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: Significant Expansion of Sanctions Presents Additional Compliance Challenges

On July 16, 2014, the United States announced another expansion of sanctions in response to events in southern and eastern Ukraine. The United States for the first time imposed sanctions against major Russian companies and banks…more

EU, Foreign Policy, Russia, Sanctions, Ukraine

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Overview of Central and West Africa

Orrick lawyers Pascal Agboyibor, Bruno Gay and Gabin Gabas authored the first "Overview of Central and West Africa," an outline of the electricity and oil & gas sector legislation in 14 francophone African countries, that has…more

Africa, Economic Development, Energy, Foreign Policy, Infrastructure

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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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Does Being an ‘Expert’ Make You an Expert?

Earlier this month, Judge Victor Marrero of the Southern District of New York issued his opinion certifying a class of buyers of the common stock of a company created by a Chinese reverse merger. McIntire v. China MediaExpress…more

Basic v Levinson, China, Expert Testimony, Reverse Mergers

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U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign Investors Remain

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that were…more

Asset Transfer, Bankruptcy Code, Bernie Madoff, Clawbacks, Extraterritoriality Rules

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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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How Far Does Section 10(b) Reach? The Second Circuit Says That A Domestic Transaction Is Necessary, But Not Sufficient, To Invoke U.S. Securities Laws

In a long-awaited opinion issued on August 15 in Parkcentral v. Porsche, the Second Circuit limited the extraterritorial reach of the U.S. securities laws, affirming the dismissal of securities claims brought by parties to swap…more

Extraterritoriality Rules, Morrison v National Australia Bank, Section 10(b), Securities, Securities Exchange Act

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Orrick Technology IPO Insights for Q2 2014

Welcome to the inaugural issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present concerns…more

Corporate Issuers, Equity Securities, Funding, IPO, Private Offerings

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The MCDC Initiative: Round One Is Underway

The clock will strike on the first self-report deadline under the SEC’s Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”) at 12:00 a.m. EST on September 10, 2014. Under the MCDC Initiative,…more

Disclosure Requirements, MCDC, Municipal Securities Market, SEC, Underwriting

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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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On a Roll: The SEC Continues to Deliver on its Promise to Seek Admissions of Wrongdoing

The SEC announced last week that it has obtained yet another admission of wrongdoing in connection with an agreement to settle an SEC enforcement action. This time, Peter A. Jenson, the former COO of Harbinger Capital Partners…more

Corporate Counsel, Enforcement, Enforcement Actions, Fraud, Harbinger Capital Partners LLC

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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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Regulation AB II – Final Rules

On August 27, 2014, the Securities and Exchange Commission unanimously voted to adopt a package of new and amended rules governing the registration, offering process, disclosure and reporting for SEC registered asset-backed…more

Asset-Backed Securities, Disclosure Requirements, Final Rules, Market Participants, Regulation AB

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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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Swimming in the Deep End: A Primer on Dark Pools

“Dark pools of liquidity” have recently become the focus of increased regulatory scrutiny, including a number of high-profile enforcement actions related to these alternative trading systems. This increased scrutiny follows on…more

Alternative Trading Systems, Broker-Dealer, Dark Pool, Enforcement, Enforcement Actions

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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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Judge Rakoff’s “Sour Grapes”: SEC v. Citigroup Settlement Approved

On August 5, 2014, U.S. District Judge Jed Rakoff reluctantly approved a$285 million settlement in the SEC’s enforcement action against Citigroup. In SEC v. Citigroup, the SEC alleged that after Citigroup realized in early 2007…more

Citigroup, Enforcement, Enforcement Actions, Judge Rakoff, Mortgage-Backed Securities

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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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To Your Health: California Enacts Broad Sick Leave Law

On September 10, 2014, Governor Brown signed into law the Healthy Workplaces, Healthy Families Act of 2014 (AB 1522), making California only the second state to require paid sick leave. In a press release, the Governor’s office…more

Employee Rights, Employer Liability Issues, New Legislation, Paid Leave, Sick Leave

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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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U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign Investors Remain

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that were…more

Asset Transfer, Bankruptcy Code, Bernie Madoff, Clawbacks, Extraterritoriality Rules

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Update on Russia-Ukraine Sanctions: Significant Expansion of Sanctions Presents Additional Compliance Challenges

On July 16, 2014, the United States announced another expansion of sanctions in response to events in southern and eastern Ukraine. The United States for the first time imposed sanctions against major Russian companies and banks…more

EU, Foreign Policy, Russia, Sanctions, Ukraine

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Unified Register of Pledges of Movable Property – Follow Up

This is an update of our alert dated 5 December 2012. Since our prior alert, there have been certain legislation changes addressed below. The public unified register of pledges of movable property (the Register) was…more

Moveable Parcels, New Legislation, Russia

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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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New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New…more

Corporate Taxes, Digital Assets, Franchise Taxes, Popular, State Taxes

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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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Update on Russia-Ukraine Sanctions: Significant Expansion of Sanctions Presents Additional Compliance Challenges

On July 16, 2014, the United States announced another expansion of sanctions in response to events in southern and eastern Ukraine. The United States for the first time imposed sanctions against major Russian companies and banks…more

EU, Foreign Policy, Russia, Sanctions, Ukraine

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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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Better Keep Your Opinions to Yourselves for Now: Second Circuit Doubles Down in Deutsche Bank Ruling in Advance of Supreme Court Review of Omnicare

On July 16, 2014, a three-judge Second Circuit panel affirmed the dismissal of a securities class action against Deutsche Bank AG and several underwriters. The case was brought on behalf of investors who purchased approximately…more

Banks, Deutsche Bank, Omnicare, SCOTUS, Securities Act of 1933

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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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PDA and Young: Pregnancy Discrimination Law to Break from Its Infancy

On the heels of the Hobby Lobby decision in late June, the Supreme Court has signaled that women’s health issues in the workplace will continue to be a central issue by granting a petition for certiorari in Young v. United…more

ADA, Certiorari, Discrimination, EEOC, Employer Liability Issues

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Assessing Retroactive Inversion Legislation And Its Risks

The increasing use of corporate inversions, whereby a company via merger achieves 20 percent or more new ownership, claims non-U.S. residence, and is then permitted to adopt that country’s lower corporate tax structure and take…more

Corporate Taxes, Inversion, Inverted Domestic Corporations, IRC, Legislative Agendas

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UPDATE: A New Top 10 Disclosed Trade Secret Settlement

A new trade secrets settlement has shaken up our top 10 disclosed settlements of all time. Business Logic, a Chicago-based developer of financial software, reports that the investment firm Morningstar, Inc. has agreed to pay it…more

Morningstar, Settlement, Trade Secrets

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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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ITC ALJ Breaks New Ground, Further Heightening the DI Requirement for NPEs in § 337 Cases

According to a recent initial determination by an Administrative Law Judge of the International Trade Commission, a purely revenue-driven NPE cannot prove the existence of a domestic industry by relying solely on the activities…more

ITC, Patent Infringement, Patent Litigation, Patents, Section 337

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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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Regulation AB II – Final Rules

On August 27, 2014, the Securities and Exchange Commission unanimously voted to adopt a package of new and amended rules governing the registration, offering process, disclosure and reporting for SEC registered asset-backed…more

Asset-Backed Securities, Disclosure Requirements, Final Rules, Market Participants, Regulation AB

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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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Le nuove Linee Guida di Confindustria per la costruzione dei modelli di organizzazione, gestione e controllo ex D. Lgs. 231/01

Il D. Lgs. 231/01 (“Decreto 231”) ha introdotto nell’ordinamento italiano la responsabilità degli enti conseguente alla commissione di un reato da parte di un soggetto funzionalmente collegato all’impresa. Al fine di…more

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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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U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign Investors Remain

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that were…more

Asset Transfer, Bankruptcy Code, Bernie Madoff, Clawbacks, Extraterritoriality Rules

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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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Focus Regolamentare: Nuovo Criterio Attributivo Del Rating Di Legalita’

Il 4 luglio 2014 è entrato in vigore il nuovo “Regolamento attuativo in materia di rating di legalità”, adottato con delibera dall’Autorità Garante della Concorrenza e del Mercato (“AGCM”) del 5 giugno 2014, n. 24953,…more

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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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OSHA’s Whistleblower Protection Advisory Committee Discusses Planning, New Initiatives

OSHA’s Whistleblower Protection Advisory Committee (“WPAC”) met on September 3-4, 2014. David Michaels, Assistant Secretary of Labor, OSHA, addressed the Committee and discussed recent results and initiatives of OSHA’s…more

OSHA, Whistleblower Protection Policies, Whistleblowers

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Orrick Technology IPO Insights for Q2 2014

Welcome to the inaugural issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present concerns…more

Corporate Issuers, Equity Securities, Funding, IPO, Private Offerings

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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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Focus Regolamentare: Nuovo Criterio Attributivo Del Rating Di Legalita’

Il 4 luglio 2014 è entrato in vigore il nuovo “Regolamento attuativo in materia di rating di legalità”, adottato con delibera dall’Autorità Garante della Concorrenza e del Mercato (“AGCM”) del 5 giugno 2014, n. 24953,…more

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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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The German Federal Labor Court (Bundesarbeitsgericht – BAG) rejects doubtful discrimination complaints

Even if a potential Employer does not know that an applicant is unsuitable for the offered job from an objective point of view, compensation claims based on discrimination would not be granted. The first comprehensive…more

Discrimination, Employer Liability Issues, Hiring & Firing, Job Applicants

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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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Overview of Central and West Africa

Orrick lawyers Pascal Agboyibor, Bruno Gay and Gabin Gabas authored the first "Overview of Central and West Africa," an outline of the electricity and oil & gas sector legislation in 14 francophone African countries, that has…more

Africa, Economic Development, Energy, Foreign Policy, Infrastructure

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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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Unified Register of Pledges of Movable Property – Follow Up

This is an update of our alert dated 5 December 2012. Since our prior alert, there have been certain legislation changes addressed below. The public unified register of pledges of movable property (the Register) was…more

Moveable Parcels, New Legislation, Russia

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Overview of Central and West Africa

Orrick lawyers Pascal Agboyibor, Bruno Gay and Gabin Gabas authored the first "Overview of Central and West Africa," an outline of the electricity and oil & gas sector legislation in 14 francophone African countries, that has…more

Africa, Economic Development, Energy, Foreign Policy, Infrastructure

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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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Calling All California Employers: You Must Reimburse Employees for Mandatory Use of Their Personal Cell Phones Even if They Have Unlimited Minutes

A California appellate court recently held that employers are always required to reimburse employees for mandatory use of their personal cell phones, even if they do not incur any additional expense for doing so. The case is…more

Bring Your Own Device, Cell Phones, Corporate Counsel, Employer Liability Issues, Mobile Devices

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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 - August 2014

China’s MOFCOM Blocks ‘P3 Alliance’ Despite EU, U.S. Non-Opposition - On June 17, 2014, China’s Ministry of Commerce, China’s competition regulator, prohibited the proposed “P3 Alliance” that would have combined the…more

Anti-Money Laundering, Antitrust Provisions, China, EU, Fishing Industry

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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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We Have Your Data. Pay Up or Else…

You wake on a Tuesday morning expecting to have an average day at work. You are skimming through the emails that came in while you were asleep, when you notice an email from one of your employees. He is not only giving his…more

Confidential Information, Data Protection, Extortion, Former Employee, Hiring & Firing

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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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Regulation AB II – Final Rules

On August 27, 2014, the Securities and Exchange Commission unanimously voted to adopt a package of new and amended rules governing the registration, offering process, disclosure and reporting for SEC registered asset-backed…more

Asset-Backed Securities, Disclosure Requirements, Final Rules, Market Participants, Regulation AB

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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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The MCDC Initiative: Round One Is Underway

The clock will strike on the first self-report deadline under the SEC’s Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”) at 12:00 a.m. EST on September 10, 2014. Under the MCDC Initiative,…more

Disclosure Requirements, MCDC, Municipal Securities Market, SEC, Underwriting

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No “Loos” Causation From Mere Announcement Of Internal Investigation

Securities fraud actions are often filed on the heels of an announcement of an internal or SEC investigation. A recent Ninth Circuit decision, Loos v. Immersion Corp., may make it easier for company executives to sleep at night…more

Government Investigations, Internal Investigations, Loss Causation, Securities, Securities Fraud

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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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Unified Register of Pledges of Movable Property – Follow Up

This is an update of our alert dated 5 December 2012. Since our prior alert, there have been certain legislation changes addressed below. The public unified register of pledges of movable property (the Register) was…more

Moveable Parcels, New Legislation, 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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How Far Does Section 10(b) Reach? The Second Circuit Says That A Domestic Transaction Is Necessary, But Not Sufficient, To Invoke U.S. Securities Laws

In a long-awaited opinion issued on August 15 in Parkcentral v. Porsche, the Second Circuit limited the extraterritorial reach of the U.S. securities laws, affirming the dismissal of securities claims brought by parties to swap…more

Extraterritoriality Rules, Morrison v National Australia Bank, Section 10(b), Securities, Securities Exchange Act

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Assessing Retroactive Inversion Legislation And Its Risks

The increasing use of corporate inversions, whereby a company via merger achieves 20 percent or more new ownership, claims non-U.S. residence, and is then permitted to adopt that country’s lower corporate tax structure and take…more

Corporate Taxes, Inversion, Inverted Domestic Corporations, IRC, Legislative Agendas

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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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Ex-Citadel Employee Pleads Guilty To Wire Fraud And Theft Of Trade Secrets; Accomplice Left To Fight Trial Alone

Yihao “Ben” Pu is probably coming to grips with the phrases “crime doesn’t pay…” and “don’t do the crime unless you’re willing to do the time….” In federal court in Chicago, on Thursday, August 7, 2014, Pu, a former…more

Criminal Prosecution, Popular, Theft, Trade Secrets, Wire Fraud

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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

Corporate Counsel, Criminal Conspiracy, Data Breach, Hackers, Hedge Funds

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Seeking Credit for Deferred Commissions? You Might Get Declined

Last week, the California Supreme Court issued its decision in Peabody v. Time Warner Cable, Inc., deciding that employers may not apply commission payments to earlier pay periods for the purposes of establishing that an…more

Employer Liability Issues, Minimum Wage, Sales Commissions, Time Warner, Wage and Hour

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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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Judge Rakoff’s “Sour Grapes”: SEC v. Citigroup Settlement Approved

On August 5, 2014, U.S. District Judge Jed Rakoff reluctantly approved a$285 million settlement in the SEC’s enforcement action against Citigroup. In SEC v. Citigroup, the SEC alleged that after Citigroup realized in early 2007…more

Citigroup, Enforcement, Enforcement Actions, Judge Rakoff, Mortgage-Backed 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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Unpaid Leave (Sabbatical) Triggers Days of Paid Vacation in Germany

Like in other countries, the parties to an employment agreement in Germany are free to agree on a sabbatical – a defined period during which the employment relationship is suspended. The employee is released from his active…more

Employer Liability Issues, Sabbatical, Unpaid Leave

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Employers Should Act Now to Avoid Potential Data Minefields: The OFCCP’s New Proposed Rules for Collecting Compensation Data from Federal Contractors

On August 8, 2014, the Office of Federal Contract Compliance (“OFCCP”) proposed new annual reporting requirements for federal contractors and subcontractors. The proposal requires additional pay information and will become…more

Barack Obama, DOL, EEO-1, Employer Liability Issues, Executive Orders

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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

See All Updates »

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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Bigger in Texas? High Court to Decide Scope of Protection for Third Party Trade Secrets in Civil Discovery

On August 22, 2014, the Texas Supreme Court ordered oral argument in In re: Magnum Hunter Resources Corp., a case concerning the discoverability of third-party trade secrets documents in civil cases. When should such documents…more

Discovery, Rules of Civil Procedure, Third-Party Risk, 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

See All Updates »

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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The German Federal Labor Court (Bundesarbeitsgericht – BAG) rejects doubtful discrimination complaints

Even if a potential Employer does not know that an applicant is unsuitable for the offered job from an objective point of view, compensation claims based on discrimination would not be granted. The first comprehensive…more

Discrimination, Employer Liability Issues, Hiring & Firing, Job Applicants

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Flash Boy’s luck runs out: Aleynikov takes his legal fees battle back to trial court

The last time TSW readers heard from Sergey “Flash Boy” Aleynikov, the underdog high-frequency trading guru had fought the law to a rare win: the New York State Supreme Court had tossed a raft of evidence in his second criminal…more

Criminal Prosecution, High Frequency Trading, White Collar Crimes

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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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New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New…more

Corporate Taxes, Digital Assets, Franchise Taxes, Popular, State Taxes

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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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ITC ALJ Breaks New Ground, Further Heightening the DI Requirement for NPEs in § 337 Cases

According to a recent initial determination by an Administrative Law Judge of the International Trade Commission, a purely revenue-driven NPE cannot prove the existence of a domestic industry by relying solely on the activities…more

ITC, Patent Infringement, Patent Litigation, Patents, Section 337

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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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Is Your Bank Stressed Out? OCC Follows Fed on Proposed Stress-Test Changes

On September 10, the Office of the Comptroller of the Currency (“OCC”) published proposed revisions to its information collecting regulations related to the Dodd-Frank Act’s “stress test” for large national banks and federal…more

Banks, Compliance, Dodd-Frank, OCC, Stress Tests

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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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Is Your Bank Stressed Out? OCC Follows Fed on Proposed Stress-Test Changes

On September 10, the Office of the Comptroller of the Currency (“OCC”) published proposed revisions to its information collecting regulations related to the Dodd-Frank Act’s “stress test” for large national banks and federal…more

Banks, Compliance, Dodd-Frank, OCC, Stress Tests

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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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Regulation AB II – Final Rules

On August 27, 2014, the Securities and Exchange Commission unanimously voted to adopt a package of new and amended rules governing the registration, offering process, disclosure and reporting for SEC registered asset-backed…more

Asset-Backed Securities, Disclosure Requirements, Final Rules, Market Participants, Regulation AB

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SEC Can’t Pass On Pot Stock Puffery

Corporations facing federal securities suits can sometimes avoid liability by claiming that their forward-looking statements were so vague or indefinite that they could not have affected the company’s stock price and are…more

Enforcement, Enforcement Actions, Fraud, Professional Liability, SEC

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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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Swimming in the Deep End: A Primer on Dark Pools

“Dark pools of liquidity” have recently become the focus of increased regulatory scrutiny, including a number of high-profile enforcement actions related to these alternative trading systems. This increased scrutiny follows on…more

Alternative Trading Systems, Broker-Dealer, Dark Pool, Enforcement, Enforcement Actions

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Orrick's Antitrust and Competition Newsletter - August 2014

China’s MOFCOM Blocks ‘P3 Alliance’ Despite EU, U.S. Non-Opposition - On June 17, 2014, China’s Ministry of Commerce, China’s competition regulator, prohibited the proposed “P3 Alliance” that would have combined the…more

Anti-Money Laundering, Antitrust Provisions, China, EU, Fishing Industry

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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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FERC Proposes to Streamline Market-Based Rate Program

On June 19, 2014, the Federal Energy Regulatory Commission ("FERC") issued a notice of proposed rulemaking ("NOPR") proposing to revise its policies for applications to sell energy, capacity, and ancillary services at…more

Consumer Utility Costs, Energy, FERC, RTO, Utilities Sector

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New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New…more

Corporate Taxes, Digital Assets, Franchise Taxes, Popular, State Taxes

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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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PDA and Young: Pregnancy Discrimination Law to Break from Its Infancy

On the heels of the Hobby Lobby decision in late June, the Supreme Court has signaled that women’s health issues in the workplace will continue to be a central issue by granting a petition for certiorari in Young v. United…more

ADA, Certiorari, Discrimination, EEOC, Employer Liability Issues

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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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Perhaps Overdue, Pregnancy Discrimination Update Issued by the EEOC

Following up on our recent post regarding pregnancy discrimination developments, the Equal Employment Opportunity Commission issued the Enforcement Guidance: Pregnancy Discrimination and Related Issues on July 14, 2014. This is…more

ADA, Discrimination, EEOC, Employer Liability Issues, Enforcement Guidance

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Assessing Retroactive Inversion Legislation And Its Risks

The increasing use of corporate inversions, whereby a company via merger achieves 20 percent or more new ownership, claims non-U.S. residence, and is then permitted to adopt that country’s lower corporate tax structure and take…more

Corporate Taxes, Inversion, Inverted Domestic Corporations, IRC, Legislative Agendas

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Better Keep Your Opinions to Yourselves for Now: Second Circuit Doubles Down in Deutsche Bank Ruling in Advance of Supreme Court Review of Omnicare

On July 16, 2014, a three-judge Second Circuit panel affirmed the dismissal of a securities class action against Deutsche Bank AG and several underwriters. The case was brought on behalf of investors who purchased approximately…more

Banks, Deutsche Bank, Omnicare, SCOTUS, Securities Act of 1933

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No “Loos” Causation From Mere Announcement Of Internal Investigation

Securities fraud actions are often filed on the heels of an announcement of an internal or SEC investigation. A recent Ninth Circuit decision, Loos v. Immersion Corp., may make it easier for company executives to sleep at night…more

Government Investigations, Internal Investigations, Loss Causation, Securities, Securities Fraud

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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 Scripts a New Tune with Final Whistleblowing Regulations

Section 7623 of the Internal Revenue Code (the “Code”), added in 1954, authorizes the Treasury Secretary to pay an award as he deems necessary for “(1) detecting underpayments of tax, or (2) detecting and bringing to trial and…more

Anti-Retaliation Provisions, IRC, IRS, U.S. Treasury, Whistleblower Awards

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Calling All California Employers: You Must Reimburse Employees for Mandatory Use of Their Personal Cell Phones Even if They Have Unlimited Minutes

A California appellate court recently held that employers are always required to reimburse employees for mandatory use of their personal cell phones, even if they do not incur any additional expense for doing so. The case is…more

Bring Your Own Device, Cell Phones, Corporate Counsel, Employer Liability Issues, Mobile Devices

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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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UPDATE: A New Top 10 Disclosed Trade Secret Settlement

A new trade secrets settlement has shaken up our top 10 disclosed settlements of all time. Business Logic, a Chicago-based developer of financial software, reports that the investment firm Morningstar, Inc. has agreed to pay it…more

Morningstar, Settlement, Trade Secrets

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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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Let’s Talk About Sex: U.S. Department of Labor Targets Transgender & Gender Identity Discrimination

On Tuesday, August 19, 2014, the U.S. Department of Labor issued a directive to “clarify that existing agency guidance on discrimination on the basis of sex... includes discrimination on the bases of gender identity and…more

Barack Obama, Discrimination, DOL, EEOC, Employer Liability Issues

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FedEx Money Laundering Charges Provide an Alternative Avenue for Prosecution if Drug Charges Fail

The Department of Justice's ("DOJ") commitment to expanding the scope of criminal enforcement of the money laundering statutes was shown in a recent indictment targeting FedEx Corporation…more

Anti-Money Laundering, Criminal Prosecution, DOJ, Enforcement, Enforcement Actions

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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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It Might be Mechanical, But It’s Exempt: Court Dismisses Temp Document Reviewing Attorneys’ Overtime Collective Action

A district court in New York dismissed the putative collective action filed by a contract attorney who performed document review for Skadden, Arps, Slate, Meagher and Flom LLP (“Skadden”) for fifteen months. See Lola v. Skadden,…more

Contract Attorneys, FLSA, Putative Class Actions, Unpaid Overtime

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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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Better Keep Your Opinions to Yourselves for Now: Second Circuit Doubles Down in Deutsche Bank Ruling in Advance of Supreme Court Review of Omnicare

On July 16, 2014, a three-judge Second Circuit panel affirmed the dismissal of a securities class action against Deutsche Bank AG and several underwriters. The case was brought on behalf of investors who purchased approximately…more

Banks, Deutsche Bank, Omnicare, SCOTUS, Securities Act of 1933

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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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New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New…more

Corporate Taxes, Digital Assets, Franchise Taxes, Popular, State Taxes

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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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SEC Adopts Final Rules Relating to NRSROs and Third-Party Due Diligence Reports

On August 27, 2014, the SEC adopted a number of new rules and amendments designed to improve the quality of credit ratings and increase credit rating agency accountability in accordance with the Dodd-Frank Act. The newly…more

Credit Ratings, Credit Reports, Dodd-Frank, Due Diligence, NRSRO

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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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Orrick Technology IPO Insights for Q2 2014

Welcome to the inaugural issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present concerns…more

Corporate Issuers, Equity Securities, Funding, IPO, Private Offerings

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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 timeli