“My son Alex had friends in the cannabis business who were doing things legally and giving people good jobs, but they couldn’t get a bank account,” Mason recalls. “He said, ‘Dad, can you help figure this out?’ “And figure it out Mason did. In a matter of weeks, he assembled a team of lawyers—along with industry, banking and regulatory experts—in Denver to establish the Fourth Corner Credit Union.The credit union received a state charter last November and shortly afterward completed one of the final steps to open for business: applying for a master account with the Federal Reserve Bank. Mason says the Fed typically takes up to seven business days to process the routine application. As of press time, Fourth Corner is still waiting. Q. Your son calls one day and asks you to establish a bank in another state for the marijuana industry, so naturally you say yes.A. My son is incredibly intuitive and is very sensitive to other … [Read more...] about Meet a lawyer trying to guide the all-cash cannabis industry into the federal banking system
Uncle credit union
As insurance coverage lawyers, we hear this question all the time. In the current economy, where everyone is trying to control expenses, private companies must weigh the cost of directors' and officers' liability insurance (commonly known as D&O insurance) against the risks of not having it. In order to make an informed decision, managers need to understand what those risks are, and whether they and their companies can afford to assume those risks uninsured.For public and private companies alike, D&O insurance generally covers insureds for claims made against them by third parties for losses they claim were caused by management's acts, errors, omissions, misstatements and misleading statements. As in all insurance, D&O coverage is subject to the policy's limit of liability, exclusions and other conditions. (For a thorough discussion of these complex issues, please see the three-part series titled "The Devil Is in the Details.") Accordingly, the list of third parties that … [Read more...] about D&O Insurance: Why on Earth Would a Private Company Need It?
"Unauthorized Alien" Who Provided False SSN Can Proceed With Disability Discrimination LawsuitSalas v. Sierra Chem. Co., 2014 WL 2883878 (Cal. S. Ct. 2014)Vicente Salas worked on Sierra Chemical's production line, filling containers with various chemicals. At the time of his hire, Salas provided Sierra with a resident alien card and a Social Security card and signed an Employment Eligibility Verification Form (I-9 Form). After allegedly injuring his back several times and presenting doctors' notes restricting his ability to lift, stoop and bend, Salas was laid off in December 2006 as part of Sierra's annual reduction in its production line staff. Salas received a recall-to-work letter in May 2007, but Sierra did not permit him to return to work after he told the company he was "not completely healed." Salas subsequently filed a lawsuit against Sierra, alleging disability discrimination and denial of employment in violation of public policy.After filing an in limine motion stating that … [Read more...] about California Employment Law Notes July 2014
Associate Justice Robert H. Jackson was cussing mad when he wrote a letter to Secretary of the Army Kenneth Royall on Oct. 21, 1948. And it had nothing to do with the business of the Supreme Court. In two single-spaced pages, Jackson was detailing why the Army should OK the U.S. release of a documentary film it had made about the first Nuremberg trial, where Jackson had served as lead prosecutor. He had learned that the government denied the New York City Bar Association’s request to show the film.Jackson described to Royall a profanity-laden letter he’d already sent to the city bar’s president, Harrison Tweed, decrying what he saw as a bone-headed decision. He said Tweed had asked whether the letter could be read to the group—minus the profanity.“I told him he could read it if he would not cut out the profanity,” Jackson wrote Royall, underlining his displeasure.The film, Nuremberg: Its Lesson for Today, detailed the Nazi rise to power and the … [Read more...] about A Long-Forgotten Film on the Nuremberg Trials Helps Rekindle Interest in the Holocaust
While same-sex couples are gaining recognition, the variety of such relationships—marriages, civil unions or domestic partnerships—and each one’s rights are creating a mishmash of legal problems. States differ among themselves and with the federal government over what properties each relationship has, forcing lawyers to keep track of which jurisdictions allow which rights.“The recognition is so patchwork,” says Richard Wilson of Grund & Leavitt in Chicago. “You have marriage, which is a universal status, even if it’s same-sex marriage. Civil unions and domestic partnerships are specific to the state, and another state may not understand them even if it’s willing to recognize them. Then you have federal law, which doesn’t recognize any of this.”That legal confusion has led some to contend the laws result in separate but unequal status for same-sex couples. On June 29, several New Jersey couples sued, arguing the … [Read more...] about Patchwork Partnering: States Can’t Agree on the Legal Status of Same-Sex Couples