• Amendments to Not-For-Profit Corporation Law Effective May 27th

    By Edward Karan, Esq. Email Eddie May 25, 2017 Important new amendments (“Amendments”) to the New York Not-For-Profit Corporation Law will go into effect on May 27, 2017.  The Amendments aim to mend inconsistencies in the law since the Nonprofit Revitalization Act, which went into effect in 2013.  New York Not-For-Profit Corporations should review their bylaws and conflict of interest policies to make sure they are up to date with these most recent changes. One of the major changes is to the definition of a “Related Party.”  The term was revised to include directors, officers, Key Persons (discussed below), any of their relatives, and ...

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    Thursday, May 25th, 2017

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  • In Depth: The Closing Deed

    By Kelly Canavan, Esq. Email Kelly May 25, 2017 Have you ever taken a look at the deed to your home and wondered, “What does it mean and what does it do?” You have spent a large sum of money at the closing table and signed voluminous amounts of mortgage documents, only to walk away with a piece of paper that gets recorded in the Clerk’s office in the County where the property is located.  But this piece of paper is filled with more information than meets the eye. At the top of the deed, just below the date of the conveyance, the “grantor” ...

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    Thursday, May 25th, 2017

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  • Preserving Attorney-Client Privilege When Responding to a Cybersecurity Breach

    By Jack Harrington, Esq. You are the CEO of a small or medium-sized company and someone from your IT team runs to your office, pale-faced, to tell you that the company’s network has been hacked.  They don’t know how the penetration occurred, when, or whether any data or confidential material has been stolen.  Who do you call first?  Your cyber forensic expert? The cybersecurity consultant you hired to help fortify your systems?  The Board of Directors?  No, your first call should be to your attorney. Why should your first call be to your attorney?  Whether you call in-house or external counsel, you ...

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    Thursday, May 25th, 2017

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  • Waves, Waivers, and More: A Guide to Summer Recreation

    By Scott Middleton, Esq. Email Scott May 25, 2017 The warm weather has finally arrived.  As many of us get ready to participate in – or allow our children to participate in – summer activities, we will invariably be confronted with a waiver/release form. Are these waivers enforceable in New York?  As with many things in law, it depends.  Generally speaking, any contract, membership application, admission ticket, or similar writing entered into between a participant and the owner of a pool, gymnasium, or place of recreation/amusement seeking to exempt the owner from liability or damages in exchange for a fee is void as against ...

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    Thursday, May 25th, 2017

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  • Five Questions To Ask About Your Company’s Cybersecurity Insurance Policy

    By Jack Harrington, Esq. Email Jack April 27, 2017 Published in the Suffolk Lawyer, June 2017 Companies of all shapes and sizes understand the importance of general commercial liability coverage. But, with the unprecedented rise in cyber attacks—particularly against businesses that collect and store the personal, medical, or financial data of their customers—how many companies have invested in the necessary cybersecurity insurance coverage?  PwC estimates that cyber insurance premiums will reach $7.5 billion by the end of the decade. However, not all cybersecurity insurance policies are created equal, and companies must evaluate their unique risk profile and pay careful attention to how their insurance carrier ...

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    Wednesday, April 26th, 2017

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  • Is Your Insurance Company Really on Your Side? Be Sure.

        By Christine Malafi, Esq. Email Christine Published in The Hauppauge Reporter May 2017 Liability insurance policies provide both indemnification and defense coverage to insureds when they are sued for injuries and/or damages. Insurance policies also contain various exclusions, or exceptions, from insurance coverage. After an insured notifies its insurance company of a lawsuit brought against it, the insurance company investigates the claim and the coverage provided to the insured under the terms of the applicable insurance policy. The insurance company then determines whether the suit is covered, not covered, or possibly covered under the terms of the policy. If the lawsuit is covered by an insurance ...

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    Wednesday, March 29th, 2017

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  • When in Doubt, Yell “Fore!”

        Published in The Suffolk Lawyer, May 2017 By Devon Palma, Esq. Email Devon It is officially spring and that means that golf season is here. For golfers, there are few things better than their first time back on a golf course after the snow melts and the weather gets warm. The last thing you are thinking about as you are breathing in the fresh spring air and teeing up for the first time this season is “what is my liability if this tee shot ends up hitting someone?” Nevertheless, while it is something seldom thought about, every golfer should be aware of their liability as they ...

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    Wednesday, March 29th, 2017

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  • Roadmap to a Valuable Teaming Agreement, Part 2

    By Edward Karan, Esq. Email Eddie March 30, 2017 My last article on Teaming Agreements focused on the most critical aspects of the parties’ relationship that such agreements must address.  The focus of this article is the enforceability of Teaming Agreements. To recap, teaming arrangements (memorialized in a Teaming Agreement) are organized so that one company is the prime contractor and one or more other companies are subcontractors.  The prime contractor generally interfaces with the government.  The prime contractor agrees that if awarded the government contract, it will use the subcontractor’s goods or services.  Conversely, the subcontractor agrees that it will provide the goods ...

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    Wednesday, March 29th, 2017

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  • A New Cybersecurity Reality for the New York Insurance and Financial Services Industries

          By Jack Harrington, Esq. Email Jack Published in the Hauppage Reporter, March 2017 February 10, 2017 On March 1, 2017, the New York financial services industry will awaken to a new regulatory regime designed to set minimum standards for the development and functionality of cybersecurity programs.  The New York State Department of Financial Services’ (“DFS”) proposed cybersecurity regulation (the “DFS Rule”) will cover any institution doing business in New York pursuant to a license, registration, charter, or similar authority under New York’s Banking, Insurance, or Financial Services Laws.  Companies outside the financial services sector should also take heed, as regulators overseeing other industries may use the ...

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    Thursday, February 09th, 2017

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  • Volkswagen Guilty Plea Sets New Standards for White Collar Investigations and Enforcement

        Published in The Suffolk Lawyer March 2017 By Jack Harrington, Esq. Email Jack On Wednesday, January 11, 2017 German auto-maker Volkswagen pleaded guilty to charges of conspiracy to commit wire fraud and to violate the Clean Air Act, as well as customs violations and obstruction of justice.  The company agreed to pay an astounding $4.3 billion in criminal and civil penalties, which when combined with the settlements paid to car owners may total an eye-popping $20 billion. The federal investigation stems from Volkswagen having lied about emissions tests for approximately 11 million diesel vehicles.  U.S. regulators began investigating the company after an academic study demonstrated that ...

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    Friday, January 27th, 2017

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