Chapter 11 business bankruptcies surged 52% in July compared to the same month last year, while around 40,000 personal bankruptcies were filed in the month, up 11% from April's figure. Filings are expected to increase as government support programs come to an end.
The four biggest banks in the US are carrying at least $151.5 billion of loans whose payments are in some type of deferral. Uncertainty over how long the coronavirus crisis will last and how much damage it will inflict on the economy is making it difficult for banks to judge how many of their loans will have to be written off.
The US federal government will need to maintain borrowing at elevated levels as the coronavirus crisis continues, although it should decline marginally this quarter, the Treasury said. Offerings of all Treasury securities will be increased but the emphasis will be on 7-year and 10-year notes, and bonds with 20-year and 30-year maturities, as the government aims to shift to longer-dated debt.
Discover How Your Transactional Writing Can Affect the Outcome of Litigation
Stream PLI's on-demand Writing for Transactional Lawyers 2020 program and learn principles of effective writing and drafting to enhance your transactional practice. Understand structure and organization and figure out when it's okay to use plain English. Emphasis is given to the perspectives of the end users: your clients and those who litigate commercial disputes.
Mastering Negotiations: How Effective Are You?
Earn credit while acquiring the keys to successful negotiations: Mastering Negotiations: The Significance of Planning and Preparation is a unique, award-winning PLI program that helps participants learn the initial key steps to successful negotiations -- planning and preparation -- in order to adequately serve the interests of their clients. Throughout this online course, you'll be guided through a step-by-step negotiating planning process. During the learning simulation, you'll play the role of counsel assigned to negotiate a nondisclosure agreement for an important client.
Legislation that has passed a California Senate committee would mandate that businesses inform employees and state officials within 24 hours if a worker is exposed to the coronavirus. The measure, which could carry a $10,000 fine for violations, would be tougher than a recent Virginia law that mandates notifications when an employee tests positive for the coronavirus.
The US Court of Appeals for the 4th Circuit has overturned an injunction against the Trump administration's public charge rule, which eases the denial of legal status for immigrants deemed likely to rely on public assistance. The court held that the Immigration and Nationality Act enables the administration to enforce the rule and that the Department of Homeland Security likely has interpreted the meaning of "public charge" in an appropriate way.
The US Supreme Court in a 5-4 decision has overturned a lower court order that jails in California's Orange County take inmates' temperatures every day and get inmates' input on jail conditions amid the coronavirus pandemic, among other measures. Justice Sonia Sotomayor dissented, noting that 300 inmates tested positive for the virus in one month, while the county said in a recent appeal that it had "currently zero transmission" of the virus among inmates.
The US Justice Department told a federal judge that California overstepped its authority in enacting net neutrality legislation. A federal appeals court ruled last year that the Federal Communications Commission has no jurisdiction in the matter.
The future is barreling down the tracks, and many legal professionals question whether they are prepared, finds the "2020 Future Ready Lawyer: Performance Drivers" survey from Wolters Kluwer. The three changes most expected: Using technology to increase productivity (83%); more specialization (80%) and increased innovation (75%).
Customers will determine when business travel regains momentum, says Susan Liechtenstein of DigiTravel, as they'll need to feel safe again. Some aspects of business travel are already being replaced by video calls, and companies are noticing the cost savings of less travel.