Earlier this year, the International Swaps and Derivatives Association Inc. (ISDA) published the 2014 Credit Derivatives Definitions (the 2014 Definitions). The 2014 Definitions introduce a new government bail-in Credit Event...more
Entering into security financing transactions with BVI Business Companies (BCs) is a familiar part of the global financial services landscape given the use and presences of BCs. The ease of use of BCs in these types of...more
For municipal bond investors and insurers, recent events in Puerto Rico have become a major concern. Puerto Rico has tried to address its mounting debt crisis by enacting legislation that would create, in effect, a...more
1 Issues Arising When a Company is in Financial Difficulties -
1.1 How does a creditor take security over assets in Bermuda?
Bermuda is a self-governing British Overseas Territory. The systems of law...more
After protracted and expensive litigation overseas, you obtain a judgment against the defendant. There remains one series of hurdles left to cross: the defendant refuses to pay that judgment and has no assets in the country...more
The international caseload of the English commercial court is enormous. A survey of 705 commercial court judgments handed down in the past five years showed that about 62% of the litigants involved were based outside England...more
White collar criminal investigations take time. Corruption investigations are no different.
Everyone expected UK Bribery enforcement to quickly increase and cause complex headaches for companies operating in the global...more
In Actavis Group HF v. Eli Lilly & Co. the UK High Court has granted a declaration of non-infringement in the UK, France, Italy and Spain. A jurisdictional challenge in relation to the French, Italian and Spanish...more
Sun-Times Media Group, Inc. v. Black,  O.J. No. 795, is another case involving the former officers and directors of the Hollinger-related corporations, which highlights the risk of self-incrimination that officers and...more
On May 16, 2014, the U.S. Court of Appeals for the Eleventh Circuit issued a highly anticipated decision construing the scope of the term “instrumentality” under the Foreign Corrupt Practices Act (“FCPA”). See U.S. v....more
In this guide Harneys considers the scope of a party’s duties with respect to the discovery of documents in Cayman Islands litigation.
"Discovery", the process by which documents that are relevant to the issues raised...more
In a series of recent decisions, the U.S. Supreme Court has sought to restrict plaintiffs’ ability to apply U.S. law to, and to bring claims in the U.S. courts based on, extraterritorial conduct. In Morrison v. National...more
On May 6, 2014, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a putative securities class action brought by purchasers of foreign issued-securities on a foreign exchange. City of Pontiac...more
Phillip Kite of Harneys looks at the subject of injunctions generally with a particular emphasis on recent case law on freezing orders -
The British Virgin Islands is an idyllic collection of islands in the Caribbean....more
In a mid-April decision in the In re: South African Apartheid Litigation, the Southern District of New York (“SDNY”) has tackled one of the most pressing legal questions left unanswered by the Supreme Court last year in...more
Should a Canadian court exercise its jurisdiction to hear a class action lawsuit against Air Canada for improperly collecting U.S. travel taxes on ticket purchases in Canada and on air travel in Canada?...more
When parallel class actions in multiple provinces are resolved by one settlement agreement, procedural and jurisdictional issues may arise regarding the conduct of the settlement approval hearings. Recent decisions have...more
The offshore jurisdictions are catching up fast with legal issues relating to cybercrime, cyberliability, and the use and discovery of electronic documents.
In the wake of the embarrassing leak in April 2013 of about...more
In the last ten to fifteen years, Costa Rica has expanded its economy to include strong technology, services and tourism sectors. Its 2012 population was estimated at just over 4.6 million people.
The Costa Rican legal...more
On April 1, 2014, a New York state appellate court held that a judgment rendered by a foreign criminal court that required the defendant to make a payment of money to victims of his fraud was capable of domestication under...more
OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation(“EMIR”). ...more
There have been a number of decisions published recently by the courts in various international financial centres such as Bermuda, the Cayman Islands, Jersey and Singapore, that have considered the meaning and effect of...more
Generally speaking, the easier are the regulations concerning territorial competence, the better is for the efficiency of the legal system.
The Italian lawmaker took therefore the right direction in 2003, when IP...more
A Florida court ordered defendants to turn over stock certificates located outside of Florida evincing their ownership interest in several foreign entities to satisfy a judgment. On appeal, the appellate court ordered that...more
Transnational litigation is an expanding field, fueled by globalization, cross-border transactions and the pervasive movement of assets across national borders. As a consequence, the issue of recognition and enforcement of...more
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