Business Law and Corporate Law

Democratic lawmakers have introduced legislation that would require Department of Defense review of private equity acquisitions in the defense sector, raising questions about the future regulatory landscape for investment in the Defense Industrial Base.

Two recent First Department decisions illuminate the veil-piercing doctrine's application in New York, specifically examining what constitutes sufficient "fraud or wrong" to justify disregarding corporate form for liability purposes. These rulings apply and refine the established two-prong test for veil-piercing, offering critical insights for commercial litigation practitioners navigating corporate liability questions.

The Supreme Court's landmark decision in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. fundamentally reshapes the enforcement landscape of the Investment Company Act by eliminating private rights of action under Section 47(b). This ruling prevents activist hedge funds and third parties from rescinding fund contracts they claim violate the ICA, consolidating enforcement authority with the SEC.