The Corporate Transparency Act (together with its implementing regulations, the CTA) is a federal law that went into effect on January 1, 2024. The CTA is aimed at combating financial crimes such as money laundering,...more
3/27/2025
/ Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Disclosure Requirements ,
Enforcement Actions ,
Final Rules ,
FinCEN ,
Foreign Corporations ,
Foreign Entities ,
Interim Final Rules (IFR) ,
New Legislation ,
Regulatory Requirements ,
Reporting Requirements
After months of litigation—including a cameo before the Supreme Court—the last nationwide injunction of the Corporate Transparency Act (CTA) was vacated and the CTA was set to go back into effect. Since then, nothing has been...more
3/12/2025
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Enforcement Actions ,
Filing Deadlines ,
FinCEN ,
Popular ,
Reporting Requirements ,
SCOTUS ,
U.S. Treasury
On December 26th, just three days after the United States Court of Appeals for the Fifth Circuit effectively reinstated reporting obligations under the Corporate Transparency Act (CTA), the Fifth Circuit has now vacated its...more
The January 1, 2025, deadline imposed by the Corporate Transparency Act (CTA) for all “reporting companies” formed prior to 2024 to file their initial beneficial ownership reports with FinCEN is rapidly approaching. Given the...more
12/3/2024
/ Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Deadlines ,
Documentation ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Know Your Customers ,
Penalties ,
Policies and Procedures ,
Reporting Requirements
The Corporate Transparency Act (CTA) is federal legislation that went into effect on January 1, 2024. The CTA was enacted by Congress to combat money laundering and other financial crimes by requiring a broad range of...more
Congress has enacted legislation over the decades aimed at curbing money laundering and the financing of terrorism. Increased legislation has been necessary to ensure that the federal government is able to address evolving...more
3/7/2024
/ Alabama ,
AML/CFT ,
Anti-Money Laundering ,
Appeals ,
Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Economic Sanctions ,
FinCEN ,
Money Laundering ,
Shell Corporations ,
Unconstitutional Condition
The U.S. Supreme Court closed its last session of the year on Dec. 4 by hearing oral argument in Harrington v. Purdue Pharma LP.
The issue to be resolved by the court is the scope of the authority of the bankruptcy court...more
Bankruptcy can be a remarkable tool for rehabilitating a struggling business, preserving jobs and going-concern value, and liquidating the assets of an insolvent company.
The drafters of this country's bankruptcy laws...more
10/13/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Cannabis-Related Businesses (CRBs) ,
Chapter 11 ,
Controlled Substances Act ,
Debtors ,
Department of Justice (DOJ) ,
Dismissals ,
Liquidation ,
Motion to Dismiss ,
Recovery Plans ,
Shareholders ,
U.S. Treasury
Accounts receivable serve as an important source of collateral – indeed, receivables and other rights to payment represent the lifeblood of asset-based lending, securitizations and factoring arrangements. Article 9 of the...more
9/29/2023
/ Accounts Receivable ,
Article 9 ,
Creditors ,
Debt Collection ,
Debtors ,
Enforcement ,
Financial Statements ,
Intangible Property ,
Lenders ,
Uniform Commercial Code (UCC) ,
Vendors
Trucking giant Yellow Corp. skuttled operations and filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Aug. 6, a mere three years after receiving $700 million in pandemic-era relief...more
8/14/2023
/ Bankruptcy Court ,
Chapter 11 ,
Collective Bargaining Agreements (CBA) ,
Corporate Restructuring ,
Creditors ,
Health Insurance ,
Liquidation ,
Popular ,
Shareholders ,
Unions ,
Wage and Hour
Agreements not to compete have existed as part of the common law for hundreds of years.1 These restraining agreements are designed to reduce economic harm to an employer when a “key” employee departs and are often required at...more
8/4/2023
/ Compensation ,
Confidential Information ,
Enforcement ,
Federal Trade Commission (FTC) ,
Independent Contractors ,
NLRA ,
Non-Compete Agreements ,
Non-Disclosure Agreement ,
Popular ,
Post-Termination Acts ,
Proposed Rules ,
State Bans ,
Trade Secrets
When do you have an agreement that will be enforceable by law — a binding contract? Fundamental components necessary to the formation of a contract include a valid offer and acceptance with respect to final, essential...more
The U.S. Court of Appeals for the Fourth Circuit recently approved injunctive relief as part of a strategy for settling mass tort claims through the Chapter 11 bankruptcy case of Bestwall LLC, an entity created by...more
7/6/2023
/ Adversary Proceedings ,
Appeals ,
Asbestos ,
Bankruptcy Code ,
Bankruptcy Court ,
Bodily Injury ,
Chapter 11 ,
Georgia Pacific ,
Indemnification ,
Injunctive Relief ,
Limited Liability Company (LLC) ,
Mergers ,
Occupational Exposure ,
Texas ,
Toxic Exposure
The recent collapse of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank (First Republic), and the near calamitous fallout on the financial sector and many companies, should be a wake-up call. There are...more
In what is now the second largest bank failure in United States history, the California Department of Financial Protection and Innovation closed embattled San Francisco-based First Republic Bank shortly after midnight...more
5/2/2023
/ Acquisitions ,
Banking Sector ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FDIC ,
Freddie Mac ,
Interest Rates ,
JPMorgan Chase ,
Mortgages ,
Shareholders
"No man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a...more
The United States Supreme Court recently answered the question of whether a debtor in bankruptcy can discharge a debt resulting from another person’s fraud, even if the debtor is not aware of the fraud. On February 22, 2023,...more
Today, First Citizens Bank & Trust Company (First Citizens Bank) is taking over the business of the tech-focused Silicon Valley Bank (SVB) which was closed by regulators approximately two weeks ago on March 10. The...more
The Federal Deposit Insurance Corporation (“FDIC”) is the federal agency charged with providing deposit insurance for insured financial institutions in the United States. Specifically, FDIC insurance covers certain deposit...more
No business is immune from the possibility that things can go wrong—horribly wrong. On Friday, March 10, 2023, Silicon Valley Bank (SVB), the go-to bank for US tech startups, was shut down and taken over by federal regulators...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
Are SVB and Signature in bankruptcy?
No. Banks and other federally insured financial institutions (such as savings banks, savings associations, and credit unions) are not permitted to be debtors in a bankruptcy case....more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury