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Indonesian Government Imposes Export Ban on Nickel and Bauxite

As of January 12, Indonesia has banned the export of the unprocessed ores, nickel and bauxite. The ban may have consequences for investments in the area and could trigger international claims by foreign investors and...more

BVI Case Notes, October 2013

Below is a summary of recent cases out of the British Virgin Islands (BVI) Commercial Court, compiled by Harneys’ Litigation team. Ruling on the use and status of ancillary relief proceedings and forum non conveniens...more

Don’t Cry for Me Argentine Bondholders: Avoiding Supreme (Court) Confusion

Argentina is in hot pursuit of multiple audiences before the Supreme Court: two petitions for writs of certiorari filed by Argentina are pending in the NML v. Argentina cases, and another is almost certainly on the way. In...more

EU Court Strikes Down Iran Asset Freeze Sanctions: Council of the European Union Urged to Act with more Rigour

In September 2013, the EU General Court annulled a series of asset freeze sanctions imposed by the Council of the European Union on a number of Iranian entities and one person. The General Court requires the EU regulators to...more

Argentina's financial fate now depends on the U.S. Supreme Court

The Second Circuit has affirmed the injunctions against Argentina in NML Capital, Ltd. v. Republic of Argentina, a case that we have been following in this blog although the amended injunctions shall be stayed pending the...more

Don’t Cry for Me Argentine Bondholders: The Second Circuit Rules

On August 23, the Second Circuit issued its long-awaited opinion on Argentina’s appeal from the Southern District’s amended injunction requiring that Argentina make “ratable payment” to the plaintiffs when it next makes...more

BVI Case Notes, July 2013

Below is a summary of recent cases out of the British Virgin Islands (BVI) Commercial Court, compiled by Harneys’ Litigation team....more

Turkcell Litigation – Another Victory for Cukurova: Privy Council confirms the terms for Cukurova to recover its interest in...

The Privy Council today delivered another crucial ruling in favour of White & Case’s client Cukurova, in its six-year battle to recover its controlling interest in Turkcell (Turkey’s largest mobile phone operator). The effect...more

Court Vacates SEC Rule on Disclosure of Government Payments by Resource Extraction Issuers While Similar EU Requirement Is...

On July 2, 2013, a US court vacated the new SEC rule requiring resource extraction issuers to file annual reports with information about government payments for the commercial development of oil, natural gas or minerals....more

DC Court Strikes SEC Rule Requiring Extractive Industries’ Reporting of Payments to Foreign Governments

On Tuesday, July 2, 2013, the U.S. District Court for the District of Columbia vacated a Securities and Exchange Commission (SEC) rule requiring oil, gas and mining companies to report payments in excess of $100,000 to...more

Don’t Cry for Me Argentine Bondholders: Argentina Seeks Supreme Court Review

Argentina filed a petition for writ of certiorari in US Supreme Court: what Argentina wants, when the Supreme Court will answer, and whether or not Argentina will get its day in the high Court. On June 24, the Republic...more

SEC Awards And Denies Whistleblower Claims In Hedge Fund Case

On October 26, 2011, the Commission filed an enforcement action in SEC v. Andrey C. Hicks and Locust Offshore Management, LLC, 1:11-cv-11888-RGS (D. Mass. 2011) (the “Locust Matter”). ...more

Tiger Asia Case – Hong Kong Regulators Take Insider Dealing Enforcement to New York Fund

The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC...more

BVI Case Notes, May 2013

Recent cases out of the British Virgin Islands (BVI) Commercial Court deal with issues including third party costs and the applicability of Black Swan freezing relief in support of foreign derivative claims. In addition a...more

"The Increasing Appeal and Novel Use of Bilateral Investment Treaties"

Over the last 20 years, bilateral investment treaties (BITs) have provided foreign investors with basic safeguards against expropriation and related risks and guarantee the right to bring claims before a neutral arbitral...more

China’s Merger Control Rules Changing: MOFCOM Publishes New Draft Regulations on Remedies and Simple Cases

China’s Ministry of Commerce recently issued two new draft regulations. The first provides a wider range of potential remedies to obtain the clearance of a concentration (e.g., a merger, acquisition, joint venture, etc.);...more

Cyprus: To Litigate or Not to Litigate?

Harneys’ Cyprus Banking Group is closely monitoring a legal challenge to the bail-out legislation which is currently before the Cyprus courts....more

Cyprus Bailout: Potential Recourse for Lost Investments

Large depositors in Cyprus's two largest banks may consider international arbitration and appeals to the European courts to recover funds lost under the bailout plan....more

The Importance Of Anti-Corruption Compliance Remediation

When you catch someone (e.g. a child, friend or business associate) in the wrong, it is interesting to watch their reactions. (Notice I left out spouse or relationship partner – we all know our spouse or relationship partner...more

Freddie Mac Files Suit Over Losses Due To Alleged LIBOR Manipulation

On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more

A Tale Of Two Debtors: Lehman Brothers And The Availability Of Equitable Subordination In The “Dueling Debtor” Context

Originally published in the NYU Journal of Law & Business - Vol. 9:269, 2012. This article suggests that the generally accepted “offensive/defensive” standard used by bankruptcy courts to determine whether a debtor may...more

SEC Enforcement Update - The SEC Speaks in 2013

The U.S. Securities and Exchange Commission held its annual SEC Speaks program in Washington, D.C. on February 22-23, 2013. In the postfinancial crisis, post-Dodd-Frank world, it is clear that the Commission and its staff are...more

The United States Court of Appeals for the Second Circuit Rejects Aiding and Abetting Liability for Civil Damage Claims Under the...

The United States Court of Appeals for the Second Circuit issued an opinion on February 14, 2013, holding that the civil liability provision of the Anti-Terrorism Act of 1990, 18 U.S.C.§ 2333(a) (the “ATA”) does not permit...more

New U.S. Laws Criminalize Theft of Quantitative Trading and Investment Models and Other Trade Secrets and Dramatically Increase...

Introduction - The U.S. Congress recently passed two laws that raise the stakes dramatically for employees of financial services firms and anyone else who misappropriates trade secrets, including source code and other...more

Fifth Circuit Crafts New Test For Foreign Debtor Relief

Originally published in the New York Law Journal on January 3, 2012. On Nov. 28, 2012, the U.S. Court of Appeals for the Fifth Circuit in In re Vitro S.A.B. de C.V. issued a groundbreaking decision under Chapter 15 of...more

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