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This Week In Securities Litigation

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

U.S. Court Certifies Classes in Petrobras Securities Litigation

The United States District Court for the Southern District of New York yesterday certified two classes of investors who had purchased Petrobras securities on U.S. exchanges or in other U.S. transactions. The February 2, 2016...more

First DPA in the U.K. Signals Britain is Serious About Bribery & Corruption

Late last year, ICBC Standard Bank Plc, a U.K.-based financial institution with operations around the world, agreed to pay a $37 million fine and enter into a deferred prosecution agreement (DPA) with British financial...more

MoFo Tax Talk - Volume 8, No. 4

IRS PROVIDES RICS ALTERNATIVES TO ACCOUNT FOR FOREIGN TAX REFUNDS - Generally, when a U.S. taxpayer pays foreign tax, the U.S. taxpayer is entitled to take a credit (a “Foreign Tax Credit”) against the taxpayer’s U.S....more

Looks Like Another Test Case For EU Bank Resolution Law

Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES). The...more

Second Circuit Panel Declines to Abandon Rule on Corporate Liability Under Alien Tort Statute

On December 8, 2015, the U.S. Court of Appeals for the Second Circuit (“Second Circuit”) issued its decision in In re Arab Bank, PLC Alien Tort Statute Litigation, which involved claims brought against Arab Bank, PLC (“Arab...more

A Review of Recent Whistleblower Developments

Several important matters related to whistleblower actions occurred toward the close of 2015, including the first instance of a director being held individually liable for retaliation, a dismissal of the Berman v. Neo@Ogilvy...more

[Webinar] A Look Back on Class Action Litigation Developments in 2015 - January 26, 1:00pm CST

Join Stacey Slaughter and George Carroll for an informative overview on the developments in Class Action Litigation in 2015. Attendees will learn about the results of the most recent Supreme Court cases affecting class action...more

U.S. Securities Laws Not Applicable to Certain Purchases of Petrobras Debt Securities

The narrowing of the federal securities laws’ applicability to non-U.S. transactions continues. On December 21, 2015, the U.S. District Court for the Southern District of New York held in In re Petrobras Securities Litigation...more

Top Ten International Anti-Corruption Developments for November 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month, with links to primary...more

International Arbitration Newsletter: International Investment Courts: Are They Next in the Evolution of ISDS Arbitration?

The recent proliferation of bilateral investment treaties and free trade agreements involving Australia has brought with it the vexed issue of how best to resolve investment disputes between foreign investors and States. One...more

Takeaways From UK's 1st Deferred Prosecution Agreement

In a judgment published on Nov. 30, Lord Justice Brian Leveson approved the first deferred prosecution agreement in the U.K., which was negotiated between the Serious Fraud Office and ICBC Standard Bank PLC. Lord Justice...more

The Second Circuit Swims Alone Against the Tide in Tossing ATS Claims against the Arab Bank

On December 8, 2015, the United States Court of Appeals for the Second Circuit upheld the District Court’s dismissal of claims by plaintiffs against Arab Bank, a corporation, under the Alien Tort Statute (the “ATS”) 28.U.S.C...more

UK Prosecutor Secures First Deferred Prosecution Agreement for Bribery

We consider the implications for corporations under UK and US law, and the future of global criminal and civil investigations. On November 26, 2015, the UK Serious Fraud Office (SFO) secured its first Deferred...more

First UK Deferred Prosecution Agreement Agreed by SFO

At a hearing on November 30, 2015, Southwark Crown Court approved the first deferred prosecution agreement (DPA) in the UK. DPAs have been available for use by the Serious Fraud Office (SFO) since February 2014, following...more

Serious Fraud Office Reaches an Agreement with Standard Bank

The first deferred prosecution agreement in the UK was finalised between the Serious Fraud Office and Standard Bank, potentially paving the way for future similar agreements....more

UK Bribery: For Cooperating Companies, Virtue Has At Least Some Rewards

On Monday 30 November, an English court approved a Deferred Prosecution Agreement (DPA) between the Serious Fraud Office and Standard Bank, in connection with payments made in Tanzania. This was the first DPA approved by the...more

Clash of Civil and Common Law: Case Guidance System v. Stare Decisis

On May 13, 2015, the highest judicial institution in China, the Supreme People’s Court, issued the Detailed Rules of Implementation of the Provisions of the Supreme People’s Court on Case Guidance Work. This judicial...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Performance and Accountability Report - On November 16. 2015, the Federal Housing Finance Agency released a report that analyzes its duties as regulator of the Federal Home Loan Bank System and as...more

What's In A Name? The Case Of "On-Demand" Performance Bonds

A bank's attempt to characterise performance bonds as guarantees failed in a further example of the English Court's strict approach to construction of "on-demand" payment obligations. In a decision which provides some...more

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

Hague Convention on Choice of Court Agreements

On October 1, 2015, the Hague Convention on Choice of Court Agreements (the “Convention”) entered into force. The Convention binds Mexico and all members of the European Union, with the exception of Denmark. Even though...more

Establishing the Application of The Foreign Sovereign Immunities Act’s Arbitration Exception

On October 7, 2015, the United States Court of Appeals for the District of Columbia Circuit issued the mandate on its opinion affirming the judgment of the United States District Court for the District of Columbia confirming...more

Extra-territorial effect of section 236 – the debate continues

Re Omni Trustees Ltd (In Liquidation) [2015] EWHC 2697 (Ch) - In an interesting judgment, the High Court in Manchester has decided not to follow the ruling from earlier this year of Mr Justice Richards in Re MF Global...more

Orrick's Financial Industry Week in Review

Case Update: Madden v. Midland Funding - ?On May 22, 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding that the federal preemption provision of the National Bank Act, 12 U.S.C. §...more

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