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News Briefs
Gold's Gym Franchise Closures in Dallas Lead to New Regulations
Texas legislators have tightened regulation of health spas in the wake of consumer complaints that they could not get refunds for long-term memberships they purchased from a Gold's Gym franchisee in the Dallas area that went out of business. HB 135, which came into effect on Sept. 1, increases the surety bond that a health spa operator must post from $20,000 to as much as $50,000, depending on the spa's membership base. The law requires the secretary of state to check each spa operator at least every 3 years to determine if the size of the bond is still sufficient. It also requires the state comptroller's office to confirm that the spa operator has a certificate of registration before issuing a sales tax permit. And it requires a posting of intent to move or close a spa location 30 days prior to the closure or move.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Second Circuit Reinforces Bankruptcy Code Settlement Payment Safe Harbor
The Second Circuit affirmed the lower courts' judgment that a "transfer made … in connection with a securities contract … by a qualifying financial institution" was entitled "to the protection of ... §546 (e)'s safe harbor ...."