The American Jobs and Closing Tax Loopholes Act of 2010 (the "Bill") was passed by the House on May 28, 2010, and includes a provision that generally will tax a portion of the income and gains associated with "carried interests" as ordinary income. While the carried interest provisions of the Bill are substantially similar to legislation proposed last year, there are several important differences. The Senate is expected to take up the Bill during the week of June 7, after the Memorial Day recess.
May 28, 2010
On May 20, 2010, after three weeks of floor debate, five cloture votes, and nearly a year of development, the "Restoring American Financial Stability Act of 2010" passed the Senate by a vote of 59-39.
May 27, 2010
On May 20, 2010, the U.S.
May 24, 2010
In 2006 and 2009, changes were made to the federal and California discovery rules in order to adapt them to certain unique issues arising out of e-discovery, including the preservation and production of electronically stored information (ESI). However, these changes failed to fully appreciate deeper changes that ESI has wrought to the nature of discovery. The myriad moving parts of the modern IT infrastructure make it remarkably easy to find some fault or error in most e-discovery cases, increasing the opportunities for satellite litigation as well as the costs to clients.
May 21, 2010
In June 2008, the European Commission introduced a settlement procedure for cartels cases. The new procedure was designed to allow the European Commission to handle cartel cases more quickly, thereby freeing up resources to be used to launch new cartel investigations.
May 20, 2010
Washington, D.C. partner F. Joseph Warin and associates Michael Diamant and Jill M. Pfenning are the authors of "FCPA Compliance In China and the Gifts and Hospitality Challenge" [PDF] published in the Spring 2010 issue of Virginia Law & Business Review.The article is also posted online at http://www.virginialawbusrev.org/
May 19, 2010
On May 18, 2010, and with effect as of May 19, 2010, 00:00 hrs CET, the German Federal Financial Supervisory Authority ("BaFin") temporarily prohibited uncovered short sales of debt securities of euro zone countries admitted on a German exchange to trading on the regulated market.
May 19, 2010
The continuing saga of the Alternative Investment Fund Managers Directive (the Directive) of the European Union is causing heartburn throughout the world's financial capitals.
May 19, 2010
May 2010The sixth issue of Gibson, Dunn & Crutcher's Environmental News: Climate Change newsletter is now available. We hope you will find this periodic briefing on recent legal developments concerning climate change and greenhouse gas emissions informative.
May 17, 2010
Los Angeles of counsel Brett H. Oberst and associate Matthew Wickersham are the authors of "A New (and Old) Twist on Preemption – the Regulatory Compliance Defense " [PDF] published in the May 13, 2010 issue of BNA Inc.'s Toxics Law Reporter.
May 13, 2010
The California Supreme Court in a 4-3 decision vacated an arbitration award and provided further clarification regarding mandatory, pre-dispute employment arbitration agreements and the scope of judicial review of arbitration awards. Pearson Dental Supplies, Inc.
May 5, 2010
Brussels associate Elsa Sependa is the author of "Thinking holistically? Trust Europe" [PDF] published in the May 2010 issue of International Institute of Communications's Intermedia.For more information please visit: http://www.iicom.org
May 4, 2010
After three and one-half years of litigation and an 18-day bench trial in San Francisco Superior Court, defendants Baker Capital, a private equity firm that invests in growth companies, and its related investment funds ("Baker"), achieved a complete victory against plaintiffs, former controlling stockholders, officers and directors of an internet retailer named Wine.com, Inc.
May 3, 2010
On April 27, 2010, the Supreme Court of the United States recognized an important limit on the availability of class action mechanisms in arbitration. In Stolt-Nielsen S.A.
May 3, 2010
On 29 April 2010, Advocate General Juliane Kokott (who acts as an adviser to the European Court of Justice) delivered her Opinion in the case Akzo Nobel Chemicals Ltd and Akcros Chemicals Ltd v. European Commission. This case relates to European Union rules on legal professional privilege in antitrust cases heard before the European Commission. The precise scope of these rules has been hotly disputed since the ECJ's ruling in AM&S v. Commission in 1982.The Advocate General's Opinion is an intermediate stage in the European Court of Justice procedure, and it is not binding on the Court, although the views of the Advocate General are usually considered to be highly persuasive. Judgment will follow at a later date.In essence, the Opinion recommends that the Court uphold
May 3, 2010
In Actions Under Section 10(b) of Securities Exchange Act of 1934, Statute of Limitations Does Not Begin to Run Until Plaintiffs Have Discovered or Reasonably Could Have Discovered Facts Constituting Securities Fraud, Including ScienterOn April 27, 2010, the United States Supreme Court held that the statute of limitations for private actions claiming securities fraud under Section 10(b) of the Securities Exchange Act of 1934 does not begin to run until plaintiffs have discovered or, with reasonable diligence, could have discovered the facts constituting the fraud, including scienter. The decision in Merck & Co.
April 29, 2010
On April 20, 2010, the Federal Trade Commission ("FTC") (in cooperation with the Antitrust Division of the U.S.
April 28, 2010
As the Supreme Court enters the homestretch of this Term and approaches its busiest season for issuing opinions, Gibson Dunn's Supreme Court Round-Up is summarizing key developments at the Court. Since the last edition of the Round-Up, the Court has issued opinions in the following argued cases:Merck & Co.
April 27, 2010
The Obama Administration has consistently sought to increase occupational safety and health oversight by expanding the enforcement activities of the Occupational Safety and Health Administration ("OSHA"). As expressed repeatedly by the Secretary of Labor, Hilda Solis, "There is a new sheriff in town" when it comes to OSHA enforcement.On April 22, 2010, OSHA took a significant step towards enhanced enforcement by issuing a new directive establishing the Severe Violator Enforcement Program ("SVEP").
April 26, 2010
On March 22, 2010, a bill seeking general reform of financial industry regulation in response to the recent financial crisis was adopted on a party-line vote by the Senate Banking Committee as the "Restoring American Financial Stability Act of 2010." It subsequently was reported to the Senate as Senate Bill 3217 (posted on the Committee's website on April 15, 2010).
April 23, 2010