JD Supra United States
- JD Supra
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- Ballard Spahr LLP (6343)
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- Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C. (2010)
- Robinson+Cole Data Privacy + Security Insider (2002)
- Dechert LLP (1982)
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- Franczek P.C. (1876)
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- Skadden, Arps, Slate, Meagher & Flom LLP (1791)
- Compliance Team Takes the Hit for MNPI Process Failures; and SEC Continues Crusade Against “Inadequate Disclosure”: Lessons Learned from SEC & FINRA Cases and Worth Reading for July 2020
Lessons Learned - Another Adviser Nailed for Inadequate Handling of Material Nonpublic Information. This is the second enforcement recently where the SEC fined an adviser for inadequate policies and procedures for handling material nonpublic information without alleging actual insider trading. (See Hardin’s analysis of the SEC’s enforcement action against Cannell Capital in March.) In this case, private equity adviser, Ares Management LLC (“Ares”), invested in debt and equity of a public company. Ares’ equity position gave it the right to appoint two directors. The employee-director appointed also served on Ares’ investment committee....
- New HHS Guidance on Solid Organ Transplantation: Reducing Risk and Increasing Availability
Organ procurement organizations (OPOs) and transplant centers should take note: as expected, and as outlined in our recent organ procurement and transplant alert, the U.S. Department of Health and Human Services (HHS) continues to prioritize reduction of the organ transplant waitlist by increasing access to transplantable organs. On June 26, 2020, the U.S. Public Health Service (PHS) published new guidelines meant to encourage the safe transplantation of organs, particularly where donors may have been at risk for HIV, hepatitis B virus (HBV), or hepatitis C virus (HCV). ...
- Patent Prosecution Tool Kit: Patenting the Product Label
When the U.S. Food and Drug Administration approves a new drug, it also approves a package insert of the drug, known as a “product label.” A pharmaceutical company marketing a generic product is required to package their product with a product label. The generic product label is typically substantially similar to the brand product label. Rarely does a generic company perform a step recited in a method of use patent, such as “treating a patient.” Therefore, to establish patent infringement, a patentee must demonstrate the company induced a third party, e.g. the doctor or patient, to perform the claimed method.
- Final IRS Regulations for RICs to Passthrough REIT Dividends Eligible for 20% Deduction
The U.S Department of the Treasury and the Internal Revenue Service on June 24, 2020 issued final tax regulations ("Final Regulations") that permit a regulated investment company (“RIC”) to report to its shareholders the portion of the RIC’s dividends paid that constitutes dividend income from real estate investment trusts (REITs). Such shareholders will be entitled to a special 20% deduction against such dividend income. These regulations finalize, with few modifications, proposed regulations issued in February 2019 ("Proposed Regulations").
- Breaking: Supreme Court to Weigh in on TCPA’s Autodialer Definition
On July 9th, the Supreme Court granted certiorari in Duguid v. Facebook to decide, once and for all, whether an automatic telephone dialing system (ATDS), as the Telephone Consumer Protection Act (TCPA) defines the phrase, requires random or sequential number generation. The case will be argued before the Court in the October 2020 Term.
- Beyond Data Breach: Evaluating Coverage for Misuse of Information Claims
New and comprehensive privacy and cyber regulations continue to proliferate across the globe. These are not your father’s data breach notification laws. The scope of information included within these mandates has expanded significantly beyond the limited categories of personally identifiable information found in early notification laws to now include broad categories of information like browsing history, biometric information, geolocation information, and audio, visual, thermal, and olfactory information, depending on the specific law or regulation at issue.
- CFPB Issues Interpretive Rule on Determining Underserved Areas
The CFPB recently issued an interpretive rule providing updated guidance on how HMDA data will be used to determine which counties are considered “underserved” in a given year....
- Law Firms: Change as a Challenge, or an Opportunity?
Four years ago, we joined with HighQ in looking at the question, “What do you believe lawyers and law firms need to do to prepare for the future of legal services?” Considering how much has happened even in the past six months, and looking at the way the legal industry adapted to being fully remote in many countries in 1-2 weeks, I thought it would be an interesting exercise to look back at what some of the leading experts in the industry had to say in 2016, and put that into today’s context.
- IRS Continues to CARE(S) – Releases Notices on Required Minimum Distributions and Safe Harbor Contributions
The Internal Revenue Service released Notice 2020-51 on June 23, 2020, which provides additional Coronavirus related guidance relating to the waiver of 2020 required minimum distributions (RMDs) under certain defined contribution and individual account plans (such as 401(k) and 403(b) plans) and under individual retirement accounts (IRAs). Then, on June 29, 2020, the IRS released Notice 2020-52, which provides Coronavirus related guidance for safe harbor 401(k) and 401(m) plans that make mid-year amendments to reduce contributions made on behalf of highly compensated employees (HCEs) and temporary relief from certain requirements with respect to mid-year amendments that reduce or suspend safe harbor contributions.
- Minnesota, Oklahoma and South Carolina Adjust Consumer Finance Dollar Amounts
Minnesota, Oklahoma and South Carolina announced adjustments to the dollar amounts under certain respective consumer finance laws....
- DMC Corp v. Shriver
The Tennessee Supreme Court held that a proper bill has both a title and text. The text of the anti-pyramid law was added after the bill had been read twice in the senate, but before final passage. However, the state statutes required both a title and text to be defined as a bill. Therefore, the...
- Do the business activities of Koscot violate Kansas State's unlawful business practices act?
The Kansas Supreme Court ruled that the activities of Koscot violated the state unlawful business practices act, and the revocation of the company's business license and injunctions preventing similar operations were appropriate. Koscot sold cosmetics though a network of distributors who were...
- Can the state enact legislation that affects contracts entered into before the legislation took affect?
The Nevada Supreme Court held that the state, exercising its police powers, could enact legislation that voids contracts previously entered into. Koscot operated in Nevada, selling cosmetics through a network of independent distributors. The State Legislature enacted a statute that prohibited...
- Was Phase II an illegal chain referral program?
The Court held that Phase II was a chain referral program in violation of state statute and that its activities should be enjoined because of a substantial likelihood of future harm. Phase II sold cosmetics through a MLM structure. Distributors made a commission based on their sale of products to...
- Does the payment of recruitment bonuses to distributors by a company instead of directly from new recruits exempt such a program from state pyramid statutes?
The South Carolina Court of Appeals held that regardless of who actually paid the distributors, the company was an unlawful pyramid scheme subject to regulations. VIP argued that the exact words of the statute required payments for recruiting new members to be made directly to the recruiter. The...
- Does the sale of a product as part of a promotional program exempt the program from state statutes forbidding endless chain distribution programs?
The Texas Court of Appeals held that the sale of a product does not allow a program to escape Texas' endless chain statute. The Philco Money Express was a pyramid marketing program that sold participants a quarterly financial magazine and the right to solicit new members. The magazine was held to...
- Can a bank be held liable for negligence in connection with an illegal pyramid scheme operated by one of its depositors?
The Louisiana Supreme Court was asked if a bank could be held liable for negligence in connection with an illegal pyramid scheme operated by one of its depositors. The case and case summary can also be viewed online at: http://www.mlmlegal.com/legal-cases/Kueber_v_Martin2.php...
- Amoco Chemical Company, et al.
Amoco Chemical produced polystyrene cups and plates and marketed them as recyclable. The FTC brought a complaint, alleging that the polystyrene products were not recyclable because there were only a few facilities in the nation that would accept them. Also available at: http://www.mlmlega...
- Is Summary Judgment appropriate when a company pleads an "Amway safeguards defense?"
The Court of Appeals held that to succeed on Summary Judgment by asserting an "Amway safeguards defense", a company must present evidence that their safeguards are actually effective in preventing inventory loading and encouraging retail sales by distributors. In the District Court,...
- A contract, scheme or transaction whereby a downline invests services, but not money, in a common enterprise, and expects a return solely for the efforts of another, can be a regulated security.
The Securities & Exchange Commission brought suit against International Heritage, Inc. (IHI) for various securities violations and obtained an injunction, partly relating to the compensation plan. IHI tendered a modified compensation plan to the court and requested relief from the injunction....