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SEC Adopts Payment Disclosure Rules for Companies Engaged in Resource Extraction

The U.S. Securities and Exchange Commission (the “SEC”) has adopted new rules which require “resource extraction issuers” to disclose annually the type and amount of payments that they (or their subsidiaries or entities under...more

6 Steps for Complying with the DOJ’s FCPA Pilot Program

On May 19, we outlined the contours of the new pilot program for the voluntary disclosure of Foreign Corrupt Practice Act (FCPA) violations, which is part of the newly released FCPA Enforcement Plan and Guidance from the...more

Joe Spinelli on the Kroll-Ethisphere Anti-Bribery & Corruption Report

In part one of a two-part series, Joe Spinelli, Senior Managing Director at Kroll in the Investigations and Disputes Practice, addresses a number of findings as referenced in the Kroll-Ethisphere “The Year of Global...more

New York Appellate Court Limits Application of “Separate Entity Rule” in Post-Judgment Discovery Context

In In re B&M Kingstone, LLC v. Mega International Commercial Bank Co., Ltd.,1 the New York Supreme Court, Appellate Division, First Department, held that the “separate entity rule” does not insulate a non-US bank’s New York branch from the obligation to disclose information and documents relating to customer assets held outside the US, in the foreign bank’s non-US branches in response to post-judgment subpoenas served on the branch in New York. The Appellate Division held that the non-US bank’s consent to necessary regulatory oversight in return for permission to operate a branch in New York was sufficient to subject the bank to the jurisdiction of the Court such that it could be compelled to comply with the post-judgment discovery demands. The Court limited its ruling to situations where the non-US bank did not claim that responding to such information requests would be onerous or unduly expensive, or that the requested information was not accessible by the US branch (e.g., through electronic searches performed there). However, the decision undercuts the scope of the recent opinion of the New York Court of Appeals in Motorola Credit Corporation v. Standard Chartered Bank, which held a judgment creditor’s service of a restraining notice on a foreign bank’s New York branch ineffective to freeze assets held outside the US in the bank’s foreign branches. Pointing to public policy interests in broad post-judgment discovery and technological innovations that enable New York bank branches to more easily find information about judgment creditors’ assets located in foreign branch accounts, the First Department held that the narrow holding of Motorola did not extend to subpoenas seeking information and documents obtainable by the New York branches. Please see full alert below for more information.more

Form 13 Corporate Disclosure Form for CIT

the Court's Form 13 Disclosuremore

Industry Focus LPOs - International Bar Association Magazine

General Counsel are embracing legal process outsourcing due to slashed 2009 budgets. Law firms are no longer the only source for quality legal services. Instead, firms are only one choice on an ever-larger menu of options for corporate counsel. "Great things have been predicted for legal process outsourcing (LPO) over the years – it was once claimed that 80,000 US legal jobs would move to India by 2015 – but the reality has not matched the hype. With the downturn biting and businesses looking to slash costs, could it be an idea whose time has finally come?"more

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