Showing 59 posts in Current Developments / Legislation.
In this second article of our three-part series on payments contracts and drafting considerations, recent case law issued by the Sixth Circuit Court of Appeals is discussed. Read More ›
Payment card networks are built on a web of contractual arrangements containing incentives and allocations of risk. A common assumption among merchants and issuing banks is that merchants are wholly liable for expenses incurred as a result of a data breach. But recent decisions in three federal courts send a message that this assumption doesn’t always hold. In a three-part series, we will discuss recent case law on the topic and how that impacts contracts at all levels of the vertical. Read More ›
On April 25, 2019, the West Virginia Treasurer’s Office issued a request for proposals (RFP) seeking bids from financial institutions to provide banking services to West Virginia’s medical cannabis program. Read More ›
Good news! The Ohio legislature has offered financial institutions some legal protections in the form of the Ohio Data Protection Act (the “Act”). However, you must be proactive. It will be good for your business and may help in future litigation. Read More ›
Deal lawyers often seek to insure an outcome using multiple approaches simultaneously; this is colloquially labeled a “belt and suspenders” approach. Ohio’s Sixth Appellate District recently reminded us of the danger of over lawyering in an effort to secure a legal position. Read More ›
Internal Revenue Service liens attach to all a taxpayer’s “property and rights to property, whether real or personal, belonging to such person.” 26 U.S.C. Section 6321. A taxpayer’s “property” is determined by relevant state law, but federal law determines lien priority. Read More ›
Ohio Revised Code Section 1336.07 is Ohio’s codification of the “Remedies” section of the Uniform Fraudulent Transfer Act (“UFTA”). The first and primary remedy listed in O.R.C. Section 1336.07 (and the UFTA) is “avoidance of the transfer” that is improper under the statute. Read More ›
It Begins: The First ICO-Related Securities Litigation Has Been Filed - and There are Lessons in it for Those Hoping to File Their Own ICO
On October 25, Plaintiff, Andrew Baker filed a proposed class action against Dynamic Ledger Solutions, Inc. (“DLS”) and several other related entities (“Defendants”) regarding an initial coin offering (“ICO”) for tokens known as “Tezzies.” While time and the courts will determine the merits of the class action, given the increasing popularity of ICOs, there are lessons to be learned from the accusations, both for aspiring ICOs and potential investors. Read More ›
On October 12, 2017, The West Virginia Supreme Court issued a decision in State of West Virginia ex rel. v. Copper Beech Townhome Communities Twenty-Six, LLC, No. 17-0228, holding that the West Virginia Consumer Credit Protection Act (“WVCCPA”) does not apply to relationships between a landlord and tenant under a lease for residential real property. In reaching its decision, the Court noted that “in the forty-three years since the [WV]CCPA was enacted, this case is the first occasion in which any party has asserted before this Court that the Act applies to and regulates the landlord-tenant relationship.” The Court reasoned: Read More ›
Most businesses must deal with federal, state, and local laws and regulations from time to time. Operators of Bitcoin ATMs are no different. For such operators, the primary regulations arise out of the federal Bank Secrecy Act (the “BSA”), as discussed below, and the state-level money transmitter laws are discussed in another article. Read More ›
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William T. Repasky practices with the Litigation Department at Frost Brown Todd. He focuses on lending and commercial services; banking litigation and financial institutions.