Southern Illinois was recently in the national spotlight as the path of a total solar eclipse passed across the state. This rare occurrence brought hundreds of thousands of people to a thin path of the state to experience a natural phenomenon that, if not experienced correctly, could cause serious and permanent eye injuries. It also created opportunities for some to profit from this influx of celestially motivated travelers. This event provided a reminder of the potential uses of exculpatory language in contract; namely to limit or eliminate liability by an express assumption of ...
On March 18, 2014, District Judge Stephen N. Limbaugh, Jr. issued a Memorandum and Order dismissing the former Chief Executive Officer and Chief Financial Officer of Patriot Coal Corporation in a stock drop securities class action filed in the Eastern District of Missouri. Glenn E. Davis, Partner in HeplerBroom LLC’s St. Louis office assisted Sidley Austin LLP with the decisive analysis and briefing under the Securities Exchange Act and Private Securities Litigation Reform Act (“PSLRA”).
The Court found that the defendants lacked scienter to sustain federal securities ...
Stratus Building Solutions faced a business challenge on a bet the company scale. Despite winning many franchise awards, five franchisees charged that its entire system imposed a fraud on franchisees. The plaintiffs sued 179 defendants, including the system franchisor, master (regional) franchisors, and over 70 individuals associated with the franchise system of violating §§ 1962(c) & (d) of the Racketeer Influenced and Corrupt Organizations Act (“RICO”). They claim the Defendants collectively operate the Stratus franchise system through a massive, but vaguely ...
Commercial adversaries are often tempted to transform breach of contract or warranty matters into negligence or negligent misrepresentation claims. Or fraud or other intentional tort claims. The lure of a more flexible claim before a jury can be hard to resist. Or the governing contract may have limitation of liability restrictions that make warranty and contractual claims unavailing. Nevertheless, The Eighth Circuit, interpreting Missouri law, strongly reaffirmed its view that tort claims cannot be substituted for matters of contractual risk allocation unless very narrow ...
The attorney-client privilege is one of the oldest recognized privileges protecting confidential communications between two parties. While the privilege serves as the cornerstone of the attorney-client relationship, the privilege is waived when confidential communications are disclosed to third parties. In fact, the “subject-matter waiver” doctrine holds that where a privileged communication concerning a particular subject is voluntarily disclosed to a third party, waiver of the attorney-client privilege extends to all other communications pertaining to the ...
When does a gift or entertainment risk being treated as a violation of the Foreign Corrupt Practices Act (FCPA)? When do payments associated with obtaining international business become bribes? What do you do when facilitation payments are requested? How can you deal with these thorny issues and maintain your competitive edge? The answers are fact and setting specific but the Feds have provided some important new guidance. And the best part is that it is free!
On November 14, 2012 the Department of Justice and the Securities and Exchange Commission released a 120 page “Resource ...