Thompson Hine recently published its inaugural internal environmental, social and governance (ESG) report, “Always Thinking Ahead,” which highlights the firm’s investments, achievements and ongoing initiatives to operate responsibly and sustainably.The report outlines the firm’s comprehensive ESG program development process, which started with conducting a prioritization assessment to assist in defining key metrics that are essential to Thompson Hine’s stakeholders and help hone its ESG strategy, improve internal reporting and public disclosure processes, and identify business opportunities to support growth and innovation....

Until recently, class actions existed only in a handful of EU Member States. However, they will become an EU-wide phenomenon soon as a result of the Representative Actions EU Directive (“RAD”), which should take effect on June 25, 2023. Under the RAD, all EU Member States must put in place at least one effective procedural mechanism for “qualified entities” to bring class actions to obtain injunctions, damages and other redress on behalf of a group of consumers against traders for...

Office performance has been shaky throughout 2023 with commercial mortgage-backed securities (CMBS) delinquency rates nearly quadrupling since the end of last year, up to 5.58% from 1.58%. This trend has also been observed within two of the largest subtypes within the sector, suburban and urban offices. Ranging from traditional private offices to collaborative coworking spaces in the most densely populated areas, the prime positioning of urban offices offers convenience at a premium cost. Suburban offices typically offer a more spacious and diverse...

Following their recent announcement regarding new partnership and global high wealth enforcement initiatives,1 the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the largest corporate taxpayers. Last week, IRS Commissioner Danny Werfel announced the IRS would be sending out approximately 150 compliance alerts to U.S. subsidiaries of foreign corporations. Commissioner Werfel noted the alerts are intended “to remind them of their U.S. tax obligations and to incentivize taxpayer self-correction.” It appears that much...

Corporate governance is a critical aspect of running a successful business, particularly in New York, where regulations and legal requirements are stringent. Effective corporate governance practices ensure transparency, accountability, and the protection of stakeholders' interests. Directors and officers play a pivotal role in upholding these best practices, with their fiduciary duties and responsibilities. From maintaining proper record-keeping to managing conflicts of interest, there are several key areas that New York businesses must focus on to maintain strong corporate governance....

Following on the heels of the launch of the EU-U.S. Data Privacy Framework (DPF)1 this summer, the U.S. Department of Commerce has extended the DPF to cover transfers of personal data from the United Kingdom (UK) (and Gibraltar) to the United States, in addition to transfers from the European Union to the United States.  As of October 12, 2023, employers currently certified to the DPF can expand their certification to cover the transfer to the United States of the personal...

The European Investment Bank (EIB) has signed its largest ever loan agreement in the Czech Republic, with a CZK 24 billion (€992 million) contract with the Ministry of Finance to support the upgrade of the country’s rail network. Through Správa železnic, the national railway infrastructure administrator, which falls under the authority of the Transport Ministry, the loan will support the modernisation and retrofit of trans-European networks (TEN-T) railway lines in the country and enable the deployment of the European...

Entering 2023, there generally was strong confidence in consumer spending in the travel and hospitality industry. Simultaneously, however, property insurance costs have been soaring due to losses from natural disasters, a pull-back in insurer offerings, and higher rebuilding costs. In Trepp’s recent Multifamily Expense Report series, we covered the trends in multifamily property line-item financials, including property insurance costs. Throughout this analysis, Trepp takes a closer look at insurance costs but for lodging properties operating in coastal markets that are prone to...