IN THIS ISSUE
Federal Reserve Hints at Government-Backed Cryptocurrency; Third Circuit Affirms Dismissal of Securities Fraud Class Action Against Shutterfly Inc. Regarding Allegedly Misleading Financial Projections; Ninth Circuit Holds Federal Loss Causation Standard Not Met in Investor’s State Law Securities Action Against Uber; Taking Judicial Notice of SEC Cease and Desist Order, District of Maryland Denies Under Armour’s Bid to Dismiss Investor Securities Suit.
FEDERAL RESERVE HINTS AT GOVERNMENT-BACKED CRYPTOCURRENCY
On May 24, 2021, Lael Brainard, a member of the Board of Governors of the Federal Reserve, said during a CoinDesk virtual conference that “the Federal Reserve is stepping up its research and public engagement” on the possibility of a U.S. central bank digital currency. Brainard cited the need to understand the “benefits and risks” of such digital currencies in the United States before commenting that the Federal Reserve Board will publish a paper
A DAO is a Decentralized Autonomous Organization. It’s a blockchain thing. How do DAOs relate to LLCs? And why are DAOs the subject of this post on The LLC Jungle blog? Read on…
Monday, May 24, 2021
The AME Zion Church of Palo Alto, Inc. was founded in 1918 and has occupied its sanctuary for over a half-century. In 2018, the Bishop of the Western Episcopal District of The African Method Episcopal Zion Church importuned the church s pastor into deeding the church to a corporation that the Bishop had formed. The corporation then borrowed, without the church s knowledge, several million dollars using the church s property as collateral. When the lenders filed notice of default and attempted to foreclose, the church filed for protection under Chapter 11 of the Bankruptcy Code and then sued the lenders.
Bankruptcy Judge Frederick E. Clement refused the lenders motion to dismiss the church s claim, finding that irregularities in the deed put the lenders on notice of the existence of an
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