The US Supreme Court is set to resolve a critically important question of regulatory takings law this term in the case, Murr v. State of Wisconsin, Dkt. No. 15-214. At issue is the “relevant parcel” inquiry, which is the threshold determination to the multi-factor regulatory takings test established by Penn Central Transp. Co. v. New York City (1978). That test directs courts to determine the impact of a regulation on the “parcel as a whole” by considering the character of the state action, the economic impact of the regulation and the regulation’s interference with the owner’s investment-backed expectations. Murr asks what the term “parcel as a whole” means in practice—does it limit the takings inquiry to the regulated parcel or does it allow the government to combine the owner’s interests in other parcels of land? The answer to that question is currently subject to a nationwide split of authority among the lower courts, … [Read more...] about Murr v. State of Wisconsin: Esoteric Regulatory Takings Question Could Affect All Homeowners
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Bridging the Week: April 20 to 24 and 27, 2015 (CFTC-SEC Merger, Spoofing, LIBOR Manipulation, Bitcoin, Exchange Non-Member Cooperation)
The most publicized news last week involving financial services were the legal actions on April 21 by the US Department of Justice and Commodity Futures Trading Commission against a UK-based trader for alleged spoofing that the agencies claim contributed to the so-called “Flash Crash” in May 2010. But a day before that news broke, a think tank headed by Paul Volcker, the former chairman of the Federal Reserve, called for a major overhaul of the US financial regulatory system, including merging the CFTC and the Securities and Exchange Commission. As a result, the following matters are covered in this week’s Bridging the Week:Volcker Alliance Calls for CFTC and SEC Merger Among Other Financial Oversight Agencies’ Reform;London-Based Futures Trader Arrested, Sued by CFTC and Criminally Charged With Contributing to the May 2010 “Flash Crash” Through Spoofing;Deutsche Bank Fined US $2.5 Billion by Four Regulators for LIBOR and FX … [Read more...] about Bridging the Week: April 20 to 24 and 27, 2015 (CFTC-SEC Merger, Spoofing, LIBOR Manipulation, Bitcoin, Exchange Non-Member Cooperation)
SB 10: A Threatened Setback For All Corporate Policyholders
All Texas businesses should be concerned about the potential passage of Senate Bill 10 (“SB 10”). While several lawmakers tout SB 10 as tailored legislation to curb “hailstorm lawsuit abuse,” SB 10 is much broader and impacts all policyholders. Indeed, SB 10 fails to reference “hail” or “hailstorm,” much less limit its impact to claims for hailstorm damage. SB 10 would meaningfully and adversely impact the rights of all Texas policyholders, and it deserves the immediate attention of every Texas business.On February 13, 2017, Senate Business and Commerce Committee Chair Kelly Hancock, of North Richland Hills, filed SB 10.[1] In a press conference with Lt. Governor Dan Patrick, Senator Hancock stated that hailstorm litigation in Texas has “spiraled out of control” over the past several years, primarily because of a small group of trial lawyers “who abuse the system.”[2] These “bad … [Read more...] about SB 10: A Threatened Setback For All Corporate Policyholders
Considerations for Developing a Global Patent Term Extension Strategy
Many jurisdictions provide for the extension of the term of the patents that cover a regulated product. Patent term extension (PTE) is particularly important in the bio/pharma industry given that development of an innovative drug can take more than a decade, biosimilar/generic competition is fierce, and the most profitable period for the patent owner tends to be at the end of the patent term. This article contains a brief discussion of the main considerations for developing a global PTE strategy.Of the world's major economies, Australia, all European Union member states, Japan, Russia, South Korea, Taiwan, Israel, and the US provide PTE.[1] While Canada does not currently have PTE, it is in the process of establishing PTE regulations as part of implementing the Canada-EU Comprehensive Economic and Trade Agreement. Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, and Turkey do not allow PTE. Most Central and Latin American countries also do not provide PTE. And in … [Read more...] about Considerations for Developing a Global Patent Term Extension Strategy
Face the Facts: Facial Recognition Software Should be Strictly Monitored
A recent article in the ABA Journal noted that law enforcement agencies have proposed the use of facial recognition software within departments to aid in the capture of criminals. This software obtains photographs and catalogs them for later use. This could be mug-shots, driver's license photos, or photographs captured while someone is walking down the street. For example, there are already studies implemented in airports to replace the driver's license and passport. The widespread implementation of this type of software requires an analysis of the benefit and risks. Once the benefits and risks are understood, citizens will be able to make an informed decision about how and when this software should be utilized.The potential benefits of facial recognition may be endless. Importantly, the software provides law enforcement with ways to manage records of people of interest. Facial recognition software in the criminal justice system utilizes two different biometric techniques to increase … [Read more...] about Face the Facts: Facial Recognition Software Should be Strictly Monitored