COVID-19 stands to be one of the most impactful uncertainties on business in 2020. In the rapidly changing global health environment, Foley Hoag is working with clients to evaluate and understand the potential effects of COVID-19 on their businesses. We are committed to business continuity by providing our clients the resources required to develop and implement legal and operational policies and procedures, as well as business strategies during the outbreak.
Our team is working hard to make sure you have the information you need. Please visit our blogs and publications tabs above for our most recent posts and client alerts on COVID-19.
Debt Finance – Our Debt Financing team has extensive experience advising our borrower clients facing adverse market conditions. We are prepared to discuss the effect of these adverse conditions on the borrower's ability to satisfy its financial ratio covenants and to maintain sufficient liquidity for its operations. We will also suggest potential strategies for waivers, amendments and other accommodations to its lenders that address these issues.
FDA – The Food and Drug Administration is working urgently to expedite the development and distribution of SARS-CoV-2 diagnostic lab tests, facilitate the development of antiviral and other countermeasures against COVID-19, and address potential drug shortages caused by supply chain disruptions. We are closely following FDA’s actions and counseling clients on how best to communicate with the Agency and ensure compliance with requirements for both investigational and approved products.
Healthcare – Healthcare providers are the most immediately impacted by COVID-19, both clinically and legally. Every day brings new federal and state directives that impact the provider community. The experience and diverse background of our team affords us unique perspectives on these issues, and allows us to understand these directives and help our clients develop legal solutions and strategies to comply with them.
Insurance Recovery – Among the uncertainties presented by COVID-19 is the potential for losses due to business interruption, including losses resulting from business suspension measures taken in response to government directives. Property insurance policies may respond, depending on their specific terms. Directors and officers of insured companies also may face claims by shareholders asserting that ill-conceived responses to the pandemic caused economic loss. D&O insurance may respond, again depending on the specifics of the loss and claim. As one of very few insurance practices singly focused on the interests of policyholders (rather than insurers) we stand ready to support companies in pursuing such claims and in litigating coverage disputes, should that become necessary.
Intellectual Property – The Ph.D. biologists and chemists in our patent prosecution group are currently assisting our industry and academic clients with the rapid preparation and filing of patent applications protecting our client’s IP rights to newly developed diagnostics and therapeutics related to the COVID-19 virus.
International Commercial Arbitration - We are assisting clients with International commercial arbitration claims related to delays in cross-border merger and acquisition transactions relating in part to the COVID-19 virus. We are uniquely positioned to represent clients with matters including arbitration claims related to force majeur issues and business interruption and breach of product and service delivery.
Labor and Employment – Employers are grappling with a host of employment law implications, including requiring or permitting remote work; restricting or requiring business travel; requiring employees to take leaves of absences following travel or possible exposure to COVID-19; application of vacation, paid time off and sick time policies as well as pertinent state and municipal paid leave laws; temporary furloughs and other reductions in staffing; potential application of disability, race and national origin discrimination laws; wage and hour implications for exempt and non-exempt workers; bargaining obligations in unionized workforces; workplace safety; and employee privacy/confidentiality.
Privacy & Data Security – COVID-19 presents unique data privacy and security challenges for businesses trying to comply with federal and state guidance, while creating workable plans to protect their employees and keep their businesses running. It also presents a fast-moving environment that is fertile ground for phishing, scams, and similar issues, particularly as employees are encouraged to work remotely. We can help clients navigate these issues while complying with applicable law and best practices.
Private Funds – Our private funds practice remains ready to assist advisers and funds with all business and regulatory issues that they may face, including updated information and guidance on meeting compliance obligations, addressing appropriate risk disclosures in offering documents relating to COVID-19 and counseling fund managers on important internal matters such as business continuity plans and remote work arrangements.
Public Companies – Our public company focused lawyers are working hard with our clients to ensure regulatory compliance during these unprecedented times.
State Attorneys General – With the focus and attention on COVID-19, businesses must be mindful of their functions regulated by state Attorneys General including employment practices and their consumer facing practices and policies. State Attorneys General in reaction to COVID-19 have a heightened focus on employer adherence to state employment laws, how businesses are communicating with consumers and price gouging laws. Our team of former state attorney general staff have the experience, the insight and the skill to guide your business through the considerable challenges of these times. Our legal team includes a former first assistant attorney general, a former deputy attorney general, a former chief of the business and labor bureau, and three partners who served as assistant United States attorneys.
Supply Chain - With an overwhelming majority of US companies feeling supply chain disruptions as a result of COVID-19, companies are facing shortages, longer lead time, and uncertainty around revenue targets. With a long history of working with clients from a broad range of industries, our Trade Sanctions & Export Controls team is equipped to guide and counsel clients as issues undoubtedly arise in the coming days, weeks and potentially months.
Tax – COVID-19 may impact the ability of the IRS and other taxing authorities to provide taxpayer assistance and process returns, as well as the ability of US companies and tax professionals to meet tax filing deadlines. US companies also may be impacted by possible short-term tax policy changes intended to bolster consumer and investor confidence. In the longer-term, if the COVID-19 crisis continues, US companies may need to consider more significant operational restructurings. Our Tax Practice Group is actively monitoring tax-related developments attributable to the COVID-19 outbreak and stands ready to advise clients on these matters.
Additional COVID-19 Resources
Public Information
Foley Hoag's Security, Privacy and The Law blog -
