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New York Law Journal

Licensees in the Ordinary Course of Business: What's Exclusive and What's Not

'North Star' underscores the important distinction between nonexclusive and exclusive license agreements when foreclosing on a licensed asset. A licensee seeking to acquire use rights in trademarks encumbered by a perfected security interest should weigh the benefits under Section 9-321 of a nonexclusive license against possible commercial advantages of an exclusive license.
9 minute read

The Legal Intelligencer

Supreme Court Upholds Consumers' Right to Sue Federal Agencies Under the FCRA

In its recent decision in Department of Agriculture Rural Development Rural Housing Service v. Kirtz, the U.S. Supreme Court resolved a circuit split over whether federal agencies could be liable to individuals for private rights of action under the Fair Credit Reporting Act (FCRA).
8 minute read

Law.com

Federal Judge Affirms Creditor's Motion to Enforce $6.4M Garnishment Against Cannabis Retailer

"The fact that there is considerable disagreement among courts as to how to treat cases that implicate marijuana businesses that are legal at the state level is not an 'extraordinary circumstance' that warrants relief under Rule 60(b)(6). For a Rule 60(b)(6) motion to prevail, the relief granted must be necessary to accomplish justice," U.S. District Judge Brendan A. Hurson wrote for the District of Maryland said.
3 minute read

New York Law Journal

NY AG: Firm 'Lined Pockets' Filing Housing Court Lawsuits That Were Already Resolved

The settlement requires Tromberg, Morris & Poulin to pay $595,600 in restitution to more than 4,000 New Yorkers, and $60,000 in penalties to New York State.
3 minute read

New York Law Journal

Creditor Remedies Prevail in Delaware

This article addresses how a Creditor's Committee may sue members of an LLC, despite Delaware law limitations, and how prebankruptcy exercise of proxy rights in reliance on Delaware law are upheld in a subsequent bankruptcy case.
12 minute read

The American Lawyer

White & Case Helped Distribute Nearly 80% of Celsius Account Holder Funds Before Founder's Criminal Fraud Trial

The crypto lender emerged from Chapter 11 at the end of January, with former customers receiving bitcoin, stock in a bitcoin mining operation and the rights to legal claims against founder Alex Mashinsky.
5 minute read

New York Law Journal

Distressed Debt Investors Beware of Disqualified Lender Lists

A recent development with credit agreements is that they contain new provisions that expressly preclude "distressed investors" from holding the loans. This article aims to alert readers of the contractual language changes in these agreements and the implications of those changes.
6 minute read

New York Law Journal

Is RPAPL §1301 Really an Impediment to Pursuing a Guaranty Claim?

Scott Weinberg and Joel Haims discuss New York's "Election of Remedies" statute, examining whether it really has a material impact in practice.
6 minute read

Law.com

Federal Judge in Maine Rules Federal Fair Credit Reporting Act Partially Preempts the State's Laws

"Given the language Congress used in the FCRA, state requirements and prohibitions should only be preempted when the matter is capable of classification as identity theft, and then only 'with respect to the conduct required' by the FCRA's identity theft reporting regulations," U.S. District Judge Lance E. Walker for the District of Maine wrote. "In other words, this is a case of partial preemption. When the federal identity theft regulations apply to an act of economic abuse, then the blocking of identity-theft-related reporting activity must proceed according to federal law. But insofar as a given debt is the product of more than mere identity theft, compliance with both federal and state law may be appropriate, depending on the circumstances."
6 minute read

New York Law Journal

Borrower's Common Defenses in Mortgage Foreclosures Negated

Howard Kingsley, who represented Broom Lender in "Broome Lender LLC v. Empire Broome LLC," discusses the case and how the Appellate Division, First Department removed common obstacles and cleared the path for assignees of mortgage loans to foreclose easily and quickly. Kingsley offers that the case is a "major win for lenders and their assignees because there had not been a prior decision by a New York state court where it found that, although standing was not established through an allonge, standing was established on summary judgment by the assignment of the note."
8 minute read

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