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Corporate Law DepartmentsThe newsletter of the ISBA’s Corporate Law Departments Section

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Newsletter articles from 2007

Amendment to the Illinois Human Rights Act opens the door to civil suits By Peter LaSorsa November 2007 On August 13, 2007 Illinois Governor Blagojevich signed into law H.B. 1509, an amendment to the Illinois Human Rights Act (IHRA) which is effective on January 1, 2008.
Car dealers—Don’t get stuck with a lemon for an estate plan By Martin P. Ryan, Bill Kelly, and Ira Levin October 2007 Automobile dealers spend their lifetimes building dealerships into profitable and valuable enterprises.
Case updates By Frank M. Grenard October 2007 There are a couple of opinions in this update list that are of particular note: The Illinois Supreme Court’s extensive review of Requests to Admit procedures....and the 8th Circuit’s decision that civil judgments related to sex discrimination are non dischargeable in bankruptcy.
The complex world of calculating overtime By Jim McGrath June 2007 In January of this year, the Wage and Hour Division of the U.S. Dept. of Labor announced a settlement with a private employer that is the largest settlement in their history.
Departing officers’ and employees’ fiduciary duties By R. Stephen Scott and Randy S. Paswater July 2007 Many companies, large and small, face the challenge of preserving their business clients and continuing their operations after key officers have given notice of their intended separation or other termination from the business.
Employee benefits update By Bernard G. Peter August 2007 The IRS has issued the long awaited final regulations under Internal Revenue Code (Code) Section 409A, which established new rules applicable to nonqualified deferred compensation plans.
Employers face liability for employee multitasking on the road By Sherrie Travis March 2007 A recent out-of-court settlement reinforces the need for employers to warn employees about the danger of electronic multitasking on the road.
Government contracting By John E. Stevens September 2007 A checklist of the basic points to be aware of.
How to have a really bad day with the Seventh Circuit Court of Appeals By Frank M. Grenard January 2007 In a particularly “salty” and somewhat lengthy opinion, a semi-divided panel of the Seventh Circuit Court of Appeals warned that it is going to start hammering attorneys who do not dot the “i’s,” particularly after being told to do so.
The Illinois Employee Classification Act: A primer By Christopher P. Keleher December 2007 Construction contractors doing business in Illinois will face a new regulation that effectively deems all construction workers as their employees.
Immigration law update: Diversity Immigrant Visa Lottery now open for Fiscal Year 2009 By Grant Sovern, Lisa Duran, and Eric Ledbetter November 2007 Each year the U.S. Congress makes 55,000 immigrant visas (i.e., “green cards”) available to applicants from countries with low rates of immigration to the United States through the Diversity Immigrant Visa Lottery Program.
Improving HR Service Quality By Stanley J. Dale December 2007 In case you didn’t get it from the title, HR Excellence, is written for the Human Resource professional who wants to discern processes to improve and increase the value of HR services in organizations.
In-house job search 101 By Meredith E. Ritchie October 2007 So, you are thinking it is time to make a change—your skills aren’t being utilized, you don’t see advancement in your future at your current company or you received word that your legal department is moving to another state.
IRS Extends Section 409A Transition Relief and Deadlines to December 31, 2008 By Brian M. Pinheiro and Jacquelyn M. Gray November 2007 On October 22, 2007, the Internal Revenue Service issued Notice 2007-86, which provides relief through 2008 for amending nonqualified deferred compensation plans to comply with the final regulations issued under Section 409A of the Internal Revenue Code, and a much-needed extension of certain transition relief through 2008.
IRS offers limited relief from year-end deadline for compliance with Code Section 409A By J. Paul Jacobson November 2007 On September 10, 2007, the IRS released Notice 2007-78 (the “Notice”), containing a limited extension of the deadline for bringing documents into compliance with Code Section 409A.
Is it the dawning of the age of enforced compliance? U.S. Customs and Border Protection Quick Response Audits (QRAs) By Jessica T. DePinto March 2007 U.S. Customs and Border Protection (CBP) administers the Tariff Act of 1930, the Trade Agreements Act of 1979, and the North American Free Trade Agreement Implementation Act and Customs Modernization Act (1993).
New tort theory approved by Illinois Supreme Court By Raymond A. Fylstra June 2007 In Forsyth v. Clark USA, the Illinois Supreme Court held that “direct participation liability” against corporate shareholders is a valid theory of recovery.
Recent case updates By Frank M. Grenard September 2007 The following are summaries of recent interesting cases from the 8th Circuit Court of Appeals, the Indiana Appellate Court and the Supreme Courts of Iowa and Nebraska.
Recent SEC enforcement of environmental financial disclosure By E. Lynn Grayson and Stephanie M. Ailor September 2007 In the past few months, the SEC has resolved a number of pending actions against corporate executives accused of engaging in improper environmental financial reporting.
Rights of veterans and duties of employers under federal and Illinois law By Joshua M. Grenard June 2007 As the Global War on Terror continues in both Iraq and Afghanistan, civilian-soldiers of the Reserve and National Guard are being deployed on a historic scale with the effects being felt not only by the soldiers themselves, but also family members and employers.
SEC Changes Proxy Disclosure of Equity Compensation: New rules made consistent with FAS 123R expense recognition By Stacy L. Powell February 2007 On December 22, 2006 the SEC released an unexpected alteration in the executive compensation proxy disclosure rules.
Seventh Circuit rules for lender in River East Plaza case By John C. Murray November 2007 In River East Plaza, L.L.C. v. The Variable Life Annuity Co., 2006 WL 278483 (N.D. Ill. Sept 22, 2006), the borrower, a major commercial and real estate developer, entered into a $13 million, 20-year mortgage loan (amortized at a 28-year schedule, with a balloon) in 1999.
Summary of additional cases By Raymond A. Fylstra January 2007 Recent cases of interest to corporate lawyers.
Summary of recent Illinois, Indiana, Iowa and Missouri cases By Frank M. Grenard January 2007 Recent cases of interest to corporate attorneys.
Survey December 2007 In an effort to develop volunteer opportunities that best serve the needs and desires of members of the Corporate Law Departments (CLD) Section, the Section Council is undertaking the following survey of its members to get their input on the types of volunteer opportunities that are of the most interest to Section members.
Thoughts from an inside counsel (and former outside counsel) By Lee Ann Conti August 2007 1. Quality Comes First. No matter what else you do, make sure your work is always top quality.
Thoughts of a recent graduate in-house counsel and a call for poetic justice By Michelle L. Thoma-Culver January 2007 I am a relatively new attorney, having practiced little more than two years now.
Treasury issues final regulations on Section 409A Executive and Deferred Compensation Restrictions By Brian M. Pinheiro, Barry L. Klein, and Mary J. Mullany May 2007 After months of anticipation, the U.S. Treasury Department has issued final regulations under Section 409A of the Internal Revenue Code.
Treasury Issues Updated 409A Guidance By John H. Lowell February 2007 Last month, the Treasury Department issued Notice 2006-100, which provides updated guidance on withholding and wage reporting requirements for 2005 and 2006 under Internal Revenue Code Section 409A regarding nonqualified deferred compensation.
A trustee you can trust: Responsibilities and liabilities of trustees By Karen MacKay and Gerry Ring May 2007 The following are things you should consider when selecting a trustee.