Section Newsletters

Articles on Business & Securities Law

A Note by Any Other Name, or What Is a “Security” By Christopher C. Kendall Business and Securities Law, February 2025 An analysis of the 3rd District Appellate Court case, Stukel v. Rowe, where the plaintiff alleged that the promissory note was a “security” under the Illinois Securities Law and that the defendant had acted as a salesperson in connection with the sale. Plaintiff’s theory was that the promissory note was indeed a security because repayment of the loan was “contingent upon the completion of” a construction project for which the loan was provided. 
Recent Amendments to the Illinois Biometric Information Privacy Act By Nikhil A. Mehta Business and Securities Law, February 2025 The recent amendments bring significant changes, particularly with respect to liability and consent procedures, which will impact businesses, privacy advocates, and legal professionals alike. The amendments are codified in Illinois Public Act 103-0666. 
Third Circuit Embraces De Novo Review of Demand Futility Dismissals, Overruling Prior Precedent and Joining Delaware Supreme Court and Other Circuits By Jay R. Schleppenbach Business and Securities Law, February 2025 For decades, courts have dismissed derivative suits for failure to properly allege demand futility. But for almost as long, the standard of review appellate courts should apply to such dismissals has been in flux, with courts seeming to gradually move from an abuse of discretion standard to de novo review. Recently, in In re Cognizant, the United States Court of Appeals for the Third Circuit became the latest court to adopt de novo review, overruling its prior precedents.

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