Fast becoming the Monaco of the East, Singapore is luring global UHNWIs to set up family offices here due to its wealth-friendly tax and regulatory regime, and its position at the global economic growth epicentre. Sergey Brin (net worth: US$104 billion). Google’s co-founder and the world’s ninth-richest person set up a branch of his single family office (SFO), Bayshore Global Management, in Singapore to manage his local assets late last year ...
In a decision of first impression, a federal district court has held that the “clawback” provision of Sarbanes-Oxley permits the SEC to seek reimbursement of incentive-based compensation from CEOs and CFOs of companies that restate their financial statements as a result of misconduct, even if the CEO and CFO had no personal involvement in such misconduct ...
Beleaguered companies suffering from data breaches got more bad news when a federal judge held that the United States Federal Trade Commission (the “FTC”) has the authority to regulate corporate cybersecurity practices ...
Beleaguered companies suffering from data breaches got more bad news when a federal judge held that the United States Federal Trade Commission (the “FTC”) has the authority to regulate corporate cybersecurity practices ...
In Rudd v. Brown, the Delaware Court of Chancery dismissed a stockholder’s claim that directors had breached their fiduciary duties by pursuing a sale of the company to avoid a proxy contest threatened by an activist hedge fund ...
In Da Shing Group Ltd v Rich Promise Limited [2020] HKCFI 588[1], the Hong Kong Court of First Instance provided guiding principles in the interpretation of a memorandum of understanding (MOU) and considered whether pre-contractual exchanges could be admitted as evidence. The MOU in Chinese related to the acquisition of about 50.46% of the shareholding (Shares) in a listed company, Crocodile Garments Limited (Crocodile) ...
As noted in our alert dated May 12, 2014, the National Association of Manufacturers, et al. requested on May 5, 2014 an emergency stay of the conflict minerals rule (the “Rule”) or at a minimum, a delay of the June 2, 2014 filing deadline for Form SD. On May 14, 2014, the United States Court of Appeals for the District of Columbia Circuit (the “Court of Appeals”) denied the request to stay the Rule or the filing deadline ...
Under section 327 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), the Court can exercise its discretion to wind up a foreign-incorporated company. A recent case reaffirms the three core requirements necessary to enable the court to exercise that discretion ...
By Robert S. Cooper The California Court of Appeal issued a landmark decision on September 9, 2021, upholding a trial court’s striking (dismissing) of a PAGA lawsuit because Plaintiff could not establish that trial of the matter would be “manageable” in court. In Wesson v ...
There were conflicting judicial opinions of first instance courts as to whether the exception in summary judgment applications under Order 14, rule 1(2)(b) of the Rules of the High Court (Cap. 4A) (Fraud Exception) covers actions in which the defendant is not alleged to be a party to the fraud, but where allegations of fraud are made against a third party. In R. Stahl Inc ...
Bank Accounts were reinstated after Bank failed to give justified reasons for termination under AML/CFT obligations. 1. Facts of the Case APS Bank p.l.c ...
Court Limits Authority of DOJ to Dismiss Relator Claims April 23, 2019 TheGranston Memoraised concerns that the U.S. Department of Justice (DOJ) would employ its authority under 31 U.S.C. § 3730 tounderminequi tamrelator actions. Since the Memo was issued, the DOJ moved to dismiss 11 Anti-Kickback Statute cases brought by a professional relator, the National Health Care Analysis Group (“NHCAG”) ...
Arbitration provisions are becoming more common in construction contracts, but a recent court decision reveals that enforcing these provisions requires more than just placing them in a contract. Contractors, especially those seeking to arbitrate claims involving multiple property owners or an entire homeowner or condominium association, must sufficiently establish that enough of the property owners agreed to arbitrate their claims. Mattamy Florida LLC .v ...
On November 9, 2012, a federal District Court in Washington certified a national class and a Washington state sub-class in an action alleging that Papa John’s International, Inc. (“Papa John’s”) violated the Telephone Consumer Protection Act (“TCPA”) by sending unsolicited text messages advertising its pizza products. The court determined that plaintiffs had standing and satisfied all other requirements for class certification ...
Businesses throughout the United States have been monitoring the lawsuit filed by Ryan LLC, which challenges the legality of the Federal Trade Commission’s ("FTC") Non-Compete Rule (the “Rule”). The Rule is scheduled to take effect on September 4, 2024. It makes most existing non-compete agreements unenforceable and prohibits new agreements except in limited circumstances. On July 3, 2024, the U.S ...
A federal court has issued a nationwide injunction blocking enforcement of the Federal Trade Commission’s (“FTC”) new rule that would ban nearly all non-competition (“non-compete”) deals. The rule, issued on April 23, 2024 (the “Non-Compete Rule”), would broadly ban employer/employee non-compete agreements nationwide and was set to go into effect on September 4, 2024 (“Effective Date”) ...
In January, Florida’s Second District Court of Appeal affirmed a $638,794.10 award for damages in favor of a utility contract, and reversed an award of $177,750 in liquidated damages in favor of the county that hired it. The damages awarded arose from an improper stoppage of work and delay in construction by the county. Sarasota County Florida v. Southern Underground Industries, Inc ...
Environmental, social and governance (ESG) reporting is a major and evolving regulatory area in Europe. Disclosures play a crucial role in helping the financial sector address climate change and sustainability. They are also being used to address issues such as poor workplace diversity and gender pay gaps. Several jurisdictions have introduced or plan to introduce measures dealing with ESG risks in supply chains ...
Companies found guilty of manslaughter under new law could have their finances and reputations ruined. The Corporate Manslaughter and Corporate Homicide Act 2007 comes into force on 6 April 2008. After much controversy and delay the legislation is almost with us. In a nutshell: The Corporate Manslaughter and Corporate Homicide Act 2007 (the “Act”) comes into force in the UK on 6 April 2008 ...
Under the current law, for an organisation to be liable for a fatality the 'identification' principle must apply. This first requires an individual to be personally guilty of the wrongdoing. This individual must then be identified as the "controlling mind" of the company. There are several problems with the current system. It is often impossible to identify the "controlling mind" behind the decision which results in the death ...
The Paycheck Protection Program (“PPP”) is intended to provide nearly $700 billion of economic relief to small businesses adversely affected by COVID-19 ...
Public comment closed August 1 on the rulemaking process for a final ban on TikTok and other social media applications (“apps”) from federal contractors’ devices. The new regulation will expand upon the interim Department of Defense, General Services Administration, and NASA (“the agencies”) ban, which went into effect on June 2, 2023. Over half of all states have banned TikTok on state government devices, with more likely to follow ...
Under the Companies Act a company is prohibited (subject to certain exceptions) from making loans to its directors. A recent case highlighted the dangers to a director who is aware that his company has made loans in breach of that prohibition. The case involved a father and son who were the directors of a company. Over time, the father had become less involved in the day-to-day management of the company in question ...
