The Financial Crimes Enforcement Network has announced that the reporting of certain stakeholder information is voluntary, pending the resolution of the federal government’s appeal of an injunction by the U.S. District Court for the Eastern District of Texas. This injunction barred enforcement of the CTA and its beneficial ownership reporting requirements, citing potential unconstitutionality.

Fabio pointed out the difference between the Texas court’s decision and an earlier decision by the U.S. District Court for the Northern District of Alabama: “This case in Texas goes a step further, and a big step further, because it imposed the injunction, which is not limited to the plaintiffs in the case, but it’s a nationwide injunction.”

Fabio is a corporate and real estate attorney, representing businesses and investors in the acquisition and financing of property, along with business transactions and corporate matters. He specializes in cross-border transactions involving clients based in the United States, Europe, and Latin America.

Read the full article in the Daily Business Review here: https://www.law.com/dailybusinessreview/2024/12/10/nationwide-injunction-halts-corporate-transparency-act-reporting-requirements/?slreturn=20241218103920&utm_source=rss&utm_medium=rss

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The court found that the CTA represented an unprecedented federal intrusion into areas traditionally managed by state governments and posed a threat to the anonymity historically afforded to corporate owners. Additionally, the Court found the Plaintiffs’ were likely to succeed in showing these constitutional violations and enforcement of the CTA compliance deadline would cause irreparable harm. The Court stayed the deadline to file a report under the Administrative Procedure Act (APA) § 705.

We are studying the decision and will monitor FinCEN’s response in the next days in order to advise clients on what to do regarding filing before the upcoming December 31st deadline. 

The full text of the decision is available here: Bloomberg Law

If you have any questions, please feel free to contact Emma Rodgers at erodgers@wsh-law.com.

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Reports under the CTA must be submitted by December 31, 2024. For businesses registered on or after January 1, 2024, registration is required within 90 days of filing their initial Articles of Organization or incorporation. Our firm is available to assist clients with this filing.

On March 1, 2024, the U.S. District Court for the Northern District of Alabama deemed the CTA unconstitutional. However, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury maintains that all applicable entities must still file their reports, except for those members of the National Small Business Association, the plaintiff in the case.

If you would like our assistance with your company’s CTA report, we are here to help.

Please note that the CTA report is not an annual filing. You will only need to refile if you sell your company or make significant governance changes, such as appointing a new president or senior officer.

The firm’s legal services will include:

1. Assessing your CTA reporting obligations by reviewing your corporate structure
2. Identifying beneficial owners based on the information you provide
3. Filing your company’s initial Beneficial Ownership Information report with FinCEN

Please be aware that the CTA is a complex law, and non-compliance can lead to significant penalties. We are here to guide you through this process and ensure you remain compliant. To receive an engagement letter, please email Emma Rodgers at ERodgers@wsh-law.com and she can send it to you by email or DocuSign upon request. If you have any questions, feel free to reach out to us by phone at (305) 854-0800 or by email, and we can discuss the process in more detail.

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Given the frequent interactions between government and business, disputes often arise between regulatory bodies and private parties. The landscape of a dispute with local government, however, can look vastly different from the traditional terrain of purely private litigation. The nuanced aspects of disputes that lie at the intersection of government and business, and the specific procedural laws that apply to local governments, require assistance from mediators with specific local government experience to assist parties seeking to resolve disputes through mediation.

The Unique Government-Business Dispute Landscape

Put simply, there are legal and institutional variations that differentiate disputes with government from traditional disputes between private entities. These differences can often become obstacles to resolving even the most seemingly straightforward disagreements between government and business.

Resource asymmetry can often influence the trajectory of dispute resolution. Private parties may be more cost-sensitive in their approach to a dispute, whereas government may be willing to litigate matters at greater expense to protect the public good. This includes a greater willingness to pursue legal theories or challenges that may set important precedent in other matters, which, for an individual litigant, may be economically irrational to pursue.

Moreover, government lawyers are usually specialists in their area of practice and well-positioned to levy and respond to legal challenges in the public sphere, whereas counsel for private litigants sometimes get lost in the mire of unfamiliar statutes and ordinances. For instance, understanding the applicability of open government laws at the inception of a dispute can greatly impact the time spent seeking information from government entities by way of traditional discovery requests later on. Similarly, familiarity with unique defenses available to governments that often do not arise between private litigants, such as sovereign immunity and statutory damages caps, can be key. By the same token, there are distinct statutory regimes that enable certain causes of action, like those brought pursuant to the Bert Harris Act, which are particular to government alone.

To complicate matters further, when a dispute involves government, the public is often an initially overlooked third-party that must nonetheless be accounted for in resolution. Such considerations of the public interest are not typically features of private litigation. Thus, interested stakeholders are often not present at a mediation, but will certainly express their positions at any public meeting ultimately held to approve a settlement. Relatedly, because media consistently tracks government action, public sensitivities are often a paramount consideration in dispute resolution, and public opinion can create a potential obstacle to resolution for local governments.

Finally, in disputes between private parties and governments, there exist unique sensitivities by private actors who are repeat players in the government-business arena and who wish to preserve their relationships and goodwill beyond resolution of a particular dispute for the sake of future beneficial transactions with government.

A Mediator With Experience in Local Government Law as a Guide to Facilitate Mediation

Mediating local government and business disputes can be an invaluable resource to assist the parties as they navigate through the obstacles that this unique landscape presents. The more the needs and limitations of each party are understood by the intermediary facilitating discussion between the two, the more effectively those discussions for resolution can yield progress.

In particular, a guide who can adeptly shepherd the parties procedurally through the sticky aspects of mediation with a government actor—such as understanding limitations on final settlement authority, Florida’s Sunshine Laws, and concepts of sovereign immunity—greatly improves the likelihood that a mutually agreeable resolution of a dispute can be reached.

Additionally, using mediation as a mechanism for settlement can provide a window for creative solutions that allow the parties to shift perspective from the adversarial zero-sum endeavor seen too often in litigation, to a partnership of negotiation for a mutually beneficial outcome more commonly brokered in government fora. This shift in outlook can lead to an improved relationship between the parties during a tense period of interaction. In this manner, the parties can preserve future transaction potential. In fact, the candid discussions and creative intervention of an honest and knowledgeable broker during mediation may allow the parties to conjure creative solutions and remedies not limited to simple dollar demands. In some instances, these discussions have even been shown to spawn policies that foster outcomes with positive outcomes to the public welfare the government serves. Finally, in most cases, mediation can maintain confidentiality. This can help to lessen the apprehension of public sensitivities to certain disputes and potential political ramifications, simplifying the path to dispute resolution.

Given the distinctive challenges that disputes with government present, a mediator with specific local government experience is an underrated and underutilized, but highly effective, guide on the path to dispute resolution.

Candice Balmori is an attorney at Weiss Serota Helfman Cole + Bierman’s Fort Lauderdale office and represents municipalities on a broad range of issues, including counseling on contracts, compliance with public records, sunshine and ethics laws.

Jamie Alan Cole is a partner and the managing director of the firm’s Fort Lauderdale office. He represents local officials and governments in matters that help improve their communities and preserve home rule power. Both attorneys are Supreme Court-certified mediators.

To read the original article in the Daily Business Review, click here.

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“The NFL does not want owners asking their coaches to lose.” Alan said. “That destroys balance in the league and confidence in the product.”

Alan also told news sources that he thinks Flores has a shot at winning the case and that the NFL will likely settle.

Alan has a thriving sports law practice representing elite athletes and coaches including Caeleb Dressel, Bobby Finke, Eddy Alvarez and Greg Troy.

The post Alan Fertel featured across several news platforms as a thought leader on the Brian Flores lawsuit appeared first on Weiss Serota Helfman Cole + Bierman.

Fertel’s sports representation practice is reaching new heights due to his work with Dressel, who he has known since the swimmer’s standout career at the University of Florida. He began negotiating business contracts for Dressel as he became an Olympic hopeful and eventually into and through the 2020 Summer Olympics. As the pandemic affected the world, Fertel was tasked with renegotiating Dressel’s endorsement contracts so they would be in effect for the Olympic Games in Tokyo that took place in the summer of 2021 – a year after they were originally planned for.

In addition to representing Olympians, Fertel represents other individuals and entities in the sports, arts and entertainment space, from athletes and entertainers to coaches, athletic directors, teams, agents, leagues, radio stations, models, modeling agencies, restaurants and clubs.

With the recently signed NIL (Name, Image and Likeness) legislation in Florida, the firm plans to expand its sports practice with the hiring of additional sports and entertainment attorneys as well as further developing relationships with agents, coaches and sports professionals to best serve the influx of college athletes in need of representation.

“As a lawyer, this is an exciting path to take, and as society continues to evolve with social media and new rules for athletes emerge, it will only continue to become more exciting, complex and more reason for athletes, whether college-level or professional, to seek legal representation,” said Fertel. “The new NIL legislation for Florida-based college athletes opens up a whole new window of possibilities for student athletes, and I’m looking forward to seeing what we can accomplish. With the growth of this practice area at the firm, we are equipped to guide student athletes on a path to lifelong success that takes them beyond their athletic careers.”

On behalf of his athlete clients, Fertel has negotiated endorsement and sponsorship contracts with major consumer brands such as, Google, Speedo, Coca-Cola, Comcast, Hershey’s, Toyota, Omega, Beats and GrubHub. He has also consulted with eight first round draft picks in the NFL draft and negotiated the Principal Hosting Agreement for the 2014 Miss Universe Pageant, as well as the broadcast agreements with the Miami Marlins, Miami Dolphins, Florida Panthers, and the University of Miami Hurricanes. He has acted as counsel to the Miami-Dade Special Olympics, World Series of Boxing, the National Senior Games and the World Water Skiing Championships.

Fertel was recently a featured speaker on two panels this past November for the North American Law Summit about the new Florida NIL bill and the intersection of the Olympics, COVID-19 and sports.

Click here to read the full article.

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Alan discussed how most of the athlete’s bonuses and endorsements had to be renegotiated due to the pandemic. “The court of public opinion controls the endorsement world and the companies are scared, so it’s a real struggle between the representation of the athlete and the representation of the sponsor,” Alan explained.

He also went on to discuss the other hurdles within sports law, especially for Olympic athletes. Click here to read the entire article.

The post Alan Fertel Discusses Renegotiating Deals For U.S. Olympic Swimmer Caeleb Dressel appeared first on Weiss Serota Helfman Cole + Bierman.

• New (first-time) applicants that did not receive a PPP loan in 2020 may now apply (max loan amount of $10 million)
• A qualifying business that previously received a PPP loan in 2020 may apply for a “Second Draw” PPP loan under certain circumstances (max loan amount of $2 million) if the business:
• Exhausted all funds from the first PPP loan;
• Employs no more than 300 employees; and
• Experienced at least a 25% a decline in gross receipts in Q1, Q2, Q3, or Q4 2020 as compared to the same quarter in 2019
• Both first and Second Draw PPP loan applications must be made by the current deadline of March 31, 2021
• Applicants may now choose their own covered period in which to spend the PPP loan proceeds (minimum of eight weeks up to a maximum of 24 weeks), providing more flexibility for workplace decisions
• PPP loans are not included as taxable income, and expenses paid with PPP funds are now tax deductible
• Expanded eligible non-payroll expenses may now include operational expenditures such as software, PPE, and safety improvements like air filtration and employee health screenings
• A further streamlined one-page forgiveness application for all PPP borrowers with loans under $150,000

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Cohen joins Weiss Serota after operating his own boutique firm for more than 20 years. He previously served as general counsel for a Florida-based national bank and outside general counsel for numerous banks and lenders. Cohen has expertise in banking law, commercial finance, regulatory compliance, commercial transactions and commercial litigation.

“Lewis is a tremendous addition to our Miami office and demonstrates our commitment to expanding our statewide complex commercial transaction practice,” said Miami Office Managing Director Mitch Bierman. “His creativity and his deep understanding of banking operations, regulatory frameworks and complex transactions complements the diverse expertise of our business attorneys.”

Cohen’s practice involves advising and representing banks in a variety of matters, including deposit operations, lending limits, online and mobile banking, vendor contracts, loan operations, commercial finance, loan documentation and regulatory matters. He also represents banks, individuals, and investors with respect to new loan transactions and modifications, real estate purchases, and sales and leasing of branch office facilities.

“I am thrilled to join such a terrific group of attorneys,” said Cohen. “The firm’s zoning, land use, municipal law, litigation and bankruptcy groups are a great complement to my practice, and I look forward to bringing my banking, finance and real estate experience to the firm’s existing Business Transactions Division.”

Cohen earned his Juris Doctor from Stetson University College of Law and a Bachelor of Arts from Boston University.

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As the coronavirus continues to wreak havoc on the economy, many homeowners have been unable to make their mortgage payments. The CARES Act contains provisions to help borrowers, which allows homeowners facing hardship due to the coronavirus pandemic to obtain mortgage forbearance for up to one year.

“Borrowers should understand the lender is not waiving those payments but temporarily suspending the collection of those payments,” said Drew. “Once payments are suspended, the lender is not able to issue negative reporting to the agencies.” As with any major financial decision, he also advised, “If it’s going to be a longer-term program, you could ask your lender if you can restructure the loan.”

Click here to view the full article.

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