Publications & Presentations
We encourage you to peruse this Publications & Presentations section for timely analysis and industry insights, including bylined articles, client alerts, white papers, practice and industry newsletters, audio and video broadcasts, featuring interviews with our lawyers, as well as case studies highlighting compelling legal challenges our clients have faced.
Also, please visit our Events page to learn more about upcoming seminars, CLE programs, and other presentations which may be of interest.
Strict Controls Proposed on the Export of Cybersecurity Items
Authors: Brian E. Finch, Sanjay J. Mullick
On May 20, 2015, the Commerce Department Bureau of Industry and Security (BIS) proposed to establish controls on the export of cybersecurity items. These items would be classified under new Export Control Classification Numbers (ECCNs) in Categories 4 and 5 of the Export Administration Regulations (EAR) that would be subject to Regional Stability (RS) controls, which require licenses for all countries except Canada and generally are not eligible for license exceptions. If the proposed rules are implemented, strict licensing requirements would be imposed on the export of these items, even those that companies may themselves legitimately seek to obtain to test how vulnerable their networks may be to cyberattacks.
FCC Enforcement Monitor
Authors: Scott R. Flick, Jessica T. Nyman
- 404 Not Found: Missing Online Public File Documents Lead to $9,000 Fine
- Wireless Providers Pay $158 Million to Settle Mobile Cramming Violations
- Failure to Timely File License Renewal Application Results in $1,500 Fine
Five Things You Should Know About the United States Supreme Court decision in Maryland v. Wynne
Author: Michael J. Cataldo
On May 18, 2015, the United States Supreme Court ruled in a 5-4 decision that Maryland’s personal income tax scheme violates the Commerce Clause of the United States Constitution by denying residents a full credit for personal income taxes paid to other states while subjecting nonresidents to personal income tax on all income derived from Maryland sources.
Supreme Court Ruling Heightens Pressure on Fiduciaries to Monitor 401(k) Plan Investments
Authors: Amber A. Ward, Christine L. Richardson, Susan P. Serota
On May 18th, the U.S. Supreme Court unanimously held in Tibble et al. v. Edison International et al., No. 13-550 (S. Ct. May 18, 2015) that ordinary principles of trust law impose on ERISA fiduciaries a duty to continually monitor and remove imprudent plan investments. This duty is separate and apart from the duty to select plan investments prudently. In so holding, the Court vacated the Ninth Circuit’s decision that applied the commencement of ERISA’s six-year statute of limitations period for fiduciary duty claims only to the initial selection of a plan’s investments. The Court remanded the case to the Ninth Circuit to consider the petitioner’s breach of fiduciary duty allegations in conformance with ordinary principles of trust law. While Tibble serves as an important warning to ERISA fiduciaries to monitor plan investments continuously, the ruling leaves plan fiduciaries with uncertainty as to the level of monitoring required to fulfill their ERISA fiduciary obligations.
Delaware Offers New Guidance on Enforcing Fiduciary Duties Owed to Insolvent Corporations
Authors: Donald G. Kilpatrick, Christopher R. Mirick, Leeor S. Baskin
On May 4, 2015, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued a decision in Quadrant Structured Products Co., Ltd. v. Vertin,1 analyzing creditors’ standing to bring derivative claims against directors and officers of Delaware corporations. Building on the Delaware Supreme Court’s jurisprudence regarding fiduciary duties owed to creditors,2 Vice Chancellor Laster’s opinion has two primary holdings. First, creditors’ standing to bring derivative claims does not require that the corporation be “irretrievably insolvent.” Second, even if the corporation becomes solvent during the litigation process, the creditors’ standing is not revoked.
This Alert summarizes the decision and highlights some considerations that directors of an insolvent, or possibly insolvent, corporation should keep in mind.