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- With developments over the recent years that include a number of high profile data breaches (e.g., Snowden and Target), the National Institute of Standards and Technology release of its recommendations titled the "Framework for Improving Critical Infrastructure Cybersecurity," and the enhanced regulatory exam focus on identifying an institution’s preparation and protections related to cyber risks, institutions and boards that fail to focus and create plans to deal with cyber risks do so at their own peril.
- Life as a mutual thrift is a good news/bad news proposition. The "good news" is that you’re not constantly facing shareholder pressures for performance and returns because you don’t have shareholders to worry about. The "bad news" is that your only current direct option for raising capital, when needed or desired, is severely restricted to the long-term mechanism of accumulating retained earnings.
- While the "big" banks and bank holding companies have been issuing preferred stock to raise capital for years, we have recently seen increased interest from community banks and bank holding companies in issuing convertible preferred stock to raise capital. In the past 12 to 18 months, there have been a number of convertible preferred stock offerings, including both registered offerings and private placements, by community bank and thrift holding companies.
- On February 24, 2014, the Federal Reserve provided better insight into issues that may delay or prevent its approval of applications and notices relating to transactions, including mergers and branch or line of business expansions. The Federal Reserve’s supervisory letter also announced that it would begin publishing a semi-annual report in the second half of 2014 to enhance transparency in the bank applications and notice process.
- There is good news for FCA defendants out of the First Circuit: According to a recent decision, settlement payments in excess of the government’s single damages are tax deductible if the defendant can show that the excess sums are compensatory, rather than punitive. The Internal Revenue Code allows businesses to deduct its “ordinary and necessary expenses” but not “any fine or similar penalty paid to a government for the violation of any law.” Applying this guidance to FCA settlements is complicated by the FCA’s treble damages provisions, which clearly implicate a punitive damages component.
- J.B. Lind, an associate in the Vorys Cincinnati office and a member of the litigation group, authored an article for the September issue of the Cincinnati Bar Association’s CBA Report titled “CALL Class XVIII: Youth Court.”
- On August 22, 2014, the Sixth District Court of Appeals affirmed on all counts a Williams County probate court’s September 2012 decision in favor of PNC Bank, National Association against successor trustee and beneficiaries’ various breach-of-fiduciary-duty claims. The decision in Newcomer v. National City Bank, (2014-Ohio-3619; 2007 Ohio App. LEXIS 6365 (Ohio App. 6th Dist.)) provides critical guidance for Ohio trustees on four key points of law.
- Whitney Gibson, a partner in the Vorys Cincinnati office and the leader of the firm’s internet defamation group, authored an article for Social Media Explorer titled “How to Respond to Online Brand and Reputation Attacks.”
- Today, anyone who wants to cause damage to a business can easily do so simply by going online and harming them in one of many different ways. Online attacks on businesses and their professionals may originate from a number of parties, including business competitors.
- Whitney Gibson, a partner in the Vorys Cincinnati office and the leader of the firm’s internet defamation group, authored an article for PR Daily titled “What Marketers Should Know About the FTC's Pinterest Contest Rules.”
- Whitney Gibson and Jordan Cohen, attorneys in the firm’s internet defamation group, authored a column entitled “How A Hotel's Anti-Negative Review Policy Backfired,” which appeared in the August 6, 2014 edition of Hospitality Law360.
- Two federal appeals courts ruled yesterday on a key provision of the Affordable Care Act (ACA) – and reached opposite conclusions. At issue is the component of the ACA that allows individuals who earn between 100% – 400% of the federal poverty level (FPL), or $11,670 and $46,680 for an individual, to be eligible to receive a subsidy to purchase insurance in a Health Insurance Marketplace
- Several Vorys attorneys authored an article titled “Mental Health Parity and Addiction Equity Act Parity Analysis is Fine Tuned” for National Bar Association's Health Law Section July 2014 Newsletter.
- Client Alert: Ohio Appellate Court Interprets OTC and UPOAA; Allows New Claim for Treble Damages by Vested BeneficiariesOn July 3, the Second District Court of Appeals issued an opinion in Cartwright v. Batner, 2014-Ohio-2995 (Ohio App. 2 Dist.), which interprets both the Ohio Trust Code and Ohio’s Uniform Power of Attorney Act, recognizes a new claim for treble damages by vested beneficiaries, and provides guidance on a variety of issues important to estate planners, fiduciaries, beneficiaries and those who represent them.
- Whitney Gibson, a partner in the Vorys Cincinnati office and the leader of the firm’s internet defamation practice, authored an article for HOTELS Magazine titled “How to Protect Against False Online Reviews.” In the article, Gibson outlines the importance of having a positive online reputation in the hotel industry.
- Whistleblower Defense Alert: D.C. Circuit Grants Writ of Mandamus and Protects Privilege of Internal Corporate InvestigationsLast week, the D.C. Circuit provided good news to defense contractors, health care providers and all other corporate entities doing business with the government. In a forceful opinion, the court overruled a trial court decision that portended disastrous consequences for privileged internal investigations by corporate legal departments.
- Whistleblower Defense Alert: The Supreme Court Will Review Fourth Circuit Decision that Weakened the False Claims Act’s Statute of Limitations and First-to-File BarToday, the Supreme Court granted the petition for certiorari in Kellogg Brown & Root Servs., Inc. v. United States ex rel. Carter. The petition presented two questions: (1) whether the Wartime Suspension of Limitations Act (WSLA) applies to claims of civil fraud brought by qui tam relators, and (2) whether the False Claims Act’s (FCA) first-to-file rule is an absolute bar or whether it permits subsequent actions so long as the first-filed action had been dismissed on non-merits grounds prior to filing of the subsequent action.
- On June 20, Florida’s governor signed into law a replacement to its former breach notification statute, called the Florida Information Protection Act of 2014. This law is going into effect very quickly (July 1, 2014), and will be one of the most robust breach notification laws in the country. The Florida law did not necessarily break new ground, but it incorporated into one law many of the recent trends that have been passed in other states.
- The Federal Trade Commission mandates that material connections between endorsers and advertisers be disclosed. Yet there are countless misleading review websites out there, masking payments received in exchange for positive publicity.
- Whitney Gibson, a partner in the Vorys Cincinnati office and the leader of the firm’s internet defamation group, authored an article for Social Media Explorer titled “Celebrity Spokespersons and the Federal Trade Commission.”