Los Angeles partner Gareth Evans is the author of "The Recorder: Access Granted" [PDF] published in the July 15, 2009 issue of The Recorder. Reprinted with permissions from the July 15, 2009 edition of The Recorder.
July 15, 2009
Last week, the U.S. Court of Appeals for the Ninth Circuit issued three published opinions that should help defendants challenge labor-and-employment and other types of class actions: (1) Vinole v. Countrywide Home Loans, Inc., No.
July 14, 2009
As you know, on Monday, September 15, 2008, Lehman Brothers Holdings Inc. ("Lehman Holdings") filed a voluntary petition under chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"), with the United States Bankruptcy Court for the Southern District of New York.
July 14, 2009
In a landmark decision which has already received wide press coverage, on June 30, 2009 the French Cour de Cassation, which is the highest court in the French judiciary, accepted Gibson Dunn’s arguments and reversed a longstanding case law regarding creditors' absence of standing in challenging the jurisdiction of French courts in the context of insolvency proceedings.
July 13, 2009
The frenetic pace of False Claims Act ("FCA") activity in 2008 has continued into the first half of 2009. In addition to record-breaking FCA settlements in several industries, we have witnessed substantial amendments to the federal statute itself.
July 13, 2009
The California Supreme Court has ruled in Arias v. Superior Court (Angelo Dairy) that for claims brought as “representative” actions under California’s Unfair Competition Law (UCL), Business & Professions Code Section 17200, et seq., a plaintiff seeking relief on behalf of others must satisfy class action requirements, but a plaintiff seeking civil penalties for alleged California Labor Code violations in a representative capacity under the Labor Code Private Attorneys General Act (PAGA) does not have to meet class requirements. In a companion case, Amalgamated Transit Union, et al.
July 13, 2009
Dallas partner M. Sean Royall and associates Ashley E. Johnson and Malachi O. Boyuls are the authors of "Change?: Merger Enforcement In The New Administration" [PDF] published in the Summer 2009 issue of The Advocate.
July 12, 2009
On 6 July 2009, the UK's financial services regulator, the Financial Services Authority (FSA), continued its "credible deterrence philosophy" by issuing a consultation paper (CP09/19) outlining proposals to change its current policy on determining the level of civil financial penalties imposed for regulatory breaches. These new proposals are consistent with the FSA's other recent indications that it can no longer be seen as a light-touch enforcer (see our previous client update: "The UK Financial Services Authority Demonstrates "Credible Deterrence Philosophy" with Prosecutions").What is somewhat startling about the FSA's proposals is quite how harsh they could potentially be in practice, for both corporations and individuals, but particularly for indivi
July 10, 2009
On June 10, 2009, the Securities and Exchange Commission ("SEC") released a proposal to amend the SEC's proxy rules to permit shareholders to nominate directors in a company's proxy materials (also known as "proxy access"). This significant proposal has the potential to dramatically change the manner in which corporate directors are nominated and elected. The proposal contains extensive requests for comment, and the SEC Commissioners have urged interested parties to provide feedback on the proposal. This alert discusses significant aspects of the proposal upon which companies and directors may wish to comment. The comments received on these issues are likely to have a substantial effect on any final rules adopted by the SEC. Accordingly,
July 10, 2009
Without question, the first six months of 2009 have been a period of sharply increased enforcement activity at the Securities and Exchange Commission. The financial crisis, the new administration, new SEC leadership, increased funding and the focus of Congress and the media have all combined to encourage heightened government scrutiny. And even though it has only been a few months since a new Chairman took office, already there are tangible signs that the SEC has taken a more aggressive enforcement posture. In this alert, we review the changes the new SEC leadership has instituted and is considering, the observable impact of the new administration on enforcement activity and significant cases in key areas that reflect the agency's evolving enforcement program.I.
July 9, 2009
DPAs and NPAs, Too Much of A Good Thing?Although virtually unheard of a decade ago, Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") are a growing phenomenon in corporate prosecutions. Essentially, DPAs and NPAs are agreements whereby the government agrees not to prosecute a corporation so long as the corporation abides by the terms of the agreement. The key distinction between a DPA and an NPA is whether or not charges are filed against the corporation: with a DPA the government files criminal charges with the court, while with an NPA nothing is filed with the court so long as the corporation completes the terms of the agreement--the agreement is strictly between the government and the corporation.Following the collapse
July 8, 2009
Sanctions Cases Double Over 2008; Courts Continue to Press for Cooperation; E⁃discovery Trends in Criminal and Constitutional LawA comprehensive review of more than sixty federal and state court opinions addressing e-discovery issued during the first five months of 2009 reveals a dramatic increase in the frequency with which courts consider and apply sanctions. In part, the increase in sanctions reflects solidifying legal standards governing when a potential litigant must preserve electronic evidence. These opinions also reflect a continuing effort by the courts to urge litigants and their counsel to cooperate in e-discovery matters, and to sensibly and proportionately develop e-discovery protocols. Highlights of 2009 to date include: More than half of the e-disco
July 8, 2009
Gibson, Dunn & Crutcher LLP is closely monitoring risks and opportunities arising from the recent and dramatic reshaping of our capital and credit markets. We are providing updates on key transactions as well as regulatory and other legal developments that we believe could prove useful as financial institutions, investors, financial sponsors and other entities navigate these transformative times.On July 2, 2009, the FDIC Board approved the issuance of a proposed policy statement on qualifications for failed bank acquisitions. The proposed statement is intended to provide guidance to private capital investors interested in acquiring or investing in the assets and liabilities of failed banks or thrifts. The FDIC set out nine specific questions for comment, including whe
July 7, 2009
As the inauguration of Barack Obama in January 2009 ushered in a new U.S.
July 7, 2009
Dallas partner M. Sean Royall, Denver associate Amanda Tessar and Washington, D.C. associate Adam J. Di Vencenzo are authors of "Deterring 'Patent Ambush' in Standard Setting: Lessons from Rambus and Qualcomm" [PDF] published in the Summer 2009 issue of ABA's Antitrust.Reprinted with permission from Antitrust, Vol.
July 7, 2009
At the mid-point of 2009, the dominant trends in criminal antitrust have been dramatically increased fines and prison terms, both in the United States and abroad, particularly for cartel conduct. Highlights of 2009 include:U.S.
July 6, 2009
In previous client updates ("UK House of Lords confirms the limitations of the economic torts of intentionally causing economic loss" and "English Court of Appeal clarifies economic tort of conspiracy"), we discussed two landmark judgments concerning economic torts handed down in 2007 by, respectively, the UK Judicial Committee of the House of Lords and the English Court of Appeal. An "economic tort" or "intentional tort" can be perpetrated by a party (D) if D causes economic loss to another (P) in a situation where D is in neither a contractual nor other legal relationship with P.The first of those previous client updates considered, in particular, the economic torts of (i) procuring or inducing a breach of contract between P and a thi
July 6, 2009
At an open meeting held on July 1, 2009, the Securities and Exchange Commission ("SEC") approved two sets of rule proposals and one final rule amendment. These include: Proposed amendments to the SEC's proxy rules to implement legislation requiring companies that have received financial assistance under the Troubled Asset Relief Program ("TARP") to hold an advisory shareholder vote on executive compensation (also known as "Say on Pay");Proposed amendments to the SEC's proxy rules enhancing compensation and corporate governance disclosures and addressing certain rules governing proxy solicitations; andApproval of changes to New York Stock Exchange ("NYSE") Rule 452 that eliminate broker discretionary voting in director elections.The SEC un
July 2, 2009
Gibson, Dunn & Crutcher is closely monitoring risks and opportunities arising from the recent and dramatic reshaping of our capital and credit markets. We are providing updates on key transactions as well as regulatory and other legal developments that we believe could prove useful as financial institutions, investors, financial sponsors and other entities navigate these transformative times.This update discusses the recently disclosed bids in the Federal Deposit Insurance Corporation's May 2009 auction of BankUnited Financial Corp.
July 1, 2009
Los Angeles of counsel Brett H. Oberst and associate Charles Abbott III are the authors of "U.S. Supreme Court Addresses Availability of Cost-Benefit Analysis in Environmental Laws" [PDF] published in the July 2009 issue of Mealey's Pollution Liability Report.
July 1, 2009