International Trade Finance & Banking Civil Procedure

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SDNY Dismisses Extraterritorial SOX and Dodd Frank Whistleblower Claims

Failing to heed a powerful message from the Second Circuit, overseas plaintiffs are continuing to seek to pursue SOX and Dodd-Frank whistleblower claims. On September 30, 2014, the Southern District of New York in Ulrich v....more

Second Circuit Fails to See the Comity in Chapter 15

In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

Bombay High Court Rules in Favour of Vodafone India in $490 Million Tax Dispute

On 10 October 2014, the Bombay High Court delivered a judgment in favour of Vodafone India Services Private Limited (Vodafone India) in a long-pending USD 490 million tax dispute. The Vodafone India intra-group transaction...more

Orrick's Financial Industry Week in Review

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR - On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards...more

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

Are Bank Branches in New York the Gateway to Seizure of Foreign Assets: The New York Court of Appeals Reconsiders the Separate...

On September 16, 2014, the New York Court of Appeals heard oral argument on a certified question from the Second Circuit in Motorola Credit Corp. v. Standard Chartered Bank, an important case concerning the application of New...more

Orrick's Financial Industry Week in Review

UK FCA Policy Statement on Sponsor Competence and Consultations on Joint Sponsors and Sponsor Conflicts - On September 26, the Financial Conduct Authority (FCA) published consultation paper CP14/21, incorporating its...more

El juez Griesa determinó que Argentina se rebeló contra lo dispuesto por la justicia de USA, y ayer por la tarde la declaró en...

Finalmente, el juez Griesa determinó que Argentina se rebeló contra lo dispuesto por la justicia de USA, y ayer por la tarde la declaró en desacato. El mercado se lo veía venir, pero aún así, reina la incertidumbre respecto...more

Second Circuit: No Dodd-Frank Protections for Whistleblowers Overseas

The U.S. Second Circuit Court of Appeals made an important ruling in August, deciding that the whistleblower protections in the 2010 Dodd-Frank Act do not cover individuals who work for companies located outside the United...more

Applicability Of Late Payment Of Commercial Debts (Interest) Act 1998 – What Is A "Sufficient Connecting Factor" With England?

In Martrade Shipping & Transport GmbH v United Enterprises Corp [2014] EWHC 1884 (Comm), 12 June 2014, Popplewell J considered the application of the Late Payment of Commercial Debts (Interest) Act 1998 (the 1998 Act) to...more

Non-Party Costs Order Granted Against Sole Director And Shareholder

In Deutsche Bank AG v Sebastian Holdings Inc [2014] EWHC 2073 (Comm), 24 June 2014, a non-party costs order was imposed on a sole director and shareholder of a defaulting judgment debtor. The individual concerned had been...more

Orrick's Financial Industry Week in Review

ESAs' Joint Committee Publishes Report on Risks and Vulnerabilities in the EU Financial System - On September 22, the Joint Committee of the European Supervisory Authorities (ESAs) published its bi-annual report on the...more

SCC Weighs-In on Consumer Protection Remedies in Quebec Class Actions

On September 19, 2014, the Supreme Court of Canada released a trilogy of decisions examining the standing of representative plaintiffs and the availability of consumer protection legislation in the class action context....more

District Court Largely Rejects Challenges to CFTC's Extraterritorial Application of Dodd-Frank Swap Regulations

The United States District Court for the District of Columbia issued an opinion on September 16, 2014, available here, largely rejecting challenges to the Commodity Futures Trading Commission’s (“CFTC”) Interpretive Guidance...more

The Second Circuit Limits the Power of Courts to Enforce Asset Restraints and Discovery Orders Against Foreign Banks: Tiffany (NJ)...

In Tiffany (NJ) LLC v. China Merchants Bank and Gucci America, Inc. v. Bank of China, the US Second Circuit Court of Appeals issued important rulings, confirming that the limits on the exercise of US general jurisdiction, set...more

Judge Rules in Favor of CFTC on Cross-Border Application of Dodd-Frank Rules

On September 16, Judge Paul L. Friedman of the US District Court for the District of Columbia denied a challenge to the extraterritorial application of certain Commodity Futures Trading Commission rules promulgated under...more

New FAQ on Volcker Rule CEO Attestation Requirement

The five agencies that jointly issued the final Volcker Rule last December recently added to their existing list of “frequently asked questions” (FAQs) a new item addressing the attestation requirement applicable to CEOs of...more

Between Bridges: Federal Court Tosses Out Challenges to CFTC Cross-Border Guidance and Policy Statement

A United States federal court on September 16, 2014, mostly tossed out all legal challenges brought by three industry groups to the cross-border guidance and policy statement initially issued by the Commodity Futures Trading...more

Orrick's Financial Industry Week in Review

Council of EU Presidency Compromise Proposal on Benchmark Regulation - On September 10, the Presidency of the Council of the EU published its first compromise proposal (dated September 9, 2014) relating to the European...more

The EU Bank Recovery and Resolution Directive Bringing Stability Back to the European Banking Sector

The collapse of Lehman Brothers was a pivotal moment which had catastrophic effects on the European financial sector which are still reverberating. Inadequacies in banking regulation were highlighted as most jurisdictions had...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

Second Circuit Defines “Customer” for Mandatory FINRA Arbitration

In a case of first impression, the United States Court of Appeals for the Second Circuit in Citigroup Global Markets, Inc. v. Abbar, No. 13-2172, 2014 WL 3765867 (2d Cir. Aug. 1, 2014), established a bright-line definition of...more

U.S. Export-Import Bank Financing of Australian LNG Project Avoids Endangered Species Act Challenge – For Now

In the K&L Gates’ Global Government Solutions 2014 Annual Outlook, we reported on a case filed in the U.S. District Court for the Northern District of California raising questions about whether inter-agency consultations...more

Time Limitations On Receiving Late Proof Of Foreign Status For Portfolio Interest Exemption Payments

Code Section 871(h) provides non-U.S. persons with a valuable exemption from U.S. income taxes on interest paid on registered U.S. obligations, commonly referred to as the portfolio interest exemption. Before a payor is...more

Parkcentral v. Porsche: Second Circuit Opens the Doors of Morrison, and Declines to Apply Section 10(b) to Domestic...

In Parkcentral Global Hub Ltd,. et al. v. Porsche Automobile Holdings SE, et al., Dkt. No. 11-397-cv (2d Cir. Aug. 15, 2014), the US Court of Appeals for the Second Circuit affirmed the lower court’s dismissal of plaintiffs’...more

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