The Pennsylvania Superior Court recently examined what impact, if any, the Pennsylvania Uniform Written Obligations ACT (PUWOA) has on an employment agreement that contained a covenant not to compete entered into after the employee started working with the employer. The short answer is – no effect at all. First a…
These are dangerous times to be starting your new business. The economy is tight, money is not readily available and your legal budget is next to nil. You’ve heard that you need to incorporate to protect your family assets and you keep hearing on the radio that you don’t need…
The SEC’s Office of the Whistleblower (OWB) awarded individuals over $14 million in 2013 for their “significant and original contributions” to successful enforcement of the securities laws. The OWB is now in its 3rd full year and the number of tips and complaints is trending upward. OWB reports that it…
Late last year the Securities and Exchange Commission announced that it had entered into its first deferred prosecution agreement (DPA) with an individual who worked in an administrative capacity at a large hedge fund. The DPA allowed the SEC to successfully go after hedge fund manager Berton Hochfield who reportedly…
Well this doesn’t happen every day – or does it? The SEC finds itself being investigated for improper financial holdings. According to a November 2013 Reuters post, federal prosecutors and the office of the inspector general of the SEC contacted employees in the SEC’s New York office about trading in…
In the past the Securities and Exchange Commission had allowed defendants to settle civil and administrative claims brought by the SEC without requiring defendants to admit or deny liability. However, there has been a change of policy with the recent appointment of the new SEC Chair Mary Jo White. Now,…
Ever wonder what an “instrument under seal” is? When the word [SEAL] is placed next to the signature block at the end of the written guaranty or loan agreement, does it have any impact? The answer is a big YES. Earlier this summer, the Pennsylvania Supreme Court confirmed what we…
For the second time in the last year a judge has precluded expert testimony regarding bath faith claims asserted against insurance companies. The most recent case out of the Western District of Pennsylvania involved a motor vehicle accident where the insurance company offered $13,000 on a policy with a $300,000…
New proposals coming from the White House this week should give small business owners hope for relief from costly patent troll litigation. This type of lawsuit has been an increasingly expensive threat to small businesses, most of which never imaged they’ll be involved in patent litigation. The common perception is…
On May 29, 2013, the Pennsylvania Supreme Court decided an interesting case regarding how an initial offer letter to a prospective employee can potentially impact a restrictive covenant in an employee’s employment agreement. Before discussing this case, we need a very brief summary regarding what courts look to when deciding…