Posts by Jennifer Simile
SEC Approves Crowdfunding for Internet Stock Sales
Danielle Hartl Crowdfunding is “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”[1] Companies in need of financial assistance launch a fundraising campaign online where a mission statement is presented, a goal amount is set, investments from the general…
Read MoreThe Government Settlement Transparency & Reform Act: Clarity and Nothing More
Addison Pierce In December of 2009, Attorney General Eric Holder announced a precedent-setting $335 million settlement with Bank of America.[1] The deal settled claims that Countywide Financial, acquired by Bank of America, charged black and Hispanic borrowers higher mortgage fees and steered them into risker loans.[2] The Obama administration, among others, applauded the efforts by…
Read MoreMerger Agreements and the Importance of Contract Language: An Analysis of Winshall v. Viacom Int’l. Inc.
Dylan Mooney In Winshall v. Viacom Int’l. Inc.,[1] the Delaware Supreme Court held that in corporate mergers, a parent company is not guaranteed indemnification from its selling shareholders for all alleged breaches of representations and warranties unless it is explicitly stated within the merger agreement. This decision demonstrates that selling shareholders are obligated to indemnify…
Read MoreFederal Jury Finds Bank of America’s Countrywide and one of its Former Executives Guilty of Fraud
Lara Samuels On October 23, 2013, a federal jury in the Southern District of New York returned a guilty verdict for Bank of America and one of Countrywide’s former executives, Rebecca Mairone, for fraud charges arising out of actions related to the financial crisis.[1] The matter originated from a “whistleblower” case brought by former Countrywide…
Read MoreSecurities and Exchange Commission v. Mark Cuban, No. 3:08-cv-02050 (N.D. TX 2013).
Anna Cloeter In Securities and Exchange Commission v. Cuban, a jury in the U.S. District Court for the Northern District of Texas found Mark Cuban not guilty on charges of securities fraud for insider trading.[1] The Securities and Exchange Commission (SEC) originally filed its complaint against Mr. Cuban on November 17, 2008, alleging that Mr.…
Read MoreJPMorgan’s Settlement Demonstrates Dodd-Frank’s Bite
Christopher J. Frisina On October 16, 2013, JP Morgan Chase Bank NA (“JPMorgan”) settled with the U.S. Commodities and Futures Trading Commission (“CFTC”) for $100 million.[1] JPMorgan admitted to reckless conduct in regard to its market manipulation to cover $6.2 billion losses through its “London Whale” scandal. Bruno Iksil from the London division of JPMorgan’s…
Read MoreSmoking Out Big Tobacco’s Marketing Strategies: National Ass’n of Tobacco Outlets, Inc. v. City of Providence
Charles Frank “Big Tobacco” may be taking a major hit with respect to future revenues as a result of the First Circuit’s recent decision in National Ass’n of Tobacco Outlets, Inc. v. City of Providence.[1] On appeal from the United States District Court for the District of Rhode Island, the Court upheld two City of…
Read MoreCFPB is on Safe(r) Footing after Filibuster Deal
By Thomas Ahmadifar, Associate Managing Editor In January of 2013, the United States Court of Appeals for the District of Columbia Circuit threw the legal world into a frenzy by narrowly interpreting the Recess Appointments Clause (RAC) of the United States Constitution.[1] The Noel Canning v. N.L.R.B. decision placed the National Labor Relations Board (NLRB)…
Read MoreUnited States v. Quality Stores, Inc.
By Davis Yoffe, Senior Staff Writer On October 1, 2013, as U.S. government shutdown, the Supreme Court not only stayed open, but granted certiorari for the new term. One of the cases the Supreme Court will hear, styled on appeal as United States v. Quality Stores, Inc.[1], is of special interest to tax practitioners. The issue…
Read MoreRegulating Ride-Sharing: Implications From California’s Decision
Elaine Ding On September 19, 2013, the California Public Utilities Commission (CPUC) unanimously voted to pass proposed rules regulating app-based ride-sharing services like Lyft, SideCar, and UberX, making California the first state to regulate such services.[1] Ride-sharing services differ from traditional taxi services in that users can request cars by using mobile apps and drivers…
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