Legal Research

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Tax Litigation Issues
Thursday, July 16, 2009
By Jeremy H. Temkin

" Jeremy H. Temkin, a principal in Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, reviews the relationship between the Fifth Amendment and the U.S. tax system's reliance on self-reporting by tax payers, and a recent Second Circuit decision where the appellant argued that his failure to file tax returns should be excused because, in light of the ongoing investigation into his tax liability and the validity of losses claimed from earlier tax shelter transactions, the very filing of returns for the years in question would tend to incriminate him."

OUTSIDE COUNSEL:

Delaware Court Reaffirms Business Judgment Rule
Thursday, July 16, 2009
By Robert A. Profusek and Benjamin M. Grossman

"Robert A. Profusek, a partner at Jones Day, and Benjamin M. Grossman, an associate at the firm, write that the recent decision in In re Citigroup Inc. S'holder Derivative Litig. is important for what it did do, but also what it did not do. It did hold that a plaintiff in a stockholder's derivative case was not excused from making a pre-litigation demand that the Board of Directors consider the alleged wrongs. However, the Citigroup court did not hold that pre-litigation demand was excused in respect of a severance arrangement that the board approved for the company's prior CEO."

CORPORATE UPDATE:

Corporate Securities
Thursday, July 16, 2009
By John C. Coffee Jr.

"John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School and director of its Center on Corporate Governance, writes that last Friday, with little fanfare, the Obama administration quietly released the text of its proposed 'Investor Protection Act of 2009.' Modest in scope, this legislation will only be a sidelight to the Administration's more controversial efforts to convert the Federal Reserve into a systemic risk regulator - an effort on which the debate also opened last week at an important joint hearing before the House Financial Services and Agriculture Committees, he reports."