Trends in Deal Terms
Set forth below are our findings based on a review of the 34 publicly-reported venture capital financings that took place in the Mid-Atlantic region during…
Board Protection: Individual Liability Insurance for Independent Directors
In the wake of recent corporate governance scandals, independent directors of public companies face increased levels of scrutiny and heightened prospects for the risk of personal liability. Recent court decisions have criticized directors of public and private companies for insufficient attention to their duties. The Sarbanes-Oxley Act of 2002 (S-O) and the proposed corporate governance reforms of the New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq) call for decisions about critical matters such as accounting policies and executive compensation to be made solely by directors who meet rigorous independence standards. In response to the ongoing tide of corporate governance reforms as well as the rising numbers of shareholder lawsuits and escalating settlement costs, insurance companies have sharply increased premiums for traditional directors' and officers' liability insurance (D&O insurance), which typically insures officers and directors as well as the company itself. At the same time, insurers have narrowed the scope of coverage of D&O insurance policies in terms of both dollar limits and the types of insured events.
Fax Rule Facts: Complying with the New Fax Rule Under the Telephone Consumer Protection Act
Have you ever sent a fax containing a lease agreement, listing agreement, property informational brochure or estoppel certificate? What about a fax with a purchase order, invoice or a request for a proposal from a vendor of property-related services or goods? In the leasing world, who hasn't? At the same time, have you ever considered obtaining prior written consent from the recipient to authorize your transmission of that fax? In many, if not all, cases, the answer is likely to be "who has?" In the not-too-distant future, that answer probably will need to be changed. Read on to find out why — and whether you will be among the crowd that must obtain that prior authorization before turning on your fax machine.
Mediator Neutrality: Seeing Both Sides
The theory underlying our adversarial legal system is that each person will hire a bright, skilled warrior who will see the situation completely from the perspective of the client, then present the strongest case possible to the judge. The judge will get the best information from each side, but will be neutral. Then the judge will see the situation "from above" and will render a decision that metes out justice and wisdom. But because of our overloaded and burdened court system, most judges do not have the time to get to know the people behind the caseload. People who go through the court system often end up feeling the judge did not really hear their story, and that they were not given a chance to speak.
The Hague Convention and International Child Abduction: An Overview
The Hague Convention on the Civil Aspects of International Child Abduction (Oct. 25, 1980, T.I.A.S. No. 11670) is not a vehicle for deciding child access questions. Instead, its main purpose is to ensure that abducted children are returned to their country of habitual residence. It presumes that custody and visitation disputes are properly resolved in the country where the child habitually resides. The Convention applies in cases where: 1) both the country of the child's habitual residence and the country to which the child was taken have acceded to the Convention; 2) the child in question is younger than 16 years of age; and 3) the child has been "wrongfully removed or retained" in breach of rights of custody under the law of the state of the child's habitually residence.
Gay Couples: What's Going On
Although at the moment the state of New York is generating very little news on gay family issues, cases in other jurisdictions may eventually have some impact on the state, perhaps as argument when similar issues arise here, or at least with respect to how families formed in other states are treated when they relocate to New York.
Survey Reports Problems with Filing New Fees
Cries from practitioners balking at last summer's increase in filing fees appear to have intensified as complaints mount about problems with the collection of those fees. The New York State Bar Association is expected to release the results of a survey to the Office of Court Administration this week, which State Bar President A. Thomas Levin said identifies several criticisms with the new state Supreme Court fees required for filing motions, cross motions and stipulations of settlement and discontinuance.
Canadian MP and Senator Champion Anti-Spam Bills
Two bills aimed at establishing strict national anti-spam legislation in Canada expired when the last session of Parliament ended in November without them being enacted, but the legislators who introduced the measures vowed to reintroduce the bills in the next session of Parliament, which is expected to begin Jan. 12, 2004. The bills, as drafted, would subject people who violate the laws to hefty fines, imprisonment, or both.
