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The Financial Report -Volume 4, No. 4 • February 2015 (Global)

US Judicial Developments - Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more

Is a Distribution of Previously Taxed Income “Exempt from Tax”?

A U.S. shareholder of a controlled foreign corporation (CFC) is required to include in its gross income its pro rata share of the CFC’s subpart F income and/or the amount determined under Section 956 with respect to such...more

Effect Of Cross-Border Insolvency On Contractual Time Bar

In Bank of Tokyo-Mitsubishi UFJ Ltd v Owners of the MV Sanko Mineral [2014] EWHC 3927 it was held that, as a matter of English law, a claimant should have commenced arbitration within 12 months, in accordance with contractual...more

Abu Dhabi Global Market

On 6 January 2015, the Abu Dhabi Global Market (“ADGM”), the newly created free-zone and international financial centre located on Al Maryah Islands, Abu Dhabi, issued six consultation papers proposing new legislation for...more

Top Ten Finance Litigation And Regulatory Decisions Of 2014

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

High Court rules on inconsistency in charterparty arbitration clauses and applicable curial law

Reed Smith (Lianjun Li and Min Li of the Hong Kong office, Nick Shaw and Halani Lloyd of the London office) recently represented the successful Charterers in Shagang South-Asia (Hong Kong) Trading Co. Ltd v Daewoo Logistics...more

Weavering: Appeal court judgment clears directors of wilful default

On 12 February 2015 the Cayman Islands Court of Appeal handed down its long-awaited judgment in Weavering Macro Fixed Income Fund Ltd v Peterson and Ekstrom. The case, which measured the liability of directors, sent...more

Jurisdictional limits of cartel laws in Australia and the United States - ACCC v Air New Zealand and Motorola Mobility v AU...

Commerce may be increasingly global, but there remain limits on the extraterritorial application of cartel laws in individual countries. In late 2014, Courts in Australia and the United States (US) delivered judgments...more

Paris Energy Series No. 9: Expecting the Unexpected: The Force Majeure Clause

In August 2014, steel and mining company ArcelorMittal announced that it was suspending an expansion project to triple its iron ore production in Liberia due to the Ebola epidemic in West Africa. A few days earlier, Brazilian...more

2014 Securities Class Actions Year in Review: Five Developments That Will Change the Landscape

The year 2014 brought further development and maturity to Canadian securities class action regimes but the case law continues to reveal discordant themes. Preliminary issues relating to jurisdiction, the leave test and...more

LEX PETROLEA: Sources and Successes of International Petroleum Law

In the widely cited and sometimes wildly interpreted 1982 arbitration award issued by the tribunal in Aminoil v. Kuwait, the Government argued that compensation for its expropriation of Aminoil's concession should be based on...more

"EU Nonmerger Antitrust Enforcement Gets Stricter"

Developments in the past year are likely to affect nonmerger antitrust enforcement in the European Union in 2015 and beyond. In addition to merger enforcement, antitrust activity in 2014 provided a number of interesting...more

EU Copyright: No Resale of Digital Content Except for Software? How Does the European Court of Justice Decision on Exhaustion of...

The European Court of Justice (ECJ) has decided that the rule of exhaustion of the distribution right upon first sale (in the U.S. known as the “first sale” doctrine) does not apply to post first-sale alterations to the...more

International Arbitration Newsletter - February 2015

In this Issue: - Thwarting Torpedoes and Other Clarifications: Recast Brussels Regulation in Force From 10 January 2015 - International Energy Charter Signals New Global Cooperation in the Energy...more

"A Question of Behavior: Foreign Sovereign Debt Restructuring Before US Courts"

The impact of Argentina's prolonged dispute with the holdouts of its defaulted debt continues to reverberate in the context of foreign sovereign debt restructuring. What has been called the "trial of the century" because of...more

Motion to Dismiss Denied in FX Rigging Case

A federal judge in New York on Wednesday allowed a consolidated class action by U.S.-based investors concerning the rigging of the foreign exchange (FX) market to move forward. In denying a motion to dismiss, U.S. District...more

"Ruling on Extraterritoriality May Protect Foreign Investors in US Bankruptcies"

The Bankruptcy Code authorizes a bankruptcy trustee to avoid (i.e., obtain the return of) certain types of prepetition property transfers so that the bankrupt estate can be divided among creditors fairly. For example, a...more

Applying Canadian Securities Laws To Social Media: A Square Peg In A Round Hole (OWTTE)

The time has come for Canadian securities regulators and stock exchanges to revisit the application of securities laws and policies to the use of electronic communications for the disclosure of material information. Existing...more

Third Circuit Clarifies Extraterritorial Reach of Federal Securities Laws

The Third Circuit recently clarified the extraterritorial limits of the federal securities laws, as the U.S. Supreme Court defined in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010). See United States v....more

Germany: German Federal High Court rules on two eBay offer listing cases

On 12 November 2014, the German Federal High Court (BGH) ruled that a sales contract for a used car concluded on the internet platform eBay was valid, even though the seller ended the listing early when the buyer’s initial...more

New Rules Extend EU Jurisdiction in Employment Contract Disputes

On 10 January 2015, new rules came into force under which an EU-based employee can now bring proceedings arising out of their employment contract against their non-EU employer, even if that employer has no presence in the EU....more

EU: Ryanair scrapes a win (but not using IP!)

The CJEU has ruled that database owners whose databases are not protected by copyright or the sui generis database right may rely on contractual terms and conditions to restrict access to and exploitation of their data. As a...more

Let There Be Discounts! Copyrights Cannot Be Used To Control Importation Or Impair Competition

Who does not like a good discount? Well, manufacturers, like Omega, for one. Fortunately for consumers, in Omega S.A. v. Costco Wholesale Corp., (January 20, 2015, 11-57137) ___ F.3d ___, the Ninth Circuit recently affirmed a...more

Ninth Circuit (Mostly) Skirts the Issue of Copyright Misuse in Most Recent Omega v. Costco Decision

Sometimes a cigar is just a cigar, as the saying goes. However, things are not always as they appear, and sometimes events unfold in ways you would not anticipate. Such is the case with the Ninth Circuit decision in the...more

EC Competition Law: Latest Developments Provide Ever Greater Opportunities for Private Enforcement

The private enforcement of competition law within the EU continues its inexorable rise and plaintiff opportunities abound. Small and medium size businesses throughout Europe are joining larger companies in initiating...more

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