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Business as Usual for Now—A Reprieve from the FTC’s Nationwide Noncompete Ban

As explained below, the effective date of the Federal Trade Commission’s (“FTC”) rule banning the use of post-employment noncompete agreements has been stayed indefinitely by a federal court in Dallas, pending a final ruling on the merits. Eighteen months ago, we first reported on the FTC’s proposed rule-making that would enact a comprehensive nationwide ban…

Client Alerts | July 8, 2024 | Employment Litigation | Risk Management

SEC May No Longer Seek Civil Penalties for Securities Fraud in In-House Administrative Proceedings

In an important new decision, the Supreme Court, in SEC v. Jarkesy, recently held that when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment applies and the defendant is entitled to a jury trial in federal court.  Chief Justice Roberts delivered the Court’s opinion, with a dissent by Justice…

Client Alerts | July 3, 2024 | Commercial and Corporate Litigation | Risk Management | Regulatory Defense

SEC Expands its Focus on Whistleblower Protection Rules

The SEC has continued and expanded its focus on violations of Rule 21F-17 of the Securities Exchange Act of 1934 (i.e., the whistleblower protection rule). The SEC began actively enforcing the whistleblower protection rule many years ago, although enforcement actions in late 2023 reflected an intensified focus on whistleblower protections in separation agreements and other…

Client Alerts | June 25, 2024 | Hedge Funds | Investment Management | Private Equity Funds

The Corporate Transparency Act Is Here

The U.S. Corporate Transparency Act (“CTA”) requires certain privately owned entities to report information about the people who control them (their “beneficial owners”) to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (“FinCEN”). The CTA rules generally apply to privately owned limited liability companies (LLCs), limited partnerships (LPs), corporations and other…

Client Alerts | June 12, 2024 | Estate Planning and Administration | Business Advice and Planning | Acquisitions and Sales | Securities and Corporate Finance

Kleinberg Kaplan’s Matthew Gold Quoted in The Block Article on FTX’s Bankruptcy Lawyers

Kleinberg Kaplan partner Matthew Gold was recently quoted in The Block article, “The Pulse: The world is moving beyond Sam Bankman-Fried.” This second edition in a weekly series by The Block’s Editor-In-Chief covers topics including Sam Bankman-Fried’s sentence, FTX’s efforts to sell locked Solana tokens, and emerging Bitcoin ETFs in Hong Kong. On the topic…

Firm News | April 4, 2024 | Creditors’ Rights and Bankruptcy Litigation | Digital Assets and Cryptocurrency

Reminder: Approaching Deadline for Elections to Elect into New York State and New York City Pass-Through Entity Taxes for 2024

This alert is a reminder of the approaching deadlines and action items regarding the New York State Pass-Through Entity Tax (the “NYS PTET”) and the New York City Pass-Through Entity Tax (the “NYC PTET”). Deadline: March 15, 2024 The deadline to elect into the NYS PTET and the NYC PTET for 2024 is March 15,…

Client Alerts | March 6, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds

Kleinberg Kaplan’s Joshua Bromberg Quoted in Bloomberg Law Regarding the Corporate Transparency Act Ruling

Kleinberg Kaplan partner Joshua Bromberg was quoted in Bloomberg Law article, “Companies Mull Challenges After Corporate Transparency Ruling,” discussing the recent federal court ruling on the Corporate Transparency Act of 2021 (the “CTA”). The ruling declared the CTA unconstitutional, potentially leading to prolonged legal battles and leaving businesses uncertain about compliance. Joshua emphasized that New…

Firm News | March 6, 2024 | Regulatory Defense

Mark-to-Market Election – Whether to Make or Revoke a Section 475(f) Election on or Before March 15, 2024

Each year, we send a newsletter to our clients and friends regarding Section 475(f) mark-to-market elections. A 475(f) election must be made by partnerships before March 15th of the year in which the election is to be effective and can be overlooked while people are focused on preparing prior year tax returns and K-1 estimates.…

Client Alerts | February 28, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds