• Case Law - QuickRead Top Story

    Legal Update: March 2026

    March 25, 2026

    LeVine v. Platzer: Valuation of Intangible Assets Under New York Partnership Law Statute The valuation of an ownership interest in a law firm can be challenging because it will often include significant unknowns as of the valuation date. The existence of uncertainty is not a justification for assigning no value to such assets. The author discusses LeVine v. Platzer, which involves the valuation of a law firm’s intangible assets under New York’s Partnership Law Statute. According to the United States Small Business Administration, nearly half of small law firms will break up. Those breakups are typically driven by economics or…

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    Legal Update: December 2025

    January 28, 2026

    In re Harnack: Don’t Ignore Discovery and the Court’s Orders In re Harnack, 2025 IL App (1st) 240835, 2025 Ill. App. Unpub. LEXIS 1094, 2025 LX 124170 (Ill. App. June 24, 2025) serves as an admonition to litigants that are obstinate and refuse to follow the court’s order. Frequently, this happens in connection with discovery and paying judgments. This case serves as a reminder that there is a cost to failure to comply and follow a court’s order. Dr. Joyce Brothers, perhaps the first psychologist to gain fame through television, once said, “My husband and I have never considered divorce.…

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    Legal Update: October 2025

    December 3, 2025

    Dewberry Group, Inc. v. Dewberry Engineers, Inc.—Constraints Using Disgorgement In 1946, the United States Congress enacted the Lanham Act to create a registry and provide protections for certain forms of intellectual property and protect consumers from unfair competition. Damages arising from Lanham Act claims can be severe. In Dewberry Group, Inc. v. Dewberry Engineers Inc., an unusually unified Supreme Court addressed how disgorgement can be constrained. In 1946, the United States Congress enacted the Lanham Act (15 U.S.C. §§1051 et seq.) (the “Act”) to create a registry and provide protections for certain forms of intellectual property and protect consumers from…

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    Legal Update: September 2025

    September 24, 2025

    Nunes v. Lizza—Establishing Special, General, and Exemplary Damages Former House Representative, Devin Nunes, sued Lizza and the Hearst Corporation for defamation. Nunes sought damages. The court dismissed his claim and explained how special, general, and exemplary damages are proven when the Plaintiff is a public figure. Indian musician Adnan Sami once observed, “Being a public figure, you cannot make everyone happy. Some people will criticize your actions.” Devin Nunes, a former Congress member from California and current chief executive officer of the Trump Media & Technology Group, became a lightning rod for criticism from political opponents. As Mr. Nunes learned…

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    Legal Update: July 2025

    July 30, 2025

    Core Finance Team Affiliates, LLC v. Maine Medical Center—The Distinction Between Quantum Meruit and Unjust Enrichment What is the difference between a claim of quantum meruit and unjust enrichment? This very issue was addressed in Core Finance Team Affiliates, LLC v. Maine Medical Center and is discussed in this article. The legal profession is famously hidebound; for goodness’ sake, they still where robes and wigs in English courts. As a result, they still throw around many Latin phrases, which can lead to confusion. In Core Finance Team Affiliates, LLC v. Maine Medical Center, 2024 ME 78, 2024 Me. LEXIS 85…

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    Legal Update: May 2025

    May 28, 2025

    Galiotos v. Galiotos—The Tale of a Sibling Feud This legal update provides a summary of how the trial and appellate courts addressed a dispute amongst siblings that were co-trustees of trusts holding commercial real estate assets. The case provides valuation and litigation support professionals an opportunity to assess what has happened when an impasse of this nature results in litigation. “If you ever start feeling like you have the goofiest, craziest, most dysfunctional family in the world, all you have to do is go to a state fair. Because five minutes at the fair, you’ll be going, ‘You know, we’re…

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    Legal Update: March 2025

    March 26, 2025

    Matter of Weber—Challenges to a Trustee’s Accounting Go Awry Serving as a Trustee of a Trust is difficult. In the case presented, a trust beneficiary alleged that the trustee—his aunt—breached her fiduciary duty. The trust beneficiary retained an expert in connection to this claim and this did not go well for either the beneficiary or damages expert. The article summarizes the case, provides a road map and an admonition to experts in these types of cases regarding what is needed, and the perils of using AI. British mathematician, Hannah Fry, once said, “People are often quite lazy. We like taking…

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    Legal Update: January 2025

    January 29, 2025

    Mancini v. UBS AG: Valuation of Collateral Pursuant to an Event of Default This article discusses the recent case of Mancini v. UBS AG, a case where UBS liquidated Plaintiff’s collateral following an event of default. The issue before the court was whether UBS AG acted arbitrarily when it liquidated Plaintiff’s account based on an earlier valuation date, rather than based on a higher and more recent account value. “Timing is everything” may be a cliché, but when it comes to valuation, it is certainly true. In Mancini v. UBS AG, 2024 U.S. Dist. LEXIS 213279 (S.D. N.Y. November 21,…

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    Legal Update: December 2024

    December 4, 2024

    Freedman Normand Friedland LLP v. Cyrulnik—On the Valuation of Contingency Fee Cases and Qualifying as a Fee Expert When there is a consistent and predictable stream of cash flows or a history of royalties for licensed intellectual property, the valuation professional is most comfortable. In the following case, the court addressed admissibility of a valuation expert who was attempting to value an alleged interest in a law firm’s contingent fee cases—the epitome of uncertainty. The article discusses this court decision. The business valuation profession thrives on certainty and predictability. When there is a consistent and predictable stream of cash flows…

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    Legal Update: September 2024

    September 24, 2024

    Connelly v. United States—Do Redemption Agreements Create a Business Liability? Most have some form of agreement and financing in place to address sudden changes in ownership. In Connelly v. United States, a unanimous U.S. Supreme Court may have turned many of those plans on their heads. The question before the Court was whether a redemption agreement created a liability to the company. The author discusses the decision and impact it may have on succession planning. One of the great challenges for privately held businesses is dealing with the unexpected departure of an owner, whether by disability or death. Most have…

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    Legal Update: June 2024

    July 10, 2024

    Lytle v. Nutramax Laboratories, Inc. et al.—Challenging a Proposed Class Action In Lytle v. Nutramax Laboratories, Inc., et al., 2024 U.S. App. LEXIS 9722; __ F.4th __; 2024 WL 1710663 (9th Cir. April 22, 2024), the court affirmed certification of a class of dog food purchasers alleging the defendants made fraudulent claims about the health benefits of the supplements they manufactured. Andy Rooney famously said, “The average dog is a nicer person than the average person.” He was almost certainly right, and because of that, many dog owners go to great expense trying to protect their dogs’ health. In Lytle…

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    Legal Update: June 2024

    May 22, 2024

    Watts v. Smith–Long-Term Means Long-Term In the business valuation world, valuators attempt to consider a benefit stream into perpetuity, which is a very long time. Sadly, many business owners have difficulty grasping long time periods as they execute agreements dealing with multi-generational ownership and family relationships. In Watts v. Smith, 2023 Ky. App. (Unpub.) (Ky. Ct. App. September 8, 2023), the children and grandchildren of a family business’ founders learned just how long stock agreements can last and the lengths to which courts will go to enforce them. In the business valuation world, valuators attempt to consider a benefit stream…

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    Legal Update

    March 27, 2024

    People of the State of New York v. Donald J. Trump et al. The recent lengthy court opinion in People of the State of New York v. Donald J. Trump et al., provides a cautionary tale to aspiring damages expert witnesses. In this article, Michael Molder synthesis the factors that persuaded and dissuaded the judge. It is axiomatic in the civil justice system that everyone is entitled to present their case as they see it. In jury trials, we never know how the factfinder weighed the credibility of the witnesses, which is of particular interest to those who act as…

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    Legal Update: Rosenthal v. Erber

    January 24, 2024

    Rosenthal v. Erber illustrates the pressure and perils of dueling experts. The expert is charged with assisting the court ascertain the facts, rather than furthering the client’s ambition. The case is a reminder to business valuation professionals that ethical considerations are paramount and that doing the contrary leads to courts’ suspecting the role of experts in the process. In the main, valuation experts pride themselves on reasoned analysis and well supported use of professional judgement. As a profession, valuators are confident that most reports uphold the demanding standards of the profession. Judges, on the other hand, do not always view…

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    Legal Update: Kwak v. Bozarth

    November 15, 2023

    The Perils of a Party Doing their Own Business Valuation in a Dissolution Action Kwak v. Bozarth is an unpublished Massachusetts case. The trial court made several decisions based on unavailable data. The case illustrates the perils of a party in a martial dissolution acting as their own expert and underscores the importance of how the standard of review affects an appellate panel’s review of the trial court decision. Valuation professionals often say that valuing privately owned businesses is a blend of science and judgment. Kwak v. Bozarth, 2023 Mass. App. Unpub. LEXIS 179; 102 Mass. App. Ct. 1116; 2023…

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    Insights for Experts in Damages Cases from Attorneys in the Construction Industry

    August 2, 2023

    A Sampling of What Construction Law Attorneys Say They Expect from Experts This article provides a summary of what attorneys, who are members of the Minnesota construction law section, heard at a recent CLE regarding what attorneys expect from experts. On June 13, 2023, Michael Gregory attended the Minnesota State Bar Association Alternative Dispute Resolution Section regarding the topic of “Solve the Problem! Survey Recommendations for Effective Dispute Resolution Through Mediation and Arbitration” by Dean B. Thomas and Julia J. Douglas. These attorney-authors solicited the entire attorney population engaged in construction law. Background associated with this presentation and these authors’…

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    Legal Update

    August 2, 2023

    FRE 702—Challenging the Expert Witness: White Buffalo Environmental, Inc. v. Hungry Horse, LLC In modern litigation, expert witnesses have become nearly indispensable. As a result, motions to preclude those experts from testifying are almost inevitable. With the forthcoming amendment to Federal Rule of Evidence 702 clarifying both which party bears the burden of proof on challenging expert testimony and the court’s obligations as gatekeeper, White Buffalo Environmental, Inc. v. Hungry Horse, LLC is a worthwhile reminder of what constitutes a valid basis to move to exclude a damages expert and, perhaps more to the point, what does not. This article…

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    Legal Update

    May 23, 2023

    June 2023 What happens when an owner pays him or herself a non-market rate of compensation? This month’s legal update presents, Mekhaya v. Eastland Food Corp., 287 A.3d 395; 2022 Md. App. LEXIS 938 (Md. Ct. App. December 22, 2022). In that case, an appellate court discusses what can happen when owners use their control prerogatives to pay owner employees more than a market rate for the services they provide to the organization. Owner managed privately held businesses can sometimes play fast and loose with characterizations of employment compensation and equity holder dividends/distributions. Tax preparers will sometimes raise concerns that…

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    Legal Update

    May 3, 2023

    May 2023 In the recent case of Munro v. University of Southern California, the issue raised there is when and whether can a Plaintiff proceed to trial on a new damages theory after the discovery deadline has passed. This article discusses FRPC 37, the federal rule of civil procedures that sets forth the standard for admitting or denying the admission of a new theory under the circumstances described above. For those of us caught up in the chaos of litigation, it may sometimes seem that scheduling orders and court deadlines are arbitrary and subject to change at the judge’s whim.…

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    Legal Update

    March 22, 2023

    February 2023 In 1748, Benjamin Franklin famously said, “Time is money.” That concept provides the framework for the Florida Court of Appeals decision in Iarussi v. Iarussi. As often happens in marital dissolutions, the parties resolved many of their issues by agreement, but, when it came to the money, they needed the court’s assistance in dealing with the marital value of a privately owned business and claims for spousal support. One particular issue discussed in this article is whether the trial court erred awarding prejudgment interest on the value of a business the husband managed and was awarded in the…