obamacare

Supreme Court holds Obamacare Contraceptive Mandate Violates the Religious Freedom Restoration Act

In a 5-4 decision, the Supreme Court of the United States held today that for-profit closely held companies do not have to provide a full range of contraceptives (including four methods that may have the effect of preventing an already fertilized egg from developing any further by inhibiting its a...
Read More

Avoiding Small Business Mistakes: Shareholder Agreements & Partnership Agreements

Every so often we receive a phone call from a troubled business owner regarding a disagreement in the governance of a business venture that involves one or more shareholders or partners.  More often than not, the problem is these shareholders and partners never entered into a shareholder agreement ...
Read More

Compliance with Fire Code Regulations | Nassau County Fire Prevention Ordinance

Many Nassau County business owners are also unaware that general rule for corporate representation is that corporations are “artificial entities” and must only appear in court through an attorney when confronting a Nassau County Fire Code violation. Unfortunately, numerous Nassau County busine...
Read More

A loan is usurious and unenforceable if it seeks recovery of annualized interest rate in excess of 16 % from individual borrowers

The New York General Obligations Law provides that the legal rate of interest charged on a loan is six (6) percent per annum unless a different rate of interest is fixed under section 14 (a) of the Banking Law.  Section 14 (a) of the New York Banking Law holds that the maximum rate of interest [&he...
Read More

Lenders that seek to recover compound monthly interest on loans for less than $250,000 are unenforceable and void

New York statutory law limits a lender’s ability to collect compound interest on any loan for $250,000 or less.  Indeed, “compound interest” is commonly defined as interest on interest or interest that is paid on both the principal and the previously accumulated interest.  “Compound intere...
Read More

New York Attorney General Sues Banking Giants Over Fraudulent Foreclosures

New York Attorney General Eric Schneiderman filed a lawsuit in a Brooklyn Supreme Court alleging that banking giants Bank of America, JP Morgan Chase, and Wells Fargo created and maintained a mortgage database and then used that information to institute defective foreclosure proceedings against home...
Read More

Breach of Fiduciary Duty: Faruqi & Faruqi, LLP Investigate the Buyout of Caliper Life Sciences, Inc

Faruqi & Faruqi, LLP, a national securities law firm based in New York City, has begun an investigation into the sale of Caliper Life Sciences, Inc. to PerkinElmer, Inc. The latter announced this past Thursday that it sought to acquire all of Caliper’s outstanding common stock for $10.50 per s...
Read More

Lawsuits Stemming From Supposedly Bon-binding “Say-on-Pay” Votes

Under the Dodd-Frank Act, the mandatory “say-on-pay” rules, in which shareholders get to vote on executive compensation levels, are non-binding.  According to the new regulations, which were signed into law in July of 2010, directors and executives are not required to abide by these “say-on-p...
Read More

Attorneys owed a fiduciary duty to clients with respect to sale of clients’ shares in an apartment complex to attorneys.

The Supreme Court, Appellate Division, Second Department, recently held that a group of attorneys owed a fiduciary duty to their clients with respect to the sale of their clients’ shares in an apartment complex to the attorneys. The Court reasoned that although the attorneys had not been ret...
Read More