Dr. Adesegun A. Akin-Olugbade, International Counsel at ÆLEX, has been appointed as a member of the World Trade Board. He joins twenty other global trade and finance leaders on this prestigious board, as the first from Africa.
The World Trade Board, initiated by Finastra, is made up of global leaders, innovative thinkers, industry influencers and subject matter experts from the different corners of trade, finance and commerce.
Dr. Adesegun A. Akin-Olugbade is a leading international legal and finance expert, combining the highest academic qualifications and professional distinctions with excellent legal skills, extensive transactional experience and corporate governance expertise.
He notes that "The appointment of the first African to The World Trade Board comes at a most auspicious time, with the formal launch of the operational phase of the Africa Continental Free Trade Agreement (AfCFTA), which has established a Continental Free Trade Area for the African continent of 1.2 billion people, with a combined GDP of US$2.3 Trillion".
Prior to his joining ÆLEX, he was with the African Development Bank (AfDB) Group, the Africa Finance Corporation and the African Export-Import Bank in Cairo, Egypt.
Simon Paris, Chair of The World Trade Board and CEO at Finastra said, "With protectionism looming large around the world and ever-increasing regulation throwing up new challenges, global trade is in a state of flux. In this unchartered environment, the Board's common vision of collaborative, connected, inclusive trade � enabled by the latest business technologies - has never been more important. We welcome Dr. Adesegun A. Akin-Olugbade to our cohort as we continue to strive towards driving open trade for the benefit of all."
Peel Business Park, the catalyst for the Transform Peel program, will be a 1,000-hectare estate and the new home of agri-innovation in Western Australia.
In addition to creating a large number of jobs, it is predicted that the microgrid will offer businesses in the Peel Business Park an energy cost saving of around 30 percent.
"Our client, LandCorp, saw to the potential to offer cheaper and greener power to the new businesses moving to the industrial park," said Lee Rossetto, MinterEllison Partner.
MinterEllison advised LandCorp on all aspects of the competitive procurement process and the negotiation of a long-term agreement with the winning consortium for the construction and operation of the microgrid. "In the process. our specialist multi-disciplinary team advised on complex regulatory and novel land tenure arrangements, said Mr Rossetto.
"The McGowan Government's vision for the Peel Business Park is a place where business, industry, training, research and development come together, invigorating the Peel region and creating jobs that cannot be achieved without providing a secure and affordable power supply," said Lands Minister Ben Wyatt. "In planning the microgrid project, it has been estimated that the renewable energy mix will help reduce power usage costs to business by around 30 per cent off regulated bundled energy tariffs."
The MinterEllison team was led by Lee Rossetto (Partner) and Matthew Knox (Partner). They were supported by Nada Raphael (Partner), Adam Lippiatt (Special Counsel), Sandra Eckert (Consultant).
Deacons' partner, Chuah Su Cheen, senior associate Pinky Siu and associate Winnie Cheung recently attended the listing ceremony, with the Manager, Mirae Asset, to celebrate the successful listing of two new ETFs. The two new ETFs: Mirae Asset Horizons China Biotech ETF and Mirae Asset Horizons China Cloud Computing ETF allow investors to gain exposure to China's biotech and cloud computing sectors and are the first ETFs in Hong Kong which track these sectors.
Mirae Asset's Hong Kong President and CEO, Mr Jung Ho Rhee, Head of Asia ETF, Mr Wanyoun Cho, and Head of Compliance, Mr Sunny Choi attended together with a large number of representatives from the SFC including Executive Director, Ms Christina Choi who officiated the listing ceremony.
Mirae Asset Global Investments was founded in 1997, in Asia and now has a presence in 14 countries. They currently invest over $137bn on behalf of their clients, benefitting from the expertise of their global investment professionals. They are known for adapting to their clients' needs, providing them with innovative investments solutions and intelligent ways to achieve investment objectives.
Mr Rhee of Mirae commented: "..the launch of the two ETFs marks the opening of the biotech and cloud computing sectors to the wider investor community, allowing them to share in the enormous potential of these two industries."
Su Cheen further commented: "I am so proud of the team here at Deacons. Senior associate, Pinky Siu and associate, Winnie Cheung along with other team members have been working hard on these two ETFs. Winnie in particular, has been burning the midnight oil to get these ETFs listed within a short timeline."
Further information on the listing can be found here.
SGX Mainboard-listed Boardroom Limited (or " Boardroom ") a leading provider of corporate business solutions across Asia-Pacific, announced today that it has entered into a conditional share sale agreement with Symphony House Sdn Bhd (or " Symphony House ") on 13 July 2018 for the proposed acquisition of (i) Symphony Corporatehouse Sdn Bhd, and its subsidiary Sky Corporate Services Sdn Bhd, (ii) Symphony Share Registrars Sdn Bhd and (iii) Malaysian Issuing House Sdn Bhd (the " Symphony House Subsidiaries ") for a total consideration of RM164.14 million (approximately SGD55.64 million) (the " Aggregate Consideration ") from Symphony House Sdn Bhd (the " Proposed Acquisition ").
The Proposed Acquisition is subject to further approval from the relevant authorities as well as the fulfilment of the terms and conditions as set out in the share sale agreement. Approximately 75 per cent of the Aggregate Consideration will be paid in the form of the Cash Consideration while approximately 25 per cent of the Aggregate Consideration will be paid in the form of the Consideration Shares.
Further to the successful completion of the Proposed Acquisition, Symphony House Sdn Bhd will retain an interest in the business through its approximately 7.63 per cent stake in Boardroom Limited. Dato' Abdul Hamid Sheikh Mohamed will remain as a Group Executive Director of the Symphony House Subsidiaries.
The Proposed Acquisition will provide both Boardroom and Symphony House with further opportunities for growth. By leveraging Boardroom's well-established regional footprint, the merged entities will have the opportunity to substantially strengthen their position in Malaysia and business network across the Asia-Pacific.
M.r Goh Geok Khim, Non-Executive Chairman, Boardroom Limited, commented: "We are especially honoured to have the support of Tan Sri Mohamed Azman Yahaya and Dato' Hamid. It is a true vote of confidence in Boardroom to have both highly regarded industry leaders to join us in this strategic partnership. We have a shared vision to steer Symphony House into new areas of growth by way of expanding their geographical footprint across the region and enhancing our shared offerings through the combined capabilities and resources."
Mr. Kim Teo, Group Chief Executive Officer, Boardroom Limited, commented: "We are delighted to have the opportunity to combine the Malaysian corporate services operations of Boardroom and Symphony House. This is a mutually beneficial partnership for two highly complementary and well-established businesses. With the combination of more resources and expertise, we will be able to provide a stronger service offering and deliver more value to our clients. We look forward to working together to meeting all our clients' needs and facilitating our growth as a leading player in the share registry and corporate services industry in the Asia-Pacific."
Dato' Abdul Hamid Sheikh Mohamed, Group Executive Director, Symphony House, commented: "Boardroom provides an immediate entry point and springboard for Symphony House into the regional markets with its established network across the Asia-Pacific. It serves as an excellent platform for us to further expand our geographical reach beyond Malaysia. This transaction presents a win-win situation for both parties as we can leverage each other's expertise and resources to enhance our service offerings for our clients."
Karanovic & Partners Advises Knjaz Milo� in Sell of Shares to KMV and PepsiCo
One of the largest deals of 2019 is officially completed � Mid Europa Partners, the leading private equity investor in Central and Eastern Europe, sold its shares in Knjaz Miloš to a joint venture between Karlovarské Minerální Vody (KMV) and PepsiCo, Inc. (PepsiCo). Karanović & Partners acted as local counsel for Mid Europa Partners in this transaction, working closely another international firm.
The Karanovic & Partners legal team was led by Managing Partner Rastko Petaković, Partner* Milo� Jakovljević and Associate* Sava Drača, and the services included conducting a vendor due diligence and transaction assistance.
"Congratulations to our clients and all sides involved in yet another successful transaction of great importance for the entire region. Knjaz Milo� is the firm with more than 200 years of corporate history and a strong brand reputation. We are honored for being a part of the closure of such a major deal together with Mid Europa Partners and White & Case", said Rastko Petaković, Managing Partner of Karanovic & Partners.
Mr Rhee of Mirae commented: "..the launch of the two ETFs marks the opening of the biotech and cloud computing sectors to the wider investor community, allowing them to share in the enormous potential of these two industries."
This is not the first time that Karanovic & Partners advised the investor. The firm successfully advised Mid Europa Partners on numerous deals in previous years, such as its acquisition of Knjaz Milo�, Imlek, Bambi and Ni�ka mlekara, as well as sale of SBB/Telemach Group.
*Independent attorney at law in cooperation with Karanović & Partners
Bedell Cristin Advises Inflexion on Estera Acquisition
Bedell Cristin has advised Inflexion Private Equity on the acquisition of Estera, a leading global provider of funds, corporate and trust services, from Bridgepoint. Completion of the transaction is subject to regulatory approval.
Following completion, Estera will be merged with Inflexion's existing portfolio company, Ocorian. The combined business will be one of the largest administrators globally, operating from 18 jurisdictions with over 1,250 professionals serving 8,000 clients. In particular, Ocorian clients will benefit from Estera's established North American presence (Bermuda, BVI and Cayman), while Estera clients will be able to leverage Ocorian's strong links to the Middle East and Africa.
Bedell Cristin is providing BVI, Cayman, Guernsey and Jersey legal advice to Inflexion alongside onshore legal advisors, White & Case LLP. The team is led by Bedell Cristin's global head of financial services law, Tim Pearce, supported by partners Kate Ovenden, Alasdair Hunter, Guy Westmacott, Jonathan Fitzgibbons and Kristian Wilson, managing associate Richard Le Liard, senior associates Louise Hassell and Sukh Chana, associates Craig Geraghty and Eugene Reavey and legal assistants Jennifer Mills and Philip Kendall.
Bedell Cristin partner, Guy Westmacott, commented: "This is one of the most significant recent transactions in the global financial services sector. We are thrilled to have been chosen for this important role, which demonstrates Bedell Cristin's ability to support large, complex M&A across multiple offshore jurisdictions. We would like to congratulate the parties on agreeing this landmark deal and wish the merged business every success."
Stuart Layzell, chief executive officer at Ocorian, added: "Lawyers from across Bedell Cristin's global team provided excellent local knowledge for this important transaction and we have been delighted with their responsive and efficient service."
KŠB Advises Karlovarské minerální vody on Acquisition of Largest Serbian Mineral Water Producer
KŠB's team led by partners Dagmar Dubeck� and Martin Krejší with associates Ivo Průša and Jana Gurišová advised Karlovarské minerální vody Group (KMV), which, in a joint venture with PepsiCo, acquired Knjaz Miloć � the largest Serbian mineral water and non-alcoholic beverage producer.
We advised primarily on the financing of the entire acquisition (both at the level of KMV's and PepsiCo's joint venture and at the level of KMV), on the conclusion of a shareholder agreement, and on setting the mutual relationships between KMV and PepsiCo.
The parties have not disclosed the value of the transaction, but it is one of the most expensive acquisitions for the KMV Group.
Springboard Advise Bristow & Sutor on the Acquisition of Credit Style
Springboard Corporate Finance is pleased to announce that it has advised Redditch-based Bristow & Sutor on the acquisition of Credit Style. Established in 1977, Bristow & Sutor is a nationwide judicial services and debt recovery group, backed by Sovereign Capital Partners. Credit Style is the second acquisition for the group following the management buy-out of the business in 2017 in a transaction where Springboard advised the management team.
The addition of Credit Style to the group will allow Bristow & Sutor to broaden its services into wider debt recovery, including in-house legal services and pre-legal collection services. Credit Style works with clients from a wide range of sectors, including financial services, utilities, motor finance and commercial collections and the expanded group will manage over 1.9 million cases per annum.
Andy Rose, Chief Executive of Bristow & Sutor said "We are delighted to welcome Credit Style and its fantastic team to the Group. We share great business synergies and a reputation for providing a quality service delivery grounded in high standards of professionalism and business conduct. We look forward to further developing our service offering with Sovereign's continued support."
Springboard Partner Simon Ward and Manager Jamie Berry advised Bristow & Sutor on the acquisition. Simon commented "The acquisition of Credit Style is another key strategic development for Bristow & Sutor. We are delighted to have been able to support Andy, Brian and the team on the deal."
THE CLIENT ON SPRINGBOARD
"The Springboard team worked tirelessly on the deal to deliver great support to Bristow & Sutor and Sovereign. Their understanding of both corporate acquisitions and private equity funding make Springboard a key part of the Bristow & Sutor acquisition team." --Brian Maynard, CFO, Bristow & Sutor
ABOUT SPRINGBOARD
We are a market-leading corporate advisory firm focused on providing strategic, commercial and financial advice and support to a range of clients. We focus exclusively on the following services:
- Acquisitions - supporting corporate and management teams � identifying targets and executing deals
- Disposals - Full or partial business sales and exits
- Raising finance - working capital or development capital � typically debt or private equity/venture capital
- Management / Retained advisory - strategic, commercial and financial support
Shepherd and Wedderburn Acts for deltaDNA in Sale to Unity Technologies
Shepherd and Wedderburn acted for the shareholders in Scottish data analytics company deltaDNA in its sale to US-based game platform developer Unity Technologies.
Edinburgh-based deltaDNA has developed a powerful data analytics engine for game developers that tracks the performance of games in real time, across mobile, PC, TV, and console play.
DeltaDNA said: "Joining Unity evolves the proposition yet again as we look to tie everything together across Unity's Acquire, Engage, and Monetize functionalities."
Unity said in a statement: "deltaDNA brings an important piece of this puzzle: highly customizable LiveOps to better understand and engage your players. They join Unity with nearly a decade of experience partnering with developers such as Viacom, Bandai Namco, and 505 Games."
Unity Technologies is the developer of Unity, a cross-platform, real time game development engine - a rapidly growing segment of the video game industry estimated to be worth $174 billion globally in 2017, rising to $682 billion by 2025.
The acquisition of deltaDNA, the value of which is not disclosed, will allow Unity to offer game developers a staging platform with real time data analytics.
Stephen Trombala, Head of Corporate at Shepherd and Wedderburn, said: "deltaDNA, another notable Scottish tech success story, will augment the breadth of Unity's offering in the high-value global game platform industry."
"This transaction is a further endorsement of Edinburgh as a data and tech centre of excellence and is a further example of Shepherd and Wedderburn's dominance in this sector and of our international transactional capabilities, including on recent deals for Epic, FanDuel, Fortinet, Hillhouse, Nucleus, S2G, and TVSquared.
"We wish the deltaDNA team every success as they expand their presence on the global stage."
Commenting on Shepherd and Wedderburn's role in the sale, deltaDNA Chairman Tim Christian said: "Stephen Trombala and his team are market leaders in technology transactions, with an unrivalled track record in delivering on complex, multi-jurisdictional deals.
"They worked tirelessly to deliver what is a transformational tie-up, both for deltaDNA and for Unity, in this fast-evolving global industry.
"The transaction heralds an exciting new era for deltaDNA, combining Unity's global-leading development platform to populate more areas of games with player-specific content tracked with real-time analytics."
The Shepherd and Wedderburn team acting for the shareholders in deltaDNA comprised Stephen Trombala, Keir Stewart and Jamila Archibald.
Restaurant Chain BIGCHEFS comes to Germany with Heuking
A team led by Dr. Erdem Şişmangil has advised the restaurant chain BIGCHEFS on its market entry in Germany. The comprehensive advice included corporate law, leases, construction law, IT and data pro-tection law as well as media law, employment law, tax law, and public law. On September 5, 2019, the first German branch of BIGCHEFS was opened in the new food court of the Frankfurt shopping center MyZeil (Foodtopia).
BIGCHEFS was founded in the Turkish capital Ankara in 2007. Among other reasons thanks to its founder Gamze Cizreli, the BIGCHEFS restaurant chain has become an established player in the gas-tronomy sector within just a few years. With a crossover of Mediterranean and Levantine cuisine, BIG-CHEFS has created a broad network with 62 branches in Turkey and the Middle East that guarantees a unique lifestyle experience.
The all-day gastronomy restaurant BIGCHEFS opened its first German location, its 63rd branch, in the MyZeil shopping center in Frankfurt am Main on September 5, 2019. The site covers an area of 650 square meters with a total of 180 seats. The menu offers the best of Turkish, Mediterranean and Levan-tine cuisine. Additional restaurant in Germany and other European countries are also planned.
Heuking was instructed by BIGCHEFS via contacts of its Turkey Desk, which is managed by a dual team of lawyers at the Frankfurt office, who are admitted in both jurisdictions among others. The dual-cultural background of Dr. Ali Sahin and Dr. Erdem Şişmangil allows them to offer their clients solutions in both jurisdictions. Several years of experience and a deep understanding of both legal systems are among the key characteristics and qualifications of the Turkey Desk. Heuking's Turkey Desk's practice focus mainly includes M&A, corporate, banking and finance law as well as the coordination and super-vision of clients' legal needs in other legal fields in both jurisdictions. The Turkey Desk's major clients also include leading corporations and groups of companies from Turkey.
Vouga Abogados has had the opportunity to represent the firm PARAGUAY REFRESCOS S.A. (PARESA), Coca-Cola's franchisee in Paraguay, in a lawsuit against it on moral damages and emerging damages for an alleged non-consensual use of the image of a person in an advertisement. The First Chamber of the Civil, Commercial and Labor Court of Appeals of the Central Jurisdiction confirmed the decision of the Civil and Commercial First Instance Court of the city of San Lorenzo, which had already ruled in favor of PARESA, rejecting plaintiff's allegations (first instance decision: S.D. No. 11/2015; second instance decision: Ac. y Sent. No. 147/2019).
The plaintiff claimed an alleged lack of authorization for the reproduction of his image in a football stadium in a commercial, which, he argued, resulted in moral damages to him due to an alleged violation of his privacy.
Both the First Instance Court and the Court of Appeals considered that it is true that the use of a person's image�apart from the exceptions foreseen by law�is protected by law; however, it is also true that, when analyzing the issue, the particularities under which the facts took place should be taken into account.
In both instances, it was taken into consideration that consent is necessary to place in the market the picture of a person, except for the exceptions set forth in the law, e.g., the publication of the portrait for scientific, didactic or cultural purposes or those carried out in a public event. In this sense, both courts agreed with the argument of Vouga Abogados on the interpretation of the facts and the relevant rules of the Paraguayan Civil Code and the Consumer Protection Law.
The plaintiff attended a football match of the "Copa America" between Paraguay and Venezuela in the city of Salta, Argentina. On the back of the ticket, it was stated that the attendance to the event implied the unconditional acceptance of the terms, among them, that images/photos taken in the event could be used and distributed without any cost and without limitation of use. The plaintiff acknowledged that his image was televised and reproduced by the media after the game.
Considering that the image/photo of the plaintiff was used by Coca Cola brand �official sponsor of the Paraguayan national football team and also a global sponsor of the event "Copa Am�rica Argentina"-, the Court of Appeals judged the commercial under question fell within the scope of the terms set forth in the ticket.
Likewise, this advertisement, in accordance to the slogan used referring to sports, makes clear the image took place within the framework of a public sport activity. The latter should also be interpreted as a public event; thus, it is not necessary the consent to use the image/photo.
In conclusion, both the Court of First Instance and the Court of Appeals judged that there was a tacit consent of the plaintiff; hence, no damages could take place.
Both decisions focused on issues and regulations on the contracts of adherence and consumer protection.
The attorneys Mirtha Dos Santos and Elio Aguero successfully intervened in this process on behalf of PARESA.
Beccar Varela Advised Placement Agents in Notes Issuances Worth US $100 Million
On July 31st, 2019, Vista Oil & Gas S.A.U. (the "Issuer" or "Vista") issued Class I Notes for a nominal value of US $50 million, and on August 7th, issued Class II Notes for the same nominal value of US $50 million. Both issuances took place under the global program for short, medium and long-term notes, not convertible into shares, for a maximum circulation amount of up to US $800 million (or its equivalent in other currencies and/or value units).
The maturity date of Class I Notes will take place 24 months as from their issuance and settlement date, that is on 31 July 2021, accruing interest at an annual nominal fixed rate of 7.88%. The capital will be amortized in a single installment on the due date. On July 19th, FIX SCR S.A. ("Fix") rated these notes A+ (arg).
The maturity date of Class II Notes will take place 36 months as from their issuance and settlement date, that is on 7 August 2022, accruing interest at an annual nominal fixed rate of 8.50%. The capital will be amortized in a single installment on the due date. On July 29th, Fix rated these notes A+ (arg).
The Notes have been listed on Bolsas y Mercados Argentinos S.A. and have been admitted to trading on Mercado Abierto Electrónico S.A.; they are eligible through Euroclear Bank S.A/N.V.
In these issuances, Allaria Ledesma & Cía S.A., Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A.U., Banco de Servicios y Transacciones S.A., Banco Itaú Argentina S.A., Banco Santander Río S.A., Banco Macro S.A., BBVA Banco Francés S.A., Itaú Valores S.A., Macro Securities S.A. and Puente Hnos. S.A. acted as placement agents (the "Placement Agents").
In-house counsel: Florencia Hardoy and Rosario Maffrand.
Legal Counsel to the Placement Agents: Beccar Varela: team led by Luciana Denegri, assisted by María Victoria Pavani and María Inés Cappelletti.
Legal counsel to Vista Oil & Gas: Bruchou, Fernández Madero & Lombardi
Longtime firm client Tower International (NYSE: TOWR) (Tower), a leading manufacturer of engineered automotive structural metal components and assemblies, has agreed to be acquired by private equity owned Autokiniton Global Group in a $900 million deal expected to close in September or October.
Autokiniton agreed to buy all outstanding shares of Tower for $31 per share in cash�a 70 percent premium to Tower's closing stock price on July 11, 2019. The $900 million value includes Tower's debt and pension-related liabilities. The combined entity is expected to create a more competitive North American supplier with a complementary manufacturing footprint and lightweighting technologies that position it for continued growth.
Headquartered in Livonia, Michigan, Tower has approximately 5,700 colleagues and 2018 full-year revenue of $1.6 billion. Tower's manufacturing is conducted in 14 manufacturing facilities strategically located throughout the United States, Mexico, and Brazil. Lowenstein has previously represented Tower and its subsidiaries in a $561.5 million refinancing, in the company's $81 million initial public offering, in over $200 million of its secondary offerings, and in its $430 million senior secured notes offering.
The deal team consisted of Peter H. Ehrenberg, Andrew E. Graw, Lowell A. Citron, Marita A. Makinen, Jeffrey Blumenfeld, Jack Sidorov, Jeffrey M. Shapiro, Elisia M. Klinka, Justin Gindi, Kate Basmagian, Daniel C. Porco, Matthew A. Weston, Erica Perlmutter, Robert Bee, Sabrina Cua, Brian A. Silikovitz, Kristin V. Taylor, Katie R. Glynn, Nicholas G. Mehler, Doreen M. Edelman, Lynda A. Bennett, Megan Monson, Michael B. Himmel, and Norman W. Spindel.
Hanson Bridgett Represents MMAC in Asset Sale
MM Esperanza 2 LLC, doing business as "MMAC," has completed the sale of select assets, including its undeveloped 1.83-acre Los Angeles real estate parcel, to DionyMed Brands (CSE: DYME) (OTCQB: DYMEF). Under terms of the acquisition, DionyMed paid MMAC US $13.067 million in cash and issued US $6 million in DionyMed Series A Multiple Voting Shares.
The transaction allows MMAC to substantially accelerate its retail growth strategy and elevate its already profitable Southern California operations in the retail, cultivation and distribution verticals, returning the company to the capital markets as one of California's most profitable and authentic vertically integrated cannabis enterprises.
"Our refreshed war chest of financial resources will support our focus on expansion into the San Francisco market. In August 2019 we'll open a 3,800-square-foot Project Cannabis dispensary in the SOMA district of the city, our first in Northern California," explains Cameron Wald, Executive Vice President, Director of Operations of MMAC. "The SOMA dispensary adds to our portfolio of three Los Angeles dispensaries and will further drive market share of our four-time High Times' Cup- winning Triple Seven flower brand and our top-selling Classix flower and vapes retro brand, grown in our best-in-class indoor cultivation facility.�
Hanson Bridgett represented MMAC in this transaction. The Hanson Bridgett team was led by corporate partner Jonathan Storper with assistance from senior counsel Neepa Ranavat. Stuart Breen and Gillian Muirhead, from WSG affiliate Cassels Brock assisted on Canadian securities issues.
Dykema Represented KIA Motors in Ninth Circuit U.S. Court of Appeals Class Action Settlement Victory
In July 2018, the Court granted Dykema's petition for en banc review of a three-judge panel's split controversial decision, throwing out the nationwide class-action settlement claiming that fuel efficiency estimates in advertisements and car window stickers for certain vehicle models were overstated. The two-member panel majority criticized the trial court for not analyzing the consumer protection laws of several states in certifying a nationwide settlement class of plaintiffs, but the panel majority itself did not identify any variations in such state laws.
The decision forced trial courts to scrutinize a settlement class to the same degree as a litigation class by requiring the attorneys and the trial court to conduct an all-50-states analysis of consumers' claims. Trial courts throughout the Ninth Circuit sidelined pending class settlements as they waited for the en banc court's decision.
In an 8-3 majority decision, the en banc panel agreed with Dykema that there is no requirement, absent sufficient showing from an objector, that the trial court has to analyze variances of state laws at the settlement stage. Reversing the earlier panel ruling and reinstating the trial court's multidistrict settlement of more than $200 million, the en banc majority explained that "[t]he criteria for class certification are applied differently in litigation classes and settlement classes,� and "[i]n deciding whether to certify a litigation class, a district court must be concerned with manageability at trial. However, such manageability is not a concern in certifying a settlement class where, by definition, there will be no trial.� The en banc panel's decision faithfully applies the established rule from its 1998 decision in Hanlon v. Chrysler Corp., which rejected the notion that "idiosyncratic differences between state consumer protection laws� defeat certification of a class.
"The en banc panel reached the correct decision, returning to its own, well-settled understanding of the law and realigning itself with the Supreme Court and the precedents from the circuits across the country,� said James Azadian, leader of the Kia Motors appeal team, who argued the case before the 11-judge en banc panel. "After many years of litigation, Kia may now proceed with distribution of the nationwide class action settlement chosen by its customers.�
The Dykema appeal team representing Kia Motors was led by James Azadian, Dykema's West Coast Appellate Chair, and included litigators Dommond Lonnie, Director of Dykema's Automotive Industry Group, and Brian Newman, Member.
Dykema's reputation as an appellate powerhouse extends not only to its lawyers with appellate experience who are based in California, Illinois, Michigan, Minnesota, Texas, and Washington, D.C., but also well beyond the jurisdictions where it has office locations. The firm's attorneys have handled appeals in all the federal courts of appeals, most state appellate courts, and in the Supreme Court of the United States. Dykema has a winning track record of consistently obtaining reversals and preserving trial court victories for its clients.
Graham Thompson Partner Theo Burrows Authors "Doing Business in" The Bahamas Global Practice Guide
Graham Thompson Partner Theo Burrows provides a comprehensive review of the "Law and Practice" of Doing Business in The Bahamas. The writing appears in the 2019 Chambers Global Practice Guide for doing business in countries and territories around the world.
The guide provides an overview of the country's legal system and delves into key areas related to conducting business and investments in The Bahamas. Specifically:
- Restrictions to Foreign Investments
- Corporate Vehicles
- Employment Law
- Tax Law
- Competition Law
- Intellectual Property
- Data Protection
In an 8-3 majority decision, the en banc panel agreed with Dykema that there is no requirement, absent sufficient showing from an objector, that the trial court has to analyze variances of state laws at the settlement stage. Reversing the earlier panel ruling and reinstating the trial court's multidistrict settlement of more than $200 million, the en banc majority explained that "[t]he criteria for class certification are applied differently in litigation classes and settlement classes,� and "[i]n deciding whether to certify a litigation class, a district court must be concerned with manageability at trial. However, such manageability is not a concern in certifying a settlement class where, by definition, there will be no trial.� The en banc panel's decision faithfully applies the established rule from its 1998 decision in Hanlon v. Chrysler Corp., which rejected the notion that "idiosyncratic differences between state consumer protection laws� defeat certification of a class.
"The en banc panel reached the correct decision, returning to its own, well-settled understanding of the law and realigning itself with the Supreme Court and the precedents from the circuits across the country,� said James Azadian, leader of the Kia Motors appeal team, who argued the case before the 11-judge en banc panel. "After many years of litigation, Kia may now proceed with distribution of the nationwide class action settlement chosen by its customers.�
The Dykema appeal team representing Kia Motors was led by James Azadian, Dykema's West Coast Appellate Chair, and included litigators Dommond Lonnie, Director of Dykema's Automotive Industry Group, and Brian Newman, Member.
Dykema's reputation as an appellate powerhouse extends not only to its lawyers with appellate experience who are based in California, Illinois, Michigan, Minnesota, Texas, and Washington, D.C., but also well beyond the jurisdictions where it has office locations. The firm's attorneys have handled appeals in all the federal courts of appeals, most state appellate courts, and in the Supreme Court of the United States. Dykema has a winning track record of consistently obtaining reversals and preserving trial court victories for its clients.
