Category Archives: General
A Day Off to Vote (#DOV) – Florida
How can your firm or business ensure that its employees will have the time and opportunity to cast their ballots in Election 2020? Join the 60 firms* participating in our nonpartisan project and give your employees “A Day Off to Vote.” It can be Election Day or an early voting day. Any amount of time off… Read More »
LLC Membership Disputes: Can a Member of an LLC be Expelled?
By Lauren Johnson* Introduction The short answer is “Yes.” But there are certain circumstances, under Florida’s Revised Limited Liability Company Act (the “Revised Act”), that must apply before expulsion may occur. As of January 1, 2015, LLCs in the State of Florida are subject to the Revised Act, set forth in Chapter 605, Florida… Read More »
A Primer on the New SEC Whistleblower Program
The U.S. Securities and Exchange Commission’s (SEC) Office of the Whistleblower opened for business in August 2011. In light of the devastating securities-fraud cases of the last decade, Congress included a provision in the Dodd-Frank Act that incents private citizens to report suspected securities fraud. A tip, if it leads to a successful enforcement… Read More »
New FINRA Suitability Rule in a Nutshell
FINRA Rule 2111, the new suitability rule enacted by the Financial Industry Regulatory Authority (“FINRA”), takes effect on July 9, 2012. Rule 2111 states in pertinent part: a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable… Read More »
Securities Corner: The Good, The Bad and the Ugly of “ETFs”
Overview The exchange traded fund (ETF) market recently passed a key milestone in 2011 when the total assets invested in ETFs crossed the $1 trillion mark. Despite their growing popularity, many investors are still not sure exactly what ETFs are. As with any investment, it pays to be an educated investor. An ETF is… Read More »
Diminished Financial Capacity: How to Plan for It and Help Others Who May Have It
The SEC’s Office of Investor Education and Advocacy and the Consumer Financial Protection Bureau recently issued the Investor Bulletin and Advisory: Planning for Diminished Capacity and Illness to address a growing concern for the country’s estimated 44 million adults over the age of 65. Financial Capacity – what is it? Financial capacity is an… Read More »
The JOBS Act
Last week, President Obama signed the Jumpstart Our Business Startups Act (“JOBS Act”) into law. The JOBS Act includes several significant changes to the fundraising provisions contained in the federal securities laws: the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (“Exchange Act”). Legislative supporters of the JOBS Act… Read More »
Supreme Court Clarifies the Construction of the Apportionment Rule for Joint Proposals for Settlement
In a pair of recent rulings, the Florida Supreme Court has again clarified the apportionment requirement in Florida Rule of Civil Procedure 1.442(c)(3) for proposals for settlement. In both recent cases – Audiffred v. Arnold, No. SC12-2377, and Pratt v. Weiss, No. SC12-1783 – the court invalidated the proposal at issue as an improper… Read More »
Reverse Mortgage Fraud & the False Claims Act
Reverse mortgage fraud is on the rise, and taxpayers are paying the bill. How? A reverse mortgage is a type of home equity loan available only to elderly borrowers who have a large amount of equity in their homes. Essentially, the borrower cashes out the equity by taking a loan, usually paid to the… Read More »
Shire Pharmaceuticals Settles False Claims Act Case
According to the Department of Justice, Shire Pharmaceuticals, LLC (“Shire”) has agreed to settle two qui tam lawsuits brought by whistleblowers alleging violations of the False Claims Act for allegedly making false and unsupported claims related to Adderall XR, Vyvanse, Daytrana, and promoting off-label uses of its drugs Pentasa, and Lialda. According to the… Read More »
