International Trade Finance & Banking Civil Procedure

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Supreme Court Clarifies Extraterritorial Reach of RICO

In an unusual four-member majority opinion in RJR Nabisco, Inc. v. European Community, the U.S. Supreme Court settled a host of controversial questions about the extraterritorial scope of the Racketeer Influenced and Corrupt...more

U.S. Court of Appeals to Consider Class-Certification Ruling in Petrobras Securities Litigation

The U.S. Court of Appeals for the Second Circuit has allowed the defendants in the Petrobras securities litigation to pursue an immediate appeal from the District Court’s order certifying classes of investors who had...more

Your daily dose of financial news - The Brief – 6.17.16

Dealbook’s Strategies feature reviews the Fed’s latest non-move and suggests that the current bind in which the Fed finds itself is—at least in part—a problem of its own making....more

The UK Bribery Act: SFO Procedures and DPA Process

A couple of recent articles about the UK Serious Fraud Office (SFO) caught my attention. One was on thebriberyact.com, entitled “Opinion: DPA’s must show greater benefits. We discuss the Criteria & Process for a DPA set out...more

Hong Kong Securities Laws Violations: SFC’s Case Against Moody’s – Part 2

On March 31, 2016, the Securities and Futures Appeals Tribunal (“SFAT”) upheld the disciplinary action of the SFC against Moody’s. This landmark decision is the first of its kind, as a disciplinary action brought by the...more

Litigation Funder Communications Protected by the Attorney-Client Privilege and Work Product Doctrine

Addressing a novel issue in In re: International Oil Trading Company, LLC, 548 B.R. 825 (Bankr. S.D. Fla. 2016), the United States Bankruptcy Court for the Southern District of Florida recently denied in part an involuntary...more

Orrick's Financial Industry Week in Review

Tennessee Chancery Court Denies Motion to Dismiss $164 Million RMBS Suit Brought by Tennessee Pension Fund - On May 24, 2016, Chancellor Carol L. McCoy of the Chancery Court for Davidson County, Tennessee, declined to...more

California Federal Court Holds That U.S. Securities Laws Do Not Apply to Unsponsored, Unlisted ADRs

The U.S. District Court for the Central District of California held on May 20, 2016 that the federal securities laws do not apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (ADRs) for a foreign...more

Your daily dose of financial news The Brief – 5.24.16

Tribune’s not only given a hard “no” to Gannett, but it’s got some new firepower (and capital) on its side thanks to a $70.5 million investment by Nant Capital—a group “founded by Patrick Soon-Shiong, a billionaire who has...more

This Week In Securities Litigation

The Supreme Court concluded this week that a suit based on short selling filed in state court alleging state law causes of action was not preempted by the exclusive jurisdiction provision of Exchange Act Section 27 simply...more

Banking Disputes Quarterly - Q1 May 2016

Welcome to the Q1 2016 edition of our Banking Disputes Quarterly, designed to keep you up to date with the latest news and legal developments and to inform you about future developments that may affect your...more

Recognition and enforcement of a Mainland judgment in Hong Kong: First reported decision

Significance of the Decision - The Mainland Judgments (Reciprocal Enforcement) Ordinance (“Mainland Judgments Ordinance”) allows recognition and enforcement of Mainland money judgments in Hong Kong by way of...more

Dutch Court Sets Aside USD 50 Billion In Yukos Arbitration Awards

In a judgment handed down on 20 April 2016, The Hague District Court set aside the awards in three arbitrations rendered against the Russian Federation in investment treaty cases brought by former shareholders in Yukos....more

First Department Finds Forum Selection Clause in Earlier Agreement Valid Despite Later Agreement Providing for Arbitration

In a 3-2 split decision, a New York appellate court determined that a forum selection clause providing for litigation in New York courts had not been explicitly terminated and thus trumped agreements to submit to arbitration...more

TN COA Tosses Fraud & Securities Claims Over “Crazy” Scam

Tennessee fraudulent misrepresentation claims – and “investment contract” claims under the State’s Blue Sky Law – fail the “reasonable reliance” requirement, where the plaintiff himself asserts it’s a fraud because nobody...more

Underwriters May Have Expertise But That Does Not Make Them “Experts”

In the LBP Holdings v. Allied Nevada Gold Corp. decision released on April 27, 2016, the Ontario Superior Court of Justice refused to allow the underwriters of a secondary public offering (SPO) to be added as defendants to a...more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

This Week In Securities Litigation

The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

Lessons From The First S7 UK Bribery Act Case

Sweett Group plc has been ordered to pay GBP 2.25 million in penalties after pleading guilty to a failure to prevent bribery. From a hotel in the United Arab Emirates to Southwark Crown Court, the reach of the “toughest...more

Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

SEC Files Another In A Series of Actions Tied to Secret Commissions

The Commission brought another in a series of actions centered on ConvergEx Execution Solutions LLC and its affiliates. As with the prior actions, this one centered on secretly adding substantial commissions to transactions...more

First Successful Prosecution For A Recommendation Based On Inside Information

French Administrative Supreme Court, 10 July 2015, n°369454 - A recommendation to acquire or dispose of a financial instrument on the basis of inside information is market abuse, even if no inside information is...more

The Vegas Sands FCPA Action: Good Controls are Good Business

FCPA cases typically center on the payment of bribes to obtain or retain business. The bribes paid are usually small in comparison to the profits achieved – the obvious motive for the wrongful conduct. The profits of course...more

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