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Divorce Settlements Funded By Proceeds of Fraud
This past June, the United States Court of Appeals for the Second Circuit asked the New York Court of Appeals to provide guidance on questions of New York law related to the proceeds of a divorce settlement where such proceeds were funded by ill-gotten gains.
In deciding Commodity Futures Trading Commission v. Walsh, 618 F3d 218 (2d Cir. 2010), the Second Circuit asked the Court of Appeals to enlighten them as to whether, under New York law, a wife could keep the money she received from her divorce settlement where a portion of the distributed assets were derived from her husband's illegal activities and where the wife did not know that those monies were the husband's criminal booty. The Court of Appeals basically answered “yes,” finding that a spouse who negotiated her settlement agreement in good faith and exchanged “fair consideration” for the assets that she received is entitled to keep the money, irrespective of the source. Therefore, according to the Court of Appeals, the government must obtain the funds to make the fraud victims whole from somewhere other than from the innocent, recipient spouse.
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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.