Stinson Leonard Street attorneys produce and maintain industry or topic specific blogs that discuss relevant legal developments, issues and concerns.
06/30/2016 03:41 AM
The American Arbitration Association (AAA) has not released statistics for years (other than to the CFPB). But recently, arbitration geeks got a summer solstice gift of (limited) new information. The piece is only three pages, short enough to read during a commercial break, but here are some key numbers to know: In 2015, 8,360 new […]
06/22/2016 04:07 PM
Statutes of limitations provide peace of mind for many attorneys and clients, knowing previous conduct cannot lead to liability after a prescribed time period. But, do statutes of limitations apply to arbitration proceedings? The answer is: not necessarily. Because of that, advocates and parties need to know when statutes of limitation may apply as well […]
06/16/2016 04:58 AM
In a decision that appears intentionally controversial, the Supreme Court of New Jersey yesterday refused to enforce the delegation clause in a for-profit college’s enrollment agreement in a 5-1 opinion. Morgan v. Sanford Brown Institute, 2016 WL 3248016 (N.J. June 14, 2016). Although the delegation clause had never been specifically challenged by the plaintiffs, as is required […]
06/07/2016 05:36 AM
Of all the federal circuit courts, I was not expecting the 7th Circuit to venture out on a limb to support the NLRB’s interpretation of the National Labor Relations Act (NLRA) as precluding class arbitration waivers. After all, the 7th Circuit gets affirmed more than other circuit courts by SCOTUS, earning it a reputation for being […]
05/27/2016 03:10 AM
Finding that some of its previous pronouncements were leading district court judges astray, the Ninth Circuit clarified its precedent regarding the scope of review of labor arbitration awards. “We conclude that it is time for us to retire the use of ‘plausibility’ as a term to describe the courts’ role in reviewing labor arbitration awards.” […]
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 […]
05/20/2016 04:17 PM
Written by: Lindsay Harden Yesterday, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies’ supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on deposit reconciliation practices, and expressed particular concern about credit discrepancies—which occur when a customer deposits more than is ultimately credited to his […]
05/12/2016 03:42 PM
Written by: George Sand A new FinCEN rule under the Bank Secrecy Act will require institutions to more specifically identify legal entity customers and increase Anti-Money Laundering (AML) diligence. The rule will apply to “Covered Financial Institutions,” which includes banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in […]
05/11/2016 12:00 PM
Please join us on Wednesday, May 25 for an in-depth discussion on FinTech (Financial Technology). Stinson Leonard Street Partners, Steve Cosentino, Karen Garrett and Mark Hargrave, will discuss what FinTech is and how it will disrupt the Financial Services Industry. In this discussion we will: Explore what types of businesses and services comprise the FinTech industry with a […]
05/10/2016 05:36 PM
Written by: Scott Hecht Community bank insurer, Kansas Bankers Surety, recently announced that it will not renew liability insurance policies expiring after early June, 2016. Although vexing, community banks now have an opportunity to carefully review and compare policies provided by competing insurers to ensure that they are securing the coverage that best suits their […]
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.
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.
04/25/2016 12:31 PM
Employers who self fund their medical plans often have contracts with their third party administrators about claims processing. Some of those contracts provide that the claims processor has discretion to decide claims; others provide that the claims processor is simply acting in a ministerial fashion so that the employer ultimately retains discretion to decide contested […]
04/12/2016 12:34 PM
Sun Trust Bank was sued in a class action challenging its COBRA notice. The plaintiffs who brought the lawsuit claimed that the COBRA notice was materially deficient in that it failed to provide the name and address of the party responsible under the plan for COBRA administration and that it failed to provide an adequate […]
04/05/2016 12:35 PM
Employers know that they must honor qualified domestic relations orders (QDROs) that assign a portion of a retirement benefit to a participant’s former spouse, known as an alternate payee, when the participant and alternate payee divorce. Those orders by law are not allowed to provide greater benefits than were otherwise provided under the plan. A […]
06/29/2016 11:59 PM
As Broc Romanek noted on the TheCorporateCounsel.net, a number of SEC filings discussing Brexit have been made. I have noted some of the disclosures below, focusing on those that have been made since the vote result was announced. Form 8-K Many are updating their forward looking statements disclaimer to refer to Brexit in some fashion. […]
06/28/2016 07:08 PM
In its third rulemaking in two days without holding a meeting, the SEC proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The proposed rule is designed to ensure that investment advisers have plans in place to address operational and other risks related to […]
06/28/2016 06:44 PM
Section 802 of the Sarbanes-Oxley Act added the following provision to 18 U.S.C. § 1519: “Sec. 1519. Destruction, alteration, or falsification of records in Federal investigations and bankruptcy Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, […]
06/27/2016 10:55 PM
Responding to a court order, the SEC adopted rules to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals. The rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are intended to further the statutory objective to advance U.S. foreign policy […]
06/27/2016 10:36 PM
The SEC has proposed amendments that would increase the financial thresholds in the “smaller reporting company” definition. The proposal to update the definition would expand the number of companies that qualify as smaller reporting companies, thus qualifying for certain existing scaled disclosures provided in Regulation S-K and Regulation S-X. The proposed rules would enable a […]