CFC Rejects Taxes Clause as Basis for Recovering Environmental Remediation Costs
Client Alert | 1 min read | 01.25.13
On January 13, the Court of Federal Claims in Shell Oil Co. v. U.S. held (1) the government was not liable for CERCLA environmental cleanup costs under the "Taxes" clause in certain World War II-era contracts; and (2) even if the "Taxes" clause had provided for indemnification, any indemnification rights were not preserved after contract termination. The "Taxes" clause and the absence of a reservation of rights to pursue indemnification in Shell is in contrast with the explicit "hold harmless" clauses in the facilities contracts cases in which the contractor reserved its rights to pursue indemnification (Ford and DuPont) and indemnification clauses authorized under Public Law 85-804, which contain explicit post-contract termination provisions.
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Client Alert | 6 min read | 08.11.26
Over the past 18 months, the federal banking agencies have clarified supervisory expectations for banks’ crypto-asset activities, and several of the largest U.S. banks have announced programs accepting Bitcoin and Ether as loan collateral. Separately, on June 3, 2026, New York’s enactment of the 2022 amendments to the Uniform Commercial Code took effect, changing the rules governing the perfection of a security interest in digital asset collateral in New York, the jurisdiction whose law governs most institutional credit documentation. Together, these developments may create significant opportunities for lenders navigating the complexities to comply with the newly enacted statutes. This alert surveys the current landscape, from regulatory permissibility and perfection through custody, structuring, and compliance, for institutions active in this market or considering entering it.
Client Alert | 1 min read | 08.10.26
Client Alert | 4 min read | 08.10.26
Client Alert | 4 min read | 08.07.26
Missouri AG Sues Kansas City Over Race- and Sex-Based Contracting Program
