United States Enacts Additional Hong-Kong Related Sanctions; Impact Remains Unclear
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In Annulment Proceedings over ICC Award, Paris Court Rules on Nature of US, EU and UN Sanctions
On June 3, 2020, the International Chamber of the Paris Court of Appeal rejected an annulment application brought against an arbitral award rendered by a Paris-seated ICC arbitration tribunal. The ICC tribunal on December 27, 2018 rendered an award in favor of the Iranian Natural Gas Storage Company (“NGSC”), in a dispute arising out of the termination of a contract for the conversion of a gas field.
The Court held that the ICC award at issue,…
Federal Court Compels Production of Data Breach Forensic Investigation Report
On June 25, 2020, a federal district court in the Eastern District of Virginia held that a bank must produce in discovery a report generated by its cybersecurity forensic investigator following a 2019 data breach involving unauthorized access to personal information of customers and individuals who had applied for accounts.[1] Even though the report was produced at the direction of outside counsel, the court rejected arguments that the forensic report is protected from disclosure…
Federal Court Compels Production of Data Breach Forensic Investigation Report
On June 25, 2020, a federal district court in the Eastern District of Virginia held that a bank must produce in discovery a report generated by its cybersecurity forensic investigator following a 2019 data breach involving unauthorized access to personal information of customers and individuals who had applied for accounts.[1] Even though the report was produced at the direction of outside counsel, the court rejected arguments that the forensic report is protected from disclosure…
Federal Court Compels Production of Data Breach Forensic Investigation Report
On June 25, 2020, a federal district court in the Eastern District of Virginia held that a bank must produce in discovery a report generated by its cybersecurity forensic investigator following a 2019 data breach involving unauthorized access to personal information of customers and individuals who had applied for accounts.[1] Even though the report was produced at the direction of outside counsel, the court rejected arguments that the forensic report is protected from disclosure…
U.S. Regulatory Challenges For Chinese Companies: The COSCO Case Study
Cleary Gottlieb and Tiantong & Partners 天同律师事务所 continue their collaboration to produce joint analyses regarding some of the current U.S. regulatory challenges for Chinese companies. This fourth analysis is based on a case study of U.S. sanctions imposed against China Ocean Shipping Company (COSCO), one of the world’s largest shipping companies, and considers sanctions risk mitigation for Chinese companies.
A copy of the case study is available here, with a Chinese translation available here.…
EU Trade Quarterly Summary
This Trade Summary provides an overview of WTO dispute settlement decisions and panel activities, and EU decisions and measures on commercial policy, customs policy and external relations, for the first quarter of 2020.
If you have any questions regarding the above, do not hesitate to contact fclaprevote@cgsh.com or tmuelleribold@cgsh.com.…
Supreme Court Upholds, with Limits, the SEC’s Authority to Seek Disgorgement
On June 22, 2020, the Supreme Court held in Liu v. SEC that the Securities and Exchange Commission (“SEC”) may seek, and courts have the power to grant, disgorgement as an equitable remedy for violations of the securities laws. However, the Court also placed potentially important limitations on disgorgement, holding that—to qualify as an equitable remedy and thus be allowable—disgorgement awards must accord with certain traditional equitable principles. While the Court left it to the…
Rare Federal Court Decision Casts Doubt On Merger Disclosure Claims, But Will It Change Anything?
These days, most public company mergers continue to attract one or more boilerplate complaints, usually filed by the same roster of plaintiffs’ law firms, asserting that the target company’s proxy statement contains materially false or misleading statements. These complaints usually also assert that the stockholder meeting to approve the merger should be enjoined unless and until the company “corrects” the false or misleading statements by making supplemental disclosures. While not too long ago cases like…
Cleary Gottlieb – M&A-Telegram Germany Q2/2020
Please click here for the latest edition of the Cleary Gottlieb M&A Telegram for Germany.…