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Restructuring and Insolvency Bulletin: Issue 4 - May 2018: UK Consultation on Insolvency and Corporate Governance

by Dechert LLP on

Accountability is the major theme of the recent government consultation regarding ‘Insolvency and Corporate Governance’, which follows high profile failures such as BHS and Carillion. The consultation contains proposals...more

Parent company liability and human rights – new claims against mining company filed in the English courts

by Hogan Lovells on

On 16 April, proceedings were issued in the English courts against Gemfields Limited, a London-based mining company, in relation to allegations of human rights abuses in connection with the activities of its subsidiary in the...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: If You Don’t Succeed in Anguilla, Should You Try Again in the US?

by Dechert LLP on

Two United States Bankruptcy Judges for the Southern District of New York recently issued a joint opinion addressing common issues raised by motions to dismiss in two separate adversary proceedings – one pending before Judge...more

Can a Subsidiary Conspire with Its Parent?

by Epstein Becker & Green on

A violation of Section 1 of the Sherman Act requires an agreement between two or more separate economic entities. In Copperweld Corp. v. Independence Tube Corp., 467 U.S. 752 (1984), the Supreme Court of the United States...more

BEA’s BE-12 Benchmark Survey of Foreign Direct Investments in the United States: Implications for US Asset Managers

by Dechert LLP on

Financial services providers that are subsidiaries of a non-U.S. parent (or that have received substantial direct investment from abroad) should evaluate whether they are required to file the Benchmark Survey of Foreign...more

Form BE-12 – Affirmative BEA Reporting Obligation for Foreign Owned Entities

by Sullivan & Worcester on

Overview - The Bureau of Economic Analysis (the “BEA”) is a branch of the U.S. Department of Commerce that collects statistical information about the American economy. One function of the BEA is to record statistics for...more

Office of Federal Contracts Compliance Programs: Methodology for Developing the Scheduling List Supply & Service Federal...

The Office of Federal Contract Compliance Programs (OFCCP) recently released its scheduling methodology for the fiscal year (FY) 2018 scheduling list. The two-page document describes the process the agency used to develop the...more

Transaction Highlights: Frigoglass Restructuring

by Shearman & Sterling LLP on

Shearman & Sterling advised the Frigoglass Group on its successful capital restructuring (the “Restructuring”), which included the use of an English scheme of arrangement....more

French Anti-Corruption Agency Publishes Information Expected from Companies During Agency Inspections

by Jones Day on

The Situation: The French Anti-Corruption Agency has published the questions and documentation that companies will be expected to answer and provide when inspected by the Agency. The Result: The French Anti-Corruption...more

Foreign Corrupt Practices Act Requires More Than a Policy

by Dorsey & Whitney LLP on

The recent settlement agreement between Kinross Gold Company and the Securities and Exchange Commission is a reminder to Canadian cross-listed companies that it is not enough to adopt a parent-company level anti-corruption...more

Parent company liability in England for human rights impacts abroad: Lungowe v Vedanta

by Hogan Lovells on

Conventionally, a "corporate veil" and the doctrine of "forum non-conveniens" have isolated UK businesses from human rights related claims arising out of the operations of their foreign subsidiaries. ...more

Caution: Filing Multiple H-1B Petitions for the Same Employee May Lead to Denial

by Miles & Stockbridge P.C. on

Federal regulations prohibit “related entities” from filing more than one H-1B petition on behalf of a foreign national unless there is a legitimate business need to do so. This rule is designed to prevent H-1B petitioners...more

The BE-12 is Due May 31!

by K&L Gates LLP on

The 2017 Benchmark Survey of Foreign Direct Investment in the United States (the “BE-12”) must be filed with the Bureau of Economic Analysis (the “BEA”) by May 31, 2018. A response is required from entities subject to the...more

No parent company duty of care for Niger Delta claims

by Allen & Overy LLP on

The Court of Appeal has ruled that the English courts do not have jurisdiction over claims by victims of oil leaks from pipelines in the Niger Delta. The judgment comes after the Lungowe & ors v Vedanta Resources Plc [2017]...more

Peru and Argentina: New Bribe Regimes Put Companies at Risk

by Jones Day on

In reaction to fallout from the recent Odebrecht scandal, and aided by shifting political winds, Peru and Argentina have enacted significant corporate anticorruption legislation. Both countries have implemented laws...more

Foreign Parent Company Is Joint Employer With Subsidiary For Employment Claims, Court Rules

by Jackson Lewis P.C. on

A foreign parent company can be held jointly liable for employment claims against its U.S. subsidiary, a federal district court has held. Middlebrooks v. Teva Pharmaceuticals USA, Inc., No. 17-00412 (E.D. Pa. Feb. 1,...more

Energy Newsletter - February 2018

by King & Spalding on

Developing an FSRU Project in New Markets: 10 Key Considerations - As at 1 July 2017, the total number of operational floating storage and regasification units (“FSRUs”) globally stood at 26, with 23 operating as terminals...more

Controlled Group Rules for Tax Exempt Organizations: A Brief Review

by Verrill Dana LLP on

Corporate entities under common control are generally treated as a single employer for purposes of applying the core rules that govern employee benefit plans and executive compensation arrangements. For that reason, a...more

Impact of US Tax Reform on Insurance Companies

On December 22, 2017, President Donald Trump signed into law a budget reconciliation act commonly referred to as the Tax Cuts and Jobs Act (TCJA). This sweeping tax bill represents the most comprehensive reform of U.S. tax...more

English Court of Appeal Rejects UK Parent Company Duty of Care to Those Affected by Pipeline Operations of Nigerian Subsidiary

by King & Spalding on

In a decision likely to give comfort to parent energy companies, the English Court of Appeal has confirmed (by a majority of 2:1) that the parent company of the Shell Group owed no duty of care to approximately 42,500...more

Update on the responsibility to respect human rights and parent company liability: what the Court of Appeal’s judgment in Okpabi...

by Hogan Lovells on

In the last four months, the Court of Appeal has handed down judgment in two important cases relating to parent company liability and jurisdiction over extra-territorial human rights impacts. ...more

Landmark UK Case Takes A Stand: Parent Companies May Be Liable For Their Subsidiaries’ Alleged Human Rights Abuses

by King & Spalding on

A landmark United Kingdom case recently has made it clear that UK-based parent companies may be found liable for human rights violations committed by their foreign subsidiaries. Plaintiffs all over the world are filing...more

Should Your Bank Consider Eliminating Its Parent Bank Holding Company?

by Holland & Knight LLP on

• After the April 2017 announcement that Bank of the Ozarks in Little Rock, Ark., had decided to eliminate its bank holding company in favor of operating directly through its bank subsidiary, a number of banks have followed...more

EU Court: (former) French and German tax anti-abuse rules not in line with EU law

by Dentons on

The Court of Justice of the European Union (CJEU) issued two important judgments regarding abuse presumptions in relation to dividend distributions by French and German companies to parent companies resident in other EU...more

European Court of Justice finds German anti-treaty shopping rule in violation of EU law: key takeaways

by DLA Piper on

The European Court of Justice (ECJ) has recently decided that Germany's anti-treaty shopping rule is not compatible with the EU-Parent-Subsidiary Directive and infringes the EU freedom of establishment (ECJ joint decision on...more

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