Check Your Footing: $36 Million Money Judgment Eviscerated in Brutal Appellate Standing Loss
To prevail on a cause of action in a business divorce lawsuit, the plaintiff has many essential boxes to check. Pleading requirements vary from one claim to another, but all business divorce cases have one thing in common. The first box any pleader must check – and the one often challenged at the outset – is standing to sue.
Critical End-of-Year Veto for Legislation Impacting Industrial Development Agencies
Amidst the holidays and end-of-year scramble, New York State Governor Kathy Hochul vetoed legislation that would have required Industrial Development Agencies to have school district and labor union representatives on their governing board and/or board of directors.
As the calendar turns to 2025, several municipalities throughout New York State have published or will be publishing their 2025 assessment rolls, including New York City, Nassau County, the City of White Plains and the City of Syracuse.
Cap Table Confidential: Should Startup Employees Get a Peek?
I’m often asked whether employees should have access to the company’s cap table. The cap table is one of the most sensitive and critical documents in any startup. At its most basic level, it lays out who owns what – founders, investors, employees, consultants. It typically contains information about outstanding shares, convertible instruments, pricing, valuation and ownership dilution. More complex cap tables may include formulas that model out various hypothetical transactions such as new funding rounds, sales of the company or public offerings, and may provide details on the holdings of each individual owner and each individual type of security. Traditionally, access to the cap table is tightly controlled, with only a select few in the company being privy to its contents. However, as demands are made for more transparency, the question arises as to whether employees should have access to the cap table.
Second Circuit Adopts At-Least-One-Purpose Rule For Anti-Kickback Statute Violations
At the end of December, the Second Circuit joined several other circuit courts in holding that a plaintiff adequately pleads an Anti-Kickback Statute (“AKS”) violation when she states with the requisite particularity that at least one purpose of the alleged scheme was to induce fraudulent conduct, the “at-least-one-purpose” rule.
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