On September 12, 2023, Delaware became the 13th state to adopt a consumer data privacy act, joining Florida, another state to recently adopt consumer privacy laws, and others in providing resident consumers with rights regarding their personal information. Delaware’s Personal Data Privacy Act (the “PDPA”) goes into effect on January 1, 2025, but businesses should…
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Traditionally deployed to protect a corporation from its board’s imprudent investment or financial decision-making, in recent years shareholders have taken to bringing derivative actions on a corporation’s behalf for its board’s alleged failure to pay more than lip service to the diversity, equity and inclusion (“DEI”) commitments the company publicly proclaims. Spurred in 2020 in…
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Earlier this year, following oral argument and 16 amicus submissions, the Supreme Court dismissed as improvidently granted (“DIG”)[1] a writ of certiorari on the issue of whether communications involving both legal and non-legal advice are protected by the attorney-client privilege.[2] This red-hot issue was granted review following the decision styled In Re Grand Jury, in…
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On July 26, 2023, the Securities and Exchange Commission (“SEC”), in a 3-2 vote, issued a release (the “Release”) containing proposed rules to address conflicts of interest associated with broker dealers’ and investment advisers’ use of predictive data analytics (“PDA”) technologies, and PDA-like technologies, when interacting with investors.[1] The SEC’s proposed rules amend Rules 151-2,…
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In March 2022, we discussed the decision by the Southern District of New York (the “District Court”) overturning the U.S. Bankruptcy Court for the Southern District of New York’s (the “Bankruptcy Court”) confirmation of drugmaker Purdue Pharma’s controversial Chapter 11 Bankruptcy Plan (the “Plan”).[i] The District Court determined that the Bankruptcy Code did not permit the…
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Real estate developers have long had ample reasons to take on projects involving historic buildings, courtesy of Section 47 of the Internal Revenue Code of 1986. As amended, Section 47 (the “Code”) provides for a rehabilitation tax credit, also commonly known as the historic tax credit (“HTC”) equal to 20% of qualified rehabilitation expenditures (“QREs”)…
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Earlier this summer, we wrote about both new and amended rules proposed by the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) regarding private funds, their advisers, and transparency to investors (the “Proposed Rules”). On August 23, 2023, the SEC adopted the final rule (the “Rule”), which cut…
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While no one enters a partnership expecting it to end in divorce, no one is immune to failure. In the world of business, partnerships can sometimes mirror the complexities of personal relationships. Often, it is the “we’ve known each other forever” handshake partnerships that explode the loudest. When business partners decide to separate their interests,…
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The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects that otherwise would not be economically feasible. The IRS issued Revenue Procedure 2023-27 (“Rev. Proc. 23-27”) on August…
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When discussing the ever-evolving landscape of Florida’s commercial real estate (CRE) market, one trend has begun to stand out — the rise of pickleball. This sport, once a leisurely pastime, has turned into a compelling investment opportunity, transforming the CRE sector and driving significant shifts in property acquisition and development strategies throughout Florida — but…
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