In divorce, it is sometimes necessary to value shares of a closely held corporation. But there are stocks in privately held companies throughout New York whose shares are not traded on the NYSE or NASDAQ. These companies often have only a handful of shareholders, many of whom are family members or close friends.
A roundup of recent developments.
A recent new statute in New York provided for automatic temporary restraining orders against assets commencing with the filing and service of divorce papers. A number of other states have enacted, or tried to enact, such legislative provisions. However, there are serious constitutional issues that should be addressed.
On Feb. 2 of this year, the Supreme Court of New Jersey held that a foreign manufacturer of an industrial recycling machine is subject to New Jersey's long-arm jurisdiction under the stream-of-commerce theory. This has broad implications.
On April 1, the Third Circuit upheld a June 2009 decision by U.S. District Judge Thomas N. O'Neill Jr. that rejected claims by a mother and her daughter who suffers from Fragile X syndrome, a mutation known to cause a group of serious maladies.
Last month, we discussed the fact that a defendant should be permitted to offer evidence that the plaintiff's injuries could have occurred in the absence of negligence. Conversely, the defendant should not be permitted to offer evidence that might lead a jury to improperly infer that the mere fact that a complication is a known risk of the procedure is evidence that the defendant was not negligent in causing that complication. The discussion concludes herein.
According to a national survey of doctors published in The New England Journal of Medicine, 94% of physicians have "a relationship" with the pharmaceutical, medical device or related industries. A research firm recently estimated that drug companies spend over $20 billion annually marketing directly to physicians. With statistics like these, it is not surprising that the public is becoming concerned that these ties may influence how medications are developed, marketed and prescribed.
The talent crunch when the economy turns up and firms are hiring again will be magnified because so many Boomers are approaching the age when they will "retire" from current positions ' voluntarily or involuntarily. Will there be enough people trained, experienced and ready to capably step into their shoes? How will the Boomers who want to stay be productively employed for mutual benefit?
The new healthcare bill will require employers to make a major decision: should they provide employees with "sufficient" healthcare coverage, or should they just pay the penalties? The decision will require a serious cost-benefit analysis.
With the passage of the Lilly Ledbetter Fair Pay Act, the EEOC's and OFCCP's increased focus on compensation discrimination, and the government's increased budget for these agencies, compensation decisions are destined to come under increased scrutiny from employees, their attorneys and the government.
