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HTMLIncreased Net Worth Threshold for Certain Clients and Investors to be Charged Performance Fees by U.S. Registered Investment Advisers
Michael R. Butowsky, Emily O. Harris; Jones Day;
Legal Alert/Article
August 10, 2016, previously published on August 2016
The U.S. Investment Advisers Act of 1940 ("Advisers Act") prohibits an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") from entering into, extending, renewing, or performing an investment advisory contract that provides for compensation to...

 

HTMLAll Is Good With Bad Boy Guaranties
Douglas Turner Coats, Y. Jeffrey Spatz; Gordon Feinblatt LLC;
Legal Alert/Article
August 5, 2016, previously published on April 2016
Implicitly overruling its conclusion in memorandum 201606027 dated February 7, 2016 (the "Prior Memorandum"), on March 31, 2016, the Internal Revenue Service (the "Service") Office of Chief Counsel released memorandum 2016-001 (the "Memorandum") which concludes that...

 

HTMLThree Takeaways from the Recent Settlement in CFPB v. Bancorpsouth
Thomas E. Walker; Brunini, Grantham, Grower & Hewes, PLLC;
Legal Alert/Article
August 5, 2016, previously published on July 22, 2016
There were many things from the recent settlement of Fair Lending and Fair Housing Claims against BancorpSouth that didn’t surprised me (see United States of American and Consumer Financial Protection Bureau v. BancorpSouth Bank, Case No. 1:16cv118-GHD-DAS, U.S. District Court for the...

 

HTMLCautionary Tale: Late Fees in Loan Documents Might Not Hold Up in Court
Matthew Gerald DiMeglio; Lerch, Early & Brewer, Chartered;
Legal Alert/Article
August 5, 2016, previously published on July 20, 2016
Banks and their attorneys go to great lengths to protect the lenders in case a nborrower fails to repay a loan. Sometimes, a court recently decided, those efforts go too far.

 

HTMLFourth Circuit Case on Modification of Residential Mortgage
Ron Jones; Nexsen Pruet, LLC;
Legal Alert/Article
August 5, 2016, previously published on May 9, 2016
The Fourth Circuit has held that in a case where the rate of interest on a residential mortgage loan had been increased upon default, a Chapter 13 Plan proposing to “cure” default under 11 U.S.C. §1322(b) is an impermissible modification barred by §1322(b)(2).

 

HTMLShould Lenders Agree to Requests to Remove Late Fees From Promissory Notes?
Lawrence G. Lerman; Lerch, Early & Brewer, Chartered;
Legal Alert/Article
August 5, 2016, previously published on July 26, 2016
It is very common for a promissory note to provide that if a payment is not made within a certain number of days after the due date, the borrower will owe a late fee of 5 percent of the delinquent payment. That late fee can become very costly when the note is not self-amortizing and has a balloon...

 

HTMLNew Cause of Action from Business Court?
Ron Jones; Nexsen Pruet, LLC;
Legal Alert/Article
August 5, 2016, previously published on May 17, 2016
In a recent case from the Business Court in Brunswick County, a North Carolina Judge held that Defendants could assert a claim for breach of the duty to negotiate in good faith finding that negotiations for a loan modification and renewal gave rise to a genuine issue of material fact as to whether...

 

HTMLChapter 13 Debtor Unable to Modify Confirmed Plan to Surrender Collateral
Christine L. Myatt; Nexsen Pruet, LLC;
Legal Alert/Article
August 5, 2016, previously published on May 10, 2016
The U.S. Bankruptcy Court for the Eastern District of North Carolina in In Re Reuben Samuel Royal, Case No, 14-07134-DMW (May 2, 2016) recently concluded that the Chapter 13 debtors cannot surrender a vehicle back to the lender after confirmation of a Chapter 13 plan even though the vehicle was...

 

Adobe PDFDelaware Bankruptcy Court Reaffirms the Viability of Class Proofs of Claim in PacSun Bankruptcy
Kevin C. Maclay, Todd E. Phillips, Sally J. Sullivan; Caplin & Drysdale, Chartered;
Legal Alert/Article
August 1, 2016, previously published on July 18, 2016
On June 22, 2016, the Bankruptcy Court for the District of Delaware allowed a putative creditor class to file a class proof of claim in the In re Pacific Sunwear of California, Inc., et al., bankruptcy proceedings.1 In granting the motion, the bankruptcy court applied its discretion to certify a...

 

HTMLNew York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements
Brian Barrett, Kristin Ward Cleare; Sutherland Asbill & Brennan LLP;
Legal Alert/Article
July 29, 2016, previously published on July 28, 2016
On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address what the DFS called “shortcomings” in current practices...

 


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