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Supreme Court

Little guidance from court on New York interest requirement on national bank escrow accounts

Justice Brett Kavanaugh’s opinion for a unanimous court Thursday in Cantero v. Bank of America will not be one for the casebooks or treatises, as it says almost nothing about how the lower court is supposed to reconcile provisions of the National Bank Act that protect national banks with a New York statute requiring all banks (including national banks) to pay interest on the escrow accounts they hold for their mortgage customers.

The difficulty arises because amendments to the … Read the rest

Civil Law

The in duplum rule does not apply to late payment interest on arrear pension fund contributions owed by participating employers

Since 2020, most retirement funds have been faced with a situation where participating employers have failed to comply with section 13A of the Pension Funds Act, 1956 (PFA), by either underpaying employer or member contributions or not paying at all. The non-payment of contributions attracts late payment interest in terms of section 13(7) of the PFA.

It is against this background that the Financial Sector Conduct Authority (FSCA) repealed Regulation 33, which governed payment of pension fund contributions and … Read the rest

Supreme Court

A business perspective: Diversity in university admissions is a compelling interest

This article is part of a symposium on the upcoming arguments in Students for Fair Admissions v. University of North Carolina and Students for Fair Admissions v. President & Fellows of Harvard College. A preview of the case is here.

Michael R. Dreeben is a partner and Natalie Camastra and Kelly Kambourelis are associates at O’Melveny & Myers LLP. They were counsel on an amicus brief supporting UNC and Harvard.

The business case for diversity in university admissions … Read the rest

Civil Law

Prosecutorial Civil Public Interest Litigation of Antitrust Case Under the New China’s Anti-Monopoly Law

Preface

The revised Anti-Monopoly Law of the People’s Republic of China (“New AML”) entered into force on August 1, 2022. The New AML introduces in the second paragraph of Article 60 that “where the monopolistic conduct of an undertaking damages social and public interest, the people’s procuratorate at or above the level of city with subordinate districts may file a public interest civil lawsuit with the people’s courts”, thereby clarifying for the first time the application of civil … Read the rest

Supreme Court

Justices, signaling interest in False Claims Act, are asked to clarify a “knowing” violation

The Petitions of the Week column highlights a selection of cert petitions recently filed in the Supreme Court. A list of all petitions we’re watching is available here.

On Monday, the court asked the government to weigh in on a petition filed earlier this year, about whether it matters that someone accused of “knowingly” defrauding the government under the False Claims Act believes or understands their own conduct was unlawful. Known as a “call for the views of … Read the rest