In this issue:
- FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds
- FINRA Offers Changes to Proposed Rules Governing Markups, Commissions and Fees
- CFTC Permits Cantor Clearinghouse to Clear Certain Foreign Exchange Options
- Seventh Circuit Addresses FLSA Class Certification Standards
- Fourth Circuit Refuses to Pierce the Corporate Veil in Oil Spill Case
- European Commission Announcement Concerning EMIR Regulatory Technical Standards
- ESMA Issues AIFM Remuneration Guidelines
- European Financial Transaction Tax Proposal
An excerpt from "Fourth Circuit Refuses to Pierce the Corporate Veil in Oil Spill Case"
The US Court of Appeals for the Fourth Circuit has refused to enforce a judgment against an entity with ties to the judgment debtor, finding that the judgment creditor had not adequately pled an alter ego claim.
Plaintiff Vitol SA secured a $9 million judgment against Capri Marine Ltd. on the grounds that Capri breached certain warranties of seaworthiness, which resulted in an oil spill. Vitol had been unable to collect on the judgment, and filed suit in Federal Court against Spartacus Navigation Corp and Primerose Shipping Co. (together, S&P) to collect on the judgment, claiming that S&P were alter egos of Capri.
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