In a decision that will likely have ramifications for lenders and borrowers in the state, the Michigan Supreme Court recently issued a decision clarifying that lenders cannot rely on a “usury savings clause” to circumvent Michigan’s usury statute. But it also held that a lender’s effort to enforce a usurious loan, by itself, is not
2023 Annual Covington Pro Bono Awards
We recently celebrated our 23rd Annual Pro Bono Awards Ceremony.
We were delighted to welcome Karen Newton Cole, the Executive Director of Neighborhood Legal Services Program, who gave an inspiring keynote address. Covington has a longstanding partnership with NLSP, which helps DC residents, families and communities to eliminate barriers to overcoming poverty and to secure
ASBCA: Government Can Pursue $151 Million Claim Under CAS 410
In Honeywell International, Inc., the ASBCA declined to dismiss a roughly $151 million claim by DCMA alleging a violation of CAS 410, holding that the government’s allegations were sufficient to state a claim for improper treatment of G&A expenses. The Board’s decision provides guidance on how to interpret CAS 410 — a topic that
EU Talking Life Sciences Audiocast: Current Trends in M&A and Licensing in the Life Sciences Industry
Tune into this episode of Covington’s Life Sciences Audiocast where Winsome Cheung and Gregor Frizzell discuss some new and emerging M&A and licensing trends in the Life Sciences industry. Our speakers discuss some of the motivating factors for why parties decide between the two and some of the key differences and pros and cons of
U.S. Tech Legislative & Regulatory Update – Second Quarter 2023
This quarterly update summarizes key legislative and regulatory developments in the second quarter of 2023 related to key technologies and related topics, including Artificial Intelligence (“AI”), the Internet of Things (“IoT”), connected and automated vehicles (“CAVs”), data privacy and cybersecurity, and online teen safety.
The Federal Trade Commission and Generative AI Competition Concerns
On June 29, 2023, the Federal Trade Commission (“FTC”) posted a blog to its website expressing concerns about the recent rise of generative artificial intelligence (“generative AI”). To get ahead of this rapidly developing technology, the FTC identified “the essential building blocks” of generative AI and highlighted some business practices the agency would consider “unfair
Pathogen Access and Benefit-Sharing (P-ABS) under the draft WHO Pandemic Treaty: Why Many Vaccine, Therapeutic, and Diagnostic Companies will be in Scope
By May 2024, the 194 countries of the World Health Organization (“WHO”) aim to finalize negotiations on a new international treaty on pandemic prevention, preparedness and response (“Pandemic Accord”). At the center of the negotiations is the contentious issue of Pathogen Access and Benefit-Sharing (“P-ABS”). In this blog we explain how this will directly affect
The EU Foreign Subsidies Regulation starts to apply – what you need to know about the notification obligations
On 10 July 2023, the European Commission (the “Commission”) adopted the Implementing Regulation (“IR”) for the European Union (“EU”) Foreign Subsidies Regulation (“FSR”). The FSR, which starts to apply today, 12 July 2023, creates a new instrument designed to prevent foreign subsidies from distorting the EU internal market (see our blog). The objective is
The EU Foreign Subsidies Regulation starts to apply – what you need to know about the notification obligations
The Foreign Subsidies Regulation (“FSR”) enters into force today, 12 July 2023. It creates a new instrument designed to prevent foreign subsidies from distorting the EU internal market (see our blog). The objective is to level the playing field within EU markets between companies subject to scrutiny under the EU State aid rules and
Recent Decision Dismissing VPPA Class Action Claim Shows Limits of VPPA’s Reach
In the past year, plaintiffs have filed a wave of lawsuits asserting claims under the Video Privacy Protection Act (“VPPA”) in connection with the alleged use of third-party pixels on websites that offer video content. A recent decision establishes the limits of the VPPA’s reach and provides a well-reasoned ground for future motions to dismiss.