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TOUSA Case Takes Another Twist
The closely watched TOUSA, Inc. case took another twist on May 15, when the Eleventh Circuit Court of Appeals (the Court of Appeals) reversed the decision of the U.S. District Court for the Southern District of Florida (the District Court) and reinstated the bankruptcy court opinion in its entirety. Senior Transeastern Lenders v. Official Comm. Of Unsecured Creditors of TOUSA, Inc., No. 11-1107, 2012 WL 1673910 (11th Cir. May 15, 2012). In doing so, the Court of Appeals affirmed the bankruptcy court's ruling that transfers made by certain subsidiaries of TOUSA, Inc. (the Conveying Subsidiaries) were fraudulent and paved the way for the possible disgorgement of $403 million by the lenders that were on the receiving end of those fraudulent transfers. The decision reinforces the level of diligence and care that lenders must undertake in cases involving borrower subsidiaries, especially with respect to upstream loan transactions.
Factual Background
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.