General Business Updates

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American Express: Key Insights as Trial Ends

The long trial in United States v. American Express has come to an end: on September 18, 2014, the parties exchanged post-trial briefing and on October 9, 2014, the court held oral argument. News reports suggest that the...more

Telephone Consumer Protection Act Express Consent Narrowed Again

Albert Nigro just wanted to turn off his deceased mother-in-law’s electricity. He called the electric company, but it required that he provide his mobile telephone number to disconnect service. It turned out though that the...more

CFTC Clarifies and Expands Relief Relating to Delegation of Commodity Pool Operator Responsibilities

On October 15, 2014, the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued CFTC No-Action Letter No. 14-126 (“Letter 14-126”),...more

S.D.N.Y. Dismisses Cotton Traders’ § 1 Claims Under Copperweld

On September 30, 2014, the Southern District of New York reconsidered the Commodities Exchange Act (CEA) and Sherman Act claims brought against Louis Dreyfus Commodities B.V. and its affiliates in In re Term Commodities...more

The EU Bonus Cap and Restrictions on the Use of Role Based Fixed Allowances

On 15 October 2014 the European Banking Authority (“EBA”) issued a report on the use of role-based fixed allowances by various financial institutions within the European Union (“EU”) affected by the EU bonus ratio cap....more

Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to Revise...more

China’s Supreme People’s Court Releases its First Decision Under China's Antimonopoly Law

Case sets precedent for antitrust disputes in China, particularly on how to define the relevant market, and assess market dominance and abusive conduct. Introduction – On 16 October 2014, China’s highest court...more

SEC Small Business Capital Formation Forum

The SEC recently announced that the annual Government-Business Forum on Small Business Capital Formation will be held on November 20th at the SEC in Washington. ...more

Canada’s Anti-Spam Legislation is in Effect – Now What?

Canada’s onerous anti-spam legislation (CASL) came into force on July 1, 2014, but there has not been any news on enforcement activity by the regulators. However, that is not due to a lack of opportunity – by the end of...more

Japan – Amendments to the METI Guidelines on Electronic Commerce and Information Property Trading

The Ministry of Economy, Trade and Industry of Japan (“METI“) recently revised the Interpretative Guidelines on Electronic Commerce and Information Property Trading (“Guidelines“), which apply to all online business...more

ev3, Inc. v. Lesh, C.A. No. 515, 2013 (Del. Sept. 30, 2014)

In this en banc Memorandum Opinion, the Supreme Court reversed the Superior Court’s denial of the defendant-below’s motion for a new trial following a jury verdict and remanded the case for a new trial. The Supreme Court...more

Recent NJ Appellate Court Decision Indicative of Continuing Uncertainty Regarding Personal Jurisdiction Over Foreign Manufacturers...

The past few years have seen the United States Supreme Court issue a number of important decisions on the subject of personal jurisdiction. For example, the Court’s decisions in Daimler AG v. Bauman, 134 S. Ct. 746 (2014) and...more

High Court Finds No Duty of Care From Builder to Owners Corporation

The High Court has held that a builder of a serviced apartment complex does not owe a duty of care in negligence for financial loss arising from defects in common property to an owner's corporation (Brookfield...more

CFTC Staff Issues Self-Executing Registration Relief for Certain Delegating CPOs

On October 15, 2014, the Commodity Futures Trading Commission (“CFTC”) staff issued Letter 14-126 (the “October Letter”), which provides self-executing registration relief to a commodity pool operator (“CPO”) of a fund that...more

New Jersey Supreme Court Calls for More Specific Language in Arbitration Agreements

Although New Jersey public policy generally favors arbitration as a method of resolving disputes, following the New Jersey Supreme Court’s unanimous holding in Atalese v. U.S. Legal Services Group L.P., companies doing...more

Ninth Circuit Court of Appeals Demands More from Website Operators Before Terms of Use Will Bind Users

The Ninth Circuit’s recent opinion in Nguyen v. Barnes & Noble Inc., No. 12–56628, August 18, 2014, US 9th Circuit, provides insight regarding courts’ treatment of Internet-based contracts of interest to those operating in...more

CSA Releases Final Amendments to NI 31-103 – Changes will Impact Exempt Market Dealers and Other Market Participants

On Thursday, October 16, 2014, the Canadian Securities Administrators (CSA) published amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and related...more

Work Plan Signals Expanded Calif. Green Chemistry Program

As part of its Safer Consumer Products Regulation (SCPR) under California’s Green Chemistry Initiative, the Department of Toxic Substances Control (DTSC) on September 13, 2014 issued its Draft Priority Product Three-Year Work...more

Legal Briefs: A Periodic Summary of Judicial Decisions Affecting Accounting and Financial Services Professionals - October 2014

The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more

“Corruption: Misunderstanding the Impact.”

As I have shared in prior blogs, from the vantage point of business class and inner city hotels, there is an unhealthy distance and an often ethical unawareness from front lines of international business, when it comes to the...more

Will your errors and omissions policy pay your defense costs?

The hypothetical - HealthPayPlus (HPP) designs custom record management systems for large hospital systems. HPP developed a system for Research Hospitals of America (RHA) that HPP promised would revolutionize RHA’s...more

Texas Court Refuses to Apply Texas Choice of Law in Non-Compete Fight Involving Texas Bank

A recurrent theme in non-compete litigation is the overriding importance of choice-of-law. The latest example comes to us from the United States District Court for the Southern District of Texas and pits a Texas choice-of-law...more

Deadline Looming to Amend Your Tax Allocation Agreement

The October 31st deadline to review and revise your tax allocation agreement is rapidly approaching. Banks and their holding companies need to ensure their agreements are in compliance with new regulatory guidance that,...more

Non-EU investment firms’ access to EU investors under MiFID 2

The recast Markets in Financial Instruments Directive (MiFID 2), along with its accompanying Regulation (MiFIR), were published in the Official Journal of the EU in June. The new legislation is currently expected to come into...more

CFTC Staff Issues Revised No-Action Relief from CPO Registration for Certain Delegating CPOs

On October 15, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the US Commodity Futures Trading Commission (“CFTC”) issued a no-action letter (“Letter 14-126”)1 providing conditional relief from...more

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