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The KPMG tax shelter case brought to light heavy-handed attempts by federal prosecutors to exert economic coercion on indicted former KMPG partners and deprive them of the counsel of their choice, of resources that would otherwise be available for their defense, and of their Fifth Amendment right against compelled self-incrimination. Judge Lewis A. Kaplan's landmark decisions on motions by various defendants held many of the government's actions unlawful. <i>See United States v. Stein</i>, 488 F Supp. 2d 350 (S.D.N.Y. 2007); 435 F. Supp. 2d 330 (S.D.N.Y. 2006). But what are counsel for corporate employees to do when prosecutors attack their clients' reputation and pocketbook, but there's no judge to complain to?
Professionals are often asked to assist in the wind-down and liquidation of a company by the company's legal counsel. The requesting attorney, who may have a history with the company, knows the company is in trouble and may even expect a bankruptcy filing will come relatively soon. This in-depth article describes how to hire a wind-down specialist and what to expect.
The U.S. Bankruptcy Court for the Southern District of New York recently held in two related cases under Chapter 15 of the U.S. Bankruptcy Code involving failed hedge funds that the mere presence of a registered office in the Cayman Islands, without 'pertinent' nontransitory economic activity in the Cayman Islands, was insufficient to recognize Cayman liquidation proceedings as 'main' or 'nonmain' and therefore the court denied relief under Chapter 15. This article offers commentary and practice points relating to Chapter 15 and these cases.
Imagine you are an equipment manufacturer. You sell $45 million in goods to a reliable customer on credit, shipping them to a third-party warehouse to be held for the customer to pick up when needed. Months later, unable to pay and sliding toward bankruptcy, the customer returns the unused equipment. The next thing you know, the customer, having filed for bankruptcy, sues you to recover not only the $45 million value of the returned equipment, but also an additional $55 million in cash payments the customer had made.That is exactly the situation Nortel Networks Inc. ('Nortel') recently faced ... Part One of this article discusses some of the many novel legal issues relating to prepetition equipment returns that arose in the Nortel case.
Over the last several decades, scientific advances have made it possible for a living person to parent a child using a deceased partner's frozen sperm, eggs or a previously fertilized and subsequently frozen embryo or pre-embryo. The scarce case law as well as the statutory law in the several states of this country are ill-equipped to deal with the myriad issues this new technology presents.
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Family law attorneys are urging couples to steer clear of Internet-ordained ministers when seeking an officiate to perform their nuptials. Their warnings follow a recent Pennsylvania court decision in which a judge declared a marriage invalid because the couple had been married by an Internet-ordained minister. The court ruled that the officiate was unauthorized under state law to perform a wedding.
The Hague Convention on the Civil Aspects of International Child Abduction aims to protect children from being wrongfully removal or retained in a country other than their own and to establish procedures to ensure their prompt return to their country of habitual residence. Laudable though these goals are, they are subject to the nuances of the interpretations given to the law in the numerous courts around the world. How the courts of this and other countries deal with the various aspects of the Hague Convention can be cause for confusion even for experts in the field, let alone for the attorney who deals with very few of these cases.
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Recent cases in e-commerce law and in the e-commerce industry.
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The harms that can result from computer security breaches are largely uncovered by the types of insurance policies most law firms maintain, and that makes those firms subject to unnecessary risk for theft of client data. Combined with the inadequate security most law firms provide for client data anyway, the resulting exposure risk may well violate legal professional ethics.
Online sweepstakes and contests are well known devices that traditional and e-commerce firms and related operations frequently use to promote their products and services. While these tools of the online-promotions and online-marketing trade offer the promise of a cost-efficient way to target interested consumers and create a great deal of buzz, they are hardly trouble-free, and a myriad of traps await the unwary. The attorneys general of several states closely regulate and monitor sweepstakes and contests, and failure to conduct promotional and marketing campaigns properly can result in enforcement actions and consumer lawsuits, so be sure to operate a sure thing instead of taking a gamble.