Orrick, Herrington & Sutcliffe LLP

The Orrick Building 405 Howard Street
San Francisco, CA 94105-2669, United States

Contact: Adi Weisman

  • 415-773-5700
  • 415 773 5972

Update on Russia-Ukraine Sanctions – Multiple Legal Challenges

In response to Russia's actions relating to Crimea, the United States and the European Union have expanded their lists of sanctioned parties and their legal bases for broader sanctions. These sanctions are beginning to restrict…more

EU, Russia, Sanctions, Ukraine

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Call to Clients to Share Data Illustrating Consequences of Discovery Costs: Comment Period Opens for Amendments to the Federal Rules of Civil Procedure

Introduction - On August 15, 2013, the Civil Rules Advisory Committee (hereinafter “the Committee”) began what is expected to be a six month period of open commentary on the proposed amendments to the Federal Rules of…more

Discovery, Federal Rules of Civil Procedure, Proposed Amendments, Public Comment

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A Midsummer Night’s Dream? Not So Much, For California Employers: Two New Employee-Friendly Bills Are Signed by Governor Brown

Even in the summer months, the California legislature is busy changing the laws that affect the state’s employers. This summer, California’s governor signed into law two bills that should be of interest to all employers—one…more

Attorney's Fees, Employee Rights, Employer Liability Issues, FEHA, Jerry Brown

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Insider Trading Gets Political: Trading on Political Intelligence

Some things are better left unsaid. Especially, it seems, when they involve political intelligence shared by a congressional aide with a lobbyist linked to a political intelligence firm serving Wall Street traders…more

CMS, DOJ, Grand Juries, Healthcare, Insider Trading

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Oregon Bankruptcy Court Denies Administrative Priority Status to Potential DIP Lender for Breakup Fee Claim

On April 8, 2014, Chief Bankruptcy Judge Frank R. Alley, III for the United States Bankruptcy Court for the District of Oregon found that Sunstone Business Finance, LLC's claim against debtor C&K Market, Inc. did not constitute…more

Administrative Expenses, Chapter 11, Debtors-in-Possession, Financing

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Good Things Come To Those Who Wait: $26 Million

Trade secret misappropriation cases often are won or lost quickly and early at the preliminary injunction stage of the case. However, today we report on the results of a slow moving, long-running trade secret case that instead…more

Confidentiality Agreements, Former Employee, Jury Awards, Jury Verdicts, Misappropriation

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Moving Right Along: The Office of Whistleblower Issues Its 2013 Annual Report

The SEC released its Fiscal Year 2013 Annual Report (the “Report”) to Congress on the Dodd-Frank Whistleblower Program on November 15, 2013. The Report analyzes the tips received over the last twelve months by the SEC’s Office…more

Confidentiality Agreements, Dodd-Frank, Retaliation, SEC, Whistleblower Awards

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European Revolution vs. English Evolution

Update on Case Law Developments in English Restructuring This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for…more

Corporate Restructuring, Debt Restructuring, EU, Foreign Corporations, Great Recession

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The Affordable Care Act – Consider Yourself on Notice

Under the Affordable Care Act, employers subject to the Fair Labor Standards Act must provide a “Notice of Coverage Options” to each employee. The purpose of this Notice is to inform employees that they may obtain health…more

Affordable Care Act, Deadlines, Delays, Employer Mandates, Health Insurance Exchanges

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Protecting Trade Secrets In Russia: Lenient Criminal Sanctions Undercut Effective Protection

As the world prepares to descend on Sochi for the 2014 Winter Olympic Games, Trade Secrets Watch decided to take a look at how effective trade secret protections are in Russia. Although Russia has fairly robust trade…more

Criminal Sanctions, Russia, Trade Secrets

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OFCCP Rescinds Prior Guidance on Compensation Discrimination Analysis In Favor of a Case-by-Case Approach

Effective February 28, 2013, the Office of Federal Contract Compliance Programs (“OFCCP”) rescinded two 2006 guidance documents concerning how the OFCCP and federal contractors analyze potential pay discrimination. This change…more

Audits, Contractors, Discrimination, OFCCP, Wages

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New Trade Secret Legislation in France? Mais oui bien sûr!

If your trade secrets get stolen in France, what protections would you have? Most U.S. trade secret lawyers don’t have occasion to consider trade secret laws outside the United States, but there’s a whole world beyond the…more

Misappropriation, Trade Secrets

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Abuso Del Diritto Tributario: Una Unica Norma Per Tutta La Ue?

La nozione di "abuso del diritto" in materia tributaria ha origine giurisprudenziale ed è definita come la messa in atto di tutte quelle operazioni imprenditoriali aventi l'obiettivo principale, quando non esclusivo, di…more

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Who Pays When Employees Crash Their Cars After Hours? It Could Be You….

One would think that, under the “going and coming” rule, employers could never be liable for torts committed by their employees during the employees’ commutes. Think again. If employers require employees to use their cars or the…more

Car Accident, Employer Liability Issues, Going and Coming Rule

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Patience is a Virtue: District Court Suggests that the SEC “Wait and See” Before Seeking Certain No-Admit, No-Deny Settlements

On June 18, 2014, Judge Victor Marrero of the U.S. District Court for the Southern District of New York approved the SEC’s no-admit, no-deny consent decrees in its insider trading case against CR Intrinsic Investors, LLC and…more

Consent Decrees, Enforcement, Enforcement Actions, Insider Trading, Neither Admit Nor Deny Settlements

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What’s The Opposite Of Rubber Stamping A Settlement? Meet Judge Kane In SEC v. Van Gilder.

Judge John L. Kane of the United States District Court for the District of Colorado is uninterested in oxymoronic gimmicks, that much is clear. In a fiery April 24, 2014 opinion, Judge Kane rejected settlements between the SEC…more

Insider Trading, Proposal for Settlement, Rule 10(b), Rule 10b-5, SEC

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AIFMD Countdown to Compliance

The deadline of 22 July 2013 for EU Member States to transpose the Alternative Investment Fund Managers Directive (“AIFMD”) into national law is fast approaching…more

AIFM, AIFMD, Compliance, Deadlines, EU

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Beyond Basic: Shareholder Litigation Without Fraud-On-The-Market

Will shareholder litigation survive the abandonment of the fraud-on-the-market presumption of reliance? After the Supreme Court’s announcement that it will be considering the presumption in Halliburton Co. v. Erica P. John…more

Fraud-on-the-Market, Rebuttable Presumptions, Securities Exchange Act, Shareholder Litigation, Shareholders

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Tax Reform Bill Proposal - Much Ado About Nothing

As widely reported, on February 26, 2014, U.S. House of Representatives Committee on Ways and Means Chairman Dave Camp (R-MI) released the proposed Tax Reform Act of 2014 (the "Camp Proposal"). In exchange for simplification of…more

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Aggiornamento Normativo: Le Agenzie Di Rating E Il Regolamento N. 462 Del 2013

Il Regolamento n. 462 del 2013 (il “Regolamento”), pubblicato sulla Gazzetta Ufficiale dell'Unione Europea il 31 maggio, dispone nuove e più stringenti regole per l'attività delle Agenzie di Rating del Credito (le “Agenzie”). La…more

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Out Of Control: SEC Says Lack Of Internal Controls Led To HP Paying More Than $108 Million To Settle FCPA Actions

On April 9, 2014, the Securities and Exchange Commission announced that Hewlett-Packard had agreed to pay more than $108 million to settle Foreign Corrupt Practices Act actions brought by the SEC and the Department of Justice. …more

FCPA, Hewlett-Packard, SEC, Settlement

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Expanded Liability of Officers in Russian Companies

In Resolution No. 62 “on Liability of Members of a Company’s Governing Bodies” dated July 30, 2013 (the “Resolution”) the Russian Supreme Arbitrazh Court provided new interpretations of the Russian statutory rule that the chief…more

Bad Faith, Board of Directors, Corporate Governance, Corporate Officers, Damages

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Update on Russia-Ukraine Sanctions – Multiple Legal Challenges

In response to Russia's actions relating to Crimea, the United States and the European Union have expanded their lists of sanctioned parties and their legal bases for broader sanctions. These sanctions are beginning to restrict…more

EU, Russia, Sanctions, Ukraine

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I’m Ready For My Close-Up: SEC Puts The Focus On Moviemaker Over Hostile Takeover Maneuvers

In a story right out of the movies, complete with “poison pills” and “white squires,” the SEC announced on March 13, 2014 that motion picture company Lions Gate Entertainment Corporation settled charges that it failed to…more

Hostile Takeover, Poison Pill, SEC

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Tax Reform Bill Proposal - Much Ado About Nothing

As widely reported, on February 26, 2014, U.S. House of Representatives Committee on Ways and Means Chairman Dave Camp (R-MI) released the proposed Tax Reform Act of 2014 (the "Camp Proposal"). In exchange for simplification of…more

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Volcker Rule: An Overview and Highlights Of Certain Key Provisions

On December 10, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission (collectively, the…more

Bank Holding Company, Banks, Compliance, Dodd-Frank, Volcker Rule

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AGCOM And The Administrative Enforcement Of IP Rights

The Issues Concerning the Legitimacy of the Regulations - At the end of a process started in 2010, after three public consultations on an equal number of proposals, on December 12, 2012 AGCOM (i.e. the Italian…more

Copyright, Copyright Infringement, Enforcement, EU, Internet

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What’s The Opposite Of Rubber Stamping A Settlement? Meet Judge Kane In SEC v. Van Gilder.

Judge John L. Kane of the United States District Court for the District of Colorado is uninterested in oxymoronic gimmicks, that much is clear. In a fiery April 24, 2014 opinion, Judge Kane rejected settlements between the SEC…more

Insider Trading, Proposal for Settlement, Rule 10(b), Rule 10b-5, SEC

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Supreme Court Rules That Food and Beverage Mislabeling Claims Do Not Foreclose Competitor's Unfair Competition Claims Under §43(a) of the Lanham Act

On Thursday, June 12, 2014, Justice Anthony Kennedy delivered an opinion for a unanimous United States Supreme Court in POM Wonderful LLC v. The Coca-Cola Co., No. 12-761, in which the Court ruled that the Federal Food, Drug,…more

Advertising, Coca Cola, False Advertising, FDA, FDCA

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Water and Wastewater Projects: Financing with Tax-Exempt Bonds

Introduction - Managers of water and wastewater utilities face complex financial challenges. The purpose of this guidebook is to provide an overview of issues relating to the financing of water and wastewater projects in…more

Arbitrage, Capital Expenditures, Debt, Financial Adviser, Financing

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Home Sweet Home: 6th Circuit Rules that Showing up for Work is not Required

Changes in telecommuting practices may be around the corner for many employers, as the recent 2-1 decision in EEOC v. Ford Motor Co., 2014 FED App. 0082P (6th Cir. 2014) may usher in significant changes in what constitutes a…more

ADA, Disability, EEOC, Employer Liability Issues, Ford Motor

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California Court of Appeal Holds Employer Cannot Shorten Statute of Limitation on California Discrimination and Retaliation Claims

Can employers enter into binding agreements with employees to shorten the statute of limitations on discrimination and other employment claims? A California Court of Appeal decision answered that question with a resounding “no”…more

Discrimination, Retaliation, Statute of Limitations

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Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions In Swap

Judge James M. Peck issued an important opinion in the Lehman Brothers bankruptcy late last month. The opinion protects a non-debtor counterparty's right to rely on a contractually agreed methodology for damages calculations…more

Commercial Bankruptcy, Debtors, Lehman Brothers, Safe Harbors, Swaps

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Doing business, or thinking about investing, in Russia? Recent changes to the Russian Civil Code

In This Presentation: 1. Why were changes needed? 2. How are things changing? 3. The process of change 4. Amendments in place now 5. What is still to change? - 2nd Draft Amendment - 3rd Draft…more

Covenant of Good Faith and Fair Dealing, Creditors, Debtors, Dmitry Medvedev, Escrow Accounts

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European Revolution vs. English Evolution

Update on Case Law Developments in English Restructuring This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for…more

Corporate Restructuring, Debt Restructuring, EU, Foreign Corporations, Great Recession

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Best Buy Bankruptcy Ahead?

In November 2008, Circuit City filed for bankruptcy protection. Circuit City had the same business model as Best Buy: selling electronic equipment in large retail stores. Other retailers with that business model are finding…more

Best Buy, Circuit City, Debtor-Creditor, Electronics, Insolvency

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Quid Pro Quo, Yes Or No? SEC Signs First Individual Deferred Prosecution Agreement

The SEC this year has demonstrated its willingness to incentivize whistleblowers and companies to share information about misconduct and assist with the SEC’s investigations. To that end, the SEC issued its first Deferred…more

Deferred Prosecution Agreements, Enforcement Actions, SEC

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Accidents Happen: Innocent Mistakes By Board May Not Spoil Business Judgment Protection

Recently, the Delaware Court of Chancery in Pfeiffer v. Leedle declined to dismiss a shareholder derivative action against a board for breach of fiduciary duty, where the directors allegedly approved stock options exceeding the…more

Breach of Duty, Business Judgment Rule, Fiduciary Duty, Stock Options, Stocks

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Il “Decreto Crescita” e gli interventi sulla disciplina fiscale delle obbligazioni emesse da società non quotate e dei finanziamenti a medio e lungo termine.

In data 24 giugno 2014, è stato pubblicato in G.U. n. 144 il decreto legge n. 91 (c.d. “Decreto Crescita”), in vigore dal 25 giugno 2014, recante inter alia disposizioni urgenti per le imprese. Gli articoli 21 e 22 del Decreto…more

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Brief Of Dish Network L.L.C. And Echostar Technologies L.L.C. As Amici Curiae In Support Of Respondent (April 2, 2014)

INTEREST OF AMICI CURIAE - This amicus curiae brief is filed on behalf of DISH Network L.L.C. (“DISH”) and EchoStar Technologies L.L.C. (“EchoStar”). Since its founding in the early 1980s, DISH has reinvented the…more

Appellate Briefs, Copyright, Copyright Infringement, Dish Network, Echostar

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NEW YEAR’S RESOLUTION EDITION: As Americans Trudge To The Gym, We Review Trade Secrets Fights In The “New You” Industry

The gyms are packed, the diet cookbooks are flying off the shelves, and smokers are struggling to kick the habit. It’s the resolution season, and surveys say half of the top 10 most popular new year’s goals aim for better…more

Health, Stored Communications Act, Trade Secrets, Weight-Loss Products

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Italy Regulatory Update 2/2014

In This Issue: - 1. ITALIAN LAW - 1.1 Primary legislation - 1.2 Implementing measures - 2. EC/EU LAW - 2.1 Primary legislation - 2.2 Implementing measures Please see full chart below for more…more

EU, Financial Regulatory Reform

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Car Jacking: Former Nissan Employees in Japan Arrested for Suspected Trade Secret Theft

On May 13, 2014, a former employee of Nissan in Japan was arrested by the Economic Affairs Division of the Kanagawa Prefectural Police on suspicion of trade secret theft. The arrest was made under the trade secret provisions of…more

Automotive Industry, Criminal Prosecution, Former Employee, Japan, Nissan

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Bad Times for Patent Trolls: What the Government Is Doing to Protect Small Businesses

Patent assertion entities—‘‘PAEs’’ or, if you are in a bad mood, ‘‘patent trolls’’—have been around in one form or another for decades. In the past few years, however, their ranks have grown. According to a U.S. Government…more

GAO, Patent Reform, Patent Trolls, Patents, Small Business

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The Restaurateur’s Dilemma: Should Owners Force Chefs To Sign Ndas?

Should restaurateurs wonder each time they hire someone: Will this person steal their recipes — the bread and butter of their business?…more

Non-Disclosure Agreement, Restaurant Industry, Trade Secrets

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California Court of Appeal Overturns $1.3 Million in Damages and Attorneys’ Fees against Lucasfilm for Failure to Give Instruction on Business Judgment

On December 10, 2012, in Veronese v. Lucasfilm Ltd., a California Court of Appeal overturned a Marin County jury’s verdict against Lucasfilm based on its finding that several errors in jury instructions prejudicially affected…more

Appeals, Business Judgment Rule, Discrimination, Failure To Hire, FEHA

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FTC-Google Consent Decree Provides Important Lessons Regarding Standards-Essential Patents

On January 3, 2013, the Federal Trade Commission (FTC) entered into a Consent Decree with Google Inc. (“Google”) and its wholly owned subsidiary Motorola Mobility LLC (“Motorola”). The decree settles allegations that Google and…more

Competition, FRAND, FTC, Google, Licenses

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Payback Time: Using The Faithless Servant Doctrine To Combat Trade Secret Theft

Employers know all too well that their own employees are often the most likely people to misappropriate their confidential and proprietary information and their valuable trade secrets. Employers have plenty of weapons at their…more

Breach of Duty, Fiduciary Duty, Misappropriation, Trade Secrets, Unfair Competition

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Tax Reform Bill Proposal - Much Ado About Nothing

As widely reported, on February 26, 2014, U.S. House of Representatives Committee on Ways and Means Chairman Dave Camp (R-MI) released the proposed Tax Reform Act of 2014 (the "Camp Proposal"). In exchange for simplification of…more

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Therasense Revisited: In re Rosuvastatin Calcium Patent Litigation

In the United States, patent applicants and their counsel owe a duty of candor and good faith to the Patent Office. This duty is breached when the applicant or its counsel knowingly fails to disclose material prior art…more

America Invents Act, Deceptive Intent, Disclosure Requirements, Failure to Report, Good Faith

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China 20/20 Legal Regulatory Developments - February 2013

In This Issue: - The Decision of the Standing Committee of the National People's Congress on Revising the Labor Contract Law of the People's Republic of China Released - MOFCOM Solicits for Public Comments on the…more

China, Foreign Jurisdictions, Foreign-Related Civil Relationships, Investment Funds, Law On Application Of Laws

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In Fontainebleau Appeal, Eleventh Circuit Confirms That Term Lenders Lack Standing To Enforce Revolving Lenders’ Commitments

Last week, the Eleventh Circuit Court of Appeals held that lenders in syndicated credit facilities do not have standing to enforce the funding commitment that other lenders owe to the borrower in the absence of specific…more

Appeals, Article III, Borrowers, credit, Injury-in-Fact

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Department of Defense Renewable Energy Program - Exploring the Challenges and Opportunities

Orrick and Clean Energy Pipeline have launched a series of reports dedicated to exploring investment opportunities and challenges in the U.S. renewable energy sector. In this first issue, we analyze the exciting investment…more

DOD, Energy, Infrastructure, Power Purchase Agreements, Renewable Energy

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2013 Updates to the FEHA California Pregnancy Regulations

Amendments to California’s pregnancy regulations became effective on December 30, 2012, creating many new responsibilities for employers. While employers should take note of all of the amended regulations, some of the most…more

CFRA, Disability, Discrimination, FEHA, Medical Leave

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SEC Releases First Full-Year Report on the Dodd-Frank Whistleblower Program: No Speedy Recoveries for Whistleblowers

On November 15, 2012, the Securities and Exchange Commission released its Fiscal Year 2012 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”), the first full-year report issued since the enactment of…more

Dodd-Frank, SEC, Whistleblowers

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Halliburton Oral Argument: The Fraud-On-The-Market Theory Is “Basic”Ally A Sore Thumb

On March 5, the Supreme Court heard oral arguments in Halliburton v. The Erica P. John Fund. As discussed in previous blog posts, the United States Supreme Court agreed to consider Petitioner Halliburton’s argument to modify or…more

Basic v Levinson, DOJ, Fraud-on-the-Market, Halliburton v Erica P. John Fund, Private Securities Litigation Reform Act of 1995

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Orrick World: A Quarterly Report of Global Employment Law Issues for Multinationals - Fall 2013

Asia Employment Law Update - Labor Contract Law Amendments on Dispatch Employees Come Into Effect - Implementation Details Still Uncertain: During July 2013, the Decision on Amending the Labor Contract Law of the…more

China, EU, Financial Regulatory Reform, Foreign Nationals, International Labor Laws

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Did the EEOC Try Hard Enough to Resolve Your Case Before Filing Suit?

In March, 2014, three powerful business groups urged the U.S. Supreme Court to consider an important issue at stake for employers in Mach Mining LLC v. Equal Employment Opportunity Commission—can courts review the adequacy of…more

Civil Rights Act, EEOC, Employer Liability Issues, SCOTUS, Title VII

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IRS Issues Final Regulations and New Proposed Regulations Regarding Withholding on Derivatives on U.S. Stocks

On December 5, 2013, the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") and proposed regulations (the "2013 Proposed Regulations") under section 871(m), which address withholding on certain…more

Derivatives, IRS, Stocks, Withholding Requirements

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Alice v. CLS Bank: A Unanimous Supreme Court Rules On When Computer Claims are Patent-Eligible Under 35 U.S.C. § 101

On June 19, 2014, the United States Supreme Court issued its opinion in Alice Corp. Pty. Ltd. v. CLS Bank International, No. 13-298, addressing the question of when patents claiming aspects of computer software satisfy the…more

Alice Corporation, CLS Bank, CLS Bank v Alice Corp, Mayo v. Prometheus, Patent Litigation

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Cyber-Symbolism? DOJ Announces First-Of-Its-Kind Prosecution Of State Actors — But Does It Matter?

The U.S. Justice Department has charged members of the Chinese military with allegedly engaging in economic espionage against American companies. It’s the first time that the United States has leveled such charges against…more

Alcoa, China, Criminal Prosecution, DOJ, Espionage

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The Smack Of IndyMac: Second Circuit’s Decision In IndyMac Creates Palpable Effect In SDNY

As noted in a previous blog, in Police & Fire Retirement Systems of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013), the Second Circuit held that tolling under American Pipe – which plaintiffs had often used to…more

American Pipe & Construction Co. v. Utah, Class Action, IndyMac, Mortgage-Backed Securities, Mortgages

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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Supreme Court Eliminates Jurisdictional Escape Hatch To The Class Action Fairness Act

The U.S. Supreme Court’s decision in Standard Fire Insurance Co. v. Knowles confirms that a plaintiff cannot avoid federal jurisdiction under the Class Action Fairness Act (“CAFA”) by stipulating that the class will seek less…more

Amount in Controversy, CAFA, Class Action, Class Certification, Damages

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Orrick Submits Comments to Civil Rules Advisory Committee Regarding the Proposed Amendments to the Federal Rules of Civil Procedure

On February 12, Orrick submitted written comments regarding proposed amendments to the Federal Rules of Civil Procedure ("FRCP") intended to facilitate more meaningful discovery efforts and to reduce cost and delay in…more

Federal Rules of Civil Procedure, Proposed Amendments

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Perquisition Privée: France Ahead Of U.S. In Allowing Trade Secret Owners To Seize Property From Suspected Thieves

Can trade secret owners secretly petition a court to seize property from a competitor that they suspect of stealing trade secrets? In the United States, the answer is: “Not yet.” This is one of the issues that Congress is…more

EU, Ex Parte, Misappropriation, Search & Seizure, Theft

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European Revolution vs. English Evolution

Update on Case Law Developments in English Restructuring This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for…more

Corporate Restructuring, Debt Restructuring, EU, Foreign Corporations, Great Recession

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Doctor Doctor Give Me the News, Is My Employee Fit for Duty After FMLA Leave?

On April 15, 2014, a California appeals court ruled that after an employee returns to work from leave under the Family and Medical Leave Act (FMLA), an employer can require a medical reevaluation related to the health condition…more

Employer Liability Issues, Fitness for Duty Exams, FMLA, Medical Examinations

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Volcker Rule: An Overview and Highlights Of Certain Key Provisions

On December 10, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission (collectively, the…more

Bank Holding Company, Banks, Compliance, Dodd-Frank, Volcker Rule

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SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure Violations

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding prior…more

Bonds, Disclosure, Municipal Bonds, Municipalities, SEC

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New IPR Ruling Further Clarifies Burden on Patentees to Amend Claims

The Patent Trial and Appeal Board (PTAB) issued its second Final Written Decision in a contested case under the AIA's inter partes review process on January 7, 2014. As with the PTAB's first decision, the petitioner prevailed;…more

America Invents Act, Inter Partes Review Proceedings, Patent Litigation, Patent Reform, Patent Trial and Appeal Board

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D.LGS. 231/2001 Aggiornamento Normativo e Giurisprudenziale

Si riporta di seguito una breve rassegna dei provvedimenti maggiormente significativi in materia di responsabilità amministrativa degli enti ex D.Lgs. 231/2001. ENTI STRANIERI CORTE DI APPELLO DI MILANO – Sent. n…more

Corporate Crimes

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Extra, Extra! – Extraterritoriality And Criminal Actions As To Alleged Securities Fraud

In its seminal decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), regarding antifraud provisions of the U.S. securities laws, the Supreme Court held that “Section 10(b) [of the Securities Exchange Act…more

Dodd-Frank, Extraterritoriality Rules, SEC, Securities Exchange Act, Securities Fraud

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SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and…more

Dodd-Frank, Hedge Funds, Retaliation, SEC, Whistleblowers

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AIFMD Countdown to Compliance

The deadline of 22 July 2013 for EU Member States to transpose the Alternative Investment Fund Managers Directive (“AIFMD”) into national law is fast approaching…more

AIFM, AIFMD, Compliance, Deadlines, EU

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Germany: Have Rejected Job Applicants the Right to Know the Reasons for Not Getting the Job

Recently, the German Federal Labor Court (Bundesarbeitsgericht “BAG”) rendered a decision which had been awaited with interest by German employers (BAG, April 25, 2013 – 8 AZR 287/08) with regard to information rights of…more

Discrimination, EU, European Court of Justice, Job Applicants

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Extra! Extra! Read All About It: California Supreme Court Affirms Reversal of Class Certification Denial for Class of Newspaper Carriers

The California Supreme Court in Ayala v. Antelope Valley Newspapers, Inc. recently affirmed and remanded the reversal of a denial of class certification in an independent contractor misclassification case, emphasizing the…more

Class Action, Class Certification, Employer Liability Issues, Independent Contractors, Misclassification

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The Revolving Door Spins Again

On January 24, President Obama announced his nominee for Chairman of the Securities Exchange Commission – Mary Jo White, a former United States Attorney for the Southern District of New York…more

Barack Obama, Mary Jo White, SEC

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Reforms to OHADA Commercial Law: Towards a More Attractive Legal Framework for Private Equity

The Organisation pour l'Harmonisation en Afrique du Droit des Affaires ("OHADA"), which translates into English as the "Organisation for the Harmonization of Business Law in Africa" is an exclusively business-related legal…more

Africa, Economic Development, International Harmonization, OHADA, Private Equity

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Supreme Court Issues Two Historic Decisions on Same-Sex Marriage: What Does This Mean for Employee Benefit Plans?

On Wednesday, June 26, 2013, the United States Supreme Court (the "Court") issued two significant decisions relating to same-sex marriage, both of which will have far-reaching effects on the design and tax treatment of employee…more

COBRA, DOMA, Employee Benefits, Equal Protection, Health Insurance

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Privacy, Data Security and Internet Safety Alert: Tough New EU Data Protection Proposals Edge Closer

On Jan. 10, 2013, Jan Philipp Albrecht, the European Parliament’s Rapporteur, presented his report on the European Commission’s proposals for a new General Data Protection Regulation (GDPR). With his recommendations, data…more

Data Collection, Data Protection, EU, EU Data Protection Laws, Internet

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How EU Competition Law Applies To Data Collection Issues

The Internet has given rise to information-based businesses that create value by accumulating pools of data captured from many sources. Indeed, the collection and analysis of vast amounts of consumer data has become the engine…more

Competition, Data Collection, EU, EU Data Protection Laws, European Commission

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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Fraud-on-the-Market Lives On: Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court issued its second decision in Halliburton Co. v. Erica P. John Fund, Inc., __U.S. __(2014), 2014 WL__ (U.S. June 23, 2014) ("Halliburton II"). In this widely anticipated decision, the…more

Basic v Levinson, Class Action, Fraud, Fraud-on-the-Market, Halliburton

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NBA Team Owner Mark Cuban “Talks Trash” After Defense Verdict

Following a defense verdict in the insider trading case brought against him by the SEC, Dallas Mavericks owner Mark Cuban has not been sitting on the bench—but rather using his blog to stay on the offensive. Since the October…more

Insider Trading, SEC, Sports

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The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update

The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of…more

CFTC, Commodities Exchange Act, Dodd-Frank, Exempt Organizations, Major Swap Participants

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Policyholder Observer

Encryption Flaw "Heartbleed" Creates Data Risk: How Insurance Can Stanch the Bleeding - In early April, news broke of an encryption flaw named “Heartbleed” that exposed companies to data breaches for over two and one half…more

Asbestos, Asbestos Litigation, Commercial General Liability Policies, Cyber Insurance, Cybersecurity

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High Tax Rates Spur the Allure of Deferred Compensation

There are a number of reasons why executives choose to defer the payment of current compensation under a nonqualified deferred compensation plan. For example, some executives do not need the compensation to be paid currently,…more

Deferred Compensation, Executive Compensation, Income Taxes, Tax Rates

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SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure Violations

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding prior…more

Bonds, Disclosure, Municipal Bonds, Municipalities, SEC

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Commentary: Five Lessons from the Municipal Derivatives Litigation Front

Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive…more

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SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure Violations

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding prior…more

Bonds, Disclosure, Municipal Bonds, Municipalities, SEC

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New Minnesota Law Allows Investors to File Lawsuits Seeking to Validate Life Insurance Policies Before They Mature

In most states, carriers may void life insurance policies for lack of insurable interest at any point, even after the two-year contestability period prescribed by statute. This loophole allows insurers to continue collecting…more

Death Benefits, Investors, Life Insurance, New Legislation, Validity

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In Fontainebleau Appeal, Eleventh Circuit Confirms That Term Lenders Lack Standing To Enforce Revolving Lenders’ Commitments

Last week, the Eleventh Circuit Court of Appeals held that lenders in syndicated credit facilities do not have standing to enforce the funding commitment that other lenders owe to the borrower in the absence of specific…more

Appeals, Article III, Borrowers, credit, Injury-in-Fact

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D.LGS. 231/2001 Aggiornamento Normativo e Giurisprudenziale

Si riporta di seguito una breve rassegna dei provvedimenti maggiormente significativi in materia di responsabilità amministrativa degli enti ex D.Lgs. 231/2001. ENTI STRANIERI CORTE DI APPELLO DI MILANO – Sent. n…more

Corporate Crimes

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To Prosecute Or Not To Prosecute? Limiting Exposure Of Trade Secrets During Criminal Prosecutions

Trade Secrets Watch previously outlined the benefits and potential risks of referring a case of trade secrets theft to the government for criminal prosecution. One of the most important downsides to consider is that the victim…more

Criminal Prosecution, Trade Secrets

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Orrick World: A Quarterly Report of Global Employment Law Issues for Multinationals - Fall 2013

Asia Employment Law Update - Labor Contract Law Amendments on Dispatch Employees Come Into Effect - Implementation Details Still Uncertain: During July 2013, the Decision on Amending the Labor Contract Law of the…more

China, EU, Financial Regulatory Reform, Foreign Nationals, International Labor Laws

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Appointment of a Data Protection Officer in Germany: You Wanna Avoid Trouble? Then Make Sure You Appoint the Right Person!

Data protection law is on the rise. Courts as well as local authorities become increasingly sensitive to the misuse of any individual’s personal data that applicable statutory provisions in Germany, such as the Federal Data…more

Cybersecurity, Data Protection, EU, Popular

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Beyond Basic: Shareholder Litigation Without Fraud-On-The-Market

Will shareholder litigation survive the abandonment of the fraud-on-the-market presumption of reliance? After the Supreme Court’s announcement that it will be considering the presumption in Halliburton Co. v. Erica P. John…more

Fraud-on-the-Market, Rebuttable Presumptions, Securities Exchange Act, Shareholder Litigation, Shareholders

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Policyholder Observer

Encryption Flaw "Heartbleed" Creates Data Risk: How Insurance Can Stanch the Bleeding - In early April, news broke of an encryption flaw named “Heartbleed” that exposed companies to data breaches for over two and one half…more

Asbestos, Asbestos Litigation, Commercial General Liability Policies, Cyber Insurance, Cybersecurity

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LLPs and taxation of "disguised employment" – no delay to implementation

Is your business operating in the UK in “Limited Liability Partnership” (“LLP”) form? If so, it may be affected by a tax reform from 6th April 2014, requiring immediate compliance steps…more

Business Taxes, Income Taxes, LLPs, UK

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Is it now OK to have the ‘It’s not working…’ conversation in the UK?

July 29, 2013 was a big day for employment law in the UK. Firstly compromise agreements were renamed ‘settlement agreements’…more

Financial Regulatory Reform, Settlement, UK, Whistleblowers

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Le novità introdotte dal Decreto Crescita: Minibond, concessione di finanziamenti e cartolarizzazione dei crediti

In data 24 giugno 2014, è stato pubblicato in Gazzetta Ufficiale n. 144, il decreto legge 24 giugno 2014 n. 91 (il "Decreto Crescita") che introduce: (i) misure a favore delle emissioni di obbligazioni societarie; (ii)…more

Bonds, Corporate Taxes

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De Minimis Defense Closes Shop on Starbucks Barista’s Off-the-Clock Claim in the Central District of California

On March 7, 2014, Judge Feess of the Central District of California granted Defendant Starbucks’ motion for summary judgment on Plaintiff’s proposed class claims for unpaid wages under the California Labor Code. Plaintiff…more

Affirmative Defenses, De Minimis Claims, Starbucks, Wage and Hour, Wages

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“Ambush Election Rules” or Big Win for Labor Unions? Either Way, Changes May Be in Store for the Union Organizing Process

With a Notice of Proposed Rulemaking (“NPRM”) issued earlier this month, the National Labor Relations Board’s controversial proposed regulations on union elections are once again making headlines. A near reincarnation of a 2011…more

Ambush Election Rules, NLRB, Union Elections, Unions

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Petition For Writ of Certiorari

Questions Presented: 1. In 1969, this Court held in Red Lion Broadcasting Co. v. FCC, 395 U.S. 367 (1969), that the First Amendment permits the government to restrict the speech of broadcasters in ways that this Court…more

Certiorari, FCC, First Amendment, Free Speech, SCOTUS

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Department of Defense Renewable Energy Program - Exploring the Challenges and Opportunities

Orrick and Clean Energy Pipeline have launched a series of reports dedicated to exploring investment opportunities and challenges in the U.S. renewable energy sector. In this first issue, we analyze the exciting investment…more

DOD, Energy, Infrastructure, Power Purchase Agreements, Renewable Energy

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New Trademark Clearinghouse an Important Tool for Trademark Owners as New Generic Top-Level Domains Prepare to Launch

Starting on March 26, 2013, there will be an important new tool available to help trademark owners combat unauthorized uses of their trademarks in domain names as more than 1,000 new generic top-level domains (“gTLDs”) prepare…more

Brand, gTLD, Trademark Clearinghouse, Trademarks

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Orrick's Antitrust and Competition Newsletter - June 2014 (Global)

Opt-Out Antitrust Class Actions — A U.S. Perspective on the Consumer Rights Bill Pending in UK's Parliament - Will opt-out class actions proposed by the UK Parliament’s Consumer Rights Bill bring the dreaded U.S.-style…more

Antitrust Litigation, China, Competition, DOJ, EU

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Reverse Payment Settlements Now Subject to Antitrust Scrutiny, But Lower Courts Left to Fill in the Blanks

Earlier this week in FTC v. Actavis, No. 12-416 (U.S. Jun. 17, 2013), the Supreme Court handed down its long-anticipated ruling on “reverse payment” or “pay-for-delay” agreements, holding that these agreements—while not…more

Antitrust Litigation, FTC, FTC v Actavis, Generic Drugs, Hatch-Waxman

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European Revolution vs. English Evolution

Update on Case Law Developments in English Restructuring This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for…more

Corporate Restructuring, Debt Restructuring, EU, Foreign Corporations, Great Recession

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Incubate This: Trade Secrets Lessons From HBO’s Silicon Valley [May Contain Spoilers]

HBO’s new series Silicon Valley satirizes the tech zeitgeist born and bred in the region that is the show’s namesake by following a group of young software developers on their journey to build the next billion-dollar startup…more

Copyright, HBO, Non-Disclosure Agreement, Patents, Restrictive Covenants

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Orrick Submits Comments to Civil Rules Advisory Committee Regarding the Proposed Amendments to the Federal Rules of Civil Procedure

On February 12, Orrick submitted written comments regarding proposed amendments to the Federal Rules of Civil Procedure ("FRCP") intended to facilitate more meaningful discovery efforts and to reduce cost and delay in…more

Federal Rules of Civil Procedure, Proposed Amendments

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Orrick's Global Real Estate Roundup - February 2013

As we look back on a busy fourth quarter 2012 that saw a flurry of deal closings in the final weeks of the year for core and value-added commercial properties in the US, an active transaction pipeline is already ramping up for…more

CMBS, Commercial Real Estate Market, Foreign Investment, Fund Formation, REIT

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The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update

The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of…more

CFTC, Commodities Exchange Act, Dodd-Frank, Exempt Organizations, Major Swap Participants

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NEW YEAR’S RESOLUTION EDITION: As Americans Trudge To The Gym, We Review Trade Secrets Fights In The “New You” Industry

The gyms are packed, the diet cookbooks are flying off the shelves, and smokers are struggling to kick the habit. It’s the resolution season, and surveys say half of the top 10 most popular new year’s goals aim for better…more

Health, Stored Communications Act, Trade Secrets, Weight-Loss Products

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SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure Violations

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding prior…more

Bonds, Disclosure, Municipal Bonds, Municipalities, SEC

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Money, Gold And Judges: D.C. Circuit Holds SEC’s Conflict Minerals Rule Violates The First Amendment

On April 14, 2014, a divided panel of the U.S. Court of Appeals for the District of Columbia held in National Assoc. of Mfg., et al. v. SEC that the required disclosures pursuant to the SEC’s Conflict Minerals Rule violated the…more

Conflict Mineral Rules, First Amendment, SEC, Securities Litigation

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Emerging Companies - Germany

"INVEST" - Changes in the Government backed program for venture funding - Last year the German Government introduced a program to support venture seed and pre-seed investments into innovative start-ups from private…more

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Investors Get A Voice At The Regulator: SEC Names Its First Head Of The Office Of The Investor Advocate

Though investors might have assumed that the entire Securities and Exchange Commission was their advocate to begin with, on February 12th the agency announced that it had hired Rick Fleming to be its very first Investor Advocate…more

Dodd-Frank, Investors, OIA, SEC, Securities Exchange Act

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Overview of the Six Most Important Changes to the Russian Pledge Rules

1. Concept of a security trustee (security manager). Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security for…more

Bank Accounts, Banks, Debt, Debt Collection, Russia

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Orrick World: A Quarterly Report of Global Employment Law Issues for Multinationals - Fall 2013

Asia Employment Law Update - Labor Contract Law Amendments on Dispatch Employees Come Into Effect - Implementation Details Still Uncertain: During July 2013, the Decision on Amending the Labor Contract Law of the…more

China, EU, Financial Regulatory Reform, Foreign Nationals, International Labor Laws

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Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions In Swap

Judge James M. Peck issued an important opinion in the Lehman Brothers bankruptcy late last month. The opinion protects a non-debtor counterparty's right to rely on a contractually agreed methodology for damages calculations…more

Commercial Bankruptcy, Debtors, Lehman Brothers, Safe Harbors, Swaps

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Halliburton’s Brief Asks The U.S. Supreme Court To Overturn The Not So Brief 25-Year-Old Fraud-On-The-Market Presumption

As discussed in a previous December 3, 2013 post, the U.S. Supreme Court has agreed to hear Halliburton’s pitch to overrule or modify the decades old fraud-on-the-market presumption established in Basic Inc. v. Levinson, 485…more

Class Action, Fraud, Fraud-on-the-Market, Halliburton, SCOTUS

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Unpaid, but Not Unprotected: New York City Extends Human Rights Law to Protect Interns

As reported by us in recent blog articles (Do as I Say, Not as I Do: Differences in Duties Means No Commonality, No Class Certification for Unpaid Interns and The High Cost of Hiring Unpaid Interns), employment issues…more

Discrimination, Employee Rights, Employer Liability Issues, Harassment, Internships

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Update Back From The Dead: Senators Resuscitate Legislation To Create A Federal Right Of Action For Trade Secret Theft

With a powerful industrial coalition lining up behind them, two senators are trying yet again to establish a federal right of civil action for trade secret misappropriation, potentially making trade secrets an IP stepchild no…more

Misappropriation, Patent Litigation, Patents, Theft, Trade Secrets

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Looking Past The Labels: Bank’s Disgorgement Payment To SEC Not Necessarily Excluded From D&O Coverage

In 2006, Bear Stearns agreed to a $250 million “neither admit nor deny” settlement with the SEC to settle charges that it facilitated late trading and deceptive market timing by its hedge fund customers…more

Bear Sterns, D&O Insurance, Disgorgement, Hedge Funds, Neither Admit Nor Deny Settlements

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Tattletales Beware: Whistleblowing May Result In Trade Secret Misappropriation Liability

In the Brady Bunch episode “Stop Tattling,” Mike Brady (the father) gives Cindy (youngest of the clan) a stern warning after her tattling lands Alice (the Brady caretaker) in hot water with Sam (the Brady’s butcher and Alice’s…more

Manufacturers, Misappropriation, Trade Secrets, Whistleblowers

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Patent Issues Remain a Priority for the White House

On February 20, 2014, the White House hosted an event "highlight[ing] progress on the [Obama] Administration's patent policy agenda." Orrick intellectual property attorney Wesley Helmholz attended the event at the White House's…more

Obama Administration, Patent Litigation, Patent Reform, Patent Trolls, Patents

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Oh, F*©k No: Administrative Law Judge Rules that Employees’ Expletive-Laced Facebook Posts are not Protected Under the National Labor Relations Act

With the increasing prominence of social media, employers have been rightfully concerned about the impact of employees’ out-of-work statements on the work place—particularly when it comes to the reputation of the employer. In…more

NLRA, NLRB, Protected Concerted Activity, Social Media, Social Media Policy

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Hedge Fund Hack Results in Trade Secret Loss, and Raises SEC Reporting Issues

Data breaches may be nothing new, but they are certainly evolving into bigger and more notorious infractions. While the data breaches of yesterday may have involved accidental disclosure or disgruntled former employees, the data…more

Criminal Conspiracy, Data Breach, Hackers, Hedge Funds, Reporting Requirements

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District Court Judge Enjoins Standards-Essential Patent Owner From Enforcing ITC Exclusion Order

In a growing body of legal authority regarding standards-essential patents (SEPs), Northern District of California Judge Ronald Whyte ruled Monday that an owner of SEPs violated its licensing commitments by initiating a U.S…more

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Mind the Gap: Obama Takes New Executive Action on Pay Equity in the Workplace

Last week President Obama continued his administration’s push to tackle pay equity issues by taking executive action to put federal contractors’ compensation practices under greater scrutiny. On April 8, 2014, the President…more

Barack Obama, Compliance, DOL, Equal Pay, Executive Orders

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If the SEC Misses the SOL, It’s SOL (Sorry, Out of Luck) – District Court Holds Statute of Limitations Is Jurisdictional and Applies to SEC Disgorgement and Injunctive Relief Requests

The SEC suffered a blow very recently when Judge James Lawrence King of the U.S. District Court for the Southern District of Florida entered summary judgment dismissing the entirety of its alleged Ponzi scheme case on statute…more

Jurisdiction, Ponzi Scheme, Real Estate Investments, SEC, Securities

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Is it now OK to have the ‘It’s not working…’ conversation in the UK?

July 29, 2013 was a big day for employment law in the UK. Firstly compromise agreements were renamed ‘settlement agreements’…more

Financial Regulatory Reform, Settlement, UK, Whistleblowers

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Germany: When is a New Hire too old to join a Company Pension Scheme?

In Germany, all employees are mandatorily covered by the statutory pension insurance which provides the main source of income during retirement. In addition, many companies grant company pension benefits to their employees,…more

Employee Benefits, EU, Pensions

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San Francisco Employers Beware: New Extensive Restrictions on Use of Criminal Background Information

The use of criminal background checks when hiring employees has become even more limited in San Francisco. On August 13, 2014, the recently passed Fair Chance Ordinance (Ordinance) becomes operative requiring employers doing…more

Background Checks, Ban the Box, Criminal Background Checks, Job Applicants

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AIFMD Countdown to Compliance

The deadline of 22 July 2013 for EU Member States to transpose the Alternative Investment Fund Managers Directive (“AIFMD”) into national law is fast approaching…more

AIFM, AIFMD, Compliance, Deadlines, EU

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Fraud-on-the-Market Lives On: Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court issued its second decision in Halliburton Co. v. Erica P. John Fund, Inc., __U.S. __(2014), 2014 WL__ (U.S. June 23, 2014) ("Halliburton II"). In this widely anticipated decision, the…more

Basic v Levinson, Class Action, Fraud, Fraud-on-the-Market, Halliburton

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Further Guidance on Pre-IPO Investments from the Hong Kong Stock Exchange

Introduction - It is common for financial investors such as private equity funds and hedge funds to invest in unlisted securities of private companies (e.g., through the subscription of convertible debt instruments,…more

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Le novità introdotte dal Decreto Crescita: Minibond, concessione di finanziamenti e cartolarizzazione dei crediti

In data 24 giugno 2014, è stato pubblicato in Gazzetta Ufficiale n. 144, il decreto legge 24 giugno 2014 n. 91 (il "Decreto Crescita") che introduce: (i) misure a favore delle emissioni di obbligazioni societarie; (ii)…more

Bonds, Corporate Taxes

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Eleventh Circuit: Restaurant’s Stolen Recipe Claims Are Stale

It should be obvious that if you want trade secret protection, you shouldn’t wave your purported trade secret around in public. Likewise, if you see someone openly disclosing your trade secret on television, you should probably…more

Restaurant Industry, Ripeness, Trade Secrets, UTSA

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Things To Avoid When You Leave Your Job: Using Drone Trade Secrets To Blackmail Your Former Employer

Trade secrets cases in the employment context usually provide valuable lessons on what not to do when leaving a job. The recent conviction of Stephen Marty Ward by a Washington federal jury imparts one such lesson..…more

Drones, Extortion, Trade Secrets

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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Protecting Trade Secrets In China

Trade secrets were first introduced into China law through the Article 10 of the “Anti-Unfair Competition Law of China” (effective Dec. 1, 1993)…more

Burden of Proof, China, Data Protection, Discovery, Misappropriation

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The EEOC Takes Aim, Once Again, at Employers’ Separation Agreements

On April 30, 2014, the U.S. Equal Employment Opportunity Commission filed suit against a private college, charging for the second time in two months that an employer’s severance agreement was unlawful. The EEOC alleged that…more

Civil Rights Act, Colleges, Corporate Counsel, EEOC, Employee Rights

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Brief Of Dish Network L.L.C. And Echostar Technologies L.L.C. As Amici Curiae In Support Of Respondent (April 2, 2014)

INTEREST OF AMICI CURIAE - This amicus curiae brief is filed on behalf of DISH Network L.L.C. (“DISH”) and EchoStar Technologies L.L.C. (“EchoStar”). Since its founding in the early 1980s, DISH has reinvented the…more

Appellate Briefs, Copyright, Copyright Infringement, Dish Network, Echostar

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Supreme Court Rules That Food and Beverage Mislabeling Claims Do Not Foreclose Competitor's Unfair Competition Claims Under §43(a) of the Lanham Act

On Thursday, June 12, 2014, Justice Anthony Kennedy delivered an opinion for a unanimous United States Supreme Court in POM Wonderful LLC v. The Coca-Cola Co., No. 12-761, in which the Court ruled that the Federal Food, Drug,…more

Advertising, Coca Cola, False Advertising, FDA, FDCA

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Appointment of a Data Protection Officer in Germany: You Wanna Avoid Trouble? Then Make Sure You Appoint the Right Person!

Data protection law is on the rise. Courts as well as local authorities become increasingly sensitive to the misuse of any individual’s personal data that applicable statutory provisions in Germany, such as the Federal Data…more

Cybersecurity, Data Protection, EU, Popular

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Alice v. CLS Bank: A Unanimous Supreme Court Rules On When Computer Claims are Patent-Eligible Under 35 U.S.C. § 101

On June 19, 2014, the United States Supreme Court issued its opinion in Alice Corp. Pty. Ltd. v. CLS Bank International, No. 13-298, addressing the question of when patents claiming aspects of computer software satisfy the…more

Alice Corporation, CLS Bank, CLS Bank v Alice Corp, Mayo v. Prometheus, Patent Litigation

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Square peg round hole

Italy’s project finance rules have an awkward legal foundation. If investors and sponsors can gain the benefit of project bond technology, radical reforms are needed - The recent placement of project bonds to finance…more

EU, Project Finance

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Policy Observer - December 2013

Time for a Change? California Revisits Henkel on Coverage for Contractually Acquired Liabilities - The California Supreme Court’s unexpected decision earlier this year to accept review of Fluor Corp. v. Superior Court, 208…more

Commercial General Liability Policies, Cumis Counsel, Duty to Defend, Indemnification, Ponzi Scheme

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IRS Issues Final Regulations and New Proposed Regulations Regarding Withholding on Derivatives on U.S. Stocks

On December 5, 2013, the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") and proposed regulations (the "2013 Proposed Regulations") under section 871(m), which address withholding on certain…more

Derivatives, IRS, Stocks, Withholding Requirements

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Ending in a Draw: In Iskanian v. CLS Transportation, the California Supreme Court Upholds Class Action Waivers in Arbitration Agreements, But Also Makes PAGA Claims Unwaivable

Ever since the U.S. Supreme Court issued its decision in AT&T Mobility LLC v. Concepcion, California employers hoped this day would come. In a predictable result, the California Supreme Court today acknowledged that class action…more

Arbitration, Class Action Arbitration Waivers, Employment Contract, Federal Arbitration Act, Iskanian

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Doing business, or thinking about investing, in Russia? Recent changes to the Russian Civil Code

In This Presentation: 1. Why were changes needed? 2. How are things changing? 3. The process of change 4. Amendments in place now 5. What is still to change? - 2nd Draft Amendment - 3rd Draft…more

Covenant of Good Faith and Fair Dealing, Creditors, Debtors, Dmitry Medvedev, Escrow Accounts

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European Commission Takes Action to Limit Injunctions for SEPs

On April 29, 2014, the European Commission ("Commission") adopted a decision against Motorola Mobility LLC (“Motorola”), a wholly owned subsidiary of Google Inc., and entered into a settlement agreement with Samsung Electronics…more

European Commission, License Agreements, Motorola, Samsung, Standards-Essential Patents

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The New Electronic Payment Services Landscape: Developments in EU Legislation

On July 24, 2013, the European Commission issued legislative proposals to update and complement the current EU legal framework on payment services to develop further an EU-wide single market by promoting more competition,…more

Electronic Payment Transactions, EU, European Commission, New Legislation

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Expanded Liability of Officers in Russian Companies

In Resolution No. 62 “on Liability of Members of a Company’s Governing Bodies” dated July 30, 2013 (the “Resolution”) the Russian Supreme Arbitrazh Court provided new interpretations of the Russian statutory rule that the chief…more

Bad Faith, Board of Directors, Corporate Governance, Corporate Officers, Damages

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Have Your Directors Met Their Revlon Duties? Delaware Court Dismisses Strike-Suit Allegations as Merely Cosmetic

In a virtual course on how to bring—or not bring—an M&A strike suit, on June 30, a Delaware Chancery Court dismissed all shareholder claims against a merger target and its acquirer, ending nearly two years of litigation. Though…more

Corporate Counsel

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The “I Was Just Trying To Land A New Job” Defense To Criminal Trade Secret Theft Charges

On February 28, 2008, Hanjuan Jin, a Chinese-born former software engineer for Motorola, arrived at Chicago O’Hare Airport en route to Beijing. During a random customs check, officials discovered that she had a one-way ticket…more

China, Confidential Information, Misappropriation, Motorola, Theft

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FTC Assesses $800,000 Fine Against Mobile App Operator and Issues Mobile Privacy and Security Guidance

The Federal Trade Commission has emphasized in the past that general privacy protections in the website space apply equally to mobile services, but a new FTC Staff Report released on Friday hones in on some privacy…more

Address Book, App Developers, COPPA, Data Collection, Data Protection

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For Whom The Whistle Tolls In 2014

Momentum for the SEC’s Dodd Frank whistleblower program is growing, and 2014 can be expected to bring continued expansion of the program and the number and types of whistleblower actions initiated by the SEC. The SEC’s annual…more

Dodd-Frank, Enforcement Actions, Retaliation, SEC, Whistleblower Awards

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Policy Observer - July 2013

Getting Over the Bar: Second Circuit Requires Actual Payment of Underlying Limits In Order to Trigger Excess D&O Policies - In June, the Second Circuit held that two Federal Insurance Company ("FIC") excess D&O insurance…more

Bad Faith, Catholic Church, Construction Defects, Contract Interpretation, D&O Insurance

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Supreme Court Narrows The Scope Of SLUSA Preemption, Green-Lighting State Law Class Action Claims Alleging Ponzi Scheme

On February 26, 2014, the U. S. Supreme Court (“the Court”) held that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) did not preclude Stanford Ponzi scheme plaintiffs’ state-law class action claims because the…more

Chadbourne & Parke LLP v Troice, Class Action, Ponzi Scheme, Preemption, SCOTUS

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U.S. Fish & Wildlife Service Issues Rule Extending Terms of Permits for Incidental Eagle Take to Thirty-Years

Timing of Rule’s Publication is Another Indication of Renewed Focus on Avian Compliance Risk at Wind Farms - Today, the U.S. Fish and Wildlife Service (“USFWS”) published a final rule extending the maximum term for…more

Endangered Species, Fish and Wildlife Service, Incidental Take Permits

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Pyrrhic Victory For Parties Seeking Fracking Fluid Disclosures

Parties advocating public disclosure of the chemical makeup of fracking fluids may have won a recent battle in Wyoming, but are they losing the war? On March 12, 2014, the Wyoming Supreme Court in Powder River Basin Resource…more

Chemicals, Disclosure Requirements, Fracking, Oil & Gas

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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Have Your Directors Met Their Revlon Duties? Delaware Court Dismisses Strike-Suit Allegations as Merely Cosmetic

In a virtual course on how to bring—or not bring—an M&A strike suit, on June 30, a Delaware Chancery Court dismissed all shareholder claims against a merger target and its acquirer, ending nearly two years of litigation. Though…more

Corporate Counsel

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Nanotechnology And Asbestos: Informing Industry’s Approach To Carbon Nanotubes, Nanoscale Titanium Dioxide, And Nanosilver

With greater knowledge comes greater responsibility, and greater liability. When it comes to nanotechnology, our ability to understand the potential risks is unprecedented, thanks in part to the asbestos mass tort experience. If…more

Asbestos, Nanotechnology, Risk Mitigation

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New Minnesota Law Allows Investors to File Lawsuits Seeking to Validate Life Insurance Policies Before They Mature

In most states, carriers may void life insurance policies for lack of insurable interest at any point, even after the two-year contestability period prescribed by statute. This loophole allows insurers to continue collecting…more

Death Benefits, Investors, Life Insurance, New Legislation, Validity

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For Whom The Statute Tolls? A California Court Refuses Equitable Tolling For RMBS Claims

A recent decision dismissing an RMBS lawsuit in the Los Angeles County Superior Court highlights the critical importance of filing your claims in the correct court whenever there is a jurisdictional issue…more

Countrywide, Equitable Tolling, Jurisdiction, Litigation Strategies, Massachusetts Mutual

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Overview of the Six Most Important Changes to the Russian Pledge Rules

1. Concept of a security trustee (security manager). Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security for…more

Bank Accounts, Banks, Debt, Debt Collection, Russia

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Trading On Tips: SEC May Seek Disgorgement From Trader For Gains In Investment Fund

A trader who uses material nonpublic information to execute trades but does not personally benefit from the resulting gains may nonetheless face disgorgement of all profits, according to a recent Second Circuit opinion. In…more

Disgorgement, Enforcement Actions, Illegal Tipping, Investment Funds, SEC

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Orrick's Antitrust and Competition Newsletter - June 2014 (Global)

Opt-Out Antitrust Class Actions — A U.S. Perspective on the Consumer Rights Bill Pending in UK's Parliament - Will opt-out class actions proposed by the UK Parliament’s Consumer Rights Bill bring the dreaded U.S.-style…more

Antitrust Litigation, China, Competition, DOJ, EU

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Perquisition Privée: France Ahead Of U.S. In Allowing Trade Secret Owners To Seize Property From Suspected Thieves

Can trade secret owners secretly petition a court to seize property from a competitor that they suspect of stealing trade secrets? In the United States, the answer is: “Not yet.” This is one of the issues that Congress is…more

EU, Ex Parte, Misappropriation, Search & Seizure, Theft

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Perquisition Privée: France Ahead Of U.S. In Allowing Trade Secret Owners To Seize Property From Suspected Thieves

Can trade secret owners secretly petition a court to seize property from a competitor that they suspect of stealing trade secrets? In the United States, the answer is: “Not yet.” This is one of the issues that Congress is…more

EU, Ex Parte, Misappropriation, Search & Seizure, Theft

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EPA Clarifies "Innocent Tenant" Liability Under CERCLA

Recent EPA guidance imposes new environmental due diligence and compliance requirements on prospective commercial and industrial tenants. The guidance purports to clarify an exemption from liability, but actually confirms that…more

CERCLA, Commercial Leases, Compliance, Due Diligence, Environmental Liability

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California ISO Proposes to Expand Generator Downsizing Opportunities

On May 29, 2014, the California Independent System Operator Corporation (CAISO) submitted to the Federal Energy Regulatory Commission (FERC) proposed changes to its "generator downsizing" policies. The revised policy would…more

Energy, FERC, ISOs, Power Plants, Utilities Sector

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IRS Issues Temporary Regulations on the Application of the Straddle Rules to Debt Instruments

On September 5, the IRS issued temporary regulations on the application of the straddle rules to debt instruments (the "Temporary Regulations"). The Temporary Regulations provide that a taxpayer's obligation under a debt…more

Debt, Foreign Currency, IRS

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Policy Observer - January 2013

It has been nearly three months since Superstorm Sandy battered the East Coast of the United States. With several hundred thousand residents still without homes and many businesses still operating out of temporary facilities, it…more

Agents, Amended Complaints, Brokers, Chinese Drywall, Deductibles

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In Da (Trade Secrets Theft) Club: $15 Million Judgment Against Rapper 50 Cent

The rapper known as “50 Cent” stole trade secrets to the tune of $15 million, an arbitrator found. A filing in the U.S. District Court for the Southern District of Florida earlier this month disclosed the final award for…more

Music, Patent Litigation, Patents, Theft, Trade Secrets

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EPA Clarifies "Innocent Tenant" Liability Under CERCLA

Recent EPA guidance imposes new environmental due diligence and compliance requirements on prospective commercial and industrial tenants. The guidance purports to clarify an exemption from liability, but actually confirms that…more

CERCLA, Commercial Leases, Compliance, Due Diligence, Environmental Liability

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Orrick's Antitrust and Competition Newsletter - June 2014 (Global)

Opt-Out Antitrust Class Actions — A U.S. Perspective on the Consumer Rights Bill Pending in UK's Parliament - Will opt-out class actions proposed by the UK Parliament’s Consumer Rights Bill bring the dreaded U.S.-style…more

Antitrust Litigation, China, Competition, DOJ, EU

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If the SEC Misses the SOL, It’s SOL (Sorry, Out of Luck) – District Court Holds Statute of Limitations Is Jurisdictional and Applies to SEC Disgorgement and Injunctive Relief Requests

The SEC suffered a blow very recently when Judge James Lawrence King of the U.S. District Court for the Southern District of Florida entered summary judgment dismissing the entirety of its alleged Ponzi scheme case on statute…more

Jurisdiction, Ponzi Scheme, Real Estate Investments, SEC, Securities

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A Tale Of Two Paychecks; Ralph Lauren Makes 1,900 Times More Than You And The SEC Thinks You Should Know

On September 18, 2013, the SEC voted to propose a new rule that would require public companies to disclose the ratio of compensation of its CEO to the median compensation of its employees. The new rule, required under the…more

CEOs, Disclosure Requirements, Dodd-Frank, Pay Ratio, Ralph Lauren

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Time For The White House To Step In? Patchwork State Fracking Regulations Will Spawn FOIA And Trade Secrets Lawsuits

With a growing number of states demanding disclosure of its fracking recipes, the oil and gas industry is fighting to plug what it views as government-mandated leaks in its trade secrets pipeline…more

Disclosure, FOIA, Fracking, Trade Secrets

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Petition For Writ of Certiorari

Questions Presented: 1. In 1969, this Court held in Red Lion Broadcasting Co. v. FCC, 395 U.S. 367 (1969), that the First Amendment permits the government to restrict the speech of broadcasters in ways that this Court…more

Certiorari, FCC, First Amendment, Free Speech, SCOTUS

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Orrick's Antitrust and Competition Newsletter - April 2014

Shanghai High People’s Court Rules That Resale Price Maintenance Agreement Constitutes Monopolistic Agreement - The Shanghai High People’s Court recently made available its Aug. 1, 2013 final judgment overruling the…more

Antitrust Investigations, Antitrust Litigation, Antitrust Provisions, China, Competition

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Il “Decreto Crescita” e gli interventi sulla disciplina fiscale delle obbligazioni emesse da società non quotate e dei finanziamenti a medio e lungo termine.

In data 24 giugno 2014, è stato pubblicato in G.U. n. 144 il decreto legge n. 91 (c.d. “Decreto Crescita”), in vigore dal 25 giugno 2014, recante inter alia disposizioni urgenti per le imprese. Gli articoli 21 e 22 del Decreto…more

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IRS Issues Temporary Regulations on the Application of the Straddle Rules to Debt Instruments

On September 5, the IRS issued temporary regulations on the application of the straddle rules to debt instruments (the "Temporary Regulations"). The Temporary Regulations provide that a taxpayer's obligation under a debt…more

Debt, Foreign Currency, IRS

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From D-Day to Afghanistan: Honoring Our Veterans by Reemploying Them

Seventy years ago, on June 6, 1944, the Allies’ liberation of Europe began with D-Day. Anyone who has had the privilege to travel to Saint-Laurent-sur-Mer in France and walk Omaha Beach and the surrounding area is struck by the…more

Employee Rights, Employer Liability Issues, Hiring & Firing, USERRA, Veterans

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In The Wake Of Gabelli, SEC Voluntarily Dismisses Follow-On Cert. Petition

Today, the Solicitor General filed a motion asking the Supreme Court to dismiss the Securities and Exchange Commission’s petition for a writ of certiorari in SEC v. Bartek. As noted in a previous blog post, the Bartek petition…more

Gabelli v SEC, SEC, Statute of Limitations

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Incubate This: Trade Secrets Lessons From HBO’s Silicon Valley [May Contain Spoilers]

HBO’s new series Silicon Valley satirizes the tech zeitgeist born and bred in the region that is the show’s namesake by following a group of young software developers on their journey to build the next billion-dollar startup…more

Copyright, HBO, Non-Disclosure Agreement, Patents, Restrictive Covenants

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Ninth Circuit Agrees with FTC that Online Marketing Program Was an Unlawful "Pyramid Scheme"

The legal status of many membership programs promoted via social media and spam has been called into question by a recent decision of the U.S. Court of Appeals for the Ninth Circuit, which affirmed a judgment that one such…more

Fraud, FTC, Marketing, Popular, Pyramid Schemes

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Second Circuit Holds that Criminal Penalties for Pharmaceutical Sales Representative’s Off-Label Promotion Violate the First Amendment

On December 3, 2012, the United States Court of Appeals for the Second Circuit issued an opinion that stands to transform the regulatory landscape in which pharmaceutical and medical device companies operate. In recent years,…more

Commercial Speech, FDA, FDCA, Free Speech, Marketing

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Quid Pro Quo, Yes Or No? SEC Signs First Individual Deferred Prosecution Agreement

The SEC this year has demonstrated its willingness to incentivize whistleblowers and companies to share information about misconduct and assist with the SEC’s investigations. To that end, the SEC issued its first Deferred…more

Deferred Prosecution Agreements, Enforcement Actions, SEC

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Ending in a Draw: In Iskanian v. CLS Transportation, the California Supreme Court Upholds Class Action Waivers in Arbitration Agreements, But Also Makes PAGA Claims Unwaivable

Ever since the U.S. Supreme Court issued its decision in AT&T Mobility LLC v. Concepcion, California employers hoped this day would come. In a predictable result, the California Supreme Court today acknowledged that class action…more

Arbitration, Class Action Arbitration Waivers, Employment Contract, Federal Arbitration Act, Iskanian

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Antitrust and Competition Newsletter - August 2013

China’s Anti-Monopoly Law: No Longer Just Merger Control? Until this year, China's enforcement activities in the field of antitrust, particularly as these have affected foreign companies, had been mainly focused on merger…more

American Express v Italian Colors Restaurant, Anti-Competitive, Anti-Monopoly, Antitrust Litigation, China

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Petition For Writ of Certiorari

Questions Presented: 1. In 1969, this Court held in Red Lion Broadcasting Co. v. FCC, 395 U.S. 367 (1969), that the First Amendment permits the government to restrict the speech of broadcasters in ways that this Court…more

Certiorari, FCC, First Amendment, Free Speech, SCOTUS

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Perquisition Privée: France Ahead Of U.S. In Allowing Trade Secret Owners To Seize Property From Suspected Thieves

Can trade secret owners secretly petition a court to seize property from a competitor that they suspect of stealing trade secrets? In the United States, the answer is: “Not yet.” This is one of the issues that Congress is…more

EU, Ex Parte, Misappropriation, Search & Seizure, Theft

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Things To Avoid When You Leave Your Job: Using Drone Trade Secrets To Blackmail Your Former Employer

Trade secrets cases in the employment context usually provide valuable lessons on what not to do when leaving a job. The recent conviction of Stephen Marty Ward by a Washington federal jury imparts one such lesson..…more

Drones, Extortion, Trade Secrets

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Extra! Extra! Read All About It: California Supreme Court Affirms Reversal of Class Certification Denial for Class of Newspaper Carriers

The California Supreme Court in Ayala v. Antelope Valley Newspapers, Inc. recently affirmed and remanded the reversal of a denial of class certification in an independent contractor misclassification case, emphasizing the…more

Class Action, Class Certification, Employer Liability Issues, Independent Contractors, Misclassification

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Money, Gold And Judges: D.C. Circuit Holds SEC’s Conflict Minerals Rule Violates The First Amendment

On April 14, 2014, a divided panel of the U.S. Court of Appeals for the District of Columbia held in National Assoc. of Mfg., et al. v. SEC that the required disclosures pursuant to the SEC’s Conflict Minerals Rule violated the…more

Conflict Mineral Rules, First Amendment, SEC, Securities Litigation

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U.S. v. Yeh Illustrates The Challenges In International Trade Secrets Cases

On March 14, 2014, a Texas jury acquitted former Texas Instruments (“TI”) employee Ellen Chen Yeh on all counts brought against her arising from her admitted downloading of Texas Instruments proprietary information before…more

Employment Policies, Texas Instruments, Trade Secrets

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Rare Securities Trial Over Credit Crises Claims Results In Defense Verdict

On May 28, 2013, in Delshah Group LLC v. Javeri, a rare securities trial regarding credit-crisis related claims, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York issued an…more

Banking Crisis, Intent, Private Securities Litigation Reform Act of 1995, Rule 10b-5, Scienter

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A Welcome ‘Waive’ of Second Circuit Cases: Class Action Waivers Deemed Enforceable

For the better part of the last decade, the Second Circuit routinely and consistently struck down class action waivers in arbitration provisions…more

American Express, American Express v Italian Colors Restaurant, Arbitration, Citigroup, Class Action

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Getting An $800,000 Assist From The Government: Referring Trade Secret Theft For Criminal Prosecution Pays Off

We rely on the federal government for a lot of things, but helping a corporation recover attorney’s fees is not something that immediately comes to mind…more

Criminal Prosecution, Mandatory Victim's Restitution Act, Popular, Theft, Trade Secrets

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A 40 Hour per Week Volunteer? Second Circuit Says Yes

For forty hours, five days a week, for three years, Jayquan Brown provided services to New York City Department of Education’s Banana Kelly High School. Brown, who was a graduate of the school, was unable to secure a paid job…more

Employer Liability Issues, FLSA, Unpaid Interns, Volunteers, Young Lawyers

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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Can Your Director Bank On The Business Judgment Rule?

Ever had one of those days where you think you’re acting with good faith, diligence, and care, and yet you still get sued by the FDIC? The directors and officers of the now defunct Buckhead Community Bank in Georgia find…more

Board of Directors, Business Judgment Rule, Compliance, D&O Insurance, FDIC

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Il “Decreto Crescita” e gli interventi sulla disciplina fiscale delle obbligazioni emesse da società non quotate e dei finanziamenti a medio e lungo termine.

In data 24 giugno 2014, è stato pubblicato in G.U. n. 144 il decreto legge n. 91 (c.d. “Decreto Crescita”), in vigore dal 25 giugno 2014, recante inter alia disposizioni urgenti per le imprese. Gli articoli 21 e 22 del Decreto…more

See All Updates »

IRS Issues Final Regulations and New Proposed Regulations Regarding Withholding on Derivatives on U.S. Stocks

On December 5, 2013, the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") and proposed regulations (the "2013 Proposed Regulations") under section 871(m), which address withholding on certain…more

Derivatives, IRS, Stocks, Withholding Requirements

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Fifth Circuit to Consider In Re D.R. Horton in Light of Recent Court of Appeals Decision Striking Down Recess Appointments to NLRB

A recent D.C. Circuit Court of Appeals decision striking down several recess appointments to the National Labor Relations Board has cast doubt over one of the NLRB’s most controversial decisions from 2012…more

Barack Obama, Canning v NLRB, D.R. Horton, D.R. Horton v NLRB, NLRA

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Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added by…more

Dodd-Frank, Financial Regulatory Reform, Proposed Regulation, Risk Retention, Securities Exchange Act

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It’s The Real Deal: California Court Finds Trade Secret Protection For Ideas

Here’s a small-time Silicon Valley inventor’s worst nightmare: he shops his technology to a large multi-national company, but the company declines to implement his idea as pitched. Instead, the multi-national company turns…more

Digital Signature Standards, Idea Theft, Silicon Valley, Trade Secrets

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Antitrust and Competition Newsletter - December 2013

Japan’s METI Submits Amicus Brief in the TFT-LCD Litigation Seeking to Limit the Extraterritorial Reach of U.S. Antitrust Laws - On Oct. 31, 2013, Japan’s Ministry of Economy, Trade and Industry submitted a brief in…more

Antitrust Litigation, Competition, Cy Pres Funds, DOJ, FBI

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Overview of the M&A Industry in France

How was the M&A market in Q1 2012 compared to Q1 2011? As seems to be the case for most European countries, Q1 2012 saw a decline in M&A compared to Q1 2011. Although M&A activity remained stable between 2009 and 2011 in…more

Acquisitions, EU, Mergers

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Overview of the M&A Industry in France

How was the M&A market in Q1 2012 compared to Q1 2011? As seems to be the case for most European countries, Q1 2012 saw a decline in M&A compared to Q1 2011. Although M&A activity remained stable between 2009 and 2011 in…more

Acquisitions, EU, Mergers

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Sheer Yoga Pants And Over-Stretched Allegations: Court Refuses To Stretch Allegations Of Corporate Mismanagement Into Federal Securities Fraud

A lack of sweaty models trying on yoga pants may be problematic, but does it give rise to securities fraud? Not in the Southern District of New York. In In re lululemon Securities Litigation, decided on April 18, 2014,…more

Class Action, False Advertising, Lululemon, Mismanagement, Rule 10b-5

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U.S. Supreme Court Holds That Patentees Bear the Burden of Proof of Infringement in DJ Actions Brought by Licensee

A patentee bears the burden of proving infringement when a licensee seeks a declaratory judgment of non-infringement, the U.S. Supreme Court has held. The ruling reversed the Federal Circuit and clarified declaratory judgment…more

Burden of Proof, Evidence, Genentech, Infringement, License Agreements

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Orrick's Derivatives in Review - July 2014

Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and…more

CFTC, Commodity Pool, Credit Default Swaps, Deadlines, Dodd-Frank

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Smoking Gun Or Blowing Smoke? Five Tips To Make Sure That Computer Forensic Evidence Of Trade Secret Theft Is What You Think It Is

Today’s hackers and ex-employees steal secrets with USB drives, personal email accounts, and computer networks, making computer forensics critical in detecting trade secret theft…more

Data Breach, Data Protection, Data Theft, Electronic Evidence, Electronically Stored Information

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Tax Reform Bill Proposal - Much Ado About Nothing

As widely reported, on February 26, 2014, U.S. House of Representatives Committee on Ways and Means Chairman Dave Camp (R-MI) released the proposed Tax Reform Act of 2014 (the "Camp Proposal"). In exchange for simplification of…more

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Update on Russia-Ukraine Sanctions – Multiple Legal Challenges

In response to Russia's actions relating to Crimea, the United States and the European Union have expanded their lists of sanctioned parties and their legal bases for broader sanctions. These sanctions are beginning to restrict…more

EU, Russia, Sanctions, Ukraine

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Orrick Submits Comments to Civil Rules Advisory Committee Regarding the Proposed Amendments to the Federal Rules of Civil Procedure

On February 12, Orrick submitted written comments regarding proposed amendments to the Federal Rules of Civil Procedure ("FRCP") intended to facilitate more meaningful discovery efforts and to reduce cost and delay in…more

Federal Rules of Civil Procedure, Proposed Amendments

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A Peek Inside The New Data Privacy Lawsuit Playbook

When a blogger revealed that Facebook tracked users even after they had logged off from Facebook’s service, the company thanked him and promised an immediate fix. But plaintiffs’ attorneys socked the company with a class action…more

Class Action, Compliance, Data Protection, Facebook, Internet

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Supreme Court Unanimously Limits SEC’s Ability To Bring Civil Penalty Claims For Conduct Older Than Five Years

In Gabelli v. SEC, a unanimous Supreme Court held that the statute of limitations for “penalty” claims in governmental enforcement actions begins to run from the date of the underlying violation of the law, not when the…more

Discovery Rule, Discovery Schedule, Enforcement Actions, Equitable Tolling, Fraud

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Getting An $800,000 Assist From The Government: Referring Trade Secret Theft For Criminal Prosecution Pays Off

We rely on the federal government for a lot of things, but helping a corporation recover attorney’s fees is not something that immediately comes to mind…more

Criminal Prosecution, Mandatory Victim's Restitution Act, Popular, Theft, Trade Secrets

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Green Chemistry And Trade Secrets: California Leads Chemical Disclosure Movement, As Companies Wrestle With Options For Protection

Earlier this year, we picked mandatory public disclosure laws as a trend to watch in 2014. Developments in California seem to bear that out, and trade secrets owners will want to keep a close eye on the “green chemistry”…more

Chemicals, Department of Toxic Substances Control, Disclosure Requirements, Green Chemistry

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Le novità introdotte dal Decreto Crescita: Minibond, concessione di finanziamenti e cartolarizzazione dei crediti

In data 24 giugno 2014, è stato pubblicato in Gazzetta Ufficiale n. 144, il decreto legge 24 giugno 2014 n. 91 (il "Decreto Crescita") che introduce: (i) misure a favore delle emissioni di obbligazioni societarie; (ii)…more

Bonds, Corporate Taxes

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The Line Between Trade Secrets And Patents: Getting Dual IP Coverage On The Same Technology

Some might think that patents and trade secrets are mutually exclusive forms of intellectual property protection, and they would be partially correct…more

Patent Applications, Patent-Eligible Subject Matter, Patents, Trade Secrets, USPTO

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Internal Investigations Remain Internal – Attorney Client Privilege Protected by D.C. Circuit

On June 27, 2014, the U.S. Court of Appeals for the D.C. Circuit issued an important, unanimous decision upholding the assertion of attorney-client privilege for an internal investigation. The decision is especially significant…more

Attorney-Client Privilege, Compliance, False Claims Act, Internal Investigations, Kellogg Brown & Root

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Court Requires Employer To Pay Legal Fees Of Ex-Employee Charged With Trade Secret Theft

On October 16, 2013, a federal judge in New Jersey ruled that Goldman Sachs must advance the legal fees of a former employee charged with stealing Goldman’s source code. The order is the latest twist in a case that previously…more

Aleynikov, Attorney's Fees, Goldman Sachs, Source Code, Theft of Trade Secrets Clarification Act

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The New Electronic Payment Services Landscape: Developments in EU Legislation

On July 24, 2013, the European Commission issued legislative proposals to update and complement the current EU legal framework on payment services to develop further an EU-wide single market by promoting more competition,…more

Electronic Payment Transactions, EU, European Commission, New Legislation

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Sick Employees in New York City? There’s an Expanded Sick Leave Ordinance for That

Late last month, New York City Mayor Bill de Blasio signed amendments expanding the scope of the City’s Earned Sick Time Act. Starting April 1, 2014, all covered employees must begin accruing earned sick time. The amendments…more

Employee Rights, Paid Leave, Sick Leave

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The Restaurateur’s Dilemma: Should Owners Force Chefs To Sign Ndas?

Should restaurateurs wonder each time they hire someone: Will this person steal their recipes — the bread and butter of their business?…more

Non-Disclosure Agreement, Restaurant Industry, Trade Secrets

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Oregon Bankruptcy Court Denies Administrative Priority Status to Potential DIP Lender for Breakup Fee Claim

On April 8, 2014, Chief Bankruptcy Judge Frank R. Alley, III for the United States Bankruptcy Court for the District of Oregon found that Sunstone Business Finance, LLC's claim against debtor C&K Market, Inc. did not constitute…more

Administrative Expenses, Chapter 11, Debtors-in-Possession, Financing

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Commentary: Five Lessons from the Municipal Derivatives Litigation Front

Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive…more

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Le novità introdotte dal Decreto Crescita: Minibond, concessione di finanziamenti e cartolarizzazione dei crediti

In data 24 giugno 2014, è stato pubblicato in Gazzetta Ufficiale n. 144, il decreto legge 24 giugno 2014 n. 91 (il "Decreto Crescita") che introduce: (i) misure a favore delle emissioni di obbligazioni societarie; (ii)…more

Bonds, Corporate Taxes

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DEAR JUSTICE THOMAS: A Court Seal Cannot Protect My Trade Secrets, Pleads Florida Political Consultant

Florida may be the Sunshine State but there has been too little illumination into the Florida Legislature’s congressional redistricting process, according to the League of Women Voters of Florida. In 2010, voters amended the…more

Gerrymandering, Trade Secrets, Transparency

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CAFA? Don’t mind if I do: Ninth Circuit Overturns Lowdermilk’s Legal Certainty Standard to Remove Class Actions Under CAFA

In a boon to defendants seeking to remove cases to federal court under the Class Action Fairness Act (“CAFA”), the Ninth Circuit has overturned a rule requiring defendants to show to a “legal certainty” that the jurisdictional…more

Amount in Controversy, CAFA, Class Action, Damages, SCOTUS

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DEAR JUSTICE THOMAS: A Court Seal Cannot Protect My Trade Secrets, Pleads Florida Political Consultant

Florida may be the Sunshine State but there has been too little illumination into the Florida Legislature’s congressional redistricting process, according to the League of Women Voters of Florida. In 2010, voters amended the…more

Gerrymandering, Trade Secrets, Transparency

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Plaintiff’s Trade Secret Lawsuit Backfires!

We recently reported on good things (big verdicts) coming to trade secret plaintiffs that endure lengthy lawsuits. But good things don’t always come to those who wait…more

Popular, Settlement, Trade Secrets

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Indirect investors: know where you stand

Orrick, Herrington & Sutcliffe (Europe) LLP recently won a landmark case in the English High Court for client, Wickeder Westfalenstahl GmbH ('Wickeder'). The case highlights to investors in public companies holding their shares…more

Indirect Investors, Investors, Minority Shareholders, Publicly-Traded Companies, UK

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Volcker Rule: An Overview and Highlights Of Certain Key Provisions

On December 10, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission (collectively, the…more

Bank Holding Company, Banks, Compliance, Dodd-Frank, Volcker Rule

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Paid in Singles for a Shot at the Big Leagues: Former Minor Leaguers Sue MLB for Wage-and-Hour Violations

Spring training is just around the corner and major leaguers have already reported to their first workout. Meanwhile, an interesting development–three former minor leaguers have filed a lawsuit against Major League Baseball, Bud…more

Athletes, MLB, Sports, Wage and Hour

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North Carolina Enacts Criminal Penalties for Disclosure of Fracking Trade Secrets

North Carolina is officially open for fracking, after lifting a ban on the practice—and enacting criminal penalties for spilling trade secrets associated with it. With passage of the Energy Modernization Act..…more

Criminal Penalties, Energy Policy, Fracking, Fracking Bans, New Legislation

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IRS Issues Final Regulations and New Proposed Regulations Regarding Withholding on Derivatives on U.S. Stocks

On December 5, 2013, the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") and proposed regulations (the "2013 Proposed Regulations") under section 871(m), which address withholding on certain…more

Derivatives, IRS, Stocks, Withholding Requirements

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From D-Day to Afghanistan: Honoring Our Veterans by Reemploying Them

Seventy years ago, on June 6, 1944, the Allies’ liberation of Europe began with D-Day. Anyone who has had the privilege to travel to Saint-Laurent-sur-Mer in France and walk Omaha Beach and the surrounding area is struck by the…more

Employee Rights, Employer Liability Issues, Hiring & Firing, USERRA, Veterans

See All Updates »

Beyond Basic: Shareholder Litigation Without Fraud-On-The-Market

Will shareholder litigation survive the abandonment of the fraud-on-the-market presumption of reliance? After the Supreme Court’s announcement that it will be considering the presumption in Halliburton Co. v. Erica P. John…more

Fraud-on-the-Market, Rebuttable Presumptions, Securities Exchange Act, Shareholder Litigation, Shareholders

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“I Did It…But Don’t Tell!” Rejected Job Applicant Says Background Report Should Have Excluded his Admission of Fraud against Former Employer

Last week, a plaintiff sued the creator and the operator of the Esteem criminal background database—LexisNexis and First Advantage—alleging that they gave prohibited information to potential employers, which ultimately barred…more

Criminal Background Checks, Employer Liability Issues, Fraud, Job Applicants

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