Although the court held that a lender breached a $750 million revolving credit facility by failing to lend, the lender was protected from liability by a term in the credit facility disallowing consequential damages. In re Lyondell Chemical Co., No. 17-4375-DLC, 2018 WL 565272 (S.D.N.Y. Jan. 24, 2018) the terms of a specific credit agreement provision […]
Continue reading →A multi-state licensing agreement (“Compact”), that standardizes certain elements of the licensing process for money services businesses (“MSB”), has been implemented. MSB include money transmitters, payment service providers, and currency exchangers. The agreement provides that if one state in the Compact has reviewed certain license requirements such as IT processes, cybersecurity, business plan, background check and compliance […]
Continue reading →I will be representing the Orange County Bar Association (OCBA)Banking and Lending Section at the Open House & Section Specialty Day at Chapman University School of Law (1 University Drive, Orange, CA 92866) on Thursday, February 22, 2018 at 11:45 a.m. to 1:00 p.m. We will discuss our Section with students and faculty and hope […]
Continue reading →There has been litigation and public concern about the structure of the Consumer Financial Protection Bureau (“CFPB”) in that a single-director model was created rather than multiple directors at other federal agencies. In the earlier action by PHH the D.C Circuit had held, among other issues, that the single-director status and only the removal of […]
Continue reading →As an update, the Office of the Comptroller of Currency (“OCC”) had proposed a special purpose charter process (“fintech Charter”) for “fintech” or nonbank lenders in 2016. While fintech lenders were evaluating this licensing opportunity, lawsuits were filed, including one filed by the New York Department of Financial Services (“NYDFS”). The complaint alleged, certain […]
Continue reading →I have been getting calls about sexual harassment training so I thought I would post a short reminder of the statutes and requirements in California. California Government Code Section 12950.1 requires that employers train all supervisory employees in sexual harassment and abusive conduct prevention every two (2) years. If an employee is promoted to a […]
Continue reading →Lately, there has been a vocal conversation about women’s’ workplace issues, including, but not limited to, sexual harassment, equality in compensation, work-life balance and advancement in the leadership structure. Large law firm practice is still difficult for women, especially when they are raising families, as the traditional financial and leadership models make it difficult for […]
Continue reading →LLCs now can file their Statements of Information online with the California Secretary of State. You can also request to a pdf copy of the filed Statement of Information by email. Effective January 1, 2018, California Corporations Code Section 2000(a) will provide that it is acceptable that the “contrary provision in the articles” be […]
Continue reading →Volunteering Legal Advice Aiding Texas Hurricane Victims My firm signed up with the American Bar Association relief effort to assist victims of Hurricane Harvey with question relating to missed mortgage payments and relief from foreclosure and other servicer remedies. We are working with the Texas Bar Association to support the Texas Bar in this time […]
Continue reading →I am writing a book for the entrepreneur on seven (7) legal principles for owning and acquiring a business. The second chapter explores entity structuring when you start a business and/or acquire assets (or stock) for a growth strategy. So, why do we want to own a business in a legal structure such as a […]
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