On March 20, 2009, President Obama issued an executive memorandum "Ensuring Responsible Spending of Recovery Act Funds" requiring executive departments and agencies to develop certain selection criteria when committing, obligating or expending funds under the Recovery Act for grants and other forms of federal financial assistance, to monitor compliance with the Recovery Act's prohibition on funding "imprudent" projects and to limit and document communications with registered lobbyists regarding the expenditure of such funds and Recovery Act policy issues.
March 26, 2009
The staff of the New York Stock Exchange (NYSE) has corrected its advice that was the basis for our earlier client alert on this subject, so we are reissuing this alert to reflect the NYSE's corrected advice.
March 26, 2009
As of today, March 25, 2009, an important amendment to the German merger control regime has entered into force. This amendment will significantly decrease the number of de minimis and extra-territorial mergers that will need to be notified to the German Federal Cartel Office ("FCO", the Bundeskartellamt) in the future.
March 25, 2009
A recent California appellate court decision serves as a reminder that care must be taken when drafting or entering contracts for unsubdivided parcels of land.
March 24, 2009
Over the last decade, the United States Patent and Trademark Office's patent allowance rate has decreased from over 70% in 1999 and 2000 to roughly 42% in the first quarter of 2009, notwithstanding a steady increase in the number of applications during this period. Perhaps consistent with this trend, the USPTO has made efforts to place new limitations on the prosecution of patents, including four new rules that the agency recently attempted to implement to restrict the number of claims that may be included in each patent application, as well as the number of continuation applications that may be filed. On Friday, March 20, 2009, in a closely watched decision, the Federal Circuit in Tafas v. Dudas upheld the USPTO's authority to make these rules and disallowed only one of the fo
March 23, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
March 23, 2009
Washington, D.C. partner Thomas G. Hungar is the author of "Appellate Advocacy in Antitrust Cases: Lessons from the Supreme Court" [PDF] published in the Spring 2009 issue of ABA's Antitrust.
March 23, 2009
On March 16, 2009, the amendments to Form D requiring electronic filing and annual updates became effective. These requirements were included in the amendments to Regulation D adopted by the Securities and Exchange Commission (the "SEC") in February 2008.
March 17, 2009
The Securities and Exchange Commission ("SEC") recently published for comment a proposed amendment to New York Stock Exchange LLC ("NYSE") Rule 452, Giving Proxies by Member Organizations, that would limit the ability of brokers to cast discretionary votes in uncontested director elections. The result could be significant for many issuers, especially those that have adopted a majority voting standard in uncontested director elections. Because Rule 452 applies to brokers, the proposed amendment, if adopted, will impact not only issuers listed on the NYSE, but also issuers listed on other exchanges such as NASDAQ. Set forth below is a summary of the proposed amendment, as well as practical considerations for issuers and others to weigh in commenting on t
March 13, 2009
Los Angeles partner Michael Farhang is the author of "Section 1519:Why Obstructing an Investigation By Company Counsel May Now Be a Federal Crime" [PDF] published in the March 13, 2009 issue of BNA's White Collar Crime Report.Reproduced with permission from White Collar Crime Report, 4 WCR 191 (Mar.
March 13, 2009
New York of counsel Richard Cashman is the author of "Still Divisive-PSLRA Discovery Stay" [PDF] published online by Law360 on March 12, 2009 at law360.com.
March 12, 2009
The United States Court of Appeals for the Federal Circuit has granted en banc rehearing in Cardiac Pacemakers, Inc. et al. v. St. Jude Medical et al., a case with important ramifications for all companies that do business both in the United States and abroad. The question that the en banc Court has agreed to decide is "does 35 U.S.C.
March 10, 2009
On Wednesday, March 4, 2009, the Supreme Court released a decision holding that federal approval of labels giving warnings about the effects of drugs does not pre-empt lawsuits bringing state law claims of inadequate warnings.
March 10, 2009
Today, the full Ninth Circuit Court of Appeals declined to reconsider an earlier, 3-judge panel decision that upheld a San Francisco ordinance requiring employers to make health care expenditures on behalf of employees. The Ninth Circuit's ruling in Golden Gate Restaurant Ass'n v. City and County of San Francisco, No.
March 9, 2009
Paris associate Jérôme Delaurière is the author of "The Papillon Decision: Upcoming French Tax Group Reform" [PDF] published in the March 9, 2009 issue of Tax Analysts's Tax Notes International (pg.903).
March 9, 2009
A key Senate investigative body this week continued its series of investigative hearings on offshore tax havens and tax abuse, focusing on the strict secrecy in which U.S.
March 6, 2009
Orange County associates Sarah Schlosser and Tu-Quyen Pham are authors of "Vapor Intrusion: New Exposures, Old Sites" [PDF] published online by Law360 on March 6, 2009 at law360.com.
March 6, 2009
Significant proposed amendments to the Delaware General Corporation Law dealing with proxies and stockholder meetings, among other items, have been submitted to the Delaware State Bar Association for approval.
March 5, 2009
In recent years, Securities and Exchange Commission ("SEC") enforcement investigations have become extended and enforcement actions have often been commenced five years or more after the events that form the basis for the claim. As a result, lawyers for persons who are involved in SEC investigations are frequently asked to sign agreements tolling the running of the statute of limitations. On February 26, 2009, the United States Court of Appeals for the Seventh Circuit issued a significant decision in Securities and Exchange Commission v. Koenig (Docket No.
March 5, 2009