On June 26, 2024, the Supreme Court issued a decision in SEC v. Jarkesy, holding that “[w]hen the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury...more
7/12/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Enforcement Actions ,
Enforcement Authority ,
Jury Trial ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Regulation ,
Seventh Amendment
In a recent decision in Tsung Tsin Ass'n v. Tian Xiang Zhu, Index No. 651584/2023, Doc. No. 213, 2023 BL 426536 (Sup. Ct. N.Y. Cnty. Nov. 16, 2023), Justice Schecter of the New York County Commercial Division took the rare...more
On July 17, 2023, Justice Reed of the New York County Commercial Division issued a decision extending the time for service and permitting the Plaintiff in Zantaz Enter. Archive Solution, LLC v. Adecco IT Servs., Inc., Index...more
On Monday, October 16, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (“Division”) “released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics,...more
On June 9, 2023, Justice Robert Reed of the New York State Court, Commercial Division, issued a decision in Trump v. Trump, 192 N.Y.S.3d 891 (Sup. Ct. N.Y. Cnty. June 9, 2023). This decision largely denied Mary Trump’s motion...more
On April 28, 2023, Justice Reed of the New York County Commercial Division issued decisions on motions to bifurcate proceedings, compel discovery, and impose sanctions in ASM Capital, LP v. Four Wood Capital Partners, LLC,...more
On March 15, 2023, the Securities and Exchange Commission (“SEC”) proposed a new rule concerning cybersecurity risk management as well as updates to Regulations S-P and SCI (Systems Compliance Integrity).[1] With these...more
On October 11, 2022, the Commercial Division Justice for Bronx County, Justice Gomez, issued a decision on a motion to dismiss in Chen v Fox Rehab. Servs., P.C., 175 N.Y.S.3d 713, 2022 NY Slip Op 50986(U) (Sup. Ct. Bronx...more
On December 16, 2022, Acting Chief Administrative Judge Amaker announced amendments to Commercial Division Rule 16, Motions in General, effective January 3, 2023....more
A few months ago, a Commercial Division court granted summary judgment in favor of the plaintiff-landlord in a case involving a commercial lease for a gym that was closed due to COVID-19 restrictions. The decision in Amherst...more
Recently, the Securities and Exchange Commission (“SEC”) proposed a new rule concerning the disclosure of “certain climate-related information in their registration statements and annual reports” as well as “certain...more
4/4/2022
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Statements ,
Greenhouse Gas Emissions ,
Proposed Rules ,
Publicly-Traded Companies ,
Regulation S-K ,
Regulation S-X ,
Securities and Exchange Commission (SEC)
On June 29, 2021, a major cryptocurrency exchange (the “Crypto Exchange”) announced a new program called “Lend” in which it proposed offering customers a 4% interest rate on cryptocurrency tied to USD....more
On November 10, 2021, a Commercial Division Court issued a decision on a motion to dismiss the claims brought by Wilmington Trust Company (“WTC”) against a wide range of parties that WTC alleged to be alter egos of an...more
2/9/2022
/ Alter Ego ,
Amended Complaints ,
Business Litigation ,
Commercial Court ,
Default ,
Final Judgment ,
Foreign Entities ,
Forum Non Conveniens ,
Insolvency ,
Motion to Dismiss ,
Personal Jurisdiction ,
Reversal ,
Standing
A key question for any company considering the issuance of cryptocurrency is whether that digital asset will be treated by regulators as a security, like BP stock, or a commodity, like Bitcoin. In 2019, the Securities and...more
2/4/2022
/ Aiding and Abetting ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Howey ,
Investment Contract ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Unregistered Securities ,
Virtual Currency
On October 19, 2021, Chief Administrative Judge Marks announced the new Commercial Division Rule 36, Virtual Evidentiary Hearing or Non-Jury Trial, effective December 13, 2021....more
Recently, in F.W. Sims, Inc. v. Simonelli, Index No. 022942/2014, Doc. No. 412 (Sup. Ct., Suffolk Cnty., May 7, 2021), the Commercial Division Court denied a motion to dismiss on statute of limitation as well as full faith...more
In Farro v. Schochet, the Second Department recently held that §1002 of the NY LLC Law restricted a dissenting member’s remedy to an appraisal for the fair value of his interest in the business after a freeze-out merger....more
Recently, Justice Andrew Borrok of the Commercial Division denied a summary judgment motion in a dispute involving what is colloquially referred to as a “shotgun” or a “buy-sell” clause in agreements governing joint ventures...more
Recently, the Commercial Division rendered a split decision on a petition to stay an arbitration in Gol v. TNJ Holdings, Inc., Index No. 652304/2020, Doc. No. 75 (Sup. Ct., NY Cnty. Aug. 13, 2020). Based on an analysis of...more
A recent Commercial Division decision provides an example of a court rejecting “unrealistic and optimistic” business projections in determining the valuation of a petitioner’s shares in a corporation. ...more
A recent Commercial Division decision demonstrates the ability of partnership agreement provisions to limit the executors of the plaintiff-limited-partner from continuing a derivative lawsuit after that partner’s death. ...more