Perspectives on Corporate & Securities

On March 19, 2020, as part of the State of Illinois’ efforts to combat disruptions caused by the coronavirus pandemic, the Illinois Department of Revenue announced that it is waiving for two months all penalties and interest that would be imposed on late payments by registered Illinois retailers operating small eating and drinking establishments for sales tax liabilities that are due for the February, March, and April 2020 reporting periods.

The IRS released Notice 2020-17 on March 18, 2020, formalizing the relief announced the previous day by U.S. Treasury Secretary Steven Mnuchin, which extended the time to pay certain taxes by 90 days.

U.S. Treasury Secretary Steven Mnuchin announced today that individual taxpayers can defer federal tax payments of up to $1 million for 90 days.

U.S. Securities and Exchange Commission (SEC) staff announced guidance to assist public companies with facilitating their upcoming annual shareholder meetings during the ongoing COVID-19 pandemic.

The U.S. Securities and Exchange Commission (SEC) issued an order that grants conditional regulatory relief for certain publicly traded company filing obligations in light of the rapidly spreading coronavirus pandemic.

Arent Fox LLP is pleased to announce that it represented José Andrés’ ThinkFoodGroup in negotiations to operate two signature restaurants – and other dining services – in The Ritz-Carlton New York, NoMad, a $500-million skyscraper in Manhattan slated to open in 2021.

The SEC has announced efforts to assist and guide market participants that may be impacted by the coronavirus. Public reporting companies should confer with their legal advisers regarding disclosure issues that may arise as a result of the global virus.

Schiff Hardin LLP is pleased to announce that 88 attorneys have been named to the 2020 Leading Lawyers list.

The Federal Trade Commission (FTC) announced upward revisions to the jurisdictional thresholds for premerger notification filings under the Hart-Scott-Rodino (HSR) Act last week.

In January, the Supreme Court issued its highly anticipated opinion in Retirement Plans Committee of IBM v. Jander, No. 18-1165, a case that promised to clarify the pleading standard applicable to ERISA stock-drop cases. But the Court’s decision raised more questions than it answered. 

On December 19, 2019, the U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) released the final regulations relating to investment in Qualified Opportunity Zones (QOZ).

Schiff Elects Three Attorneys to Partnership

Schiff Hardin LLP advised I-Bankers Securities, Inc. as managing underwriter in GreenVision Acquisition Corp.’s initial public offering of 5 million shares, raising $50 million with an over-allotment option of $7.5 million.

IP Partner Pamela M. Deese is a featured speaker at the Brand Protection Summit, co-hosted by CounterFind and Warner Music Group on November 7th, 2019 in New York.

Twenty-five Arent Fox LLP practices have been recognized in the 2020 “Best Law Firms” rankings that are published annually by US News & World Report and Best Lawyers.

Schiff Hardin LLP announced today that the firm has received 45 top-tier rankings and national recognition for its premier practices in the 2020 edition of U.S. News – Best Lawyers® “Best Law Firms.”

It is increasingly popular for overseas investors to purchase minority interests such as limited partnerships in U.S.-based companies or funds.

A federal court in Nebraska recently rejected a health plan’s fiduciary breach claims under the Employee Retirement Income Security Act of 1974 against third-party service providers, holding that the service providers were not ERISA fiduciaries and did not breach fiduciary duties under ERISA.

Schiff Hardin LLP has been recognized on Forbes’ inaugural list of America’s Top Corporate Law Firms in 2019, and received a “most recommended for” designation in Corporate Governance law. Schiff was among 243 most-recommended corporate law firms on the list.

Finance Partner Les Jacobowitz spoke with Banking New York after attorneys general in at least five states began conducting investigations tied to alleged manipulation of the London interbank offered rate (LIBOR), adding to probes by US and UK authorities.

The Securities and Exchange Commission (SEC) issued proposed regulations earlier this month that would amend three of the disclosure items required under Regulation S-K:

WASHINGTON — Fifty Arent Fox LLP attorneys have been rated as leaders in their profession by The Best Lawyers in America 2020.

Schiff Hardin LLP represented Chugoku Electric Power Company, Inc. (Chugoku) in its 10 percent membership interest acquisition in South Field Energy Partners LLC (South Field Energy), a subsidiary of Advanced Power.

The New York Law Journal reported last year that Arent Fox’s Les Jacobowitz asked but no one—not class counsel, the judge, and certainly not the banks—had an answer.

The US Court of Appeals for the Third Circuit recently confirmed that “anti-assignment” provisions — provisions prohibiting insureds from assigning their rights under a health plan to third parties, including medical providers — are enforceable as long as they are unambiguous.