Many transactions require parties to provide financial statements for review. This can include businesses seeking loans or investors, cooperative or condominium sponsors, companies who owe performance royalties and other parties. However, all financial statements are not created equal. One primary difference is the level of review and verification of the underlying financial data undertaken by … Read more
On August 24, 2023, we published a blog post on a proposed bill before the New York State Assembly that would ban non-competition agreements in New York. Since then, the bill passed the vote before the Assembly, but Governor Hochul vetoed the bill on December 22, 2023. While the status of a New York state … Read more
Many people live their lives online open to public consumption. One of the downsides of that is how it could affect their employment. Some individuals have lost job opportunities due to the content of social media posts, even those made many years prior. While it may seem unfair to employees, employers may be concerned about … Read more
The failure of several banks in the last year caused many to question whether their money was protected if their bank went under. FDIC insurance is available up to a certain limit and not just for individual accounts. Almost all funded trusts have bank accounts that are insured by the FDIC. However, the amount of … Read more
Non-competition agreements are fairly common in certain types of jobs and industries. Because they restrict an employee’s future employment prospects, typically, these contracts are limited in that they only apply for a specific length of time and/or a reasonable distance from the previous employer’s business location. However, in recent years, some states are going so … Read more
Generally, under New York law, real estate transactions must be in writing and signed by the parties to be enforceable. General Obligations Law § 5-703(3) states that a contract to transfer real property is void unless the contract or some note, or memorandum thereof is in writing and signed by the “party to be charged therewith.”. … Read more
Financial transactions happen every day all around the world. Interestingly, whether you’re buying a bottle of water or entering into a multi-million-dollar contract, many of the same basic rules apply. Among those rules are ones that govern what happens if you accidentally overpaid someone. It’s important to know what your obligations are when you pay … Read more
You are probably not going to receive a nine-figure payment, whether by accident or on purpose. However, you can still learn some valuable lessons from a group of finance firms that did get $1 billion mistakenly. In a recent case in the U.S. Courts of Appeals for the Second Circuit, the Court addressed whether the … Read more
Most legal claims have a statute of limitations that requires a party to file a lawsuit within a certain time period. The deadline for suing varies depending on the type of claim. However, these rules can be confusing as seen in a recent decision of the New York Appellate Division, Fourth Department. The Court addressed … Read more
In certain business arrangements, it is common for a party to insist on including an arbitration clause in the agreement. The purpose of such a clause is to avoid the time and expense involved in litigation if a dispute occurs since arbitration is often faster and less costly than going to court. While such provisions … Read more