The Social Network did not just tell the fascinating story of Facebook's rise to a social media power house. It showed how society is increasingly using social platforms as one of its primary channels for communication. Social media is broader than social networking sites such as Facebook or Linked-In ...
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 ...
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 ...
Law No. 8 of 2010 regarding the Prevention and Eradication of the Criminal Act of Money Laundering (the “AML Law”) came into effect on 22 October 2010. This new version of the AML Law imposes jail terms of up to 20 years and fines of up to 100 billion Rupiah ($US11.5 million) for the criminal act of money laundering ...
As of 1 January 2012, shareholders of listed companies will obtain more rights as aconsequence of the transposition of the EU Shareholders’ Rights Directive intoBelgian federal law. However, unlike the Directive, the new Belgian Act alsoallows non-listed companies, mainly on an optional basis, to apply theShareholders’ Rights Act. On 20 December 2010, the Shareholders’ Rights Act was ratified ...
In a unanimous opinion issued yesterday in Erica P. John Fund, Inc. v. Halliburton Co., 563 U.S. __ (2011), a securities class fraud action, the Supreme Court held that class certification had been improperly denied by the Fifth Circuit based on the absence of “loss causation.” The Court’s holding rejected Fifth Circuit case law dating back to 2007, which had required securities fraud plaintiffs to prove loss causation in order to obtain certification of a class ...
The Securities and Exchange Commission adopted on May 25, 2011, final rules to implement the Section 21F of the Securities Exchange Act of 1934 entitled “Securities Whistleblower Incentives and Protection.” The new rules have significant implications for public companies and securities industry businesses ...
The Supreme Court ruled last week in Microsoft Corporation v. i4i Limited Partnership that “clear and convincing evidence” is still the standard of proof required to invalidate a patent. Section 282 of the Patent Act states that “a patent shall be presumed valid” and that “[t]he burden of establishing invalidity of a patent or any claim thereof shall rest on the party asserting such invalidity ...
By Daniel Gold and Tracy G. Smith1 In an opinion issued June 13, 2011, Janus Capital Group, Inc. v. First Derivative Traders, 564 U.S. __ (2011), the Supreme Court declined to adopt a broad interpretation of who can be considered to have “made” a statement under the federal securities laws ...
As the general counsel of a public company, you are busy working one day and the CEO walks into your office and says, “I’ve been thinking that I would like to make a proposal to take this company private. I need your advice on how to get started.” The following points should be considered to help make the process easier ...
First proposed more than a decade ago, .XXX top-level domains have now been approved and will be launching shortly. The domains are intended for use by the adult entertainment industry, but for trademark owners in other industries, the potential association of their valuable brands with .XXX domains could have serious consequences. Fortunately, owners of registered trademarks can soon apply to block third parties from registering .XXX domains that contain their marks. The ...
The position of Corporate Secretary has evolved over the years. For some organizations, gone are the days when the Corporate Secretary was a mere corporate record custodian, certifier of corporate organizational facts and note-taker. Bylaws, board mandates, shareholder agreements and other governance documents, not to mention job descriptions, may or may not fully describe the expectations that now often go with the role. This article examines the role of the Corporate Secretary ...
Since the mid-1620s when the Dutch settled in Manhattan, New York City has been a diverse, multicultural, international center for trade, commerce and finance. As a result of the role New York has played in the global community for more than three centuries, parties often select, and specify, the law of New York as the governing law in their agreements. Its rationality, consistency and stability provide an invaluable foundation for legal and business relationships the world over ...
Did you shop for your last car insurance policy on the Web?If you did, you are part of the growing number of people who now shop for their insurance online.Online insurance sales are a rapidly growing phenomenon: publicity is omnipresent ...
On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules and amendments under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that are designed to implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) ...
A recent technical malfunction that knocked out websites and affected hundreds of businesses using Amazons cloud computing services offered high profile evidence of both the widespread popularity of cloud services and the potential consequences of storing company data in the cloud. The incident also drew attention to cloud service contracts, raising questions about performance levels and backups in the event of a service interruption ...
Should the internet be free and open, with all internet traffic treated equally and no restrictions on transmitting content regardless of its type or size (so called 'net neutrality')? That is the view taken by Dutch lawmakers, who have finally approved a new piece of legislation to force internet service providers (ISPs) to do just that ...
OVERVIEW OF GOVERNANCE REGIME In Ukraine the primary law making body is the Ukrainian Parliament (‘the Parliament’). The power to make laws may be delegated to lower governments or specific bodies of Ukraine but only for prescribed purposes. The State Stock Market Securities Commission of Ukraine (‘the SSMSC’) is the regulator for the securities market ...
It’s an all too common scenario. An unsuspecting Internet user opens an email with a link to a website spoofing that of a leading financial institution. The user is asked to input personal information such as bank credentials or social security numbers and in a matter of seconds the user becomes the victim of a phishing scam and is left to deal with the financial and emotional fallout stemming from the identity theft ...
On April 28, 2011, the Mexican Senate approved a draft of “Federal Law on the Prevention and Identification of Operations from Illicit Sources” (the “Law”), which has since then been referred to the Mexican Chamber of Representatives for consideration. This initiative is intended to implement a system to combat organized crime by preventing the financing of its activities through money laundering ...
On June 22, 2011, the Securities and Exchange Commission (“SEC”) adopted a final rule defining “family offices” that will be excluded from the definition of “investment adviser” under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and thus exempt from registration. Background Family offices are entities established by wealthy families to manage the wealth of, direct the investments of and provide various other services to family members ...
In conjunction with the Bribery Act 2010 coming into force on 1 July 2011 the Scottish Crown Office has now issued Guidance confirming that it will trial (up to 30 June 2012) a self-reporting mechanism for business in relation to incidents of corruption. In broad terms, the initiative allows companies to self-report incidents of bribery to the authorities with the possibility of obtaining leniency in terms of penalties ...
Nearly a year after requesting comments on proposed changes to the Hart-Scott-Rodino premerger notification and report form, the Federal Trade Commission and Department of Justice today published the final version of the new form and related final rules. The new form can be found at this link. Anyone making a premerger filing on or after Monday, August 8, 2011 will be required to use the new form ...
