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Supreme Court declines to review case affirming Iowa’s right to impose state income taxes on out-of-state franchisor
  • Baker Botts LLP
  • USA
  • October 7 2011

This week’s decision by the United States Supreme Court to decline review of KFC Corp. v. Iowa Department of Revenue is almost certain to be received by other states as a tacit approval of the imposition of state income taxes on out-of-state franchisors, even where franchisors do not have property or employees in the state.

Guaranties, garnishments and overdraft fees: case law continues to emerge
  • Fredrikson & Byron PA
  • USA
  • June 20 2011

Although the banking industry is primarily focused on emerging statutes and regulations and navigating the current climate, bankers should note that case law involving bank operations continues to emerge.

Investment fraudmanipulation
  • Dorsey & Whitney LLP
  • USA
  • January 21 2011

SEC v. Hancher, Case No. 5:11-cv-04005 (N.D. Iowa Filed Jan 14, 2011) names as defendants Lowell Hancher, his company Commerce Street, Edward Whelan and his company, Grace Holdings, Inc.

Shareholders challenge underlying fund fees
  • Jorden Burt LLP
  • USA
  • November 30 2010

Observing that 36(b) of the Investment Company Act (ICA) “creates a private right of action for all ‘security holders’ in the registered investment company, including persons who possess an interest in a mutual fund that is acquired through a fund of funds,” the U.S. District Court for the Southern District of Iowa recently held that shareholders in a “fund of funds” had standing to bring excessive advisory fee claims under 36(b) on behalf of the fund’s underlying funds.

Class certification denied in fixed indexed annuity interest-crediting case
  • Eversheds Sutherland (US) LLP
  • USA
  • July 27 2009

On July 23, 2009, the U.S. District Court for the Southern District of Iowa denied class certification in Duchardt v. Midland National Life Ins. Co., 4:07-cv-00351 (S.D. Iowa July 23, 2009), a putative class action challenging an insurer’s interest-crediting practices with regard to fixed indexed annuities (FIAs).

Shareholders did not breach fiduciary duties owed to fellow shareholders
  • Katten Muchin Rosenman LLP
  • USA
  • July 17 2009

Defendants and plaintiffs owned interests in Twin City Minerals (Twin City), a company whose only asset was a 50 ownership in Superior Minerals (Superior).