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The long-standing Yard-Man inference, which has been lauded by retirees and loathed by their former employers, has been retired. In M&G Polymers USA, LLC v. Tackett, the United States Supreme Court rejected that inference, under which Sixth Circuit courts would infer that collectively-bargained retiree welfare benefits were intended to vest for life. 2015 U.S. LEXIS 759 (Jan. 26, 2015).By way of background, ERISA draws numerous distinctions between pension plans and welfare plans, one of which is that while pension plans are subject to vesting and minimum funding standards, welfare plans are exempted from such rules. Accordingly, welfare plans (and the benefits offered thereunder) generally may be modified or terminated at any time and for any reason. Employers, however, may choose to vest welfare benefits. The issue of proving whether an employer has chosen to do so has been the subject of heated debate for over 30 years—since the Sixth Circuit announced its decision in … [Read more...] about The United States Supreme Court Rules That the Sixth Circuit Can No Longer Infer That Collectively-Bargained Retiree Welfare Benefits Were Intended to Vest for Life
Filed Under: Labor & Employment United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, Supreme Court Rules 2013, recent Supreme Court ruling, Supreme Court ruled, Supreme Court Rules, Supreme Court Rule, Illinois Supreme Court Rules, Illinois Supreme Court Rule, United States District Court Southern District of Florida, United States District Court Southern District, california rules of court, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules
The United States Supreme Court unanimously ruled in favor of religiously-affiliated hospitals and healthcare organizations in holding that a pension plan need not be established by a church in order to qualify for ERISA’s church plan exemption. Petitioners are religiously affiliated non-profit healthcare organizations appealing decisions by the Third, Seventh, and Ninth Circuit Courts of Appeal that a church must establish an ERISA-exempt church plan. Respondents are current and former employees of these organizations.Justice Kagan explained that the plain language of the statutory text clearly supported petitioners’ view that a pension plan need not be established by a church to qualify for the exemption. Rather, a pension plan can qualify as a church plan if it is maintained by an organization whose principal purpose is to administer or fund a benefits plan or program for church employees if the organization is controlled by or associated with a church … [Read more...] about The United States Supreme Court Rules in Favor of Hospitals on “Church Plan” ERISA Exemption
United States Supreme Court Round-Up: Key Opinions from 2013 to 2014 and Upcoming High-Profile Business Disputes
The 2013–2014 term of the United States Supreme Court resulted in a wide range of decisions of importance to business. In this article, we highlight some of the key opinions and explore their likely impacts. We also preview a few of the high-profile business disputes the Supreme Court has agreed to hear next term.Key Business Cases from the 2013–2014 TermAmerican Chemistry Council v. Environmental Protection Agency: Holding: The Environmental Protection Agency (EPA) reasonably interpreted the Clean Air Act to require sources that would need permits based on their emission of chemical pollutants to comply with “best available control technology” for greenhouse gases. Effect: The decision reinforces the Supreme Court’s previous recognition that the EPA has the power to regulate greenhouse gases as pollutants. However, portions of the decision strongly cautioned the EPA against overreach, stating that the agency may not “bring about … [Read more...] about United States Supreme Court Round-Up: Key Opinions from 2013 to 2014 and Upcoming High-Profile Business Disputes
Filed Under: Environmental, Energy & Resources United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, New York State Supreme Court, new york state supreme courts, United States District Court, United States Tax Court, United States Bankruptcy Court, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, united states circuit court of appeals, canada united states, Supreme Court Rules 2013, Supreme Court SUPREME COURT, England Supreme Court, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules, state of small business report
In Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, 2011 WL 977060 (U.S. Mar. 22, 2011), the United States Supreme Court (Sotomayor, J.) held unanimously that the materiality of an alleged false or misleading statement or omission for purposes of pleading a violation of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Securities & Exchange Commission Rule 10b-5, 17 C.F.R. § 240.10b-5, is inherently fact-specific, depending upon whether a “reasonable investor” would have viewed the relevant information “as having significantly altered the total mix of information made available.” The Supreme Court declined to apply a “bright-line rule” that only “statistically significant” information regarding the safety of drug products is sufficiently material to support a Rule 10b-5 claim against a drug manufacturer based on a failure to disclose. This decision … [Read more...] about United States Supreme Court Reiterates Materiality Standard For Securities Fraud Claims Under Rule 10b-5
Filed Under: Criminal Law / Business Crimes United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, New York State Supreme Court, new york state supreme courts, United States District Court, United States Tax Court, United States Bankruptcy Court, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, united states circuit court of appeals, canada united states, Supreme Court ruled, Supreme Court Rules, Supreme Court Rule, california rules of court, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, state homeland security program, social security fraud prevention, united states english, supreme court reporters
On January 19, 2016, the United States Supreme Court granted certiorari in United States v. Salman, in which the Ninth Circuit Court of Appeals held that the government may prove a “personal benefit” to a tipper of inside information—a necessary element of an insider trading case involving tipping—by showing evidence that an insider made a “gift” of confidential information to a trading relative or friend.1 The Supreme Court’s attention to this issue is important because many have questioned the government’s ability to aggressively pursue insider trading cases involving tipping since the Second Circuit Court of Appeals December 2014 decision in United States v. Newman.2 Indeed, a review of the Supreme Court’s seminal 1983 decision in Dirks v. SEC,3Newman, and the Ninth Circuit’s recent decision in United States v. Salman, respectively, have left unclear the government’s burden in insider trading cases involving … [Read more...] about Getting By With a Little Help From Friends: United States Supreme Court to Clarify Insider Trading Liability in Tipping Cases
Filed Under: Litigation / Trial Practice United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, New York State Supreme Court, new york state supreme courts, United States Federal Courts, United States Federal Court, United States Appeals Court, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, united states circuit court of appeals, canada united states, most important supreme court cases, joe cocker with a little help from my friends, justices supreme court, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules, insurance in the united states
In Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, 2015 WL 1291916 (U.S. Mar. 24, 2015), the United States Supreme Court addressed the circumstances under which a claim alleging that an issuer made a false statement of opinion in a registration statement suffices to state a claim for relief under Section 11 of the Securities Act of 1933 (“1933 Act”), 15 U.S.C. § 77k. The Court held that (1) a statement of opinion does not constitute an “untrue statement . . . of fact” in violation of Section 11 merely because it is ultimately proven incorrect and (2) a statement of opinion which omits material facts about the issuer’s knowledge may be misleading if the omitted facts conflict with what a reasonable investor would infer from reading the statement in context. The Court’s decision resolved a split in the Circuits and may spawn a new wave of “omission” litigation under … [Read more...] about United States Supreme Court Resolves Circuit Split Regarding Section 11 Claims Predicated Upon Allegedly Misleading Statements of Opinion
Filed Under: Securities & SEC United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, New York State Supreme Court, new york state supreme courts, United States Federal Courts, United States Federal Court, United States Appeals Court, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, United States Court of Appeals for the Federal Circuit, United States Court of Appeals for the Fifth Circuit, united states circuit court of appeals, canada united states, citizens united supreme court case, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules, the federal circuit court of australia
The Federal Arbitration Act (“FAA”), 9 U.S.C. § 1, et seq., does not contain an express preemption provision, nor was it intended to be the exclusive codified arbitration law in all circumstances. However, the United States Supreme Court has repeatedly taught that where the FAA applies, it is deemed to supersede state laws that are inconsistent with its provisions and purposes. Yet recent decisions by the highest courts of North Carolina and New Hampshire provide examples of continued efforts by state courts to chip away at the preemptive effect of the FAA concerning the interpretation and enforcement of arbitration agreements and the confirmation or vacatur of arbitral awards.The United States Supreme Court is not amused. Only last week, it in effect took the Kentucky Supreme Court to task for failing to give an arbitration agreement the same legal respect that would be given to other contracts, and indeed for doing so based on the essential nature of an … [Read more...] about State Supreme Courts Continue to Try to Chip Away at FAA Preemption; The United States Supreme Court Is Not Amused
Filed Under: ADR / Arbitration / Mediation United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, New York State Supreme Court, new york state supreme courts, Supreme Court of United States, Supreme Court of the United States, supreme courts of the united states, Supreme Court SUPREME COURT, England Supreme Court, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, united states circuit court of appeals, High Court and Supreme Court, supreme court of india, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules, insurance in the united states
United States Supreme Court Holds that the “Maker” of a Statement for Rule 10b-5 Purposes is the Person or Entity with Ultimate Authority Over the Statement
In Janus Capital Group, Inc. v. First Derivative Traders, No. 09-525, 2011 WL 2297762 (U.S. Jun. 13, 2011) (Thomas, J.), the United States Supreme Court held that purposes of a securities fraud claim under Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78j(b), and Rule 10b-5 , 17 C.F.R. § 240.10b-5, promulgated thereunder, the “maker” of an allegedly false or misleading statement is the person or entity with ultimate authority over the statement, including its content and whether and how to communicate it. In so holding, the Supreme Court further narrowed the scope of potential securities fraud liability and aligned with its prior decision which held that a private right of action under Rule 10b-5 does not include suits against aiders and abettors who merely contribute “substantial assistance” to the making of a statement but do not actually make it. Central Bank of Denver, N.A. … [Read more...] about United States Supreme Court Holds that the “Maker” of a Statement for Rule 10b-5 Purposes is the Person or Entity with Ultimate Authority Over the Statement
Filed Under: Securities & SEC United States Supreme Court, new york state supreme courts, United States Bankruptcy Court, United State Bankruptcy Court, United States District Court Judge, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, supreme courts of the united states, canada united states, Supreme Court Rules 2013, legally authorized to work in the united states, Supreme Court ruled, Supreme Court SUPREME COURT, United States Court of Appeals for the Federal Circuit, England Supreme Court, United States District Court Southern District of Florida, california rules of court, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules
Pliva, Inc. v. Mensing, No. 09-993 (U.S. Sup. Ct. Jun. 23, 2011) represents a landmark victory for generic pharmaceutical manufacturers on the issue of federal pre-emption. The Mensing decision is in stark contrast to the Court’s most recent pre-emption decision in the pharmaceutical arena, Wyeth v. Levine, 555 U.S. 555 (2009), in which the Court held that plaintiffs’ state law failure to warn claims against brand-name pharmaceutical manufacturers did not conflict with federal law. In Mensing, the United States Supreme Court, by a 5-4 majority, held that state law failure to warn claims against generic pharmaceutical manufacturers are impliedly pre-empted by federal law. In reaching this decision, the Court accepted the Food and Drug Administration’s (“FDA”) interpretation of its own regulations that generic manufacturers are legally prohibited from unilaterally changing or strengthening their product labeling without prior FDA approval. This deference to … [Read more...] about Pliva, Inc. v. Mensing–United States Supreme Court Holds That Failure To Warn Claims Against Generic Pharmaceutical Manufacturers Are Pre-Empted By Federal Law
On March 30, 2009, the United States Supreme Court heard oral argument in an action against Travelers relating to the Johns-Manville bankruptcy in the 1980s. The Second Circuit Court of Appeals held that direct actions against Travelers for independent liability to the asbestos claimants were not barred by the “channeling” injunction included in the bankruptcy court’s order in 1986. In Re: Johns-Manville Corporation, Debtor, 517 F.3d 52 (2d Cir. 2008). The case will have implications for the jurisdiction of bankruptcy courts where the debtor has significant asbestos (or other mass tort) liabilities. By most sources, Manville was the largest manufacturer of asbestos-containing products in the United States from the 1920s to the 1970s. Manville became the target of thousands of product liability lawsuits in the 1960s and 1970s. Manville filed for Chapter 11 bankruptcy protection in 1982. Manville’s insurance policies … [Read more...] about United States Supreme Court Hears Oral Argument In Travelers Appeal Of Manville Related Liability
Filed Under: Environmental, Energy & Resources United States Supreme Court, The United States Supreme Court, United State Supreme Court, United States Supreme Court Justice, Unites States Supreme Court, united states circuit court of appeals, Supreme Court Hears, supreme court hearing, New York State Supreme Court, new york state supreme courts, United States District Court Southern District of Florida, United States District Court Southern District, United States District Court for the District of Maryland, Supreme Court Oral Arguments, United States Court of Appeals for the Federal Circuit, United States Court of Appeals for the Fifth Circuit, canada united states, united states flag code, united states central bank, united states housing bubble, united states flag, united states games, united states english, supreme court reporters, new york times co. v. united states, pennsylvania supreme court rules, insurance in the united states