A private letter ruling request is a request to the IRS by a taxpayer (an individual, business, or other entity) requesting the IRS to address, in writing, a specific tax situation that applies to the...
The ever-growing number of environmental laws has significantly affected real estate acquisitions. Nearly every purchase agreement will contain environmental representations and warranties, with the seller...
Environmental, social, and governance (ESG) remains an area of intense focus for private fund sponsors, private fund investors, and government regulators. Despite certain regulatory and political headwinds...
Representations and warranties insurance (also referred to as reps and warranties insurance, RWI, or R&W insurance) is designed specifically to cover losses resulting from unknown breaches for all...
Understand the role of ADR mechanisms in drug, medical device, biologics, and other life sciences agreements. Read now » Related Content Life Sciences Due Diligence Considerations in M&A...
It’s been more than 30 years since the U.S. Supreme Court decided Firestone Tire & Rubber Co. v. Bruch, which significantly impacted ERISA benefits litigation by applying a standard of review for courts faced with review of an ERISA benefits claim determination. Before Firestone, in most instances, courts reviewing benefit determinations would apply a de novo review standard. This means that an adverse claim is reviewed by a court without being predisposed to either side. The Firestone court held that the abuse of discretion standard (also referred to as the arbitrary and capricious review standard) would apply where the benefit plan contained language sufficient to authorize the party deciding the claim to interpret the plan (or insurance policy) and render benefit determinations. Where the language is used, benefit claimants (usually) face the challenge of proving to the reviewing court that a benefit denial was arbitrary and capricious. Quite a hurdle! Be sure your plans/policies include the requisite language.
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