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Features
The U.S. Supreme Court has often declared that the bankruptcy court is a place strictly reserved for 'honest debtors.' And while that connotes individuals, there is no escaping the implication that it is just as applicable to businesses that should only be seeking to advance legitimate ends via the bankruptcy process. Yet, an even more direct admonition to all who may file a bankruptcy case is the requirement of 'good faith,' a concept general enough to be adaptable, but strict enough to require entrants to come into the proceedings with the proverbial 'clean hands.'
Features
It's an apparent contradiction, or maybe an irony, but it's a fact that e-commerce merchants, like their medieval predecessors, often use their own lex mercatoria, or merchant law, in lieu of traditional law. Online marketplace managers, like those who managed medieval fairs, regularly require participants to change their behavior or face banishment. Medieval merchants resolved difficulties in accord with notions of fair dealing rather than invoking a specific body of substantive principles. As an anachronistic consequently, e-commerce participants might find that the substantive law of merchants is applicable to e-commerce, and e-commerce counsel may, in some instances, want to recommend that clients take this tack.
Features
For years, e-commerce writers have distinguished the 'bad, old bricks-and-mortar' world from the 'new and improved' e-commerce economy. But recently, the marketing, purchase and sale of real estate have all begun to join online.
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A 'consumer protection' bill that would bar as invalid and unenforceable mandatory arbitration provisions relating to, among other things, franchise disputes is presently referred to the Senate's Judiciary Committee and the House of Representatives' Committee on the Judiciary and its Subcommittee on Commerce and Administrative Law. If passed by Congress, the Arbitration Fairness Act of 2007 ('AFA') (S. 1782 and H.R. 3010) introduced by sponsors, Sen. Russ Feingold (D-WI) and U.S. Rep. Hank Johnson (D-GA), would significantly, in both the eyes of franchisors and their franchisees, amend the Federal Arbitration Act, 9 U.S.C. '1, <i>et seq.</i> ('FAA') to not only invalidate mandatory arbitration provisions in the context of franchise disputes, but also for consumer and employment disputes as well.
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Franchisors often seek injunctions to enforce non-competition and other covenants contained in their franchise agreements, sometimes during but most often after the end of the franchise relationship. A common example is an injunction to enforce a covenant in which the franchisee contracts to not compete in a similar business for a specified period of time and within a specified geographic area. If successful, the moving party-franchisor is granted an injunction forcing the former franchisee to abide by its contractual obligations for the specified time period. Given the time it generally takes to reach trial, the non-competition clause often will expire before the trial occurs. As such, a successful interlocutory injunction motion often will finally decide the issues for the franchisor, rendering the trial moot. Given this reality, parties frequently settle after a successful interlocutory injunction, or the case may be abandoned after an unsuccessful one.
Features
Last month, we wrote that the latest hot topic in corporate executive abuses may be manipulation of traders under prearranged Rule 10b5-1. We said that once a determination is made to review the historical operation of a 10b5-1 plan, reviewers should consider as a threshold issue whether they are sufficiently independent from the subject plans and traders to be properly regarded as objective. We continue with a list that describes several steps that could be taken to reveal some of the 10b5-1 plan abuses that commentators speculate may exist.
Features
The recent settlement of parallel FCPA actions in the Southern District of Texas against Baker Hughes, Inc., a major oilfield service company, and its wholly owned subsidiary Baker Hughes Services International Inc. (collectively 'Baker Hughes'), underscores the importance of complying with the FCPA's provisions in emerging markets.
Features
In an effort to level the playing field for U.S. businesses overseas, many OECD countries adopted the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions in 1998. Nearly 10 years later, the main result may have been to enlarge the playing field of U.S. law enforcement.
