News & Analysis as of

SDN List Appeals

Bracewell LLP

An "Immutable" Force Meets an Immovable Object: OFAC's Crypto Loss at the Fifth Circuit

Bracewell LLP on

On November 26, 2024, the US Court of Appeals for the Fifth Circuit ruled that “immutable” smart contracts are not “property” for purposes of regulation by the US Department of the Treasury’s Office of Foreign Assets Control...more

A&O Shearman

Fifth Circuit Limits OFAC Authority Over Certain Cryptocurrency Products

A&O Shearman on

On November 26, 2024, the Fifth Circuit Court of Appeals held that the United States Office of Foreign Assets Control (“OFAC”) exceeded its authority by adding an entity that pools and anonymizes crypto transactions to OFAC’s...more

Foley & Lardner LLP

Fourth Circuit Holds No Article III Standing Where No Third-Party Viewed Inaccurate Information

Foley & Lardner LLP on

On September 11, 2024, the Fourth Circuit Court of Appeals held that there is no publication to a third party — and therefore no Article III standing under the Fair Credit Reporting Act (FCRA) — where the recipient of a...more

Oberheiden P.C.

Ten Strategic Considerations for OFAC Appeals

Oberheiden P.C. on

The Office of Foreign Assets Control (OFAC) has oversight of financial transactions involving U.S. and foreign entities. It exercises this authority in several ways, including (i) through the administration of its various...more

The Volkov Law Group

Appellate Court Upholds OFAC Designation of Oleg Deripaska, a Major Oligarch

The Volkov Law Group on

The Office of Foreign Asset Control’s designation of an entity as a Specially Designated National (SDN) is the “kiss of death.”  Such designation not only has a direct impact on an SDN’s ability to engage in business but has...more

Morrison & Foerster LLP

Can You Withhold A Payment Of Interest To Comply With U.S. Secondary Sanctions Law?- Lamesa Investments Ltd v Cynergy Bank Ltd...

The Court of Appeal, in Lamesa Investments Ltd v Cynergy Bank Ltd [2020] EWCA Civ 281, has found that a party in an English law governed “Tier 2 Capital” subordinated facility agreement with contractual language addressing...more

Latham & Watkins LLP

Court of Appeal Excuses Non-Payment Arising From Secondary Sanctions Concerns

Latham & Watkins LLP on

The Court of Appeal decision, which considered standard form wording and the “mandatory” nature of US sanctions laws, upholds a High Court ruling exempting a borrower’s non-payment of interest, albeit on different grounds. ...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - August 2017

ANTICORRUPTION DEVELOPMENTS - MTS Receives DOJ and SEC Declination Letters Concluding FCPA Investigations - On August 7, 2017, MTS Systems (MTS), a Minnesota based maker of test systems and industrial position...more

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