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Dykema | April 2008

The United States Supreme Court's recent decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. et al. is one of the most important securities law decisions handed down by the Supreme Court in many years. It establishes new guidelines in cases where investors seek to hold third parties (such as vendors, as well as attorneys or accountants) liable for participating in securities fraud ...

Dykema | May 2020

The 2020 appeal season is moving and changing quickly, so be sure to not miss any filing deadlines. The deadline for filing petitions with the Michigan Tax Tribunal is set by statute as May 31. On May 14, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-87 (the “Order”), to extend the deadline to protest 2020 property tax assessments to grant some amount of relief to individuals and businesses amid the coronavirus/COVID-19 crisis ...

Dykema | March 2020

The Illinois Department of Commerce and Economic Opportunity (the Department) and the City of Chicago (the City) are providing emergency assistance for Illinois small businesses. These grants and loans are separate from incentives and programs being offered by the U.S. Small Business Administration. Information about the programs and how to apply is set forth below ...

Dykema | April 2020

The State of California and the City of Los Angeles are providing emergency assistance for California small businesses. These grants and loans are separate from incentives and programs being offered by the U.S. Small Business Administration. The State is also reminding businesses of existing small business loan programs that affected businesses can utilize. Information about the programs and how to apply is set forth below. State of California Loan Programs 1 ...

Dykema | July 2018

The Communications Decency Act (CDA)—the law Congress enacted in 1996 and confirmed this past year to shield online publishers from responsibility for the speech of others—gives internet platforms the right to publish the ideas and opinions of third-party users without being held liable for that content or being forced to remove it.[1] In the closely watched case ofHassell v ...

Dykema | August 2020

Businesses across the country have wondered how the new Special Inspector General for Pandemic Recovery (SIGPR) will enforce the CARES Act’s loan requirements, especially with the large number of loan and forgiveness applications. Until recently, the answer was unclear. Press releases have announced Memoranda of Understanding (MOU) between SIGPR and three U.S. Attorney’s Offices to collaborate on investigating and prosecuting CARES Act violations ...

Dykema | July 2016

Last week, Governor Snyder wrote Michigan's congressional delegation to stress the importance of fully funding upgrades to the Soo Locks. Snyder urged Congress to replace the Davis and Sabin Locks with a single, larger lock that would provide redundancy should the Poe Lock fail. The Poe Lock is currently the only lock capable of handling the 1,000-foot freighters used to transport raw materials like iron ore ...

Dykema | March 2009

Treasury Secretary Tim Geithner appeared before the House Committee on Financial Services at a hearing titled "Addressing the Need for Comprehensive Regulatory Reform ...

Dykema | March 2020

On Friday, March 20, 2020, the Department of the Treasury issued Notice 2020-18 (which supersedes Notice 2020-17 issued two days prior), postponing tax filing and payment deadlines for many taxpayers in order to grant some amount of relief to individuals and businesses amid the Coronavirus/COVID-19 crisis ...

Dykema | December 2018

In February of this year, the Securities Exchange Commission issued its updated Statement and Guidance on Public Company Cybersecurity Disclosures. In April, the SEC issued an Order that, among other things, levied a $35 million fine against Yahoo! Inc. for failing to properly report a 2014 data breach. These actions support the view that the SEC is consciously committing attention and resources to cybersecurity issues affecting public companies ...

Dykema | April 2018

In light of the increasing significance of cybersecurity incidents, the Securities and Exchange Commission (SEC) recently found it necessary to provide further guidance with respect to cybersecurity disclosure requirements under the federal securities laws as they apply to public operating companies ...

Dykema | March 2020

On March 25, 2020, the SEC issued an order granting temporary relief from the filing deadlines for certain SEC filings due between March 1, 2020, and July 1, 2020. This order supersedes the SEC’s March 4 order ...

Dykema | April 2020

On April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule, providing additional guidance on the Paycheck Protection Program (PPP). Click here to read the full text of the Interim Final Rule. Here are some of the highlights of new and/or clarified information from the previous guidance issued by Treasury and SBA and the text of the CARES Act: Eligibility Only U.S ...

Dykema | October 2005

The Sarbanes-Oxley Act of 2002 (“SOA”) raised the bar with regard to, among other things, corporate governance, internal controls and executive responsibility. While SOA’s provisions apply primarily to public companies, private companies should become familiar with SOA for two reasons: First, portions of SOA do, in fact, apply to private companies – such as whistleblower protection and document retention provisions ...

Dykema | August 2018

The San Antonio City Council recently approved a new city ordinance that requires employers to provide paid sick leave to employees who work at least 80 hours within the City of San Antonio per year ...

Dykema | May 2020

As many states and municipalities begin lifting stay at home orders and implementing steps for a phased reopening of businesses, employers should be developing a written “game plan” to minimize the risks of transitioning from a COVID-19 complete or partial shutdown to resumption of business as usual, or business in the post-Pandemic workplace ...

Dykema | March 2007

It is generally accepted that mentoring is important to the retention and professional development of attorneys – particularly minority attorneys. However, despite touting their mentoring programs, it appears that few, if any, law firms and corporations “get it right.” Assigning a mentor often results in a few lunches between two people who may or may not have anything in common ...

Dykema | April 2020

A recent decision by the Supreme Court of Pennsylvania concerning a challenge to Governor Tom Wolf’s executive order relating to COVID-19 could impact disputes nationwide that arise out of the pandemic and involve a determination of whether COVID-19 constitutes a “natural disaster” or other like term within the context of force majeure clauses. In its April 13, 2020, decision inFriends of Devito v ...

Dykema | October 2020

Michigan’s Open Meetings Act (“OMA”) was officially amended this past Friday when Governor Whitmer signed SB 1108 (now Public Act 228 of 2020). The new law permits public bodies to conduct electronic meetings under certain circumstances and for a set period of time. The amendments to the OMA were prompted by a recent Michigan Supreme Court decision that effectively eliminated emergency executive orders issued by Governor Whitmer after April 30, 2020 ...

Dykema | June 2020

Coronavirus Disease (COVID-19) is affecting companies across the nation and around the world in a variety of ways. Dykema is closely monitoring the legal ramifications of the crisis and evaluating the potential impact to businesses in a wide variety of industries. This Quick Reference Guide is for informational purposes only and is not intended to be legal advice ...

Dykema | March 2020

Dykema has launched a COVID-19 Resource Center to keep our clients up to date on the most recent legal, business and health guidance surrounding the novel coronavirus and how to navigate their businesses through uncertain times. Various firm practitioners are providing timely content that aims at providing guidance for employer’s current issues as well as those unforeseen items that have yet to arise ...

Dykema | October 2019

As investor interest in qualified opportunity zones (“QOZ”) grows, both qualified opportunity funds (“QOFs”) and investors should be aware of the benefits of organizing QOFs as C-Corporations. C-Corporation QOFs may take advantage of the reduced corporate income tax rate of 21 percent and the benefits under Section 1202 of the Internal Revenue Code (the “Code”) ...

Dykema | August 2018

The tax act (Pub. L. No. 115-97) introduced a new program designed to encourage investments in low-income communities throughout the country that have been designated as qualified opportunity zones (“Opportunity Zones”). Each state and U.S. territory was allowed to designate up to 25 percent of eligible low-income communities as Opportunity Zones ...

Dykema | February 2019

Goal Is to Improve Accuracy and Reduce Potentially Invalid Registrations On February 14, 2019, the United States Patent and Trademark Office (PTO) issued aNotice of Proposed Rulemaking(“NPRM”) to require foreign domiciled trademark applicants and registrants to be represented by a licensed U.S. attorney at the PTO. The comment period on the NPRM is open until March 18, 2019 ...

Dykema | June 2020

In response to the ongoing COVID-19 crisis and its resulting adverse effects on the income levels of Michigan residents, a package of bills (2020 SB 912 through 2020 SB 917) was introduced earlier this month to provide additional protections for residential tenants and owner-occupants during a declared state of emergency ...

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