Last December 23, the Supreme Court of Canada partially overturned the decision of the Quebec Court of Appeal in the case of Cinar Corporation v. Robinson1 and reinstated most of the conclusions of the Quebec Superior Court. BACKGROUND In the 1980s, Claude Robinson (“Robinson”) developed a project for a television series entitled “The Adventures of Robinson Curiosity” (“Robinson Curiosity”). He partnered with Pathonic to whom he had presented his project ...
Traditionally, the estate administrator’s main duty has been to liquidate the machinery of the estate as quickly as possible. But there are alternative possibilities. Instead of seeing the bankruptcy estate as a pile of assets left behind by a company that has gone through financial hardship, smart thinking says you should see this as an opportunity to start a new business. At its best, bankruptcy means a fresh start for a successor company without burdens of the bankrupt one ...
Getting ready for your next compliance examination? Well, it may be time to take a fresh look at your institution’s Regulation B compliance. The Equal Credit Opportunity Act ("ECOA"), as implemented by Regulation B, is not a new concept. First adopted in 1974, Regulation B is understood by most institutions to include a focus on what information and what signatures can be obtained with respect to the family member of an applicant ...
On December 17, 2013, the Federal Financial Institutions Examination Council (the “FFIEC”) issued the Social Media: Consumer Compliance Risk Management Guidance for financial institutions. The Guidance does not impose any new obligations but “is intended to help financial institutions understand and successfully manage risks in this area ...
Law No. 20,715: On protection to debtors of money loans On December 13, Law No. 20,715 was published in the Official Gazette, after an intense debate in the financial industry and over 2 years of discussion in Parliament. The new law modifies Law No. 18,010 on regulations on money loan transactions, Law No. 19,496 on protection of consumer rights and the Chilean Tax Code. In what refers to money loan transactions, Law No ...
Poland has yet to adopt regulations implementing AIFMD, but that does not mean that nothing will change on the Polish market for private equity and closed investment funds in the next few months, before the new regulations are enacted here ...
CONTENT Notifying your insurer of potential legal proceedings : A sensible measure which may help you avoid significant costs!The ABCs of Managing Absenteeism at Work NOTIFYING YOUR INSURER OF POTENTIAL LEGAL PROCEEDINGS: A SENSIBLE MEASURE WHICH MAY HELP YOU AVOID SIGNIFICANT COSTS! Jonathan Lacoste-Jobin Company directors sometimes have the reflex of minimizing the importance of a letter of demand or of the threat of a legal action ...
Facts and judicial history The Supreme Court of Canada has rendered a decision which is likely to generate a lot of commentary in the Canadian class action scene. On December 12, 2013, the Court issued a ruling in the case of AIC Limited v. Fischer1 (hereinafter ''Fischer''), now frequently referred to as the ''market timing decision'' ...
In my last article, “ECOA Gets More Teeth in North Carolina,” I wrote about the recent North Carolina Court of Appeals decision, RL Regi North Carolina, LLC v. Lighthouse Cove, LLC,…,and Connie S. Yow (COA12-1279). As expected, it did not take long for this important decision to limit the enforcement of some spousal guaranties. Approximately one month after the Lighthouse decision, Wells Fargo v. Triplett v ...
Several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have brought compensation of financial institution executives into the public eye. Although disclosure of executive and director compensation dates back to the 1930s, Dodd-Frank’s most highly publicized requirement, “say-on-pay,” shifts the disclosure to a dialogue with shareholders, essentially allowing shareholders to vote on compensation for certain executives ...
A debtor files for bankruptcy protection, and his or her creditors are sent notice of the filing. Despite having received the notice, due to a breakdown in internal procedures one of the creditors, a bank, accidentally takes action to collect on the debt after the filing of the bankruptcy case – thus violating the automatic stay. Since the violation was unintentional, surely the bank cannot be sanctioned, right? Wrong ...
A federal jury in Nevada recently convicted 22-year-old David Ray Camez of violating the Racketeering Influenced and Corrupt Organizations Act (“RICO”) for his association with a “carder” website, Carder.su. The Department of Justice is touting this conviction as the first RICO conviction arising from computer-related crimes, and we anticipate that RICO will become an effective tool for prosecutors and private businesses to use in combatting cybercrime going forward. RICO (18 U.S.C ...
A recently unsealed decision from the United States District Court for the District of Maryland demonstrates that insurers cannot hide behind the attorney-client privilege and work-product doctrine to shield claim files from discovery. The court made clear that involving counsel in claim handling does not operate to make either doctrine automatically apply. Charter Oak Fire Ins. Co. v. Am. Capital Ltd., No. 8:09-cv-100 (D. Md. Nov. 6, 2013) ...
On June 12, 2013, the Quebec Court of Appeal rendered a decision in the case of Fers et Métaux Américains S.E.C. et als v. Picard et als1 (“Fers et Métaux Américains S.E.C.”) confirming that the courts can issue Norwich-type orders in Quebec. This decision is consistent with the judgment rendered by the Quebec Court of Appeal, in 2002, in Raymond Chabot SST inc. v. Groupe AST (1993) inc.,2 which recognized that Anton Piller-type orders could be validly issued in Quebec ...
In November 2012, Lavery published a newsletter concerning the announcement made by the Harper government on October 24, 2012 of the adoption of new regulations to protect consumers who use prepaid credit cards so that they are better able to choose the forms of payment best suited to their needs. At that time, on October 27, 2012, the draft Prepaid Payment Products Regulations (the "Federal Regulations") were published for comment in Part I of the Canada Gazette ...
In Jaffé v. Samsung Electronics Co. Ltd., et al ...
The U.S. Commodity Futures Trading Commission (the “CFTC”) has issued interpretive guidance regarding which Dodd-Frank1 requirements apply to certain non-U.S. swap transactions (the “Cross-Border Rule”).2 In order to facilitate parties’ compliance with the Cross Border Rule, the International Swaps and Derivatives Association (“ISDA”) has published the ISDA 2013 DF Agreement for Non-U.S. Transactions (the “Non-U.S ...
On November 21, 2013, the Supreme Court of Canada issued its judgment in the case of La Souveraine, Compagnie d’assurance générale v. Autorité des marchés financiers, 2013 SCC 63, a decision which is now critically important in the context of the distribution of insurance products in Quebec ...
Jorge Carey:“Analyzing the repeal or modification of DL600 is an issue that can bediscussed” Jorge Carey, who has been involved in several businesses with foreigninvestors, has doubts about a reform, believing that it is not a good idea thatthis type of changes are implemented by a left or center-left governmentsbecause it risks to bring unnecessary (political) noise ...
On October 23, 2013, the Securities and Exchange Commission (the “SEC”) issued proposed rules to effect Title III of the Jumpstart Our Business Startup (JOBS) Act, enacted on April 5, 2012. Title III and the proposed rules provide the framework for companies to raise capital through securities offerings using crowdfunding. Below is a summary of the proposed rules ...
