The Supreme Court in CIGNA Corp. v. Amara held that plan terms cannot be reformed under Section 502(a)(1)(B) of ERISA based on a misleading summary plan description (SPD). Despite this narrow ruling, six justices further stated that reformation may be an appropriate equitable remedy under Section 502(a)(3) of ERISA. Background In 1998, CIGNA replaced its defined benefit plan with a cash balance plan ...
Companies wishing to import goods for their businesses are required to have an Importer Identification Number (Angka Pengenal Importir – “API”). Under Trade Minister Regulation No.45/M-DAG/9/PER/2009, as amended by Regulation No.17/M-DAG/PER/3/2010 (“Regulation No ...
The Supreme Court recently held that a federal agency’s response to a Freedom of Information Act (FOIA) request could bar a later False Claims Act case based on the information disclosed. In Schindler Elevator Corp. v. United States ex rel. Kirk, 563 U.S. __ (2011),1 the Court held that a response to a FOIA request is a “public disclosure” in an “administrative report” under the False Claims Act ...
Introduction Sustainable energy use has a significant place in Ukraine's energy policy. The Energy Strategy to 2030 and the Economic Reform Programme for 2010 to 2014 both identify switching to alternative energy sources and achieving greater energy efficiency as key priorities ...
Argentina has great geological potential and a very attractive regulatory framework that provides mining companies with important incentives, such as a 30-year fiscal stability period and several tax exemptions. However, in 2010, the Argentine mining industry faced certain issues prompted by regulatory trends in order to address social, environmental, and economic concerns towards mining ...
The Securities and Exchange Commission has reached its first-ever deferred prosecution agreement (“DPA”) with Tenaris, S.A., a global supplier of steel pipe products to the oil and gas industry. Tenaris disclosed to the Commission that its employees had engaged in conduct that potentially violated the Foreign Corrupt Practices Act (“FCPA”). Following an investigation, in which Tenaris fully cooperated, the SEC agreed to defer prosecution in exchange for Tenaris’s continued cooperation, $5 ...
IN A NUTS HELL…* Risk management is a key element in the management of an enterprise, which its management team is responsible for.* Risk management must be a part of a board’s charter in keeping with best governance practices. * Adhering to a director’s duty of care involves participating, to a certain extent, in risk management ...
IN A NUTS HELL… Risk management is a key element in the management of an enterprise, which its management team is responsible for. Risk management must be a part of a board’s charter in keeping with best governance practices. Adhering to a director’s duty of care involves participating, to a certain extent, in risk management ...
The United States and Texas Supreme Courts have declined to review the appeals of two Texas appraisal districts’ power to tax oil and natural gas in transit. In both cases, Texas courts of appeals held that oil and natural gas moving in the stream of interstate commerce are not subject to ad valorem taxation in Texas. These decisions solidify the law in Texas that property moving in transit is not taxable ...
Last week, a Decree was published in the Official Journal of the Federation that amended, supplemented, and repealed various provisions of the Federal Competition Law (Ley Federal de Competencia Económica), the Federal Penal Code (Código Penal Federal) and the Federal Tax Code (Código Fiscal de la Federación) (collectively, the “Decree”) in the area of antitrust regulation. The most significant aspects of the reforms are the following: 1 ...
On 5th May 2011, the Italian Government approved the much¨Cexpected Ministerial Decree (the ¡°Decree¡±), establishing new tariffs for photovoltaic plants (¡°Photovoltaic Plants¡±) entering into operation from 1st June 2011 and until 31st December 2016. The Decree was published in the Official Gazette on 12th May 2011 and entered in force on 13th May 2011 ...
Recently, the Premerger Notification Office (“PNO”) issued a statement to clarify the use of escrows in connection with transactions subject to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). The statement supersedes all previous informal interpretations and advice from the PNO. In sum, the current PNO view is that escrows generally do not shield a buyer from obtaining beneficial ownership of the escrowed assets or voting securities ...
A Florida court has rejected the Securities and Exchange Commission’s single-factor transaction-based compensation test for broker activity, perhaps signaling a more favorable view toward “finders” in the future. The court held that an array of non-exclusive factors should be evaluated to determine whether a finder engaged in broker activity ...
Recent decisions of the Australian Competition Tribunal provide an opportunity to reflect on the efficiency and cost effectiveness of limited merits review under the National Electricity Law (NEL) ...
The UK Department for Business Innovation and Skills (BIS) is currently consulting on a fundamental review of the UK competition regime. This includes, amongst other proposals, the introduction of a mandatory merger regime and a combination of the hitherto distinct first and second phase authorities (the Office of Fair Trading (OFT) and the Competition Commission) to form a single 'Competition and Markets Authority' (CMA) ...
Later this month, the Department of Justice’s Antitrust Division will end its oversight of the Microsoft consent decree, marking the end of the landmark antitrust case that began more than a decade ago. The lawsuit was filed in May 1998, charging Microsoft with violating Section 2 of the Sherman Act by engaging in anticompetitive and exclusionary practices designed to maintain its monopoly in personal computer operating systems and to extend that monopoly to Internet browsing software ...
On April 27, 2011, the United States Supreme Court issued a decision in AT&T Mobility LLC v. Concepcion that ensures that companies will be able to enforce well-drafted class action waiver clauses in consumer contracts containing arbitration agreements – rejecting lower court decisions finding such waiver clauses to be unconscionable ...
A California federal judge issued an opinion on April 20, 2011, providing guidance on an important aspect of the anti-bribery provisions of the Foreign Corrupt Practices Act (“FCPA”) - who is considered a foreign official under the statute. In United States v. Noriega, District Judge A ...
Starting April 6, 2011 the Social Security Administration (SSA) resumed sending its “no-match” letters (or “decentralized correspondence (DECOR) letters”) to advise employers of reported social security numbers that do not coincide with SSA’s records. In 2007, SSA stopped sending DECOR letters due to federal litigation focused on an insert that the Immigration and Customs Enforcement agency (ICE) wanted to include with the letters ...
The 2011 Regular Session of the West Virginia Legislature began and progressed in the midst of a frenzy of media attention focused on natural gas production activities in the Marcellus Shale formation and allegations of inadequate regulatory programs to assure proper State oversight of these operations ...
On March 22, 2011, the Fifth Circuit ruled that the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) does not support a cause of action for hostile work environment. This is the first ruling from any Circuit Court regarding the issue. USERRA, a federal statute that establishes rights for members of the National Guard and Reserve, applies to all public and private employers, regardless of size ...
On September 25, 2008, former President George W. Bush signed the ADA Amendments Act of 2008 (the “ADAAA” or the “Act”) into law, broadening the definition of “disability” under the Americans with Disability Act (“ADA”). The ADAAA makes it easier for people to establish that they are protected by the ADA and overturns holdings in several well-known Supreme Court decisions, which had previously narrowed the “disability” definition ...
st1/:*{behavior:url(#ieooui) } Antitrust law1 What are the legal sources that set out the antitrust law applicableto vertical restraints? The main sources of law applicable to vertical restraints in Belgium are two acts of 10 June 2006 on the protection of economic competition and on the establishment of a Competition Council, as coordinated by the Royal Decreeof 15 September 2006 (‘the Competition Act’) ...
The UK Department for Business Innovation and Skills (BIS) is currently consulting on a fundamental review of the UK competition regime. This includes, amongst other proposals, the introduction of a mandatory merger regime and a combination of the hitherto distinct first and second phase authorities (the Office of Fair Trading (OFT) and the Competition Commission) to form a single 'Competition and Markets Authority' (CMA) ...
