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Supreme Court Finds Bankrupt Licensor of Cannot Rescind Trademark

On May 20, 2019, the Supreme Court, in an 8-1 decision authored by Justice Elena Kagan, decided that a trademark holder who becomes bankrupt can reject, but not rescind, a license contract.  In Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. ___, No. 17-1657, Slip op. (May 20, 2019), Kagan wrote that Section 365... Read more »

FinCEN Extends Program to Identify Beneficial Owners of Real Estate Entities to November

The Financial Crimes Enforcement Enforcement Network (“FinCEN”) of the U.S. Treasury has extended to November its program to require title insurance agencies in certain cities to collect and report to it the beneficial owners of legal entities used to purchase real estate.  The “Geographic Targeting Order” applies to acquisitions of residential real estate in certain... Read more »

SEC Issues Cease and Desist Against Prosper for Overstating “Annualized Net Returns”

On April 19, 2019, the Securities and Exchange Commission (the “SEC”) issued a Cease and Desist Order against Prosper Funding, LLC (“Prosper”), for overstating “Annualized Net Returns” to its investors for nearly two years. Prosper is an on-line lender which raises funds by selling securities linked to the performance of consumer loans and related rights. ... Read more »

FinCEN Imposes Fine for Failure to Register as Money Services Business Under Bank Secrecy Act

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) imposed a $35,350 civil money penalty on Eric Powers for failure to register as a Money Services Business under the Bank Secrecy Act.  Mr. Powers was a peer-to-peer exchanger of bitcoin, a digital currency, for nearly two years.  FinCEN has taken the position that such... Read more »

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