The verdict has finally arrived in the long-running IT dispute between EDS and BSkyB, for which the trial ended over a year ago. With legal fees of around £70m and an anticipated damages award of £200m (against a contract reportedly worth only £48m), the case will change the landscape of supplying IT products and services forever. EDS supplied a customer relationship management system to BSkyB ...
On January 21, the U.S. Supreme Court struck down the restrictions on corporate expenditures encompassed in the Bi-Partisan Campaign Reform Act of 2002 (commonly known as the McCain-Feingold Act). The 5-4 opinion found the Act’s prohibition on the use of general treasury funds by corporations or unions to directly advocate the election or defeat of candidates or to broadcast electioneering communications ran afoul of the First Amendment’s established protections of free speech ...
In a decision that is not surprising, but that should be welcomed by lenders (but perhaps not by borrowers), the Appellate Division of the New York Supreme Court held in Amcan Holdings, Inc., et al. vs. Canadian Imperial Bank of Commerce, et al., Case No. 603393/07, that a detailed, executed term sheet was not a binding contract to lend. Amcan sought financing from CIBC to finance an acquisition and refinance certain existing debt ...
On 27 January 2010, the UK High Court (Technology and Construction) handed down its decision in the long running case of BSkyB v EDS. The decision by Ramsey J, although subject to potential appeal, could well become a landmark case affecting tenders, pitches and contracts for the provision of services ...
The Health Information Technology for Economic and Clinical Health Act (the “HITECH Act”) makes significant changes to the privacy and security requirements of the Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”) ...
The U.S. Patent and Trademark Office (USPTO) is modifying the computer program it uses to calculate Patent Term Adjustment (PTA) in light of the recent decision in Wyeth v. Kappos, No. 2009-1120 (Fed. Cir. Jan. 7, 2010). In Wyeth, the U.S. Court of Appeals for the Federal Circuit affirmed that the USPTO has been improperly calculating patent term adjustment under 35 U.S.C. § 154(b). The Federal Circuit’s decision will result in additional patent term for many U.S ...
Dear Sirs, On December 31, 2009 the provisions of the Federal Law No ...
Dear Sirs, On November 27, 2009 the Order of the Federal Service on Financial Markets dated August 13, 2009 ¹ 09-33/pz-n “On peculiarities of the procedure of maintaining the register of registered securities’ holders by the issuers of registered securities” (hereinafter the “Order”) came into force ...
In what may be a new opportunity for cybersquatters, the Colombian .CO registry will soon allow for registration of domain names ending in simply .CO. Such domain names may be a prime platform for social networking sites and brand owners. As the registry explains, the acronym .CO can be associated with terms that include company, corporation, commerce, communities, content, connect, communication, collaborate, and consumers ...
On January 19, 2010, the Department of Justice pulled back the curtain on its largest prosecutions of individuals in the history of the Foreign Corrupt Practices Act (“FCPA”). About 150 agents from the Federal Bureau of Investigation arrested 22 individuals and executed 14 search warrants in the United States and United Kingdom. Those arrested are believed to represent about 16 companies involved in the foreign bribery investigation ...
The Provision of Services Regulations 2009 (Regulations) came into force on 28 December 2009 and created new obligations for service providers. The Regulations stem from the EU Services Directive (Directive), which aims to simplify regulatory and administrative procedures in relation to establishing and carrying on services in the EU, thereby encouraging more services to be provided on a cross-border basis ...
The U.S. Department of Labor (“DOL”) issued final regulations, effective January 14, 2010, that (1) clarify that the contribution timing rules apply to plan loan repayments, and (2) provide a safe harbor for depositing participant contributions (including loan repayments) to employee benefit plans with fewer than 100 participants on the first day of the plan year ...
As described in an earlier alert, the IRS has announced a document correction program covering certain failures to comply with Section 409A of the Internal Revenue Code (“Section 409A”), which contains tax rules for nonqualified deferred compensation arrangements. This Alert focuses on a common error that can now be corrected, and the importance of finding and correcting this and other errors as quickly as possible ...
In a case arising from the Southern District of Texas, the Federal Circuit recently issued an opinion that highlights the risks associated with marking products with patent numbers. See Forest Group, Inc. v. Bon Tool Co., No. 2009-1044 (Fed. Cir. Dec. 28, 2009) (slip opinion) ...
A costly mistake by the Ministry of Defence (MoD) has highlighted the importance of careful drafting to ensure access to a software program’s source code. The source code is the line of code in which the software is written, in language intelligible to a suitably trained software developer. Through the use of a compiler, the source code is converted to object code which forms the software program ...
The SEC’s Division of Enforcement is implementing a series of measures designed to enhance and encourage cooperation in its investigations and litigation and, the Division hopes, expedite the enforcement program. This project is referred to as the “Cooperation Initiative ...
The Department of Labor recently issued model notices for employers to use under the COBRA subsidy extension, and the Internal Revenue Service issued additional guidance for an employer claiming on its federal employment tax return (Form 941) the credit for 2009 retroactive coverage arising from the subsidy extension for those individuals who had otherwise exhausted the subsidy period ...
The IRS has issued a Notice that describes a document correction program covering certain failures to comply with Section 409A of the Internal Revenue Code (“409A”). 409A contains tax rules for nonqualified deferred compensation arrangements. While this IRS program offers employers welcome relief from inadvertent drafting mistakes and other failures to conform applicable documents to the requirements of 409A, it also raises some additional concerns ...
On December 30, 2009, the Securities and Exchange Commission (the “SEC”) formally published amendments to Rule 206(4)-2 of the Investment Advisers Act of 1940, as amended (the “Custody Rule”). The Custody Rule is designed to increase protections for clients and investors who turn their assets over to an investment adviser registered with the SEC, and it imposes significant new regulatory requirements on advisers with custody of client assets. Surprise Examination Requirement ...
Buyers and sellers often have different views on how much a target is worth and how its value should best be determined. Normally, the valuation of a company is based on both its past performance and its projected future performance. While the seller may be confident of the company's future growth, the buyer may be reluctant to assume the risk of the company failing to perform as expected by paying the seller the whole purchase price upfront ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) has determined that the previous regulation regarding affiliated and conflict of interest on particular transactions no longer suits its purpose and through his decision No.KEP-412/BL/2009 he has repealed and replaced the earlier regulation Decision No. Kep-521/BL/2008. The new regulation has been in effect since 25 November 2009 ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) issued Decree No.KEP-413/BL/2009 on 25 November 2009 to assist issuers and public companies to perform their business activities while simultaneously protecting their investors. The decree updates an earlier decision, No.Kep-02/PM/2002 and its Regulation No.IX.E.2. The decision repeals and replaces the previous decisions and amends Regulation No.IX.E.2 ...
The Business Competition Supervisory Commission (KPPU) has issued Decision No. 57/KPPU/Kep/III/2009, dated 12 March 2009, regarding Guidance to Implement Provisions in Article 50 (b) of Law No. 5 of 1999 regarding Prohibition of Monopoly Practice and Unfair Business Competition Relating to Franchise-Related Agreements (“KPPU Guidance”) ...
A raft of new legislation outlined in the Queen's Speech has been predictably derided as being unachievable in the limited parliamentary time available before the election. However, the Government's Digital Economy Bill which was published last week, appears to have a certain amount of cross party support and may therefore make it to the statute book ...
THE MEMBER FUNDED PENSION PLAN: A DEFINED BENEFIT PENSION PLAN THAT LIMITS THE EMPLOYER'S FINANCIAL RISKJosée [email protected]çois [email protected] decision by an employer to offer a pension plan to its employees is an important one. Various types of pension plans may be offered, and the financial risk of the employer depends on the type of plan chosen ...
