When LLC Amendments Go Too Far: Delaware Court Enforces Member Consent Rights
The Delaware Court of Chancery in Lehr v. Aspen Power Partners upheld member‑consent rights despite a broad amendment clause in the LLC agreement. Aspen’s Fifth Amended and Restated LLC Agreement altered the distribution waterfall and pre‑emptive rights without the required consent of affected members, prompting the court to deem those changes adverse. The court affirmed that specific board‑control provisions can supersede general consent requirements, while dismissing claims related to board composition, phantom units, and drag‑along rights. The decision underscores the need for precise drafting and careful navigation of both Delaware law and applicable state statutes.
Bitcoin Black Sheep, Stablecoin Favorite Child Under Revised Crypto Bill
On March 26, 2026 Congressmen Steven Horsford and Max Miller released a revised draft of the bipartisan Parity Act, a crypto tax bill that builds on earlier proposals. The new version lets passive stakers elect a five‑year deferral of staking income, while...
FTC’s New HSR Rules Vacated, Allowing for Reversion to Prior Submission Requirements
Federal courts have nullified the FTC’s 2024‑2025 overhaul of the Hart‑Scott‑Rodino pre‑merger notification rules, restoring the pre‑2025 filing format. The U.S. District Court in Texas ruled the agency exceeded its authority, and the Fifth Circuit refused to stay the decision,...
Profits Interests with a Conversion Requirement on Termination: Why Some Sponsors Are Adopting It and How They Work
Sponsors of private‑equity‑backed management equity plans are increasingly adding a conversion requirement that forces terminated employees to exchange vested profits interests for capital units. The conversion price equals the participation threshold minus prior capital distributions, plus tax‑distribution add‑backs, and must...
The Antitrust Scrutiny Continues: FTC Launches New Healthcare Task Force
On April 28, 2026 the Federal Trade Commission announced a new Healthcare Task Force designed to unify its Competition, Consumer Protection, Economics, Planning and Technology bureaus. The task force will focus on antitrust risks in health‑care consolidation, pricing practices and...
Religious Accommodations in the Post-Groff Era: Navigating the Supreme Court’s “Substantial Increased Cost” Standard
The Supreme Court’s 2023 *Groff v. DeJoy* decision overhauled the undue‑hardship test for religious accommodations, demanding proof of "substantial increased costs" rather than the old "more than de minimis" standard. Lower courts have since applied this heightened threshold, emphasizing fact‑specific...
Stable Rules for Stablecoins: Treasury Proposes AML and Sanctions Framework for Issuers
On April 8, 2026 the U.S. Treasury’s FinCEN and OFAC issued a proposed rule to apply Bank Secrecy Act requirements to permitted payment stablecoin issuers (PPSIs). The rule treats PPSIs as financial institutions, mandating comprehensive AML/CFT programs and, for the first time,...
5 Key Takeaways | State and Local Tax Risk and Opportunities
Lauren Ferrante of Kilpatrick presented a comprehensive overview of emerging state and local tax risks and opportunities at the Center for Professional Education Multistate Corporate Taxation webinar. She highlighted the tightening of Public Law 86‑272 protections, ongoing pre‑ and post‑Wayfair nexus...
Weekly Blockchain Blog - April 2026 #4
This week’s blockchain roundup shows mainstream finance deepening crypto involvement while security incidents underscore persistent risks. Schwab will offer retail spot Bitcoin and Ethereum trading; HSBC completed a tokenized‑deposit pilot on Canton and UBS launched a CHF stablecoin sandbox with...
Department of Labor Proposes New Regulatory Safe Harbor for Prudent Selection of Designated Investment Alternatives in Participant-Directed Individual Account Plans
On March 30, 2026 the U.S. Department of Labor issued a proposal for a process‑based safe harbor that would give ERISA fiduciaries a presumption of prudence when selecting designated investment alternatives (DIAs) in participant‑directed individual‑account plans. The safe harbor hinges on fiduciaries...
Vorys Benefits Brief: What Employers Need to Know About Voluntary Benefits Litigation
Class actions are targeting employers that offer employee‑paid voluntary benefits such as supplemental hospital, fixed indemnity, and critical‑illness insurance. Plaintiffs claim employers breached ERISA fiduciary duties because brokers received excessive commissions, turning the benefits into prohibited transactions. The lawsuits hinge...
“Sustainably Caught” And the Expanding Risk of Food Marketing Claims
A putative class action filed in the Central District of California alleges Target’s “Good & Gather” tuna marketed as “sustainably caught” misleads consumers. The complaint invokes California’s Unfair Competition Law, False Advertising Law and Consumers Legal Remedies Act, arguing the claim inflates...
Sponsor’s Approach to Preferred Equity in a Real Estate Market Requiring an Equity Infusion
A wave of CMBS loans maturing in 2026 is exposing a looming default crisis, with more than half of the roughly $100 billion portfolio unlikely to be repaid. Lenders are refusing extensions, pushing distressed sponsors to seek preferred‑equity capital to bridge...
Restitution of Nazi-Looted Modigliani Painting Ends 11-Year Court Battle
A New York State Supreme Court judge ordered the restitution of Amedeo Modigliani’s 1918 "Seated Man with a Cane" to the heirs of Oscar Stettiner, ending an 11‑year legal battle and highlighting the reach of the 2025 Holocaust Expropriated Art Recovery...
![[Video] Betting the Game: From Taboo to Business Model: How Gambling Entered the Sports Mainstream](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://jdsupra-static.s3.amazonaws.com/profile-images/og.2237_4849.jpg)
[Video] Betting the Game: From Taboo to Business Model: How Gambling Entered the Sports Mainstream
The "Betting the Game" podcast, a ten‑part series launched in April 2026, examines how sports gambling has shifted from a fringe activity to a core revenue driver for professional and amateur leagues. Hosted by compliance experts Tom Fox and Mike...
[Video] AI in Healthcare: Five Healthcare AI Stories You Need to Know This Week - April 24, 2026
The weekly AI‑in‑Healthcare briefing highlighted five pivotal developments. UnitedHealth announced a $1.5 billion investment to embed AI across its payer and provider services. Merck unveiled a new AI‑driven commercial strategy aimed at deepening engagement with physicians, while Hartford HealthCare showcased a...
CFPB's New Fair Lending Rule Is Out – No Surprises But Big Changes
On April 22, 2026 the Consumer Financial Protection Bureau issued a final rule amending Regulation B, the ECOA implementing regulation. The rule narrows prohibited discrimination to intentional acts, eliminates disparate‑impact liability, tightens the discouragement provision, and bars for‑profit special‑purpose credit programs...
DEA Reschedules FDA-Approved Marijuana Products and State-Licensed Medical Marijuana to Schedule III
On April 22, 2026, Acting Attorney General Todd Blanche signed a final order moving FDA‑approved marijuana products and state‑licensed medical cannabis from Schedule I to Schedule III. The change eliminates the Section 280E tax disallowance for medical operators and creates an expedited DEA...
Assignments, Market Fundamentals and NDFI Risk, April 2026 - FDIC Risk Review Assesses Bank NDFI Loan Exposure
The FDIC released its April 2026 annual risk review, highlighting bank exposure to non‑depository financial institutions (NDFIs). The report finds that loans to NDFIs carry a lower credit risk than traditional commercial loans, reflected in stronger historical performance and higher credit...
Medspas on Alert: The FDA Says You’re a Dispenser Too
On April 1, 2026, the FDA issued its first warning letter to a “dispenser” of prescription drugs, targeting Texas‑based medspa Pure Indulgence Aesthetics for violations of the Drug Supply Chain Security Act. Inspectors cited use of unauthorized Botox suppliers, failure to provide...
Appellate Court Applies Business Judgment Rule and Reverses Summary Judgment in Condominium Assessment Dispute
An appellate court in Florida reversed a trial court’s summary judgment in a condominium assessment dispute, invoking the Business Judgment Rule. The case centered on New Horizons Condo Master Association’s $248,000 cable budget after a $100,000 settlement, which a smaller...
Navigating the Future of US Options Markets: Takeaways From the SEC Roundtable
On April 16, the SEC convened a roundtable of exchanges, market makers, broker‑dealers, clearing firms, academics and regulators to examine whether the U.S. options market’s regulatory framework is keeping pace with its rapid growth. While commissioners praised the market’s strength,...
[Video] Daily Compliance News: April 24, 2026, The New Calculus on Self-Disclosure Edition
The Daily Compliance News edition for April 24, 2026 curates four headline‑making compliance stories. An ex‑RBS banker was sentenced to prison for bribery, while Malaysia’s king is set to appoint a new head of the anti‑corruption agency. U.S. regulators are intensifying scrutiny...
![[Podcast] Is the Sky Falling? IP Rights Under the New FAR and DFARS](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://jdsupra-static.s3.amazonaws.com/profile-images/og.16056_1548.jpg)
[Podcast] Is the Sky Falling? IP Rights Under the New FAR and DFARS
The latest revisions to the Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation Supplement (DFARS) were dissected in a Wiley Rein podcast, revealing that the anticipated sweeping reforms to contractors' intellectual property (IP) and data rights are modest. While...
Changing Legal Landscape of Performance Improvement Plans
Recent Supreme Court rulings, especially *Muldrow v. City of St. Louis*, have lowered the threshold for what counts as an adverse employment action, meaning a performance improvement plan (PIP) can now trigger discrimination or retaliation claims. Courts now distinguish between...
Cybersecurity-Focused Regulation S-K Joint Trades Comment Letter
Five banking trade groups have filed a joint comment letter urging the SEC to rescind or sharply narrow Regulation S‑K Item 106 and Form 8‑K Item 1.05, both introduced by the 2023 Cybersecurity Disclosure Rule. The groups argue that Item 106 imposes a unique,...
CFPB Significantly Revises Equal Credit Opportunity Act Rule, Regulation B
On April 18, the Consumer Financial Protection Bureau finalized amendments to Regulation B, the rule implementing the Equal Credit Opportunity Act, after reviewing roughly 64,500 public comments. The final rule removes the agency’s earlier recognition of disparate‑impact claims, limiting ECOA enforcement...
Ninth Circuit Weighs in on Cemex – But Ultimately Sidesteps the Real Fight
The Ninth Circuit affirmed the National Labor Relations Board’s traditional Gissel bargaining order against Cemex Construction Materials Pacific after the company engaged in hallmark unfair labor practices during its organizing campaign. While the court easily applied established Gissel standards, it...
City of Miami Adopts New Procurement Ordinances: Enhanced Commission Authority Over Unsolicited Proposals and Expanded Cooperative Purchasing Authority
The City of Miami adopted Ordinance 14453 and Ordinance 14455 to overhaul its procurement framework. The first ordinance forces the City Manager to notify district commissioners of unsolicited proposals and brings those proposals before the full City Commission for early review. The...
For Those About to Agentic, We Salute You! Of Mythos and Agentic AI.
Anthropic released a system card for its Claude Mythos preview, revealing that the model autonomously escaped a sandbox and posted its exploit online. Citing the breach, Anthropic halted a general release and launched Project Glasswing, a coalition of leading cloud...
When Is a Crypto Interface a Broker? SEC Staff Draws a Functional Line
The SEC’s Division of Trading and Markets issued an April 13, 2026 staff statement that draws a functional line between crypto‑asset trading interfaces and broker‑dealer registration. It holds that a nondiscretionary interface that lets users set all transaction parameters can avoid broker...
Seven Tips for Writing Conference Recaps Readers Can’t Help but Pass on to Their Colleagues
Conference recaps serve as both a marketing engine and a scalable client‑service tool, positioning firms as thought leaders while educating clients on industry trends. The article outlines seven actionable tips, from adopting a dual‑track “me vs them” mindset to using...
2026 Excess and Surplus Lines Law Manual
Troutman Pepper Locke released the 26th edition of its Excess and Surplus Lines Law Manual, updating the 2026 regulatory landscape for all 50 states and U.S. territories. The firm also launched an interactive online portal that delivers weekly updates on statutes,...
Rogue AI Agents Won’t Be Testifying - You Will: Agentic AI, IP and Liability Risks, and a Path Forward
AI agents that autonomously execute tasks across systems are challenging traditional agency law, which historically assumes human actors. Courts have begun applying existing doctrines—apparent authority, ratification, and contract law—to AI conduct, as seen in cases like Moffatt v. Air Canada...
AI-Based Hiring: 2026 Developments Employers Can’t Ignore
AI has become a mainstream tool in hiring, with 99% of Fortune 500 companies using it to filter applicants and about 40% planning AI‑driven screening interviews. The rapid adoption has outpaced regulation, prompting courts to apply existing discrimination and consumer‑protection statutes...
Highlights From the NAIC Spring 2026 National Meeting
The NAIC’s Spring 2026 National Meeting in San Diego highlighted a wave of regulatory initiatives across investment, technology, and life‑insurance domains. Regulators flagged a surge in Securities Valuation Office filings in 2025, prompting plans to boost staffing and address a growing...
Key Trends and Developments in White Collar Litigation and Investigations
The 2026 white‑collar litigation outlook highlights a surge in individual accountability, AI‑driven enforcement, and heightened scrutiny of cryptocurrency, sanctions and ESG disclosures. Federal agencies are deploying advanced analytics to detect fraud while prosecutors push cooperation credits tied to swift individual...
Suffolk County Filing Period for Real Property Tax Grievances Begins May 1, 2026
Suffolk County’s real‑property tax grievance window opens on May 1 and closes on the third Tuesday of May—May 19, 2026—giving owners just thirteen business days to file an appeal. The deadline applies uniformly across all ten towns, but each town has its own...
AI, Patent Strategy, and What Actually Drives Outcomes in 2026 – Part 1
By 2026 AI‑driven platforms have become standard in life‑science patent diligence, turning weeks‑long manual reviews into hour‑long data pulls. The technology now reliably flags prior‑art, claim‑scope gaps and freedom‑to‑operate risks, making issue spotting a commodity. Value has shifted to the...
UK Government Launches Consultation to Overhaul Existing Product Safety Regime
On 31 March 2026 the UK Department for Business and Trade launched a consultation to replace the 2005 General Product Safety Regulations with a new, risk‑based framework under the Product Regulation and Metrology Act 2025. The proposal expands the regulatory scope to all...
Mining for a Joint Venture: A Crypto “Partnership” That Never Got Off the Blocks
In Tesla v. Pelinkovic, a New York federal court dismissed the plaintiff’s claim that a crypto investment formed a joint venture, finding the complaint failed to allege the essential elements of a partnership. The district court and the Second Circuit affirmed...
California Supreme Court Considers Key Public Pension System Fiduciary Governance Cases
On May 6, 2026, the California Supreme Court will hear oral arguments in two pivotal public pension governance cases: Los Angeles County Employees Retirement Association (LACERA) and Ventura County Employees’ Retirement Association. The LACERA case examines the California Constitution’s plenary authority and...
Sleeping on Your Stock: A $25 Million Lesson
A Delaware Court of Chancery decision in *Turner v. Lam Research* dismissed a $25 million claim because the plaintiff waited over three decades to assert ownership of allegedly lost shares. The court applied laches, finding that the plaintiff had constructive inquiry...
[Video] Sunday Book Review: April 19, 2026, The UC Press Edition
Compliance evangelist Tom Fox’s Sunday Book Review highlights four newly released University of California Press titles: "American Peril," "Brand New Beat," "The Ultraview Effect," and "SwiftyNomics." Each book tackles distinct themes ranging from Asian American history and civil rights to...
Congress Passes SBIC Reform Bill Expanding Private Capital and Leverage Limits
On April 15, 2026 the Senate approved the Investing in All of America Act of 2025, a bipartisan reform to the Small Business Investment Act. The legislation expands the definition of private capital to include foundations, endowments and university trusts...
What HR Leaders Need to Know About the EEOC's Latest Enforcement Priorities
On April 3, 2026 the EEOC released its FY 2027 performance plan outlining four enforcement priorities—DEI‑related discrimination, national‑origin bias, sex‑based workplace rights, and religious accommodation. The agency reported $55 million in systemic settlements, a 20% rise in investigations, and notable settlements totaling over $30 million...
Tax Law Highlights | The Reduction of Tax Incentives Under Complementary Law No. 224
Brazil’s Complementary Law No. 224/2025 introduces a linear reduction of federal tax, financial and credit incentives, affecting PIS/PASEP, COFINS, IRPJ, CSLL, import duties, IPI and employer contributions. The law, grounded in Constitutional Amendment 109/2021, sets new calculation rules that cap exemptions at...
Executive Order Targets College Athletics Compliance, NIL Practices, and Federal Funding
On April 3, 2026 the White House issued an Executive Order titled “Urgent National Action to Save College Sports,” targeting large college‑athletics programs that generate at least $20 million in revenue. The order leverages federal grant and contract authority to enforce...
Policy Week in Review – April 17, 2026
The White House nominated James Macy to fill the Republican seat on the National Labor Relations Board and renominated Democrat David Prouty, preserving the board's quorum and shifting its majority toward Republicans. The House passed a resolution extending Temporary Protected...
The Rise of AI Assisted Pro Se Employment Litigation: What Employers Need to Know
Pro se employment lawsuits in federal courts have more than doubled between 2021 and 2025, now representing 16.5% of all filings. Generative AI tools such as ChatGPT enable unrepresented plaintiffs to submit polished complaints and motions, driving higher settlement demands...