should be adequately prepared […]
07/25/2016 01:30 PM
Written by: George Sand In Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), cert. denied, No. 15-610, 2016 U.S. LEXIS 4211 (U.S. June 27, 2016), Madden was a New York resident who opened a credit card account with Bank of America. The bank consolidated its credit card program into another national bank, […]
07/22/2016 04:20 PM
Written by: Lindsay Harden On Tuesday, the Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions regarding the new Customer Due Diligence rule. Affected financial institutions must comply with the new rule beginning on May 11, 2018. This rule will apply to federally regulated banks and federally insured credit unions, among other financial entities, and it […]
06/03/2016 06:18 PM
Written by: George Sand On June 1, 2016, the Consumer Financial Protection Bureau released a proposed rule that would restrict the ability for payday lenders to originate loans. The proposal includes both loans with a term of 45 days or less and loans with a term greater than 45 days that have an annual percentage […]
03/22/2016 09:43 PM
“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the death of Justice Antonin Scalia leaves unresolved, at least on a national level, whether the [...]
The post Guarantor Standing Under Reg. B Unresolved After Hawkins v. Community Bank of Raymore appeared first on Stinson Leonard Street.
03/10/2016 05:12 PM
Co-authored with Matthew Salzman and David Bengtson In a decision entered yesterday afternoon, Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York authorized Sabine Oil & Gas Corporation to reject certain midstream contracts under Section 365(a) of the Bankruptcy Code and, critically, made a non-binding holding that Sabine’s [...]
The post Bankruptcy Court Authorizes Rejection of Midstream Contracts, Issues Non-Binding Ruling that Contract Covenants Do Not Run with the Land appeared first on Stinson Leonard Street.
01/15/2016 06:30 PM
In Venture Bank v. Lapides, 800 F.3d 442 (8th Cir. 2015), the Eighth Circuit found that a bank could not recover from its borrower and, in fact, had violated the post-discharge injunction by relying on change in terms agreements which were ineffective to reaffirm a debt discharged in the borrower’s Chapter 7 bankruptcy. Venture Bank’s [...]
The post Lack of Reaffirmation Agreement Results in Finding That Bank Violated Discharge Injunction by Enforcing Post-Bankruptcy Loan Modification appeared first on Stinson Leonard Street.
08/24/2015 02:49 AM
In Jubber v. SMC Electrical Products, Inc. et al. (In re C.W. Mining Co.), Case No. 13-4175 (Aug. 10, 2015), the Tenth Circuit Court of Appeals confirmed that a single payment made by a debtor within the 90-day preference period to a seller, with whom the debtor had never done business, may satisfy the elements [...]
The post Tenth Circuit Confirms That a Single Payment on New Purchase Contract May Satisfy Ordinary Course Defense Under 11 U.S.C. § 547(c)(2) appeared first on Stinson Leonard Street.
05/05/2015 01:46 PM
On May 4, 2015, the Supreme Court issued its opinion in Bullard v. Blue Hills Bank, holding that an order denying confirmation of the debtor’s proposed chapter 13 plan is not a “final” order that the debtor can immediately appeal. This holding could have a far-reaching impact on individual and corporate debtors in both chapter [...]
The post Debtors’ Ability to Appeal Denial of Plan Confirmation is Limited by New Supreme Court Decision appeared first on Stinson Leonard Street.
09/21/2016 07:23 PM
On September 16, 2016, the IRS and the Department of the Treasury requested public comment on ways the IRS and Treasury “can improve compliance…by making it easier for plan sponsors to satisfy requirements for qualified plan documents” in the wake of the determination letter program changes (Announcement 2016-32). In June, the Internal Revenue Service announced […]
09/13/2016 07:19 PM
Many employers self-administer welfare benefit plans such as life insurance or disability insurance plans. This self administration requires the employer to determine eligibility for coverage, remit proper premiums and notify the insurance carrier about changes in coverage. The insurance carrier often does not even know the names of the covered individuals and the coverage amounts. […]
07/26/2016 03:28 PM
The US Department of Labor (DOL) has proposed changes to the Form 5500 and schedules that will affect ERISA Title I group health plans of all sizes, but small group health plans should be especially aware of the changes. Certain small group health plans (fewer than 100 participants) are currently exempt from filing the Form […]
06/01/2016 04:12 PM
A Minneapolis law firm recently filed a class action complaint against Lamettry’s Collision, Inc. and the Trustees of its 401(k) Plan, CFO Stephen Daniel and President Joan Lamettry for various breaches of fiduciary duty with respect to fees charged to Plan participants’ accounts in the Company’s 401(k) Plan. Specific allegations include: (a) failure to assess […]
05/26/2016 06:33 PM
My colleagues in the Labor and Employment Group have published an Alert on the new wellness guidance from the EEOC. It is linked here.
09/29/2016 10:22 PM
The SEC has brought its second case for retaliation against a whistleblower against International Game Technology. According to the SEC, the whistleblower, a director of an IGT division, started working at IGT in 2008 and received positive performance evaluations throughout his tenure, including his mid-year review in 2014. Shortly after his favorable 2014 mid-year review, […]
09/29/2016 05:43 PM
The SEC has agreed to propose rules that would shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (also known as T+3 settlement) to two business days after the trade date (also known as T+2 settlement). Proponents of shortening the settlement period have consistently argued that such […]
09/28/2016 01:51 AM
On two successive days, the SEC brought settled enforcement actions against issuers for failure to report sales of unregistered securities. Under Item 1.01 of Form 8-K, a registrant must disclose its entry into a material definitive agreement, not made in the ordinary course of business of the registrant, that provides for obligations that are material […]
09/25/2016 08:44 PM
In connection with a partial settlement of alleged fraudulent activities, the SEC charged three directors of a company associated with the fraud, but who did not participate in the fraud,with failing to make Section 16 filings. Two of the directors, one of which is a former Governor of the State of New York, settled the […]
09/24/2016 07:28 PM
We have written about SEC enforcement actions related to severance and confidentiality agreements that restrict reporting matters to the SEC. OSHA has also issued guidance regarding settlement agreements with whistleblowers under Section 806 of the Sarbanes-Oxley Act. According to the guidance: “OSHA will not approve a “gag” provision that prohibits, restricts, or otherwise discourages a […]