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Category: Finance

The Second Circuit Applies the Moench Presumption to the Administration of a Lehman Brothers Retirement Savings Plan

On September 4, 2013 by Schnader in Finance

By Eric A. Boden The United States Court of Appeals for the Second Circuit is the latest appellate court to apply the Moench “presumption of prudence” under ERISA to protect plan fiduciaries from liability despite the total collapse of the plan’s investment in company stock.  (For more discussion of the […]

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Venue rule does not automatically apply to confessed judgments in Pennsylvania

On August 28, 2013 by Schnader in Finance

By Stephen J. Shapiro In Midwest Financial Acceptance Corporation v. Lopez, the Superior Court of Pennsylvania held that the venue provisions in the Pennsylvania Rules of Civil Procedure do not automatically apply to confessed judgment proceedings. In so holding, the Court resolved a split of authority among Pennsylvania’s trial courts. In […]

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A Lower Debit Card Interchange Fee Cap is Unlikely to Eliminate Durbin Amendment Fee Increases Plaguing Small-Ticket Merchants

On August 22, 2013 by Schnader in Finance

By Stephen J. Shapiro The Durbin Amendment to the Dodd-Frank Act required the Federal Reserve to ensure that debit card interchange fees are “reasonable and proportional to the cost incurred by the [debit card] issuer with respect to the transaction.” Therefore, the Federal Reserve issued regulations, which became effective on October […]

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Pennsylvania’s Superior Court Holds That Loan Term Sheets May Be Binding Contracts

On August 20, 2013 by Schnader in Finance

By Stephen J. Shapiro A recent decision by Pennsylvania’s Superior Court contains a warning for lenders:  loan term sheets may be binding contracts. In County Line/New Britain Realty, LP v. Harleysville National Bank and Trust Company, County Line, a real estate development partnership, sought to borrow more than $12 million from […]

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