In Reliable Fire Equipment Company v. Arredondo, 2011 Il. 111871, an opinion released on December 1, 2011, the Illinois Supreme Court clarified the proper standard for evaluating the enforceability of a post-employment restrictive covenants. It is expected that this ruling by the Supreme Court will lead to greater enforceability of restrictive covenants.
A financial institution’s employee ran a Ponzi scheme for 10 years. Without the institution’s knowledge or authorization, the employee issued false securities to investors through brokers in exchange for funds, which were transferred to an account controlled by the employee. While purportedly underwritten by the institution, and seeming so on face, the institution denies having anything to do with the securities and asserts that they were completely fraudulent, phony and unauthorized. The employee’s last set of investors incurred losses when the scheme collapsed. The employee is now unable to repay those investors and the financial institution refuses to do so. Will the institution’s fidelity insurance bond cover the losses suffered by the third-party investors?
LEVIN GINSBURG is pleased to announce that Dean J. Tatooles and Cynthia B. Stevens have joined the firm. Mr. Tatooles is a graduate of The John Marshall Law School (J.D., 1998) and Michigan State University (B.A., 1995), and has joined the firm as a Partner in its Commercial Litigation and Banking Practice Groups. He was previously a partner with Tressler LLP. Dean’s practice focuses on complex commercial litigation matters. In particular, Dean has extensive experience in handling construction related disputes, including mechanics lien foreclosure actions, surety and fidelity bond claims and commercial and individual lending disputes. Other experience includes litigation of consumer fraud, deceptive trade practices, employee dishonesty, professional liability and related tort and commercial matters.
Ms. Stevens is a graduate of Chicago Kent College of Law, Illinois Institute of Technology (J.D., 1981) and Indiana University (B.S., 1978) has joined firm’s Intellectual Property Practice Group. She was previously with the Intellectual Property Practice Group at Foley and Lardner, LLP. Cynthia is an accomplished IP attorney with over 25 years of experience in all aspects of trademark, domain name, licensing, copyright, and unfair competition law, including counseling clients on branding strategies, selection, clearance and prosecution of trademark applications, management of global trademark portfolios, issues relating to mergers and acquisitions and domestic and international policing and enforcement issues.
Michael L. Weissman completed a 12-chapter treatise on Commercial and Industrial Loan Documentation that has been published by the Illinois Institute for Continuing Legal Education and which is now available through that organization.
Look for Mike’s articles on Uniform Commercial Code foreclosures in the January and February editions of the nationally-distributed newsletter of the American Bankers Association, Commercial Insights, and for his articles on Loan Participations in the March and April editions of Commercial Insights.