The Supreme Court makes clear that a party that has started to clean up contamination caused by another party is also deemed to be a business operator. This gives rise to joint and several liability for the original contamination. The fact that remedial work was intended to reduce the environmental impact is of no importance. Background A company which was later incorporated into JM Värmdöstrand (“JM”) operated a casting works from the 1940s to the 1980s on a site in Oxelösund ...
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 ...
LAST JUNE WE DISCUSSED THE COURT OF APPEAL DECISION IN STONEHAVEN COUNTY CLUB1, WHICH DEALT WITH THE APPLICATION OF SECTION 139 BIA TO A CLAIM BY INVESTISSEMENT QUEBEC.2 THE COURT OF APPEAL HAS RULED ON THE SCOPE OF THIS SECTION ONCE AGAIN ...
If you are in the oil and gas industry and you’ve experienced the recent onslaught of enforcement actions, particularly in the Appalachian basin, by the U. S. Environmental Protection Agency (“EPA”) you may take comfort in the aphorism: “You’re not paranoid if they really are out to get you!” A simple Google search of “EPA III Enforcement” and a click on the “Natural Gas Extraction/Marcellus Shale” link at the EPA Region III website should cause any company concern ...
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 ...
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 ...
On Monday, June 11, 2012, the Supreme Court granted a writ of certiorari in Connecticut Retirement Plans and Trust Funds v. Amgen Inc., 660 F.3d 1170 (9th Cir. 2011) to clarify the standards for certifying a class in a securities fraud suit under the fraud-on-the-market theory. The Court’s decision to revisit class certification in securities fraud suits only a year after deciding Erica P. John Fund, Inc. v. Halliburton Co., 563 U.S ...
In recent public speeches and correspondence, senior officials at the Securities and Exchange Commission (the “SEC”) have provided details regarding an examination strategy that will be applied to newly-registered investment advisers.1 Under this strategy, a new registrant may be subject to examination by the SEC as early as this coming fall. Accordingly, newly-registered advisers should be proactive and prepare to respond to SEC document and information requests ...
On 6 June 2012, the European Commission announced new crisis management measures to deal effectively on a cross border basis and in a harmonised manner with any future bank crisis ...
Section 631 of the Corporations Act provides that, once a bidder publicly announces a takeover proposal, offers under a takeover bid must be made by that bidder within two months unless ASIC grants relief ...
Luc Thibaudeau Lavery keeps a close eye on developments in consumer law. Its leading-edge expertise in the retail trade and class action has been pointed out many times by people involved in the field. Lavery is committed to keeping the business community informed about the issue by regularly publishing bulletins dealing with case law and legislative developments that could affect, influence and even change business practices ...
In recent months, two high-profile cases involving Hulu and Netflix have raised questions regarding the scope and application of the Video Privacy Protection Act (“VPPA”), a federal privacy law that has been the focus of increasing attention over the past few years. In the Hulu case, Hulu users claimed that the subscription-based video streaming service disclosed their viewing history to third parties ...
Lithuania's substantive competition law is similar to EU competition law; the main differences stem from enforcement rules and priorities. This update considers recent trends in this area. Competition law in Lithuania is enforced only in administrative proceedings. Unlike neighbouring Latvia, Lithuania allows for the imposition of penalties against individuals (eg, managers of a company in breach of competition law) ...
In what it described as “an easy decision,” the U.S. Supreme Court issued its eagerly anticipated decision in RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank 1 on May 29, 2012 ...
Two recent antitrust matters serve as reminders that exchanging sensitive information with business competitors can pose significant antitrust risks – particularly when companies stray from the “safety zones” established by the federal antitrust enforcement authorities. From an antitrust perspective, agreements to exchange information present significant risks ...
On May 18, 2012, the United States Court of Appeals for the Fifth Circuit held in Reed v. Florida Metropolitan University, Inc. that class actions are available in arbitration proceedings only if there is a contractual basis for finding that the parties agreed to class arbitration ...
You are the general counsel of a public company. You realize that stockholders (possibly hostile) have been acquiring larger positions in your company ...
The pendulum has swung again in the TOUSA, Inc. case, as the Eleventh Circuit recently overturned the decision of the United States District Court for the Southern District of Florida and affirmed the 2009 bankruptcy court opinion ordering the disgorgement of $403 million plus interest from lenders to the TOUSA parent, on the theory that such transfers were fraudulent as to certain TOUSA subsidiaries (the “Conveying Subsidiaries”) ...
The Securities and Futures (Amendment) Ordinance 2012 ("Amendment Ordinance"), except Part 2 of which in relation to disclosure of inside information, comes into operation as it is published in Gazette on 4 May 2012. The Amendment Ordinance has introduced several regulatory initiatives which will be discussed in brief details below ...
On 23 February 2012, Government Regulation No. 27 of 2012 on Environmental Licenses (“GR 27/2012”) was issued to regulate AMDAL, UPL & UKL, and the contamination and destruction of the environment. GR 27/2012 is the implementing regulation for Articles 33, 41, and 56 of Law No. 32 of 2009 on Environmental Protection and Management which replaced Government Regulation No. 27 of 1999 on Environmental Impact Analysis ...
For the past two years so-called 'monster rain' has hit Copenhagen in summer. The rain has flooded large areas in Copenhagen and neighbouring towns, and caused substantial damage to properties in the flooded areas, as well as closing major radial routes into Copenhagen. This update examines the ways in which the authorities intend to prevent damage caused by monster rain in future ...
One of the most innovative and exciting sections of the new Jumpstart Our Business Startups Act (the “JOBS Act”) creates a new “crowdfunding” exemption from state and federal securities law registration. Through this new exemption, issuers and investors may communicate by way of the Internet in connection with the issuance of new securities ...
Energy security is ability of the State to choose how and under what conditions local consumers are to be provided with energy and energy resources. This ability is mainly determined by alternatives for usage of local energy sources, diversified imports, integrity of energy systems, and market-based formation of energy prices ...
The Securities and Futures Commission (SFC) is introducing new disclosure requirements for short positions in certain Hong Kong listed shares. Background Part XV of the Securities and Futures Ordinance (Part XV) requires disclosure of short positions of over 1% held by substantial (5% or more) shareholders in a listed company, and of all short positions held by directors and chief executives of listed companies ...
