Tennessee Business Law Blog http://www.tnbusinesslawblog.com Insight and Commentary on developments in Tennessee business law Mon, 02 Jan 2017 18:55:54 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.5 Changes to Tennessee Business Corporation Act Effective January 1, 2013 http://www.tnbusinesslawblog.com/2013/01/03/changes-to-tennessee-business-corporation-act-effective-january-1-2013/ Thu, 03 Jan 2013 18:02:44 +0000 http://www.tnbusinesslawblog.com/?p=44 Public Chapter 1051 became effective January 1, 2013, and it makes changes to the Tennessee Business Corporation Act.

You can read Public Chapter 1051 here: pc1051-1.

 

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Tennessee Business in 2013 — What Should We Expect? http://www.tnbusinesslawblog.com/2013/01/02/tennessee-business-in-2013-what-should-we-expect/ Wed, 02 Jan 2013 21:19:31 +0000 http://www.tnbusinesslawblog.com/?p=40 The New Year is less than 48 hours old, so is it too early to speculate on the course of business law in Tennessee this year?

Probably.

Still, we can look forward to developments in a number of areas.

First, with Obamacare set to reach full implementation in 2014, health laws will be high on the list to watch this year.

Second, with the national economy coming under an ever larger media microscope, one should expect that finance bills will be important this year.

One thing is for sure–there will be change. Laws will be enacted that will make life easier or harder for businesses in Tennessee (depending on the business and one’s perspective). Cases will be decided and rules and regulations will be promulgated.

Keep a wary eye out, and check back here often, as Tennessee business law developments are discussed and explained.

Happy New Year!

 

 

 

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Gordon Gekko Becomes an “Untouchable” http://www.tnbusinesslawblog.com/2012/02/28/gordon-geckko-becomes-an-untouchable/ Tue, 28 Feb 2012 15:54:24 +0000 http://www.tnbusinesslawblog.com/?p=36 Today’s Wall Street Journal reports that the FBI has 120 persons targeted for violations of insider trading. And, in a blast from the past, the actor, Michael Douglas, who portrayed Gordon Gekko in the 1980’s movie, Wall Street, is the new spokesman for the FBI.

He can be seen in a television commercial asking people to get in touch with the FBI if they have information about insider trading.

Wow.

What movie characters (and the real-life actors/actresses who played them) would make good spokesmen for the government in other areas?

Hmm. Well, with all the bad actions chosen by movie characters, it shouldn’t be too hard to come up with a long list of actors who could extol the virtues of not participating in various vices and illegal actions.

 

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Tennessee Tort Reform Bill Would Add “Loser Pays” to Tennessee Law http://www.tnbusinesslawblog.com/2012/02/27/tennessee-tort-reform-bill-would-add-loser-pays-to-tennessee-law/ Mon, 27 Feb 2012 17:47:47 +0000 http://www.tnbusinesslawblog.com/?p=33 A pair of Tennessee bills currently in committee in the state legislature would make a big change in how businesses in Tennessee deal with litigation if they eventually make their way out of committee and into law.

Under the tandem bills of Senate Bill 2586 and House Bill 2942, a party to a lawsuit would be able to make a settlement offer to the other party, and if the settlement was rejected with the trial result being at a certain level, the party who rejected the settlement offer would be required to pay certain litigation costs.

The change in law would not apply to all lawsuits. Excluded from its coverage would be class actions, shareholder derivative suits, suits by or against governmental bodies, domestic relation suits, worker’s compensation suits, or suits in which the plaintiff’s lawyer has been engaged pursuant to a contingency fee arrangement.

As currently worded, the bills would require a plaintiff who receives a judgment less than 80% of an offered settlement amount to pay certain litigation costs, including the defendant’s reasonable attorney’s fees incurred after the settlement offer was made.

Similarly, the bills would require a defendant who has a judgment rendered against it of more than 120% of an offered settlement amount to pay certain litigation costs, including the plaintiff’s reasonable attorney’s fees incurred after the settlement offer was made.

Other litigation costs, besides attorney’s fees, are included in the litigation costs that would have to be borne by the party who failed to settle, such as court costs, reasonable deposition costs incurred after the settlement offer, fees for 2 expert witnesses, court reporter fees, and pre-judgment interest.

Opinion is mixed as to whether these bills would be an improvement to Tennessee law. Some opponents of the bills say that the proposed change would benefit those companies, including insurance companies, with greater financial resources and that could take the chance of refusing to settle a case more so than a small business or individual who would be seriously impacted if it or he/she were forced to pay a hefty chunk of the opponent’s litigation expenses.

For the time being, these bills remain in committee. However, since the impact of such a big change in Tennessee law would be huge, it merits keeping an eye on SB 2586 and HB 2942.

 

 

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Welcome to the Tennessee Business Law Blog http://www.tnbusinesslawblog.com/2012/02/25/hello-world/ Sat, 25 Feb 2012 19:42:03 +0000 http://www.tnbusinesslawblog.com/?p=1 Welcome to DPS Legal Counsel’s Tennessee Business Law Blog.

Here, you will find recent developments and important points of law of interest to Tennessee business.

Check back often. It is my hope that you will find much here to not only be interesting and educational in nature, but also of practical use to you as you conduct business in Tennessee.

 

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