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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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.