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The Supreme Court Upholds the SEC’s Ability to Obtain Disgorgement
Lowenstein Sandler LLP, June 2020

In a long-anticipated decision, the U.S. Supreme Court this week upheld the Securities and Exchange Commission’s (SEC) ability to obtain disgorgement, provided the award does not exceed the wrongdoer’s ill-gotten gains and is returned to the victims. The Supreme Court’s decision came inLiu et al. v...

Latest Update on the Paycheck Protection Program Flexibility Act of 2020
Lowenstein Sandler LLP, June 2020

View our other alerts and articles on the SBA Paycheck Protection Program on our Coronavirus/COVID-19 resource page. This alert was originally published on June 4, 2020, and is being updated as new information becomes available...

Some Going Concerns: A Primer on Intellectual Property Issues in Bankruptcy for Licensors and Licensees
Lowenstein Sandler LLP, June 2020

Westlaw Journal Bankruptcy Much has been written on the myriad of legal issues emanating from the global COVID-19 pandemic: the constitutionality of the lockdowns, liability for stores that open, the process of obtaining PPP loans, and the applicability of force majeure clauses, to name a few. As intellectual property and bankruptcy practitioners, we are fielding more questions regarding the impact of bankruptcies (both actual and potential) on the rights of licensors and licensees...

Privacy Concerns Multiply as Digital Contact Tracing Spreads: U.S. Tech Industry Takes the Lead as Congress Fails to Act
Lowenstein Sandler LLP, June 2020

What You Need To Know: Digital contact tracing (DCT) is a potential game changer in the COVID-19 pandemic. However, the sensitive personal information collected by DCT applications (“DCT apps”) largely falls through the cracks of existing U.S. data protection laws. The California Consumer Privacy Act (CCPA) may be the only current legal model that encompasses the data privacy aspects of digital contact tracing...

Long Overdue: U.S. Supreme Court Holds Title VII Protects Gay and Transgender Employees
Lowenstein Sandler LLP, June 2020

What You Need To Know: It is now unlawful under federal law to discriminate against an employee because of that person’s sexual orientation or transgender status. Previously, more than 25 states did not have laws protecting gay employees from discrimination. Yesterday's Supreme Court decision confirms that discrimination based upon one’s sexual orientation or gender identity is discrimination based upon sex and therefore unlawful...

DOJ Releases Updated Guidance for Evaluating Corporate Compliance Programs
Lowenstein Sandler LLP, June 2020

Use of Data Analytics and Access to Compliance Resources Among New Considerations On June 1, 2020, the United States Department of Justice (DOJ) updated its “Evaluation of Corporate Compliance Programs,” a guidance document used by prosecutors to assess compliance programs. Prosecutors use the document in making charging decisions pertaining to companies and in imposing obligations such as a corporate monitorship...

U.S. Government Issues Updated Sanctions Warning
Lowenstein Sandler LLP, June 2020

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, reflecting increased scrutiny and enforcement attention by U.S. government agencies on curbing illicit shipping practices...

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program
Lowenstein Sandler LLP, June 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Paycheck Protection Program Flexibility Act of 2020
Lowenstein Sandler LLP, June 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the legislation may be clarified or added. View our other alerts and articles on the SBA Paycheck Protection Program on our Coronavirus/COVID-19 resource page. On June 3, 2020, the U.S...

California Attorney General Submits Final Regulations for the California Consumer Privacy Act
Lowenstein Sandler LLP, June 2020

What You Need To Know: The final California Consumer Privacy Act regulations are now under review by the California Office of Administrative Law, and there will be no additional opportunities for public comment. The California Attorney General has requested expedited review of the CCPA regulations, bypassing an executive order issued by the Governor of California extending administrative review periods due to the COVID-19 pandemic...

Contradictory Responses by Privacy Regulators Post-COVID-19: Balancing the Economy With Cybersecurity in a Changed World
Lowenstein Sandler LLP, June 2020

What You Need To Know: The CCPA is currently set to become enforceable on July 1. If your business is regulated by the CCPA, you have 30 days from publication of this alert to comply. Government authorities have pursued different, frequently contradictory, approaches to enforcing data privacy and cybersecurity regulations during the COVID-19 pandemic...

Antitrust Does Not Shelter in Place During a Pandemic, Part 2: Don’t Claim the Failing Firm Defense Unless You’re Really Failing
Lowenstein Sandler LLP, May 2020

The Federal Trade Commission (FTC) has reminded us that the “failing firm defense” is much harder to pull off than might be imagined, and that the antitrust agencies will closely analyze all “failing company” claims even during the coronavirus pandemic. In its May 27 blog post, "On “Failing” Firms — and Miraculous Recoveries,"the FTC emphasized that the defense is difficult to make and, even more to the point, often not true...

Emerging From COVID-19: Data Privacy and Security in a Changed World
Lowenstein Sandler LLP, May 2020

As millions have moved their professional and personal lives online, in-person contact during the COVID-19 pandemic has become a memory except for “essential” public services. To receive medical care or an education, be entertained, conduct business, shop for essentials, and engage in online gaming, Americans have few options but to fill in the blanks with their personal information. Individuals, consumers, and business contacts are becoming acutely aware of the risks...

COVID-19: Focus on Executive Compensation
Lowenstein Sandler LLP, May 2020

The impact of the COVID-19 pandemic on the business community is unprecedented. Every company and executive is questioning the effects the disease will have on their business, employees, customers, and local and global economies. While it is still too early to know the long-term ramifications of the disease, the more immediate implications for businesses are already evident, including a lockdown of large swaths of the U.S...

Deferred Compensation Considerations in the Wake of the COVID-19 Pandemic
Lowenstein Sandler LLP, May 2020

As the COVID-19 pandemic continues to unfold, both employers and employees are faced with liquidity issues, furloughs, layoffs, and the reduction of hours. In order to conserve cash, employers may be looking for ways to delay payments of deferred compensation and employees may be looking for ways to accelerate the payments of deferred compensation...

COVID-19: Considerations in Stock Option Repricing
Lowenstein Sandler LLP, May 2020

In the past weeks, many companies, both public and private, have seen their stock prices and values decline because of the economic disruption caused by COVID-19. As a result, outstanding stock options may no longer provide adequate incentives, as their exercise prices may be well above the current fair market value for the company’s common stock (i.e., the options are “underwater”)...

SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple Enforcement Actions
Lowenstein Sandler LLP, May 2020

Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans...

IRS Temporarily Flexes Rules for Flex Benefit/Section 125 Plans
Lowenstein Sandler LLP, May 2020

IRS Notice 2020-29 gives employers new opportunities to help employees who participate in Section 125 plans deal with COVID-19...

Application for PPP Loan Forgiveness... Now What?
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On Friday, May 15, 2020, the SBA released its Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Forgiveness Application”)...

Dear Tech Company Founders & VCs: Eligible on Main Street
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added...

TALF 2020 Update
Lowenstein Sandler LLP, May 2020

On May 12, 2020, the Federal Reserve Bank of New York (the Federal Reserve) announced further updates to the 2020 Term Asset-Backed Securities Loan Facility (TALF 2020), including an updated term sheet and its release of the first TALF 2020 FAQs (FAQs). The FAQs clarify key terms of TALF 2020 and detail the operational mechanics of obtaining a TALF loan...

U.S. Government Issues Updated Sanctions Warning to Maritime Shipping Community; Recommends Best Practices to Mitigate Risk
Lowenstein Sandler LLP, May 2020

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, reflecting increased scrutiny and enforcement attention by U.S. government agencies on curbing illicit shipping practices...

Romag Fasteners: SCOTUS Holds That Plaintiffs in Trademark Suits Need Not Show "Willful Intent" of Infringement to Recover Damages for Lost Profits
Lowenstein Sandler LLP, May 2020

In a recent unanimous decision in Romag Fasteners, Inc. v. Fossil, Inc., the U.S. Supreme Court brought some welcome clarity to the question of whether willfulness is required in order to recover an infringer’s profits under Section 35 of the Lanham Act, 15 USC § 1117(a),in infringement litigation. Section 1117(a) sets out the statutory requirements for recovery of acts of trademark infringement, unfair competition, and false advertising...

Minimizing Director Liability: Best Practices for PPP Recipients
Lowenstein Sandler LLP, May 2020

Congratulations–you have successfully received an SBA PPP loan! While you are likely thinking that the hard work is over, you are, unfortunately, wrong. The responsibilities of a PPP loan recipient extend beyond the four corners of the application, do not end upon receipt of the funds, and, likely, only lapse upon repayment of the loan in full...

FAQ 46 & 47: Crime & Punishment (or the Lack of Either) for PPP Loans Large and Small
Lowenstein Sandler LLP, May 2020

With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13)to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately, prompts more questions than answers regarding risks around certifications required under the PPP...

 

 

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