The financial crisis has placed an ever-increasing number of companies in the position of being confronted with multiple shareholder class actions, SEC investigations, federal grand jury investigations, state attorney general investigations, arbitrations and "opt-out" litigation. In defending these private actions and governmental investigations, companies need to develop global defense strategies so that the defense of each proceeding is carefully coordinated with the defense of all other parallel proceedings.In their article, "Defending Parallel Proceedings: Basic Principles and Tactical Considerations," prepared for Securities Litigation Report (February 2010), Lawrence Zweifach and Eric Creizman discuss the myriad challenges inherent in defending multiple proc
March 23, 2010
While it is unusual for the U.S. Supreme Court to address cases involving scandalous facts or potentially impacting electronic discovery, the Court will face both in April when it hears City of Ontario v. Quon, No.
March 22, 2010
In 2007, Columbia Pictures v. Bunnell sent shockwaves through the legal community with its conclusion that random access memory (RAM) data, a form of "ephemeral data" with a temporary life span, constitutes discoverable electronically stored information (ESI). In the wake of Bunnell, early predictions were of a discovery doomsday in which the preservation and production of such data at great expense would be required. Although these predictions have not yet come to fruition, the relevant case law is still developing, and this remains a topic to watch.In their article published in The New York Law Journal on March 22, 2010, Jennifer Rearden and Farrah Pepper of Gibson Dunn discuss developments in case law since Bunnell and the outlook for discovery obligations relating
March 22, 2010
Washington, D.C. partner Mark A. Perry is the author of "RICO's Lessons for Loss Causation" [PDF] published in the March 2010 issue of Wall Street Lawyer.
March 22, 2010
Gibson Dunn is closely tracking government responses to the recent turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
March 17, 2010
Washington, D.C. partner F. Joseph Warin and associates John Chesley and Patrick Speice are the authors of "Nine Lessons of 2009: The Year-in-Review of Foreign Corrupt Practices Act Enforcement" [PDF] published in the Spring 2010 issue of Securities Regulation Law Journal.Reprinted from Securities Regulation Law Journal, (Vol.
March 15, 2010
On February 26, 2010, the Court of Chancery of the State of Delaware issued an important opinion validating the use of a net operating loss (NOL) shareholder rights plan or poison pill. The case, Selectica, Inc.
March 3, 2010
On March 2, 2010, the U.S. Supreme Court issued its decision in Reed Elsevier v. Muchnick, ___ U.S. ___, No. 08-103, interpreting the Copyright Act to allow judicial approval of settlements of copyright infringement claims involving unregistered works. Reversing the U.S.
March 3, 2010
On February 24, 2010, the Securities and Exchange Commission ("SEC") issued a statement reaffirming its support for a single set of globally accepted accounting standards, yet refrained from establishing a firm timeline for incorporating such standards into the U.S.
March 3, 2010
On February 26, 2010, the Financial Crimes Enforcement Network (FinCEN) proposed revising the regulations implementing the Bank Secrecy Act to clarify which persons will be required to file Reports of Foreign Bank and Financial Accounts ("FBARs") and which accounts will be reportable. IRS Announcement 2010-16, 2010-11 IRB 1; IRS Notice 2010-23, 2010-11 IRB 1. The proposed rule would include a definition of United States persons and definitions of bank, securities, and other financial accounts in a foreign country. In addition, the proposed rule would exempt certain persons with signature or other authority from filing the FBAR. Finally, it would clarify that private equity funds and hedge funds are not "commingled funds" for which an FBAR filing
March 2, 2010
Gibson, Dunn & Crutcher's Environmental Litigation and Mass Tort Group is closely tracking regulatory and legislative activity relating to the regulation of nanotechnology, which is an emerging technology that involves an increasing number of products and businesses.
March 1, 2010
The Securities and Exchange Commission ("SEC") recently approved amendments to its notice and access (e-proxy) rules that are designed to increase participation in the e-proxy process. Under the prior e-proxy rules, the SEC mandated the exact form and content that had to appear on the Notice of Internet Availability (the "Notice"). Concerns have been expressed that the Notice rules limited the ability of issuers to communicate effectively about the e-proxy process, which resulted in lower shareholder participation rates for e-proxy, particularly among retail investors. The new rules approved by the SEC last week attempt to address this concern by providing enhanced flexibility to the issuer and other soliciting persons in determining the form and conte
March 1, 2010
Orange County partner James Moloney is the author of "Formula Pricing: 'Day 20' Pricing Has Finally Arrived for Debt Tender Offers!" [PDF] published in the March-April 2010 issue of Deal Lawyers.
March 1, 2010
Los Angeles partner Debra Wong Yang, Orange County partner Nick Hanna and New York Partner Alexander Southwell are the authors of "Health Care Compliance in 2009 and Going Forward: Part 1" [PDF] and "Health Care Compliance in 2009 and Going Forward: Part 2" [PDF] published in the March and April 2010 issues of Westlaw Journal's Health Care Fraud. Gibson Dunn associates Ladan Stewart, Melissa Epstein Mills, Adam Cohen, Ross Halper, Hane Kim and Kristy Grant also contributed to the articles.
March 1, 2010
London partner James A. Cox and associates Daniel Pollard and Steven Cochran are the authors of "Ten Golden Rules for Retaining Key Employees in UK" [PDF] published in the February 28, 2010 issue of Thomson Reuters's Euro Watch.
February 28, 2010
Last week, the Department of Defense issued a memorandum implementing the Franken Amendment, a provision of the Defense Appropriations Act for Fiscal Year 2010 restricting the use of certain pre-dispute arbitration provisions by defense contractors.The memorandum prohibits the use of Department of Defense funds appropriated for FY 2010 for any contract awarded after February 17, 2010 in excess of $1 million unless the contractor agrees not to have mandatory pre-dispute arbitration agreements with its employees for disputes under Title VII of the Civil Rights Act of 1964 or claims related to sexual assault or harassment. In addition to agreeing not to include mandatory arbitration clauses on these subjects in new employment contracts, the memorandum requires a contractor to refrain fr
February 24, 2010
On February 23, 2010, the United States Supreme Court held that the phrase "principal place of business" in the federal diversity jurisdiction statute refers to a corporation's "nerve center" or "the place where the corporation's high level officers direct, control, and coordinate the corporation's activities." Hertz Corp.
February 24, 2010
Today, the Securities and Exchange Commission voted 3-2 to adopt a short sale-related circuit breaker solution (the "Alternative Uptick Rule") to limit excessive short selling pressure on individual stocks. The SEC's press release is available at http://www.sec.gov/news/press/2010/2010-26.htm. The Alternative Uptick Rule, Securities Exchange Act Rule 201 of Regulation SHO, was formally proposed by the Commission in August 2009, see Release No.
February 24, 2010
In this communication we discuss the issue of what is the proper measure of damages in the False Claims Act ("FCA") cases that have been brought against for-profit schools for alleged violations of the so-called "incentive compensation" provision of the Higher Education Act ("HEA") or other statutory or regulatory requirements with which schools must comply in order to be eligible to participate in Title IV programs.
February 23, 2010
The California Supreme Court ruled unanimously that California's "Kin Care" rules, which require employers that provide paid sick leave to permit employees to use a portion of the leave to care for sick family members, do not apply to sick leave policies providing an unlimited number of paid sick days. McCarthur v. Pac.
February 23, 2010