Notable litigation filed during January 2023 includes: (1) SEC v. Engel; (2) Firestone, et al. v. Residential Properties Resources Fund II, LLC, et al.; (3) Ellusionist Cash Balance Plan and Trust, et al. v. Spiegel Accountancy Corp., et al.; and (4) SEC v. Ellison-Meade.
SEC v. Engel, Civ. No. 2:23-cv-00213-PA-JPR (C.D. Cal.).
The Securities Exchange…
In December 2022, California’s new commercial lending disclosure law and complementary regulations went into effect, leading the way for other states to follow.
The new California law imposes disclosure requirements in commercial lending transactions. While this is not new for consumer lenders that are accustomed to complying with the Truth in Lending Act, this is…
With a new decision settling the issue, businesses run the risk of being held liable for the conduct of their customers with the potential for increased Ponzi scheme related litigation following the Pennsylvania Supreme Court’s approval of a cause of action for aiding and abetting fraud. …
The Financial Crimes Enforcement Network (FinCEN) has recently issued an alert cautioning all financial institutions regarding potential investments in the U.S. commercial real estate (CRE) sector, by or on behalf of sanctioned Russian elites, oligarchs, their family members, and entities through which they act. This alert complements sustained efforts of the U.S. government, in response…
In a unanimous decision, the Ohio Supreme Court found that appellee EMOI Services, LLC’s (“EMOI”) businessowners insurance policy does not cover losses resulting from a ransomware attack on EMOI’s computer software systems.…
When seeking insurance coverage for “long-tail” mass tort and environmental claims that involve alleged exposures and injuries spanning multiple years, businesses often look to their occurrence-based commercial general liability (“CGL”) policies. These policies are designed to provide broad coverage for defense costs, settlements, and potentially adverse judgements. However, CGL policies generally cover “occurrences” during one-year…
Notable litigation filed during December 2022 includes: (1) Eichler v. Vbit Technol. Corp;. (2) SEC v. Fernandez, et al.; (3) Vincent v. Barber, et al.; (4) O’Dowd v. Barber, et al.; (5) Nguyen v. Barber, et al.; (6) M. Manni v. Barber, et al.; (7) J. Manni v. Barber, et al.; and (8) Ames, et…
On December 15, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a lengthy Notice of Proposed Rulemaking to implement beneficial ownership information (“BOI”) access and safeguards provision of the Corporate Transparency Act (“CTA”) (the “Access NPRM”). The Access NPRM provides a framework by which authorized recipients may access BOI, providing different…
Notable litigation for October includes: (1) Kansas Securities Commissioner v. Premier Global Corporation, et al.; (2) Dettmering, et al. v. VBit Technologies Corp., et al.…
On Oct. 28, the U.S. Court of Appeals for the Fourth Circuit vacated and remanded for reconsideration a district court order certifying a class of mortgage borrowers. The decision, which relies on the U.S. Supreme Court’s decision in TransUnion LLC v. Ramirez, provides further ammunition for the argument that all putative class members must have a…
