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Featured Articles
July 2, 2009
California Appeal Court Clarifies Law on Employee Vacation Pay
 Labor, Employment & Immigration
Employee Benefits and Executive Compensation
A California court of appeal has issued an opinion establishing that an employer in California
Read full story »
July 2, 2009
SEC Open Meeting: Proposed Rule Changes for Proxy Statement Disclosures and Broker Discretionary Voting
Securities
On July 1, 2009, the U.S. Securities and Exchange Commission held an open meeting to consider three proposals related to proxy statement disclosure enhancements and shareholder voting.
Read full story »
July 1, 2009
DOE Issues Funding Opportunity Announcements for Smart Grid Investment Grants and Smart Grid Demonstrations
Energy and Project Finance
On June 25, 2009, the Department of Energy issued Funding Opportunity Announcements for the Smart Grid Investment Grant (SGIG) Program and the Smart Grid Demonstration Program (SGDP).
Read full story »
June 29, 2009
Ballard Spahr Victorious in Fourth Circuit Title Insurance Overcharge Case
Consumer Financial Services
Title insurers are facing a wave of lawsuits around the nation alleging that they overcharged for title insurance by not charging reissue or other discounted rates in mortgage loan refinancings.
Read full story »
June 29, 2009
House Passes Major Climate Change Legislation Posing Economy-wide Impacts; Senate Consideration Comes Next
Climate Change
Environmental
The American Clean Energy and Security Act of 2009 (ACESA), which passed the U.S. House of Representatives on June 26, 2009, would affect all sectors of the economy and create both opportunities and challenges.
Read full story »
June 29, 2009
U.S. Supreme Court Rules State Authorities Can Enforce State Laws In Court Against National Banks
Consumer Financial Services
In a 5-4 decision, the U.S. Supreme Court ruled today that a state agency may bring judicial actions to enforce non-preempted state laws against a national bank.
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June 26, 2009
Applications Open for Tribal Economic Development Bonds
Public Finance
On June 23, 2009, the Internal Revenue Service released Notice 2009-51 to solicit applications for allocations of the $2 billion national bond volume limitation for issuance of Tribal Economic Development Bonds (TEDBs) pursuant to the newly created Section 7871(f) of the Internal Revenue Code of 1986, as amended.
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June 25, 2009
Obama’s Financial Regulatory Reform Plan Consumer Protection Proposals Include New Regulator, More State Enforcement, and Mandated ‘Plain Vanilla’ Financial Products
Consumer Financial Services
An Obama administration plan to reform the nation's financial regulatory system threatens to subject the consumer financial services industry to a hodgepodge of differing state (and local) laws and to limit credit terms and availability.
Read full story »
June 24, 2009
Watch that Text: Unsolicited Text Messages Can Be Unlawful Under Telephone Consumer Protection Act
Business Litigation
Any company planning a large-scale promotional campaign via text messaging should tread carefully in light of a recent federal appeals court ruling that unsolicited text messages fall under the Telephone Consumer Protection Act (TCPA).
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06/22/2009
Distressed Condominium Projects: Fractional interest sales might save the day
Real Estate
Real Estate Development
Distressed Real Estate Initiative
Housing
Read full story »
June 18, 2009
Ballard Spahr Defeats Class Action Challenge to Bank’s ‘High-to-Low’ Debit Processing Policy
Consumer Financial Services
Numerous banks have been hit with class action lawsuits challenging their overdraft policies and procedures. Ballard Spahr lawyers have won the dismissal of a class action filed against the firm’s client, a federal savings bank, challenging the bank’s policy of generally processing customer debit transactions in descending order of dollar amount and claiming that such policy resulted in excessive overdraft fees.
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June 18, 2009
Treasury Allocates Recovery Zone Bond Amounts
Public Finance
The Treasury Department has released Notice 2009-50, stating the amount of “recovery zone economic development bonds” and “recovery zone facility bonds” that states, counties, and “large municipalities” may issue during the period from now until December 31, 2010.
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June 18, 2009
U.S. Supreme Court Grants Review of Class-wide Arbitration Case
Consumer Financial Services
The U.S. Supreme Court has agreed to review a case that will decide whether the Federal Arbitration Act bars class arbitration when an arbitration clause is silent on the issue.
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June 16, 2009
EMMA Will Soon Receive Voluntary Disclosure Filings
Public Finance
Starting on July 1, 2009, issuers of municipal securities, obligated persons, and their agents may electronically submit certain continuing disclosure documents for public access on the Electronic Municipal Market Access system (EMMA) of the Municipal Securities Rulemaking Board (MSRB).
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June 16, 2009
Forthcoming Report Will Produce the First-Ever ‘Subflow’ Map for Arizona
Environmental
A major report set to be released next month by the Arizona Department of Water Resources (ADWR) could substantially affect water rights in the San Pedro River watershed – and likely will lead to similarly momentous reports on watersheds statewide.
Read full story »
June 15, 2009
SEC Proposes Proxy Access Rules
Business & Finance
Securities
On June 10, 2009, the Securities and Exchange Commission released its proposed Proxy Access Rules, a set of controversial rules that have been up for debate since 2003.
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June 12, 2009
Obama Administration Announces Plans for Executive Compensation Reform
Securities
On June 10, 2009, Treasury Secretary Timothy F. Geithner announced broad-based principles aimed at bringing executive compensation practices of public companies more in line with shareholder interests.
Read full story »
June 11, 2009
Will Your Trademark Be on Facebook?
Intellectual Property
On June 13, 2009, the popular social networking site Facebook will allow users to register unique usernames to identify their Facebook pages and profiles. Can your trademark now become someone else’s Facebook username?
Read full story »
June 11, 2009
Colorado Becomes Latest State to Crack Down on Worker Misclassification
Labor, Employment & Immigration
Colorado has become the latest state in a growing trend to impose stiff penalties on employers who misclassify workers to save on business costs and avoid paying appropriate taxes.
Read full story »
June 11, 2009
Pennsylvania Legislation Affects Group Health Plans
Employee Benefits and Executive Compensation
On June 10, Governor Edward G. Rendell signed into law four bills, each relating to significant health care initiatives.
Read full story »
June 9, 2009
IRS Issues Renewable Energy Guidance on Converting Production Tax Credit to Investment Tax Credit
Energy and Project Finance
The IRS has issued renewable energy guidance on converting production tax credits into investment tax credits under an option created by the American Recovery and Reinvestment Act of 2009 (ARRA).
Read full story »
June 5, 2009
More Guidance Issued on COBRA Subsidy Rules
Employee Benefits and Executive Compensation
As employers shift their focus with regard to the COBRA subsidy rules introduced by the American Recovery and Reinvestment Act of 2009 (ARRA) from the implementation to the administration of compliance programs, the federal government continues to issue useful guidance.
Read full story »
June 3, 2009
Ninth Circuit Construes TILA To Require Clear and Conspicuous Disclosure of Possible Increase in Interest Rate Through Change in Terms Notice
Consumer Financial Services
The Ninth Circuit has ruled that a credit card issuer violated the Truth in Lending Act (TILA) because it did not make sufficiently clear and conspicuous disclosure that it might increase the interest rate for any reason through a change in terms notice.
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June 2, 2009
CARD Act Affects Many Gift Cards Issued by Retailers and Banks; May Lead the Fed to Extend Deposit-Account-Like Protections
Consumer Financial Services
The Credit Card Accountability, Responsibility and Disclosure Act – or CARD Act – that President Obama signed on May 22, 2009, includes provisions that significantly affect many gift cards and gift certificates and raises thorny legal issues.
Read full story »
June 1, 2009
Supreme Court Grants Cert in ‘In re Bilski’
Intellectual Property
Patents
The U.S. Supreme Court today granted certiorari in In re Bilski, 545 F.3d 943, 88 USPQ2d 1385 (Fed. Cir. 2008).
Read full story »
May 29, 2009
Energy Efficiency and Conservation Block Grant Program Application Deadline Approaching
Public Finance
Energy and Project Finance
More than $2.7 billion in formula grants are available to U.S. states, territories, local governments, and Indian tribes under the Energy Efficiency and Conservation Block Grant (EECBG) Program, funded by the American Recovery and Reinvestment Act of 2009 (ARRA). The deadline to apply for EECBG funds is 8:00 p.m. (Eastern Daylight Time) on June 25, 2009.
Read full story »
May 27, 2009
Build America Bonds for Affordable and Workforce Housing
Housing
Build America Bonds (Direct Payment)1 (BABs), authorized by the American Recovery and Reinvestment Act of 2009 (ARRA), provide a new financing vehicle to public housing authorities and housing finance agencies for government-owned affordable and workforce housing without the tenant income constraints imposed by the federal tax code on low-income housing tax credits and multifamily private activity bonds.
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May 22, 2009
Housing Act Requires Notice to Borrowers of Certain Mortgage Assignments
Consumer Financial Services
New owners or assignees of certain mortgage loans must send written notice of the transfer to borrowers under a provision in the Helping Families Save Their Homes Act of 2009, signed by President Obama on May 20, 2009. The requirement appears to be effective immediately.
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May 22, 2009
Expansion of False Claims Act Liability Signed into Law by the President
White Collar Defense/Investigations
On May 20, 2009, President Barack Obama signed the Fraud Enforcement and Recovery Act of 2009 (FERA) into law. The legislation amends a number of criminal anti-fraud statutes to broaden their reach and sweeps in mortgage lenders and companies receiving economic stimulus funds. In addition, FERA revises the civil liability provisions of the False Claims Act (FCA).
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May 08, 2009
Governor Corzine Signs Site Remediation Reform Act Into Law
Environmental
Governor Corzine yesterday signed into law the Site Remediation Reform Act, setting into motion the long-awaited reform of the New Jersey Department of Environmental Protection's site remediation program.
Read full story »
May 6, 2009
Federal Reserve Expands TALF To Include Commercial Mortgage-Backed Securities
Economic Stabilization and Recovery Initiative
On May 1, 2009, the Federal Reserve released new terms and conditions for its Term Asset-Backed Securities Loan Facility (TALF) to include commercial mortgage-backed pass-through securities (CMBS) as eligible collateral for loans.
Read full story »
May 6, 2009
EPA Regulatory Proposals Represent the First Steps of an Economy-Wide Program for Regulation of Greenhouse Gas Emissions
Environmental
Energy and Project Finance
Climate Change
On April 17, 2009, U.S. Environmental Protection Agency Administrator Lisa Jackson signed a proposed finding under section 202(a) of the Clean Air Act that emissions of six greenhouse gases cause or contribute to “pollution” that can “reasonably be anticipated to endanger” both health and welfare.
Read full story »
May 05, 2009
DROPped Again: Another Pennsylvania Court Vacates DROP Provision in Interest Arbitration Award as Not Authorized By State Pension Law
Labor, Employment & Immigration
For the second time in six months, a Pennsylvania court has vacated an interest arbitration award containing a Deferred Retirement Option Plan (DROP).
Read full story »
May 4, 2009
11th Circuit Decision Sets Back But Will Not Stop Constitutional Challenges To Excessive Statutory Penalties In Class Actions
Consumer Financial Services
A federal appeals court has dealt a setback to the argument that the constitutional principles limiting punitive damage awards also apply to excessive statutory remedies. That said, legal arguments against excessive statutory damages are far from dead and further litigation of the issue is inevitable.
Read full story »
May 4, 2009
Department of Homeland Security Sets Sights on Companies Hiring Illegal Workers
Labor, Employment & Immigration
White Collar Defense/Investigations
The Department of Homeland Security has shifted its sights from the illegal laborers who sneak into the country to the American employers who hire them. The shift makes it especially critical that employers ensure that their compliance programs are effective.
Read full story »
May 04, 2009
Supreme Court Endorses 'Divisibility' Defense at Superfund Sites
Environmental
On Monday, the U.S. Supreme Court rendered its decision in Burlington Northern & Santa Fe Railway Co. v. United States, No. 07-1601 (U.S. May 4, 2009). This case addresses two issues of liability under the federal Superfund statute, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
Read full story »
May 01, 2009
Swine Influenza at Phase 5 Alert; Pandemic Preparations Underway
Labor, Employment & Immigration
Human resources departments can play a critical role in ensuring that an organization is prepared to address the impact of a pandemic flu, both in terms of the workforce, as well as on all operational fronts.
Read full story »
April 30, 2009
New York City Expands Debt Collection Regulation to Cover Passive Buyers of Consumer Debts and Collection Attorneys
Consumer Financial Services
New York City has expanded its definition of “debt collection agency” to include those who buy delinquent consumer debts, as well as collection attorneys. Other jurisdictions may take similar action, which appears to overstep federal bounds.
Read full story »
April 28, 2009
Pennsylvania Expands Lobbying Registration Requirements
Government Relations & Regulatory Affairs
The Pennsylvania Independent Regulatory Review Commission (IRRC) has approved amended regulations that require individuals and entities to register with the Pennsylvania Department of State within 10 days of “contracting in any form to engage in lobbying,” even if no lobbying services are actually performed.
Read full story »
April 27, 2009
Change to Delaware General Corporation Law May Enliven 2010 Proxy Season
Business & Finance
Securities
Delaware Governor Jack Markell signed into law on April 10, 2009, a bill containing significant amendments to the Delaware General Corporation Law (DGCL).
Read full story »
April 27, 2009
Ninth Circuit Agrees: Guaranty Agency Not a 'Debt Collector' under the FDCPA
Higher Education Industry
Public Finance
Consumer Financial Services
The U.S. Court of Appeals for the Ninth Circuit has joined a number of other courts in holding that guaranty agencies act as fiduciaries for the U.S. Department of Education when they operate under the Federal Family Education Loan Program (FFELP) - and so are not subject to the Federal Fair Debt Collection Practices Act (FDCPA).
Read full story »
April 24, 2009
Guidance Defines Unsecured Protected Health Information For Notification of Breaches under HIPAA
Employee Benefits and Executive Compensation
Health Care
The Health Information Technology for Economic and Clinical Health Act (HITECH) introduced a number of significant amendments to HIPAA’s privacy and security rules
Read full story »
April 24, 2009
Third Circuit Upholds the Right of Subrogation to Recover Heart & Lung Act Benefits
Labor, Employment & Immigration
Cities and municipalities may recover benefits paid under the Pennsylvania Heart & Lung Act (HLA) through subrogation of an employee's tort recovery. In City of Wilkes-Barre v. Robert P. Sheils, Jr., the U.S. Court of Appeals for the Third Circuit upheld the common-law right of subrogation to recover such costs from police and fire personnel who obtain a tort recovery from a motor vehicle accident.
Read full story »
April 23, 2009
IRS Updates Guidance Regarding the Effect of EESA Program Participation on Corporate Tax Benefits
Tax
The IRS has updated its guidance on how corporate tax benefits are affected by Treasury Department acquisitions under the Emergency Economic Stabilization Act of 2008 (EESA)
Read full story »
April 22, 2009
U.S. Supreme Court Enforces Arbitration Clauses Regarding Discrimination Claims
Labor, Employment & Immigration
The U.S. Supreme Court recently handed employers a reason to consider bargaining for arbitration provisions. In 14 Penn Plaza LLC, et al. v Pyett et al., the court ruled that workers cannot sue over age discrimination claims when their collective bargaining agreement “clearly and unmistakably” requires arbitration of such claims.
Read full story »
April 21, 2009
IRS Proposes Income Allocation Regulations for Transfers of Partnership Interests
Business & Finance
Tax
The IRS has released proposed regulations regarding income allocation when partnership interests are transferred or partners have varying interests for other reasons.
Read full story »
April 16, 2009
Solar Energy Law Affects Residential Developers in N.J.
Real Estate
The Residential Development Solar Energy Systems Act, which was signed into law by Governor Jon S. Corzine on March 31, 2009, will require developers to provide significantly more information about renewable energy to buyers.
Read full story »
April 16, 2009
JAMS Changes Its Policy on Classwide Arbitration Effective May 1, 2009
Consumer Financial Services
It will soon be safe for companies using pre-dispute arbitration provisions in their consumer contracts to once again include JAMS as an administrator, along with the AAA and the NAF.
Read full story »
April 16, 2009
Internal Revenue Service Guidance Allows Issuers to Move Forward with Stimulus Act Bond Provisions
Public Finance
The Internal Revenue Service has released several notices since April 3, 2009, to guide state and local governments issuing the new tax credit bonds provided for in the American Recovery and Reinvestment Act of 2009 (ARRA). A summary of the notices appears below, followed by a more detailed look at the guidance linked here.
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April 13, 2009
Recent Decision Reinforces Importance Of Proper Upjohn Warnings To Witnesses In Internal Investigations
Corporate Compliance and Investigations
Securities
White Collar Defense/Investigations
When conducting internal investigations and interviewing witnesses, company counsel must ensure that they protect the company’s attorney-client privilege against witnesses’ claims that they too have an attorney-client relationship with interviewing counsel.
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April 10, 2009
IRS Interpretation of Stimulus Act NOL Provision Benefits Individual Taxpayers
Tax
Distressed Real Estate Initiative
More individual taxpayers may be eligible for the net operating loss (NOL) election afforded by the American Recovery and Reinvestment Act of 2009 (ARRA) as a result of recent releases by the Internal Revenue Service...
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April 10, 2009
N.J. Bill Designed To Ease Backlog of Contaminated-Site Cleanups
Environmental
In the latest effort to make environmental-cleanup requirements in New Jersey more user-friendly, the state legislature has sent to Governor Corzine the Site Remediation Reform and Licensed Site Professional Act, which would privatize review and approval of routine cleanups.
Read full story »
April 9, 2009
Department of Justice Charges First American for Holding Secret UBS Accounts; IRS Announces Guidelines for Six-Month Voluntary Disclosure Program
White Collar Defense/Investigations
Family Wealth Management
In the first criminal case to result from a Swiss bank’s identification of an American who held secret offshore accounts, the Department of Justice (DOJ) has filed felony tax charges against a Florida accountant. This prosecution is the product of the government’s intense efforts to force Swiss banks to identify American account holders to enable the Internal Revenue Service (IRS) to assess and collect potentially hundreds of millions of dollars in unpaid taxes and penalties.
Read full story »
April 8, 2009
Ninth Circuit Breaks with Precedent, Discounts Fed Views; Rules Card Issuer Must Send TILA Notice to Charge Discretionary Default Rate
Consumer Financial Services
The U.S. Court of Appeals for the Ninth Circuit recently broke with precedent and ruled in favor of a class action plaintiff – a troubling development in the growing body of litigation over interest-rate increases in credit card agreements.
Read full story »
April 8, 2009
Companies Selling Raw Materials Overseas: Take Note
White Collar Defense/Investigations
Family Wealth Management
On Tuesday, the stakes were raised for companies selling raw materials overseas when the Manhattan District Attorney’s office unsealed a 118-count indictment against a Chinese executive and his company, accused of fraudulently using New York banks to help Iran buy large quantities of sensitive materials.
Read full story »
April 8, 2009
USCIS Accepting FY 2010 H-1B Petitions
Labor, Employment & Immigration
The U.S. Citizenship and Immigration Services (USCIS) announced today that it will continue to accept H-1B nonimmigrant visa petitions subject to the fiscal year 2010 (FY 2010) caps.
Read full story »
April 7, 2009
Ballard Spahr Client Scores Big Win - Commerce Clause Prevents Indiana From Regulating Illinois Loans
Consumer Financial Services
A Ballard Spahr client recently bucked the trend of states asserting jurisdiction over out-of-state credit transactions. On March 24, 2009, the U.S. District Court for the Southern District of Indiana enjoined enforcement of the Indiana Uniform Consumer Credit Code against (UCCC) Midwest Title Loans, which has no offices or employees in Indiana.
Read full story »
April 6, 2009
New I-9 Form Effective April 3, 2009
Labor, Employment & Immigration
Effective April 3, 2009, employers had to begin using the newly issued Form I-9 and List of Acceptable Documents from United States Citizenship and Immigration Services (USCIS).
Read full story »
April 3, 2009
FASB Eases 'Fair Value' Accounting Rules
Securities
Yesterday, the Financial Accounting Standards Board (FASB) affirmed its earlier decision to allow companies greater discretion in accounting for certain investments, including mortgage-backed securities. Under previous guidelines, companies were required to mark assets on a quarterly basis to reflect market prices.
Read full story »
April 2, 2009
IRS Clarifies COBRA Subsidy Rules
Employee Benefits and Executive Compensation
Labor, Employment & Immigration
In a Notice published March 31, the Internal Revenue Service addressed a range of significant issues arising from the new COBRA subsidy rules, which were introduced by the American Recovery and Reinvestment Act of 2009 (ARRA). ARRA provides that certain individuals who have the right to continue group health coverage because of an involuntary termination that occurred (or occurs) between September 1, 2008, and December 31, 2009 may qualify for up to nine months of assistance in paying for that coverage.
Read full story »
April 2, 2009
SEC Halts Sixth Alleged Ponzi Scheme Since Madoff
White Collar Defense/Investigations
Yesterday, the U.S. Securities and Exchange Commission filed charges and obtained an order to freeze assets in the sixth alleged Ponzi scheme it has uncovered since Bernie Madoff revealed his operation of a $50 billion Ponzi scheme in December 2008.
Read full story »
March 31, 2009
FERC Proposes Policies To Govern And Advance Smart Grid Technologies
Energy and Project Finance
The Federal Energy Regulatory Commission recently issued a Proposed Policy Statement and Action Plan to encourage the development and application of “Smart Grid” technologies to the nation’s electric transmission system.
Read full story »
March 27, 2009
Appropriations Act Expands Authority of FTC and State Attorneys General
Consumer Financial Services
To the dismay of the consumer financial services industry, the Omnibus Appropriations Act, signed by President Obama on March 11, 2009, does more than appropriate funds.
Read full story »
March 27, 2009
SEC Proposes Regulatory Expansion
White Collar Defense/Investigations
In an address to the Senate Banking Committee yesterday, the Securities and Exchange Commission announced its intention to institute tighter controls and increase oversight of hedge funds, money market managers, and investment advisers who have custody of client assets.
Read full story »
March 26, 2009
Federal Reserve Board Issues Proposed Disclosure Rules for Private Education Loans
Consumer Financial Services
Higher Education Industry
On March 24, the Federal Reserve Board published in the Federal Register proposed amendments to Regulation Z necessitated by the amendments to the Truth in Lending Act that were part of the Higher Education Opportunity Act, enacted last summer.
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May 2009
Economic Recovery Developments
Ballard Spahr has been providing timely, informative alerts regarding government action in response to the economic crisis. These alerts began...
Read full story »
March 25, 2009
Treasury Announces Creation of Public-Private Investment Program
Business & Finance
Real Estate
Distressed Real Estate Initiative
Economic Stabilization and Recovery Initiative
On March 23, 2009, the U.S. Treasury (Treasury), in conjunction with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve (Fed), announced the creation of the Public-Private Investment Program (PPIP) as part of its continuing efforts to improve the financial condition of U.S. financial institutions and improve consumer and business credit markets.
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March 24, 2009
Court of Appeals of the Federal Circuit Hands Down Decision on USPTO New Rules
Intellectual Property
On Friday, March 20, 2009, the Court of Appeals of the Federal Circuit (“CAFC”) handed down its decision in Tafas et al. v. Doll, (Fed. Cir. 2009 – hereinafter “Tafas”). The Court affirmed in part, vacated in part and remanded a decision by the Eastern District Court of Virginia that four new rules promulgated by the United States Patent and Trademark Office (“USPTO”) exceeded the scope of the USPTO’s rulemaking authority.
Read full story »
March 24, 2009
Stimulus Act Amendment Contains Many Uncertainties for S Corporations
Tax
The American Recovery and Reinvestment Act of 2009 (ARRA) includes a special provision to benefit corporations that have converted from subchapter C status to subchapter S. ARRA shortens the recognition period for “built-in gains” (BIG), thereby accelerating elimination of the 35 percent corporate income tax for some corporations that have made the subchapter S election.
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March 23, 2009
HUD Issues Guidance on American Recovery and Reinvestment Act Capital Fund Formula Grants
Housing
Real Estate
On March 18, 2009, HUD issued guidance to public housing authorities (PHAs) regarding the use of capital fund formula grants received under the American Recovery and Reinvestment Act of 2009 (ARRA).
Read full story »
03/23/2009
Discouragement of Affordable Housing Development and Financing: Low- and moderate-income residents and developers take notice
Real Estate
Real Estate Development
Housing
Please download the PDF file to read the article written by Kenneth M. Morgan and Tracy A. Siebold, associates in the Real Estate Department.
Read full story »
March 20, 2009
U.S. Department of Labor Issues Model Notices on the COBRA Premium Subsidy
Employee Benefits and Executive Compensation
The United States Department of Labor (DOL) has published model notices that employers may use to satisfy their COBRA premium subsidy notice obligations under the recently enacted American Recovery and Reinvestment Act of 2009 (ARRA).
Read full story »
March 19, 2009
CHIP Reauthorization Act Requires Immediate Attention by Group Health Plan Sponsors
Employee Benefits and Executive Compensation
Labor, Employment & Immigration
The Children’s Health Insurance Program Reauthorization Act of 2009 (the act) requires a group health plan subject to the Employee Retirement Income Security Act of 1974 or the Public Health Service Act to provide new special enrollments rights, effective April 1, 2009. In connection with this requirement, the act imposes certain notification and disclosure obligations on employers, but these obligations will not go into effect immediately.
Read full story »
March 18, 2009
Representative Sestak Introduces Alternative Legislation To Employee Free Choice Act
Labor, Employment & Immigration
Alternatives to the proposed legislation known as the Employee Free Choice Act (EFCA) (H.R. 1409; S.560) have started to emerge as legislators seek to reach a compromise between labor and management interests.
Read full story »
March 18, 2009
A Challenge to Stimulus Package Projects: Running the Gauntlet to Promote Environmental Protection Values
Environmental
Climate Change
The Obama administration’s recently enacted stimulus package seeks, among other things, to promote national economic revival through investment in projects intended to improve or protect the environment.
Read full story »
March 17, 2009
Reduced Workweek Need Not Destroy Employees’ Exempt Status
Labor, Employment & Immigration
The U.S. Department of Labor’s Wage and Hour Division (WHD) recently posted on its Web site 40 opinion letters issued under the outgoing administration that were signed before January 21, 2009.
Read full story »
March 17, 2009
PA Court Decision Blindsides Condo, Planned Community Developers
Real Estate
Those who utilize planned community and condominium frameworks without addressing the potential need for subdivision approval should reconsider. The Commonwealth Court of Pennsylvania recently held in Frank N. Shaffer Limited Partnership v. Zoning Hearing Board of Chanceford Township, 2008 WL 5501069 (Pa. Cmwlth.) that planned communities are subject to local subdivision ordinances and implied that condominium projects are as well.
Read full story »
March 17, 2009
Term Asset-Backed Securities Loan Facility Becomes Operational
Business & Finance
Real Estate
Distressed Real Estate Initiative
Economic Stabilization and Recovery Initiative
On March 3, 2008, the Federal Reserve Bank of New York (FRBNY) released an Operation Announcement with respect to its Term Asset-Backed Securities Loan Facility (TALF).
Read full story »
March 11, 2009
USPTO Publishes Memorandum On Applying Bilski's Machine-or-Transformation Test
Intellectual Property
The U.S. Patent and Trademark Office (USPTO) has posted on its Web site a memorandum to guide its examiners as they consider whether a claimed method constitutes a patent-eligible process in light of In Re Bilski, 545 F.3d 943, 88 USPQ2d 1385 (Fed. Cir. 2008).
Read full story »
March 11, 2009
Obama Administration Issues Guidelines for ‘Home Affordable’ Modifications; Fannie Mae Provides Additional Guidance
Consumer Financial Services
Coverage The guidelines address: (1) first mortgage loans originated prior to 2009, (2) secured by a 1-4 family home serving as the borrower’s principal residence, with (3) an unpaid principal balance that does not exceed specified limits ($729,750 for single-family).
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March 10, 2009
The Employee Free Choice Act Is Back!
Labor, Employment & Immigration
Employee Benefits and Executive Compensation
This afternoon, the Employee Free Choice Act (EFCA) was re-introduced in the House and Senate. If passed, EFCA will dramatically alter labor-management relations in the United States.
Read full story »
March 4, 2009
EEOC Proposes GINA Regulations
Labor, Employment & Immigration
Employee Benefits and Executive Compensation
Now would be a good time for employers to review their policies and procedures to ensure compliance with the requirements of the Genetic Information Nondiscrimination Act (GINA).
Read full story »
March 2009
Federal Tax: IRS Revises Tax Shelter Reporting Rules Applicable to Some Merger and Acquisition Transactions Tax
Tax
Please download the PDF file to read "IRS Revises Tax Shelter Reporting Rules Applicable to Some Merger and Acquisition Transactions Tax" from the March 2009 edition of the Practical U.S./Domestic Tax Strategies written by Wayne Strasbaugh, partner and Vice Chair of the Tax Group.
Read full story »
February 25, 2009
Ballard Spahr Scores Major Victory in Matter of First Impression Under CAFA
Consumer Financial Services
Alan S. Kaplinsky and Martin C. Bryce, Jr., of Ballard Spahr’s Consumer Financial Group have scored a major victory in a matter of first impression concerning the application of the federal Class Action Fairness Act of 2005 (CAFA).
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February 25, 2009
President Springs Into Action on Mission to Change Health Care System
Health Care
President Obama got off to a quick start on his mission to change our nation’s health care delivery and reimbursement systems. Although a delay in the appointment of a Secretary of the Department of Health and Human Services (DHHS) will delay the issuance of regulations and the implementation of changes, the enactment of two major legislative initiatives, and other changes signal that health care reform will be an early priority in the new administration.
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February 24, 2009
IRS Revises Tax Shelter Reporting Rules Applicable to Some Merger and Acquisition Transactions
Tax
The IRS has recently issued new guidance (IRS Notice 2008-111, the “New Notice”) on the types of corporate acquisitions that it considers subject to the tax shelter reporting rules...
Read full story »
February 19, 2009
Final SEC Rules Issued Regarding XBRL Interactive Data Formats
Securities
The SEC issued its final rules requiring companies to provide financial statements and other financial data in interactive data formats using eXtensible Business Reporting Language (XBRL).
Read full story »
February 19, 2009
Obama Administration Announces $275 Billion-Plus Housing Bailout
Consumer Financial Services
Yesterday, the Obama administration released the general outlines of its Homeowner Affordability and Stability Plan, which is intended to curb foreclosures and support plunging housing prices.
Read full story »
February, 18, 2009
Broadband Provisions of the Economic Stimulus Legislation
Communications
Public Finance
On February 17, 2009, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009. The final version of this economic stimulus legislation includes $7.2 billion for broadband infrastructure improvements. That money has been allocated for two programs.
Read full story »
February 18. 2009
Economic Stimulus Supports Affordable Housing and Community Development
Real Estate
Housing
The American Recovery and Reinvestment Act of 2009 (ARRA), which President Obama signed yesterday in Denver, contains significant funding for housing authorities and local government, including gap funding for Low Income Housing Tax Credit projects.
Read full story »
February 18, 2009
Business and Investment Tax Provisions of Stimulus Act
Tax
The American Recovery and Reinvestment Act of 2009 (ARRA), signed into law yesterday by President Obama, contains numerous business and investment tax provisions.
Read full story »
February 17, 2009
Stricter Executive Compensation Limits for TARP Recipients
Employee Benefits and Executive Compensation
Economic Stabilization and Recovery Initiative
On the heels of substantial criticism that the U.S. Treasury’s Troubled Asset Relief Program (TARP) did not go far enough to curb excessive compensation being paid to executives of institutions receiving taxpayer assistance, the American Recovery and Reinvestment Act of 2009 (ARRA) imposes stricter restrictions on executive compensation for past and future TARP recipients.
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February 17, 2009
Stimulus Package Modifies COBRA, HIPAA, And Other Welfare Benefit Provisions
Employee Benefits and Executive Compensation
The American Recovery and Reinvestment Act of 2009 (ARRA) makes substantial, but temporary, changes to the rules governing the continuation of health coverage under COBRA and a number of other modifications affecting welfare benefit plans.
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February 17, 2009
Term Asset-Backed Loan Facility - Federal Reserve Announces Additional Terms and Possible Expansion
Business & Finance
Real Estate
Distressed Real Estate Initiative
Economic Stabilization and Recovery Initiative
The Federal Reserve Board made two recent announcements regarding its proposed Term Asset-Backed Securities Loan Facility (TALF). Under the TALF as initially proposed, the Federal Reserve Bank of New York (New York Fed) will make up to $200 billion of loans to eligible borrowers.
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February 17, 2009
Obama Signs Economic Stimulus Law, Expands Unemployment and Trade Adjustment Assistance Benefits
Labor, Employment & Immigration
Employee Benefits and Executive Compensation
Today, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA) into law. The bill, aimed at creating and saving up to 3.5 million U.S. jobs, contains various employment provisions, including the expansion of emergency unemployment compensation and trade adjustment assistance programs and incentives to hire unemployed veterans and disconnected youth.
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February 16, 2009
Is The Future Finally Green? Congress Supports President Obama's Vision For an Energy Revolution
Energy and Project Finance
Environmental
Climate Change
Faced with a national economic crisis, the U.S. Congress and the President made dozens of hard choices as they crafted emergency stimulus legislation.
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February 14, 2009
Economic Stimulus Legislation and Municipal Bonds
Tax
Public Finance
The economic stimulus legislation that passed the House and Senate on Friday, February 13, now headed for certain signature by the President, contains numerous provisions that will affect municipal bonds.
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February 13, 2009
U.S. Financial Probes into Corporate Fraud Expand as Economic Crisis Deepens
White Collar Defense/Investigations
On February 11, 2009, FBI Deputy Director John S. Pistole testified before the U.S. Senate Judiciary Committee that the FBI has opened investigations into more than 500 cases of alleged corporate fraud, including 38 that involve major firms and are “directly related” to the national economic crisis.
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February 13, 2009
Treasury Secretary Outlines New Financial Stability Plan
Business & Finance
Real Estate
Distressed Real Estate Initiative
Economic Stabilization and Recovery Initiative
In a speech this week, Secretary of the Treasury Timothy Geithner presented in broad terms what he described as "a new Financial Stability Plan" designed to "restart the flow of credit" and "clean up and strengthen our banks."
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February 11, 2009
Pennsylvania Department of Banking Agrees to Delay Enforcing Licensing Requirement Against Out-of-State Internet Lenders
Consumer Financial Services
The Pennsylvania Department of Banking (DOB) has agreed to delay taking steps to require out-of-state Internet lenders to be licensed under the state Consumer Discount Company Act (CDCA). The agreement came after a lender that we represent sued the DOB last month.
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February 11, 2009
New Jersey Law Imposes Lender Requirements and Provides Homeowner Assistance
Bankruptcy, Reorganization and Capital Recovery
Governor Corzine has signed into law legislation that imposes additional requirements on lenders and provides for financial assistance to homeowners through establishment of the Mortgage Stabilization Program and the Housing Assistance and Recovery Program.
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February 11, 2009
U.S. Department of Labor Issues ERISA Fiduciary Guidance for Madoff Investments
Employee Benefits and Executive Compensation
In light of the significant investment losses incurred by customers of Bernard L. Madoff Investment Securities, LLC, the U.S. Department of Labor (the DOL) has issued guidance to retirement plan fiduciaries.
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February 10, 2009
HUD Issues Final Rule Requiring Use of EIV System
Housing
Real Estate
On January 27, 2009, HUD published a final rule that requires public housing authorities (PHAs) and owners and management agents of HUD-assisted multifamily housing, such as project-based Section 8 (Multifamily O/As), to use HUD’s Enterprise Income Verification (EIV) system to verify the employment and income of program participants.
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February 4, 2009
IRS Adopts Final Regulations for Corporate Debt Obligations
Tax
On December 24, the Internal Revenue Service issued final regulations governing debt obligations issued by corporations that are members of consolidated return groups (Treasury Decision 9442). The regulations take effect for transactions involving intercompany debt obligations...
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February 4, 2009
Significant New Restrictions on Executive Compensation for TARP Recipients
Business & Finance
Distressed Real Estate Initiative
Economic Stabilization and Recovery Initiative
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