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Young, emerging growth companies looking to venture capital firms as an alternative to more traditional debt financing sources may experience stiffer competition. VC investments declined for the first time in three years, according to a recent MoneyTree Report by PricewaterhouseCoopers LLP and the National Venture Capital Association (NVCA). Overall, venture capitalists invested $26.5 billion in […]

MLB Lawsuit Against BioGenesis Major League Baseball’s recent lawsuit against Florida clinic BioGenesis may have unintended consequences for players, a new report shows. MLB is currently suing the clinic for allegedly providing banned performance-enhancing drugs to the league’s players, a heavy sports law violation. Court documents show that MLB believes BioGenesis owner Anthony Bosch gave illicit […]

A U.S. District Court acquitted Jimmy Pflueger, an 87-year-old retired auto dealer, of four federal tax fraud charges. Pflueger, who founded a string of dealerships, was charged with several tax law violations, including filing false tax returns, hiding roughly $15 million in offshore Swiss bank accounts, and failing to pay roughly $27.5 million in taxes […]

Geokinetics, a provider of seismic data, has filed for bankruptcy law protection under Chapter 11 of the Bankruptcy Code in Wilmington, Delaware. The voluntary bankruptcy will help the company accomplish its previously announced financial restructuring. The Houston-based corporation listed $12 million in assets and $351 million in liabilities. However, an agreement with the holders of […]

A recent business litigation decision highlights that the full faith and credit clause can make it very difficult to challenge the enforcement of a judgment rendered outside of New Jersey. The case specifically involved an Iowan judgment where the exertion of personal jurisdiction over defendant, with no contact with Iowa, was based on a “floating […]

Weeks following a court decision that blocks legal sports betting in New Jersey, the state has chosen to offer daily fantasy sports betting in Atlantic City casinos as an alternative. The state Division of Gaming Enforcement announced that the pilot program will begin April 22, and casinos will be permitted to offer fantasy sports tournaments […]

The bankruptcy trustee overseeing the Chapter 7 liquidation of the Mississippi-based Grand Station Casino has submitted a request to auction off the famous casino boat and most of its inventory. Trustee Stephen Smith asked the court for permission to have the vessel auctioned off with all moveable equipment, including furniture, office equipment, a lift, food and […]

Tax season is officially here, and business owners with independent contractors and employees should not misclassify workers to avoid attracting the ire of the Internal Revenue Service. In an effort to close the tax gap and ensure full compliance with federal tax law, the IRS is focusing more closely on business tax returns and, specifically, […]

Contract breaches are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. To give businesses an idea of what to expect from a breach of contract lawsuit, this post offers a short summary of the most […]

A federal bankruptcy judge has approved a request by New Jersey-based HealthBridge Management to temporarily reduce the benefits of 600 union workers employed by five Connecticut nursing homes while it undergoes bankruptcy proceedings. Bankruptcy Judge Donald Steckroth sided with the distressed company after it noted that the full costs of pension and benefits insurance would […]

The Internal Revenue Service has encouraged Americans to help it detect and prosecute tax law violations by offering financial incentives for those who alert the agency to tax-related crimes. However, the agency is considering lowering these incentives in the future, which may affect how many people come forward. Acting IRS commissioner Steven Miller recently proposed […]

Many people in the U.S. that are trying to avoid violating sports law as it relates to gambling have turned to fantasy sports as an alternative. The New York Times reports that while betting money on fantasy sports sites is protected under federal law as exemptions to online gambling, there is a fine line between […]