In a recent decision, the Second Circuit Court of Appeals considered the issue of stock price rebounds in reviving a securities fraud class action suit that had been dismissed by the district court for failure to adequately allege an economic loss as a matter of law. In Rosado v. China North East Petroleum Holdings Ltd., No. 11-4554-cv (2d Cir. Aug ...
The Bankruptcy Code provides a number of “safe harbors” for forward contracts and other derivatives. These provisions exempt derivatives from a number of Bankruptcy Code provisions, including portions of the automatic stay,1 restrictions on terminating executory contracts,2 and the method for calculating rejection damages ...
This week, the Eleventh Circuit Court of Appeals rejected an expert witness’ event study as insufficient to demonstrate loss causation at trial in a securities fraud class action. In Hubbard v. BankAtlantic Bancorp, Inc., No. 11-12410 (11th Cir. July 23, 2012), the court affirmed the trial court’s decision in favor of the defendants because the plaintiffs’ expert testimony did not sufficiently isolate the effects of the alleged fraud on the company’s stock price ...
The Personal Data (Privacy) (Amendment) Ordinance 2012 was formally adopted on 6 July 2012. The text of the Amendment Ordinance has undergone a number of changes since it was first introduced as the Personal Data (Privacy) (Amendment) Bill 2011 one year ago. One major change is the requirement to obtain express responses (as opposed to deemed consent) from the data subject for the use of personal data in direct marketing ...
You are the general counsel of a public company. One day, the CEO asks you how the “HSR Act” affects the company ...
Lionsteel Limited has been fined £480,000 and ordered to pay £84,000 costs by HHJ Gilbart at Manchester Crown Court after pleading guilty to a single charge of corporate manslaughter during trial.The case relates to the death of employee Stephen Berry, who died from injuries sustained following a fall from height at Lionsteel's premises in Hyde, in 2008. The guilty plea was agreed by all parties at trial in June 2012, following the conclusion of the prosecution case ...
On July 9, 2012, the Seventh Circuit decided in Sunbeam1 that the rejection of a trademark license by a bankrupt trademark licensor does not deprive the trademark licensee of its right to continue to use the trademark, and disagreed with the 1985 Fourth Circuit decision in Lubrizol2 that held to the contrary ...
The highly anticipated law setting out the foreign exchange rules applicable to the petroleum sector was enacted through Law No. 2/12 of 13 January 2012 (PFEL). The new framework came into force on 12 May 2012 and will prove to be a game changer in Angolan petroleum and banking sectors. Thus far the foreign exchange rules vis-à-vis petroleum concessions were mainly set forth in foreign exchange annexes D and C to Concession Decrees ...
The real estate sector is among the most important in Mozambique and enjoys incentives from the State. Access to land is crucial to investment in this sector.As land in Mozambique is the property of the State and, for this reason, cannot be sold, mortgaged or charged, besides occupation, the only vehicles the law provides for access to land are the right to use and benefit from land - Direito de Uso and Aproveitamento da Terra “DUAT”) or Special Licences ...
The Companies (Amendment) Act 2012 has been signed into law by the President. The Act provides for the extension of the exemption for the use of US GAAP by US entities migrating to Ireland. It amends the provisions of the Companies (Miscellaneous Provisions) Act 2009 (the 2009 Act), which first introduced the exemption, in two ways: The 2012 Act provides that the exemption may continue to be used for financial years up to and ending at the latest on 31 December 2020 ...
On Friday, June 29, 2012, the Texas Supreme Court denied a petition for mandamus relief in In re XL Specialty Insurance Company and Cambridge Integrated Services, Group, Inc., No. 10-0960 (Tex. June 29, 2012), clarifying the scope of the joint defense and common interest privilege doctrines under Texas law. (The opinion is available here ...
Company Recovery Fund aimed at Small and Medium CompaniesIn partnership with the five main Portuguese banks1, the State has created the Company Recovery Fund which targets the recovery of small and medium companies (SMCs)2. The name of the fund in Portuguese is FUNDO RECUPERAÇÃO, FCR ...
GOVERNMENT PUBLISHED PROPOSAL TO CHANGE THE INSOLVENCY REGIME Insolvency proceedings are currently governed by the Insolvency and Corporate Recovery Code approved by Decree-Law 53/04 of 18 March (referred to here by its Portuguese initials ‘CIRE’). From its entry into force to date, this legislation has been subject to five legislative amendments ...
As required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), on June 20, 2012, the U.S. Securities and Exchange Commission (SEC) approved a rule that directs national securities exchanges to adopt listing standards for public company boards of directors and compensation advisers. See Release Nos. 33-9330 and 34-67220 ...
On the 10 May 2012, the Swedish parliament enacted a permanent exemption to the Swedish Public Procurement Act (2007:1091) (“LOU”) for the direct award of contracts to affiliated companies.[1]Parliament also decided to enact an option for municipalities and county councils to delegate the competence to make decisions in relation to public procurement procedures to central purchasing bodies ...
When a company acquires a minority share in a competing company, legal issues concerning price-fixing, market sharing, exchange of information etc. may arise if the companies in question do not continue to regard each other as competitors. This situation has recently been tried in a judgment from the Stockholm District Court where the coach tour operators, Scandorama and Ölvemarks were ordered to pay fines of SEK 6.8 million and SEK 4.6 million respectively ...
On June 13, 2012, the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) published an opinion ruling on whether the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B. de C.V., approved by the Federal District Court in Mexico, should be enforced under Chapter 15 of United States Bankruptcy Code ...
The state of Georgia will soon join a growing number of jurisdictions enacting False Claims Act statutes with far-reaching implications. The “Georgia Taxpayer Protection False Claims Act” authorizes the state attorney general and private citizens to seek civil penalties and treble damages on behalf of the state and any local government that pays a false or fraudulent claim to any individual or entity ...
A commercial lease does not end on the sole basis that the lessee declares bankruptcy; to the contrary, the Bankruptcy and Insolvency Act (“BIA”) provides that the property of the bankrupt, including the lease, is vested in the trustee. In fact, the terms of the lease are what make it possible for the lessor to terminate the lease should the lessee declare bankruptcy ...
Several of the players which regularly participate in public procurements are aware of the extended right to make an application to the court to have procurement cases reviewed. Almost a year has passed since the Supreme Administrative Court extended the right for suppliers to appeal in procurement cases to encompass a greater range of situations ...
The Federal Trade Commission (the “FTC”) announced last week that it was amending its Franchise Trade Regulation Rule, entitled “Disclosure Requirements and Prohibitions Concerning Franchising” (the “FTC Franchise Rule”) to increase certain monetary thresholds necessary to meet three exemptions under the Rule. The FTC Franchise Rule, which mandates presale disclosure, applies to the offer or sale of franchises located in the U.S ...
CO N T E N TS Due diligence in leasing Factors examined by the Supreme Court in determining the validity of a municipal bylaw Incorporated employees face new obstacles DUE DILIGENCE IN SEASING Richard Burgos [email protected] It is fairly common and in fact recommended, to proceed with a due diligence review of a property before its acquisition. At a minimum, title to the property is confirmed through a title search review. Often times, a much more thorough review is completed ...
