No CARES Act Private Action in Putative Class Action Over PPP Gating
The United States District Court for the District of Maryland held there is no implied private cause of action under the CARES Act, denying a…
Tennessee Business Litigation
Failure to Supervise Selling Away Arbitrable as “Connected with Business”
The Sixth Circuit recently affirmed that failure-to-supervise claims against a brokerage firm over outside business activities it knew nothing about nevertheless were arbitrable under FINRA…
TN Trust Code Authorizes Pre-Dispute Arbitration Agreement: Not Per Se Breach of Duty, but May Not Bind Non-Signatory Beneficiary
The Tennessee Supreme Court recently held that Tennessee's Trust Code and broad trust-instruments authorize a Trustee's execution of a pre-dispute arbitration clause. That isn't a…
Federal District Court: Banks Do Not Owe a Duty of Care to Non-Customers Under Tennessee Law
In Belle Meade Title & Escrow Corp. v. Fifth Third Bank, et al., No. 3:17-cv-874, ECF No. 26, --- WL ---- (M.D. Tenn. Oct. 17,…
Tennessee’s TDEC & TDA Urges EPA to Adopt the “Tennessee Plan” to Define WOTUS
The commissioners of the Tennessee Department of Environment and Conservation (TDEC) and the Tennessee Department of Agriculture (TDA) recently responded to EPA Administrator Scott Pruitt's…
Association of Corporate Counsel: Federal Courts Bring Renewed Scrutiny to Requests to Seal Documents
Corporate litigants often request to file data, documents, and even entire cases under seal. Some judges routinely acquiesce to these requests if the other side…
6th Circuit Orders Pay-to-Play Challenge to Merits Panel
The Sixth Circuit this week declined the SEC's request to dismiss a Constitutional challenge to the new MSRB pay-to-play rules. Instead, the Court ordered the…
Tennessee Securities Division Ramps Up Enforcement
The Securities Division of Tennessee's Department of Commerce and Industry has increased its enforcement activity during 2016. The recent actions include: Final Administrative Orders: Clifton…
6th Circuit Joins Majority, Accepting “Materialization of the Risk”
Last month, the 6th Circuit joined the majority view recognizing the "materialization of the risk" theory of loss-causation as an alternative to "corrective-disclosure" in securities…
Is This A Derivative or a Direct Shareholder Claim? New Tennessee Standard Makes it Easier to Tell
In Tennessee, shareholders may file a lawsuit for injuries suffered by the company or by the shareholders individually. A shareholder files a derivative action when…