Not an Account Stated, but Successful Claim, Nevertheless

Kasowitz, Benson, Torres & Friedman LLP v Amira  Nature Foods, Ltd.  2017 NY Slip Op 30488(U) March 13, 2017 Supreme Court, New York County  Docket Number: 158126/2016 Judge: Carol R. Edmead is a fine example of the attorney fee claim-legal malpractice counterclaim paradigm.   View Full Post
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Reducing the Risk of Corporate Criminal Liability

This article originally appeared in The Legal Intelligencer on February 21, 2017 IN-HOUSE COUNSEL Last fall, the U.S. Sentencing Commission published the results of its study on the federal ­prosecution of corporations and other organizational ­offenders. The results of that study, based on sentencing data for the calendar year 2015, says much about the types of organizations and offenses that are most likely at risk for federal prosecution and how corporate counsel can reduce the risk of corporate criminal liability in the new year.  View Full Post
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Supreme Court Throws Out Laches Defense for Patent Cases

Patent InfringementIn a 7-1 decision Tuesday, the U.S. Supreme Court ruled that laches cannot be a defense in many patent infringement cases. The Federal Circuit previously ruled that laches, which bar suits after unreasonable delays, prevented SCA Hygiene Products AB from suing their competitor First Quality Baby Products LLC. View Full Post
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Legal Update: Fantasy Sports in Mississippi

By | Gulf States Gaming Law | March 21, 2017
It’s “March Madness” in Mississippi. We take this opportunity to report on a new fantasy sports law that recently took effect in the State of Mississippi. Following up on significant legislative efforts in 2016, the State of Mississippi has now reaffirmed its commitment to the legalization and regulation of paid-entry online fantasy sports. View Full Post
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Brooklyn Supreme Court Recognizes Private Right of Action for Not-for-Profit Employees Under New York Nonprofit Revitalization Act Whistleblower Policy Requirement

Not-for-Profit Corporation Law (“NPCL”) § 715-b, enacted as part of the New York Nonprofit Revitalization Act (covered here and here), requires New York not-for-profit corporations with 20 or more employees and annual revenue in excess of $1 million to adopt whistleblower policies “to protect from retaliation persons who report suspected improper conduct.”  Although the statute does not expressly authorize suits by whistleblowers, in Pietra v. View Full Post
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Another Fed Rate Increase Again Raises Statutory Appraisal Interest

Last week the Federal Reserve issued another rate hike, just months after its December rate increase.  The recent hike has increased the Fed’s discount rate — also known as its primary credit rate — by 0.25%, up to 1.50%. Effective as of March 16, 2017, this will increase the rate of statutory interest in appraisal cases to 6.50%, compounded quarterly, as the appraisal statute sets interest at 5% over the Federal Reserve discount rate. View Full Post
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CII and Others Defend Shareholder Proposal Process to the White House

By | Briefing: Governance | March 21, 2017
A group of investor organizations sent a letter to Gary Cohn, the Director of the National Economic Council, disputing the Business Roundtable’s assertion that the shareholder proposal process under Rule 14a-8 is among the list of unduly burdensome regulations. A prior discussion of the October 2016 Business Roundtable report on possible Rule 14a-8 reforms is here. View Full Post
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