Document(s) published by this organization: 98
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|Second Circuit Holds Application of State Usury Laws to Third-Party Debt Purchasers Not Preempted by National Bank Act|
Nathan Bull, Scott A. Cammarn, Michael S. Gambro, Stuart N. Goldstein, Jordan M. Schwartz; Cadwalader, Wickersham & Taft LLP;
June 23, 2015, previously published on June 8, 2015On May 22, 2015, in Madden v. Midland Funding, LLC1 (“Madden”), the United States Court of Appeals for the Second Circuit held that the application of state usury laws to third-party assignees is not preempted by the National Bank Act (the “NBA”) but rather such assignees...
|Tariff Compliance Is Not Enough: FERC Imposes Nearly Thirty-Five Million Dollars in Penalties and Disgorgement against Powhatan Energy Fund and Its Trading Associates|
Doron F. Ezickson, Thomas Reid Millar, Mary Treanor; Cadwalader, Wickersham & Taft LLP;
June 18, 2015, previously published on June 2, 2015On May 29, 2015, the Federal Energy Regulatory Commission (“FERC”) issued an Order against Powhatan Energy Fund, LLC and its trading partners, Dr. Houlihan Chen, HEEP Fund, LLC and CU Fund, Inc. (together, “Powhatan”). FERC imposed civil monetary penalties of more than $29...
|Such A Fact Pattern Does Not A $5 Million Penalty Make.|
Doron F. Ezickson, Thomas Reid Millar, Katherine Vorhis; Cadwalader, Wickersham & Taft LLP;
June 18, 2015, previously published on May 19, 2015Or so says one dissenting FERC Commissioner in the recent Maxim Power enforcement proceeding.1 On May 1, 2015, FERC issued an order assessing civil penalties (the “Order”) of $5 million against Maxim Power Corporation and its named subsidiaries (“Maxim”),2 as well as $50,000...
|CFTC Issues Proposed Order to Exempt Certain SPP Transactions from Regulation Under Most Provisions of the CEA and CFTC Rules|
Sohair A. Aguirre, Paul J. Pantano, Lamiya Rahman; Cadwalader, Wickersham & Taft LLP;
June 16, 2015, previously published on May 21, 2015On May 19, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued an order in response to an application from Southwest Power Pool, Inc. (“SPP”) proposing to exempt three categories of SPP transactions (“Covered Transactions”)...
|A Looming Crisis: Illinois Supreme Court Strikes Down Statute Reducing Benefits|
Ingrid Bagby, Thomas J. Curtin, Mark C. Ellenberg, Daniel Gwen, Ellen Halstead; Cadwalader, Wickersham & Taft LLP;
June 16, 2015, previously published on May 19, 2015On May 8, 2015, the Supreme Court of the State of Illinois struck down recently enacted state public pension reform legislation on the grounds that the legislation violated the “pension protection clause” of the Illinois constitution. The legislation had sought to reduce...
|Supreme Court Holds That Orders Denying Plan Confirmation Are Not Final for Appellate Purposes|
Ingrid Bagby, Mark C. Ellenberg, Casey John Servais, Christopher J. Updike; Cadwalader, Wickersham & Taft LLP;
June 16, 2015, previously published on May 21, 2015On May 4, 2015, a unanimous United States Supreme Court in Bullard v. Blue Hills, 135 S. Ct. 1686 (2015), resolved a long-standing circuit court split by holding that a bankruptcy court’s order denying confirmation of a debtor’s proposed bankruptcy plan is not a “final”...
|IRS Mulls Change to Spinoff Rules|
William P. Mills, Richard M. Nugent, Linda Z. Swartz; Cadwalader, Wickersham & Taft LLP;
June 10, 2015, previously published on May 27, 2015In a statement that would mark a stark change in approach, an IRS official recently indicated that the IRS may begin requiring that companies seeking to effect tax-free spinoffs conduct active businesses that represent a minimum percentage of the companies’ assets. The official noted that the...
|M&A Update: Delaware Supreme Court Issues Important Ruling Protecting Independent Directors|
William P. Mills, Brittany Schulman, Martin L. Seidel; Cadwalader, Wickersham & Taft LLP;
May 25, 2015, previously published on May 18, 2015On May 14, 2015, the Delaware Supreme Court ruled that claims against independent directors must be dismissed when a company charter provision shields directors from monetary liability for breach of the duty of care and the plaintiffs are unable to plead facts establishing that the directors...
|Crowley Executive Acquittal in Price Fixing Trial Highlights Importance of Evaluating Legitimate Defenses and Avoiding Costly Plea Agreements|
Joseph J. Bial, Daniel J. Howley, Anthony V. Nanni, Charles F. (Rick) Rule, Eric Sega; Cadwalader, Wickersham & Taft LLP;
May 25, 2015, previously published on May 18, 2015A federal jury’s recent acquittal of a shipping company executive charged with price fixing highlights the challenges and uncertainties the Antitrust Division of the Department of Justice (“DOJ”) faces when defendants force DOJ to prove its case at trial. It also highlights the...
|Recent Court and Agency Actions Suggest Increased Antitrust Risk Over Disgorgement, Particularly in the Pharmaceutical Industry|
Andrew J. Forman, Daniel J. Howley, Charles F. (Rick) Rule, Eric Sega; Cadwalader, Wickersham & Taft LLP;
May 13, 2015, previously published on May 05, 2015Recent court and agency rulings highlight important takeaways involving disgorgement in antitrust proceedings. Companies, especially those in the pharmaceutical industry, increasingly should ensure they properly calibrate the potential for disgorgement in their antitrust risk calculus.