Last week the U.S. Department of Justice’s Cybersecurity Unit (“DOJ”) issued guidance to organizations concerning preparing for, responding to, and remediating cyber incidents. DOJ based its publication on lessons learned by federal prosecutors who handle cyber investigations and prosecutions, as well as feedback from private sector victims of cyber attacks and intrusions ...
In recent enforcement actions, the Consumer Financial Protection Bureau (CFPB) sued four payment processing companies – not for engaging in illegal debt collection – but rather, for ignoring warning signs in processing payments for debt collectors who were engaged in fraudulent debt collection schemes. The CFPB charged the payment processors with violating 12 U.S.C ...
In recent years, representation and warranty insurance has gained popularity as a tool to decrease transaction liability exposure in M&A transactions. These policies can be particularly useful in the context of cross-border transactions, for both financial and strategic parties, to facilitate middle-market transactions involving foreign buyers or sellers of domestic U.S.-based businesses. The product is also beginning to gain traction in transactions outside of the United States ...
Target Corporation recently announced that it entered into a settlement agreement with MasterCard International Incorporated, agreeing to pay up to $19 million to MasterCard for payments to reimburse issuing banks for card-replacement and fraud losses allegedly associated with the 2013 data breach at Target ...
SyCipLaw Partner Rose Marie M. King-Dominguez and Senior Associate Franco Aristotle G. Larcinacontributed to the Philippine section of the Asia-Pacific Property Investment Guide, a publication produced by Ashurst Australia and Jones Lang LaSalle ...
On what grounds may a landowner who discovers soil contamination caused by an old heating oil tank sue the former owner of the property? In this bulletin we examine whether the warranty against latent defects found at Article 1726 of theCivil Code of Québeccan be invoked to have the sale annulled or to obtain a reimbursement of part of the purchase price. The recent decision of the Superior Court inDe La Ov.Sasson1is instructive in two respects ...
There are two reasons why Latin American clients keep coming to US law firms to handle their cross-border M&A deals. The first reason is our execution capabilities: US law firms have been advising on cross-border M&As for more than 100 years. The second reason is the predictability of a tried and tested legal system: US law remains the preeminent choice for large cross-border M&A deals because of the certainties and guarantees it offers to everyone involved ...
“Waters of the United States” or “WOTUS” in the esoteric taxonomy of the Clean Water Act (“CWA”), is a term with which many are becoming increasingly familiar. This deceptively simple phrase is anything but simple in its application. The oil and gas industry is increasingly experiencing the U.S. Environmental Protection Agency’s (“EPA”) proclivity finding CWA jurisdiction through WOTUS interpretation. New proposed regulatory language issued by the EPA and the U.S ...
The 2015 Mergers Control Survey by Margaret Huang and Victor Chang of LCS & Partners reviewed the merger control regime in Taiwan for IFLR. 1. REGULATORY FRAMEWORK1.1 What is the applicable legislation and who enforces it?The Fair Trade Act (FTA), which entered into force in 1992, is the main legislation governing Taiwanese merger control. Merger control is enforced by the Taiwan Fair Trade Commission (TFTC) ...
On Tuesday, March 24, 2015, the Supreme Court issued its decision inOmnicare Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. __ (2015). The ruling identifies two avenues by which a company’s statements of opinion in registration statements for initial public offerings can lead to liability under Section 11 of the Securities Act of 1933 ...
In a monumental decision, today the United States Supreme Court ruled that Trademark Trial and Appeal Board (“TTAB”) decisions carry preclusive effect in subsequent federal district court decisions so long as the ordinary elements of issue preclusion are met. The ruling implicates that, where use is the “paramount” issue in a court case, a TTAB decision that at least peripherally contemplates marketplace use will have preclusive effect ...
“Families that play together, stay together”. That’s what my late grandfather always used to say. But what does his message have to do with developing business opportunities in a law firm? In my opinion, everything. Business development is about people. It’s about relationships. Not just momentary relationships, but committed relationships. Relationships one would most likely find in a family. What unites a family and makes it strong? Trust, common values and support ...
On January, 22, 2015, in thematter of Betteto Frett v National Bank of the Virgin Islands[i](theBank), the BVIHigh Court reinforced the principle that injunctive relief would not be easilygranted against a bank validly exercising its power to sell real property usedas security for bank loans ...
On March 4, 2015 the Official Daily of the Mexican Federation published the Regulations to the Law on Navigation and Maritime Commerce, which regulates the activities of the Merchant Maritime Authority and the activities of the persons that participate in maritime and port matters provided by the Law on Navigation and Maritime Commerce. Said Regulations are effective 30 calendar days after its publication in the Daily of reference, that is, on April 3, 2015 ...
Goodyear Tire & Rubber Co. recently agreed to pay $16.2 million to settle Foreign Corrupt Practices Act (“FCPA”) charges for conduct related to two subsidiaries in sub-Saharan Africa. Goodyear’s settlement highlights the government’s expansive interpretation of the books and records provision under the FCPA ...
On 19 February 2015, the Financial Services Commission removed restrictions on the use of the following words in the names of BVI Business Companies – 1.“BVI”;2.“British Virgin Islands”;3.“Council”;4.“Ntl”;5.“Int”;6.“Intl”;7.“VI”; and 8.“Virgin Islands” ...
Last week, President Obama issued an executive order promoting cybersecurity information sharing. Specifically, the executive order directs the Secretary of Homeland Security to encourage the development and formation of Information Sharing and Analysis Organizations (ISAO) ...
On January 13, 2015, New Mex Canada Inc. ("New Mex"), an Ontario corporation and employer in that same province, was sentenced to pay a fine of $250,000 while two of its officers each received 25-day prison terms after pleading guilty to several offences under the Ontario occupational health and safety legislation and regulations. The proceedings were instituted following a workplace accident in which a worker died after a fall ...
An amendment to the Competition and Consumer Protection Act went into force on 18 January 2015. The changes are sweeping.The Act of 10 June 2014 Amending the Competition and Consumer Protection Act and the Civil Procedure Code was published on 17 July 2014 and went into force six months later, on 18 January 2015.Below we review some of the key changes introduced by the amending act, which we also reported on several times during the course of the legislative process ...
The False Claims Act, 31 U.S.C. §§ 3729, et seq. (“FCA”) continued to be a significant focus of government and whistleblower activity in 2014. This 2014 False Claims Act Year in Review highlights key developments, including: statistics showing that the rate of FCA filings remains very high, with the number of suits filed by whistleblowers exceeding 700 for the second year in a row,a report by the U.S ...
Recent publicity surrounding the exclusion or divestiture of stocks in carbon-intensive industries shows that leading investors are reviewing the financial risks (and opportunities) associated with climate change. However, with debate on climate change often pitched around ideological poles, many superannuation fund trustees are struggling to translate these developments into prudent governance practice, consistent with their statutory and general law duties ...
Strategically located between Europe, Africa and Asia, the United Arab Emirates (the “UAE”) has become a hub for trade and commerce throughout the world. In order to further encourage foreign investment, more than 20 free zones have been established across Dubai and focus on a wide range of business sectors, ranging from manufacturing to technology. Free zones offer a number of advantages to foreign businesses, including zero taxation, repatriation of profits and 100% foreign ownership ...
Consumers that filed a class action against Target Corporation following the company’s 2013 payment card breach have survived a motion to dismiss ...
The Philippines section of The International Capital Markets Review 5th Edition contains an introduction to The Securities Regulation Code; The Securities and Exchange Commission; self-regulatory organizations, exchanges, clearing agencies and depositories; recent jurisprudence; developments affecting debt and equity offerings; developments affecting derivatives, securitizations and other structured products; cases and dispute settlement; relevant tax and insolvency law; other relevant laws an
On December 20, 2013 it was published in the Official Daily of the Federation the Executive Order that amends and adds various provisions of the Political Constitution of the United Mexican States, in the Area of Energy ...
