In a decision holding that surety bonds are not executory contracts, the Fifth Circuit signaled that courts may in the future utilize the functional approach to determine if multiparty contracts are executory in nature. The case, filed in the United States Bankruptcy Court for the Middle District of Louisiana as In re Falcon V, L.L.C.
Supreme Court to Review FLSA Claim By Highly Compensated Offshore Employee
In Helix Energy Solutions Group Inc v. Hewitt, an en banc U.S. Fifth Circuit Court of Appeals issued a 12-6 ruling last year finding that a highly paid offshore supervisor (who was paid more than $200,000 per year on a day rate basis) was entitled to overtime premium pay because he was not paid
FinCEN Issues Guidance on the Corporate Transparency Act
Last month, the Financial Crimes Enforcement Network (“FinCEN”) published proposed regulations to implement the Corporate Transparency Act (“CTA”), which was enacted into law on January 1, 2021. The CTA is designed to help prevent the use of anonymous shell companies in money laundering and other illicit activities by requiring U.S. companies to report personally identifiable
Louisiana Department of Revenue Announces A Transfer Pricing Managed Audit Program
On October 28, 2021, the Louisiana Department of Revenue (the “Department”) publicly announced a transfer pricing managed audit program in Revenue Information Bulletin No. 21-029 (October 26, 2021). Louisiana’s program is similar to managed audit programs recently introduced in other states, such as Indiana and North Carolina. However, unlike some other states, Louisiana’s managed
The Ball’s In Their Court Now: NCAA’s NIL Policy Provides Trademark Opportunities for College Athletes
In the United States, name, image, and likeness (“NIL”) are the three elements that make up a legal concept known as the right of publicity. The right of publicity is an intellectual property right that protects against the misappropriation of a person’s name, likeness, or other forms of personal identity—such as nickname, pseudonym, voice, signature,
It Pays to go to College: NCAA Allows College Athletes to Profit from their Name, Image, and Likeness
Effective today, July 1, the NCAA has officially suspended the organization’s rules prohibiting athletes from selling the rights to their names, images, and likenesses (“NIL”). Despite the NCAA’s longstanding principles that payments to athletes while attending college would undermine amateurism of college athletics, the organization’s Division I board of directors decided Wednesday that it would
Designated Responsible Engineers
The practice of engineering is regulated through licensure in all states. Whether and under what conditions a state will allow engineers to practice through limited liability entities (“LLEs”) (e.g., corporations, limited liability companies, and limited liability partnerships) varies from state to state:
- Some states do not regulate engineering LLEs at all.
- Some states
U.S. Supreme Court Gives Good News to Secured Lenders, Tempered with Words of Caution
The U.S. Supreme Court offered some good news to secured lenders last week, tempered with words of caution. In Chicago v. Fulton, the Court held that a secured creditor does not violate Section 362(a)(3) of the Bankruptcy Code by merely continuing to hold property of its debtor after that debtor files a bankruptcy petition.
New Changes to Louisiana’s Corporate Laws Give Increased Flexibility to Business Corporations
On October 16, 2020, Governor John Bel Edwards signed into law Senate Bill 33 amending the Louisiana Business Corporation Act (LBCA) in several areas.
Remote Shareholder Meetings (La. R.S. 12:1-709)
The new law, which became Act No. 3 of the 2020 Second Extraordinary Session, allows for meetings of shareholders to be held solely by means
Additional Guidance Impacting PPP Loan Forgiveness
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). On April 24, 2020, the President signed the Paycheck Protection Program and Health Care Enhancement Act which provided additional funding. On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020