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Piercing the Corporate Veil in Canada When Company Is Used to Misappropriate Funds08/26/2014

Fraudsters cannot hide behind a corporate shield in Canada when they use a company for an ?illegal, fraudulent or improper purpose.? The Ontario Court of Appeals in Shoppers Drug Mart Inc. v. 6470360 Canada, Inc., 2014 ONCA 85, addressed the situation where Shoppers Drug Mart …

Michigan IBM Decision May Provide More Opportunities Than the 3-Factor Election08/12/2014

On July 14, 2014, the Michigan Supreme Court ruled in IBM v. Department of Treasury, Docket No. 146440, that the taxpayer, IBM, was entitled to a refund of income taxes paid to the state by virtue of its election to apportion its income using the …

Be Aware of Bermuda’s Recently Revised Reserved Power Trusts as an Asset Protection Plan08/11/2014

It is important to know and understand the laws for asset holding when trying to recover claims. New legislation in Bermuda seeks to stimulate the trust industry and to attract international customers who wish to retain a certain level of control over their trusts. The …

Recovery of Laundered Funds in the United Kingdom07/31/2014

Proof of money laundering in the United Kingdom made easier! In a recent decision, Relfo v. Vasani (2014) EWCA Civ 360, the Court of Appeal was confronted with the Liquidator being unable to show evidence of each transaction transferring monies through various bank accounts and …

Recent Changes in State Transfer Taxes07/29/2014

According to a list published by Forbes magazine in 2013, Maryland was among the worst states for retirement for several reasons.

A Taxpayer Conundrum07/25/2014

What do Papa John?s Pizza, delivery charges and whistleblower lawsuits have in common? When it comes to state sales tax, a lot as it turns out.

Recent New York District Court Decision Limits Bankruptcy Trustee Recovery of Property Transferred Offshore07/16/2014

Section 550 of the US Bankruptcy Code allows for the bankruptcy trustee to recover for the benefit of the estate property transferred to an immediate transferee that can be avoided under other Code provisions. In a recent matter in the Madoff bankruptcy proceeding, Sec. Investor …

Limit Set on Reach over International Banking Transaction through New York Bank07/11/2014

Parties cannot obtain jurisdiction in New York merely by the small passing of funds through New York banks. Rather, there will need to be a specific connection with New York and more than a tertiary role in the international banking system.

What Kind of Discovery Is Available for Litigants in the Cayman Islands07/01/2014

Cayman Islands discovery was adopted from Canadian rules of civil procedure and consequently, have many similar characteristics of US discovery. Foreign litigants should try to take advantage of these discovery rules when more oppressive rules arise in other Caribbean countries.

Be Wary of Privilege and Privacy Issues When Hiring Canadian Investigators06/19/2014

When a fraud has occurred, a private investigator is often engaged by counsel to gather evidence about the fraud and the fraudsters. If events take you to Canada, one must understand the law surrounding privilege and privacy and be cautious to avoid prejudicing the case.

Evaluating a Multi-Jurisdictional RICO Claim after Second Circuit’s Recent Decision06/12/2014

In the past, courts had decided that RICO?s reach depended upon the location of the enterprise. European Community v. RJR Nabisco, Inc., 2014 U.S. App. LEXIS 7593 (2d Cir. April 23, 2014) redirected the focus to predicate acts.

FBAR: Costly Noncompliance and Heightened Scrutiny06/11/2014

The Department of Justice and Carl A. Zwerner (“Taxpayer”) have agreed to settle the case of United States v. Zwerner (S.D. Fla., No. 1:13-cv-22082). The settlement calls for the Taxpayer to pay penalties and interest totaling about $1.8M in connection with the Taxpayer’s failure to …

Recycle Your Charitable Dollars06/06/2014

For private foundations interested in a “return on investment” on the distribution of their foundation’s charitable dollars (that is, a return beyond the satisfaction of doing good), Program Related Investments (“PRI’s”) are generally the tool of choice. A PRI can be counted as part of …

New York District Court Rules a Non-Party Must Prepare a Witness with Documents from Overseas05/27/2014

A recent decision in the Southern District of New York, Wultz v. Bank of China, 2014 U.S. Dist. Lexis 1841 (S.D.N.Y. February 13, 2014), required a non-party bank to prepare a Rule 30(b)(6) witness with information that was only available overseas. There, the Bank of …

How Do You Define “Philanthropy”?05/20/2014

For many Gen Y’ers (a/k/a Millennials, and generally understood to be people in their 20’s and 30’s today), philanthropy goes far beyond writing a check to one?s favorite public charity (or, even, texting a donation to the Red Cross following some natural disaster or another). …

New York State Court Clarifies the Standard for Obtaining Discovery from A Non-Party05/13/2014

On April 3, 2014, in Matter of Kapon v. Koch, 2014 N.Y. Slip Op 02327, the New York Court of Appeals clarified the standard for enforcing subpoenas to nonparties in civil litigation…

Attachment of New York Correspondent Accounts Limited03/27/2014

Provisional remedies are a powerful tool for creditors. In New York, two recent cases have limited a creditor?s ability to attach funds of a defendant at a foreign bank with a correspondent banking relationship with a New York bank.

Freezing Injunctions in Italy02/26/2014

In Italy, Article 671 of the Italian Civil Code permits a precautionary seizure of property if a creditor has a ?valid fear of losing the security for his claim.? The order will prohibit the debtor from disposing of all of his assets and not just …

Eleventh Circuit Allows Broadened Scope of Section 1782 Discovery Where Foreign Proceeding “Within Reasonable Contemplation”02/14/2014

The U.S. Court of Appeal for the Eleventh Circuit recently emboldened a litigant’s ability to obtain discovery under 28 U.S.C. Section 1782 for a foreign proceeding that was only ?within reasonable contemplation.?

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