Drug & Device News
November 29, 2006
The latest information from the pharmaceutical world.
ERISA Amendments Effective Dec. 31
November 29, 2006
On Sept. 26, the Employee Benefits Security Administration of the Department of Labor (department) issued proposed regulations implementing amendments to ' 404(c) of the Employee Retirement Income Securities Act of 1974, as amended (ERISA).(The proposed regulations are at 29 CFR ' 550.404c-5.) These amendments were made by ' 624 of the Pension Protection Act of 2006 (the act) and provide relief to fiduciaries of participant-directed individual account plans where, in the absence of investment directions from a participant, the plan invests such participant's assets in a 'qualified default investment alternative.'
Targeting New e-Commerce Customers
November 28, 2006
Today, no one can ignore our society's commitment to provide the disabled as much access to public life as possible. From user-friendly parking spots to Braille-enabled touch pads to omnipresent curb cuts ' to cite just a few common examples ' the American ideal (if not always the practice) is clearly equal access.<br>In this holiday season, certainly that commitment extends to shopping. Major retailers, from Wal-Mart to Target to Toys R Us, all proclaim the accommodations available to the disabled at their stores in their print ads. Toys R Us even trumpets a special catalog for 'differently-abled kids' on its home page; after all, children enjoy presents ' and fantasizing about them ' whether or not they have a disability
The Virtual Taxman Cometh?
November 28, 2006
In <i>South Park</i>'s 147th episode, 'Make Love, Not Warcraft,' Stan, Kyle, Cartman and Kenny dedicate weeks of their lives playing World of Warcraft, determined to defeat a rogue player who keeps killing their online characters. Just when it appears that the boys will be defeated by this online evildoer, World of Warcraft executives rush in and deliver the Sword of a Thousand Truths, a superpowerful magical weapon that allows the boys to win their battle and carry the day. <br>But, wait, was that a taxable event?
Base Salaries Up; Bonus Levels Mixed
November 28, 2006
The recently released 2006 Altman Weil Law Department Compensation Benchmarking Survey of U.S. corporate law departments, published in partnership with LexisNexis Martindale-Hubbell, shows base salaries up across the board for in-house lawyers in 2006.
UK Subsidiary?
November 28, 2006
U.S. corporations with UK subsidiaries should be aware that company law in the UK is currently going through a process of significant review and change. There is compelling evidence that when the Company Law Reform Bill comes into force next year, the risks facing UK company directors will be at an all-time high. For the first time, the new legislation introduces a statutory basis for claims by shareholders against directors for negligence, default, breach of duty or breach of trust. In this article, we look at the impact of the proposed changes in the context of a global shift toward greater accountability to shareholders, and the potential consequences for businesses having a presence in the UK.
Director Independence
November 28, 2006
Director independence continues to be a focus of investors and regulators, as evidenced by the new director independence and related person transactions disclosure rules of the Securities and Director independence continues to be a focus of investors and regulators, as evidenced by the new director independence and related person transactions disclosure rules of the Securities and Exchange Commission (SEC), which accompanied the more renowned changes to the SEC's executive compensation disclosure requirements. This article discusses these new SEC disclosure rules as well as the independence criteria and disclosure rules of the New York Stock Exchange (NYSE) and Nasdaq. We review guidelines of proxy advisers, focusing on use of categorical standards to strengthen applied independence criteria, as appropriate, and to filter out certain immaterial relationships that would otherwise need to be specifically considered by a listed company's board in assessing independence. This article summarizes several of the more common types of categorical standards and variations within such standards. Finally, this article provides compliance practice tips.
Stock Option Backdating
November 28, 2006
Just as the business community began making headway with Congress to reduce Sarbanes-Oxley (SOX) obligations, a new type of corporate wrongdoing has been revealed ' backdated stock options used by the executives at many companies and some directors to convert their options at the most opportune times and at the expense of other shareholders and investors. What is troubling is how the boards of directors at so many companies could have approved the backdating or not known about it after SOX and the recent wave of high-profile corporate fraud investigations and prosecutions.
Bankruptcy Code Amendments Alter Franchise Case Strategies
November 28, 2006
The substantial amendments made by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) to the Bankruptcy Code have had a significant impact on the dynamics of franchisee bankruptcies. The BAPCPA was generally intended to accelerate Chapter 11 'reorganizations' and provide relief to certain constituencies in the bankruptcy process (eg, landlords). This article focuses on the nuances of the BAPCPA's impact in franchisee bankruptcy cases.
Using Business Plans in Recruiting Lateral Partners
November 28, 2006
Practice group structures, marketing departments, Chief Information Officers, even off-site operations centers ' each of these now commonplace elements of big law firm life is a manifestation of the business focus these firms have adopted. We all see it, with varying degrees of approval. Global law firms now develop and follow business strategies. Slowly, these firms are bringing a similar business focus to their lateral partner recruiting. For partners who think they might switch firms at some point, and for firms doing battle for talent in the lateral market, bringing a business perspective to your analysis can save a lot of time and energy. A properly prepared business plan will prevent the loss of countless (otherwise billable) hours and, more important, help avoid making the wrong move.
