Author: Bailey Glasser

BG Files Amicus Brief on Behalf of Military Veterans

Bailey Glasser filed an amicus brief supporting military families opposing arbitration sought by Citibank in the case Pablo Espin v. Citibank, N.A., currently pending before the United States Court of Appeals for the Fourth Circuit. The Amici Curiae represented are the National Guard of the United States, the Military Officers Association of America, and the Reserve Organization of America.

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Bailey Glasser filed an amicus brief supporting military families opposing arbitration sought by Citibank in the case Pablo Espin v. Citibank, N.A., currently pending before the United States Court of Appeals for the Fourth Circuit. The Amici Curiae represented are the National Guard of the United States, the Military Officers Association of America, and the Reserve Organization of America. This case involves a proposed class of military members who are arguing that Citibank cannot force them to arbitrate claims the bank overcharged credit card fees, arguing federal laws on military-member lending negate arbitration agreements.

ERISA Practice Group Leader and former veteran Greg Porter stated: “We are proud to support military families in opposing Citibank’s efforts to force their claims into arbitration. As a veteran who served overseas, I understand the challenges that military families face when members are serving outside the country.”

Greg served four years in the United States Army, including 18 months on the demilitarized zone in Korea where he was part of the Joint Security Area forces in Pan Mun Jom. We thank Greg and all veterans for their service.

To learn more about Greg Porter visit this link.

To learn more about our ERISA and ESOP practice visit this link.

Bailey Glasser Wins Partial Summary Judgment in Symbria ESOP Litigation

On March 25, 2024, Bailey & Glasser, LLP won a motion for partial summary judgment in the U.S. District Court for the Northern District of Illinois in the case Placht v. Argent Trust Company, Case No. 21-cv-5783. The lawsuit claims that Argent, the trustee for the Symbria Inc. Employee Stock Ownership Plan (the “ESOP”), caused the ESOP to purchase $66,500,000 of Symbria, Inc. stock for more than fair market value, violating federal pension law in the ERISA statute. The court held that the plaintiff proved every element of her ERISA prohibited transaction claims, removing the need to provide additional proof of these elements at trial.

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On March 25, 2024, Bailey & Glasser, LLP won a motion for partial summary judgment in the U.S. District Court for the Northern District of Illinois in the case Placht v. Argent Trust Company, Case No. 21-cv-5783. The lawsuit claims that Argent, the trustee for the Symbria Inc. Employee Stock Ownership Plan (the “ESOP”), caused the ESOP to purchase $66,500,000 of Symbria, Inc. stock for more than fair market value, violating federal pension law in the ERISA statute. The court held that the plaintiff proved every element of her ERISA prohibited transaction claims, removing the need to provide additional proof of these elements at trial.

The court made important rulings of law in favor of the plaintiff and beneficiaries of employee benefit plans generally.

First, the court rejected Argent’s argument that the plaintiff’s claim that Argent caused the ESOP to engage in a prohibited transfer of plan assets to “parties in interest” to the ESOP requires a showing of subjective intent to benefit such parties through the transfer. The court explained that rejecting a subjective intent requirement comports with Congress’ intent for the statute to set forth per se violations, for which the parties’ intent should have no bearing as to whether a violation occurred. This has been a hotly contested issue in ERISA litigation.

Second, the court rejected Argent’s argument that an affirmative defense that the ESOP paid “adequate consideration” thwarted the plaintiff’s claims concerning the allegedly prohibited and imprudent stock transaction. Referring to facts adduced by the plaintiff and the plaintiff’s experts’ analyses, the court held that “factual questions exist as to whether Argent acted prudently and ensured that the Plan paid no more than ‘adequate consideration’ for the Symbria stock.” Therefore the plaintiff’s “claims and Argent’s defenses with respect to the ESOP Transaction must proceed to trial.” This decision puts plan fiduciaries to their proof and is precedent that, rather than being decided on a premature summary judgment, trials are required on the fact-intensive inquiry into the diligence of trustees’ stock valuations and transaction negotiations.

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Bailey Glasser Announces Elevation of Lorren Patterson to Partner

Bailey & Glasser, LLP is delighted to announce that California and Washington, D.C. corporate attorney Lorren L. Patterson has been elevated to partner. Lorren is a member of our Corporate Practice Group, where she focuses her practice on complex transactions and strategic corporate advice for private and public companies, closely held family offices, state entities, and business owners. Her transactional work involves a variety of corporate and commercial matters, including mergers and acquisitions, commercial contracting, governance, corporate finance, private equity and other business transactions in addition to intellectual property matters.

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Bailey & Glasser, LLP is delighted to announce that California and Washington, D.C. corporate attorney Lorren L. Patterson has been elevated to partner. Lorren is a member of our Corporate Practice Group, where she focuses her practice on complex transactions and strategic corporate advice for private and public companies, closely held family offices, state entities, and business owners. Her transactional work involves a variety of corporate and commercial matters, including mergers and acquisitions, commercial contracting, governance, corporate finance, private equity and other business transactions in addition to intellectual property matters.

Lorren has been recognized as a Best Lawyers Ones to Watch in Banking and Finance Law, Closely Held Companies and Family Businesses Law, and Corporate Law in Washington, D.C. in 2024. She was also named a Super Lawyers Rising Star in the District of Columbia in Business/Corporate in 2022 and 2023.

“Congratulations to Lorren on her well-deserved promotion to partner at Bailey Glasser,” said Jonathan Deem, the firm’s Corporate Practice Group Leader. “Lorren has proven to be a key team member of our corporate group on some of our most complicated matters, and she will bring invaluable contributions to the firm and the clients we serve in her new role as a partner.”

Notably, Lorren is a member of the Bailey Glasser team that serves as outside general counsel to the West Virginia Investment Management Board (WVIMB), an independent state entity charged with investing over $25 billion of state and local public moneys. Last year, the team assisted the WVIMB in closing over $900 million in investments held in private equity, real estate, hedge and private credit pools.

To read the full firm announcement, please visit here.

For more about Lorren Patterson, please visit here.

#corporatelaw #businesslaw #newpartner #baileyglasser #welldone

The U.S. Environmental Protection Agency Bans Ongoing Use of Asbestos

On March 18, 2024, the United States Environmental Protection Agency (EPA) announced a final rule prohibiting the use of chrysotile asbestos, the last remaining type of asbestos that was being used and imported into the United States. Considering that asbestos is a known carcinogen that is already banned in more than fifty (50) countries, this is a monumental announcement that is long overdue.

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On March 18, 2024, the United States Environmental Protection Agency (EPA) announced a final rule prohibiting the use of chrysotile asbestos, the last remaining type of asbestos that was being used and imported into the United States. Considering that asbestos is a known carcinogen that is already banned in more than fifty (50) countries, this is a monumental announcement that is long overdue.

The pervasive severe health risks associated with asbestos exposure have been well-documented for decades. Though new asbestos use in the United States has declined steadily since the 1980s, each year in the United States asbestos exposure is linked to 40,000 deaths from lung cancer, mesothelioma, and other cancers. The unfortunate reality is that asbestos still lingers as a construction material in millions of homes and public buildings throughout the United States.

Traditionally, the risk of asbestos exposure and related diagnoses of lung cancer or mesothelioma was associated with working in an industrial setting like shipbuilding, factories, or servicing heavy machinery. While those risks have reduced with the passage of time, the risk of exposure from asbestos-containing building materials in public buildings and college campuses remains.

Although there are several known types of asbestos, the only form known to be imported, processed, or distributed for use in the United States is chrysotile. The EPA ban comes on the heels of steadily increasing imports of chrysotile asbestos each year, as recently as 2022. Chrysotile asbestos is found in many products including asbestos diaphragms, sheet gaskets, brake blocks, aftermarket automotive brakes/linings, other vehicle friction products, and other gaskets.

Though this decision to ban chrysotile asbestos is long overdue, it is not the end of asbestos use in the United States. As Phase II of its asbestos risk evaluation, the EPA will be considering legacy uses of chrysotile asbestos, disposal of chrysotile asbestos, as well as asbestos-containing talc. Our asbestos litigation team will continue to monitor the EPA’s evaluation closely and provide an update when Phase II is complete.

While asbestos exposure has been linked to lung cancer and mesothelioma for decades the long latency period is a lesser-known consequence of exposure. This means that you may be diagnosed with lung cancer or mesothelioma decades after you were exposed to asbestos. Contacting an attorney as soon as you are diagnosed with lung cancer or mesothelioma is critical to allow for your potential claim to be timely investigated and filed.

If you or a loved one has been diagnosed with lung cancer or mesothelioma it is important to act quickly to protect your rights. Contact us today to schedule a consultation with a member of our asbestos litigation team. You don’t have to face this challenging situation alone – we are here to fight for you.

Learn more about partner Travis Prince here.

And for more information on our Asbestos & Lung Disease, please visit here.

Sources:

https://www.epa.gov/newsreleases/biden-harris-administration-finalizes-ban-ongoing-uses-asbestos-protect-people-cancer

https://www.bbc.com/news/world-us-canada-68602748#

Watch Now: Partner Greg Haddad Discusses Long-Term Symptoms of a Traumatic Brain Injury

According to the Brain Injury Association of America, more than 5.3 million adults and children in the U.S. are living with some sort of permanent brain injury-related disability, and some 2.8 million individuals will experience a Traumatic Brain Injury (TBI) every year. Brain injuries – even those considered “small” – can lead to months, years, or even lifetimes of physical, emotional, and cognitive issues. What is particularly sneaky about these types of injuries is that their cause – and effects — might not be recognized until long after the injury has occurred.

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According to the Brain Injury Association of America, more than 5.3 million adults and children in the U.S. are living with some sort of permanent brain injury-related disability, and some 2.8 million individuals will experience a Traumatic Brain Injury (TBI) every year. Brain injuries – even those considered “small” – can lead to months, years, or even lifetimes of physical, emotional, and cognitive issues. What is particularly sneaky about these types of injuries is that their cause – and effects — might not be recognized until long after the injury has occurred.

 

In this short video, BG partner P. Gregory Haddad, our firm’s Personal Injury Practice Group Leader, discusses the long-term symptoms of a traumatic brain injury and the behaviors to look for in a loved one who may have experienced this type of injury. Watch here.

 

Our Personal Injury attorneys are dedicated to helping individuals who have suffered traumatic brain injuries due to accidents, negligence, or other unfortunate circumstances. Learn more about our TBI experience by visiting here.
#BrainInjuryAwareness #TBI #BaileyGlasser