Stinson Leonard Street attorneys produce and maintain industry or topic specific blogs that discuss relevant legal developments, issues and concerns.
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.” […]
05/22/2016 01:25 PM
What are the defining characteristics of an arbitration agreement? The dissent in a new 9th Circuit case took on that vexing issue, while the majority sidestepped it altogether while refusing to compel arbitration. In Boardman v. Pacific Seafood Group, __ F.3d __, 2016 WL 1743350 (9th Cir. May 3, 2016), a group of fishermen brought antitrust […]
05/11/2016 05:46 PM
Today’s post is brought to you by the number 8. The 8th Circuit Court of Appeals issued a new opinion yesterday finding that a defendant who litigated in court for 8 months waived its right to arbitrate (aka, ARBITR8) plaintiff’s employment claims. [That could be my vanity plate!!] Messina v. North Central Distributing, Inc., 2016 […]
05/05/2016 09:15 PM
Today the Consumer Financial Protection Bureau proposed the rules that it previewed last fall, following up on its Arbitration Study. Those rules would essentially ban class action waivers from consumer financial agreements, as well as requiring arbitral institutions to provide data on consumer financial disputes to the CFPB. (As an aside, the proposal is 377 pages long. Are […]
04/27/2016 02:52 AM
The Second Circuit reminded us yesterday that judicial review of arbitration awards is “among the most deferential in the law.” And when district courts are not sufficiently deferential, their decisions are likely to be overturned. That happened recently in Tom Brady’s “deflate-gate” arbitration, and in an arbitration over how much a pedestrian was owed after a […]
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 […]
04/27/2016 01:00 PM
Written by: John Young and Vince Keady On April 12, 2016, the Missouri Court of Appeals for the Eastern District handed down an opinion Crafton Contracting Company, et al. v. Swenson Construction, Inc., that is of interest to owner/landlords, their lenders, tenants and their contractors and subcontractors, involved in tenant finish improvements on space in […]
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.
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 […]
03/25/2016 12:41 PM
I blogged a few days ago about the U.S. Supreme Court decision making it harder for plans to recover from a third-party settlement fund for the amount the plan paid when a participant is injured by that third-party. A recent federal district court decision highlights the need to provide appropriate notice of the plan’s reimbursement/subrogation […]
05/24/2016 02:15 AM
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses between paychecks. To obtain these loans, borrowers use their vehicles as collateral and the lender holds the vehicle title until […]
05/18/2016 02:00 AM
The SEC issued four new Compliance and Disclosure Interpretations on non-GAAP financial measures. According to the CDIs: Certain adjustments, although not explicitly prohibited, may result in a non-GAAP measure that is misleading. For example, presenting a performance measure that excludes normal, recurring, cash operating expenses necessary to operate a registrant’s business could be misleading. A […]
05/16/2016 10:53 PM
Monday May 16, 2016 was the first day JOBS Act Title III crowdfunding could be used. Below are links to some portals and other information. StartEngine The StartEngine portal features five offerings, including Graphic Armor, Inc. Graphic Armor is in the business of full-color custom condom printing and is looking to raise $100,000. According to […]
05/15/2016 06:03 PM
Andrew Ceresney, Director, SEC Division of Enforcement, gave his views on the SEC private equity enforcement initiative at a conference. Mr. Ceresney set forth the various categories of enforcement cases, which at this point are well known. The categories include cases against: Advisers that receive undisclosed fees and expenses; Advisers that impermissibly shift and misallocate […]
05/15/2016 04:08 PM
On Friday the SEC released a new set of Compliance and Disclosure Interpretations on Regulation Crowdfunding ahead of the effective date of Regulation Crowdfunding on May 16. The C&DIs address issuer communications with the public, application of the investment limitations, and balance sheet and financial information disclosures for recently formed issuers. Here are the concepts […]