The EU Due Diligence Directive: Implications for U.S. Companies
Business Law Today
by David K. Lakhdhir
1d ago
The European Union’s Corporate Sustainability Due Diligence Directive (the “CSDDD” or “Directive”) was published on July 5, 2024. It must be transposed into national laws by July 26, 2026, and phased in over the coming several years. The national laws adopted pursuant to the Directive will ultimately apply to all companies that have annual group-wide net turnover (i.e., sales net of rebates, value-added tax, and similar taxes) in the EU of over €450 million (and, in the case of EU companies, also at least one thousand employees); to EU companies with annual franchising fees and/or royalties of ..read more
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Colorado DIDMCA Opt-Out Litigation: District Court Grants Preliminary Injunction
Business Law Today
by Rachael Aspery
1d ago
On June 18, 2024, in NAIB v. Weiser, the United States District Court for the District of Colorado granted the motion for preliminary injunction filed by plaintiffs—the National Association of Industrial Bankers (NAIB), American Financial Services Association (AFSA), and American Fintech Council (AFC) (collectively, “Trade Associations”)—against the Colorado Attorney General and Administrator of the Colorado Uniform Consumer Credit Code (Colorado), which challenges Colorado’s opt-out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and its in ..read more
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Texas Court Temporarily Enjoins FTC Noncompete Ban Rule
Business Law Today
by Barbara T. Sicalides
4d ago
As workers were leaving their offices for the Fourth of July holiday, the Northern District of Texas issued its much-anticipated order preliminarily enjoining the effective date of the controversial noncompete ban rule issued by the Federal Trade Commission (FTC). The court’s decision, however, is limited to the named plaintiffs in the case—a tax accounting firm and several business groups. Although the stay is temporary pending the court’s final decision on the merits of the case and applies only to the movants in the case, it signals that a permanent and nationwide injunction is likely. The ..read more
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CTA Beneficial Ownership Information Reports: Single-Member LLCs and EINs
Business Law Today
by Thomas E. Rutledge
4d ago
Is a single-member limited liability company (“SMLLC”) that is taxed as a “disregarded entity” and has to date not had its own employer identification number (“EIN”) required to apply for an EIN in anticipation of filing beneficial ownership information reports as required by the Corporate Transparency Act (“CTA”)?[1] And even if not required, should it? Short answers: no and yes. CTA Reporting Regulations Under the CTA, a limited liability company (“LLC”) is a “reporting company”[2] that, absent the availability of any of twenty-three exemptions,[3] must file a beneficial ownership informatio ..read more
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Informal Resolution of Patent Disputes through Amazon’s APEX Program: Do You Want the Good News First, or the Bad News?
Business Law Today
by Robert W. Payne
4d ago
As business transaction or litigation counsel, you will be the initial line of contact in a patent dispute. You will have the first conversations with the client, and probably opposing counsel. When the dispute involves accused products sold through Amazon, you will want to keep the APEX program, and its potential drawbacks, in mind as an early, less expensive alternative to drawn-out patent litigation. Under Amazon’s Patent Evaluation Express (APEX) program, a patent owner initiates its claim against a seller on Amazon’s platform by submitting an APEX agreement form identifying the seller and ..read more
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Leadership and Beyond: Board Service as a Catalyst for Lawyer Development
Business Law Today
by Lana J. Manganiello
1w ago
The legal profession is undergoing a significant transformation. Traditionally, lawyers honed their skills and built their careers within the confines of a single office, surrounded by colleagues and mentors. Today, the landscape is markedly different. Law firms are increasingly global, with attorneys collaborating across multiple offices and often working in hybrid environments. This shift necessitates a new approach to professional development, one that extends beyond the traditional office setting. Board service provides a unique avenue for lawyers to expand their professional horizons. Thr ..read more
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Private Credit Restructuring: Less Cost and Volatility; More Optionality
Business Law Today
by Michael R. Handler
1w ago
As money continues to flow into the private credit investment strategy, it is worth considering what effect this movement will have on corporate credit generally and, more specifically, on restructurings. Key differences between private and syndicated debt often lead to vastly different restructuring options and outcomes. The divergence in options and outcomes has become more pronounced by recent trends over the last three to five years in the syndicated loan market with respect to stressed and distressed companies, including earlier lender organization, cooperation agreements, and non–pro rat ..read more
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State Healthcare Transaction Review Laws: A New Landscape
Business Law Today
by Ari J. Markenson
3w ago
The recent growth in state healthcare transaction review laws is requiring parties to healthcare transactions to dust off their due diligence and closing checklists to conform to new requirements. Within the past few years, an increasing number of states[1] have enacted legislation designed to review the impact of certain healthcare transactions on cost, quality, access, need, competition, and other related issues, affecting entities and transactions that have not previously been the focus of regulatory scrutiny (“Transaction Review Laws”).[2] Anyone considering a healthcare transaction, parti ..read more
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Understanding Payment Authorizations: Regulation E vs. NACHA Rules
Business Law Today
by Rachael Aspery
1M ago
Consumers often are able to effect transactions by providing payment authorization ahead of time. How often a consumer may authorize a prescheduled transaction differs slightly under Regulation E and the National Automated Clearing House Association (“NACHA”) Operating Rules and Guidelines (“NACHA Rules”). Very generally, Regulation E governs preauthorized electronic fund transfers (“EFTs”), while the NACHA Rules govern standing authorizations. However, both provide certain sets of rules and guidelines of how this can occur, and each is beneficial to the consumer. At a high level, Regulation E ..read more
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How Will Proposed Amendments to Illinois’s BIPA Affect the Use of Biometric Data?
Business Law Today
by Alan S. Wernick
1M ago
The Illinois Biometric Information Privacy Act (“BIPA”) became effective in 2008. Alleged violations under BIPA have resulted in numerous lawsuits and defendants’ (businesses’) liability for substantial damages.[1] On May 16, 2024, the Illinois State Legislature passed a bill to amend BIPA, Senate Bill 2979, and it has sent the bill to Illinois Governor J.B. Pritzker. Assuming the governor signs it, the BIPA amendments will take effect immediately. SB 2979’s amendments would limit BIPA damages and provide for electronic consent. The BIPA proposed amendments in SB 2979 include: A private entit ..read more
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