A new U.S. federal law went into effect on January 1, 2024 called the Corporate Transparency Act (“CTA”). The CTA imposes new burdensome reporting requirements regarding beneficial ownership and control targeted at small private companies. Essentially, the CTA requires certain entities, called “reporting companies” to report information about the companies themselves and personal information regarding their “beneficial owners” (i.e. a passport/US driver’s license and current residential address) to the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury. The law defines “beneficial owners” as individuals who hold at least a 25% direct or indirect interest...
Kalbian Hagerty LLP, an Ally Law member in Washington, DC and Abu Dhabi, recently won an important victory for its Saudi client, Arabian Support & Services Co., Ltd. (“ASASCO”), in an appeal before the First Circuit Court of Appeals. The First Circuit held that the lower court erred in dismissing ASASCO’s claim against Textron Services Corporation (“TSC”) under Massachusetts Chapter 93A for unfair trade practices and deceptive acts. ASASCO alleges that the defendant, a Massachusetts-based defense contractor, made numerous false representations regarding the manner in which ASASCO would be compensated for its involvement in helping TSC win a sales contract involving...
Kalbian Hagerty LLP, an Ally Law member in Washington, DC and Abu Dhabi, recently won an important victory for its client, the Iraq Middle Market Development Foundation (IMMDF), in an appeal before the Fourth Circuit Court of Appeals. The case involved the interpretation of the Uniform Foreign Money-Judgments Recognition Act (or UFMJRA) which was intended to make enforcement of foreign country judgments more streamlined and predictable in this age of transborder disputes and multi-jurisdictional transactions. The statute also was intended to reassure foreign courts that their judgments are likely to be honored in the U.S., by removing the issue of...
WASHINGTON, PRNewswire/ — Today, Oceana, the world’s largest organization focused solely on ocean conservation, announced its new chairman, Simon Sidamon-Eristoff of Washington, D.C., and other new officers for its board of directors, the organization’s governing body. Comprised of 19 leaders in business, academia, philanthropy and the arts, Oceana’s board of directors has played a key role in the group’s many policy victories and its expansion from the Unites States to Central and South America, Europe and Asia – including the launch of Oceana campaigns in Brazil and the Philippines. Sidamon-Eristoff, a lawyer with Kalbian Hagerty LLP in Washington, D.C., replaces...
4/15 — Haig V. Kalbian, Managing Partner, Kalbian Hagerty LLP, was recently interviewed by The New Yorker magazine about a $9 billion civil case involving his client, Glenn Stewart, a California resident and former chief executive of The International Banking Corporation (TIBC), a large bank in Bahrain. In 2011, Ahmad Hamad Al Gosaibi and Brothers (AHAB) filed a civil suit against Stewart in federal court in Los Angeles seeking $9 billion in damages for fraud, breach of fiduciary duty, and conspiracy (among other claims) under the laws of California, Saudi Arabia, and Bahrain. After nearly two years of hotly contested...
