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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.
Client Alert | February 17, 2009
New York partners Matthew J. Williams, Eric Wise and Jeffrey M. Trinklein are authors of "Tanking bond prices spell opportunity for issuers" [PDF] published in the February 16, 2009 issue of The National Law Journal.
Client Alert | February 16, 2009
Washington D.C. partner David P. Burns, associate Geoffrey C. Weien and San Francisco associate Joshua D. Hess are authors of "Criminal antitrust enforcement in 2008" [PDF] published online by Global Competition Review on February 12, 2009 at www.globalcompetitionreview.com
Article | February 12, 2009
IntroductionClass action lawsuits are an increasingly pervasive force in today's business world. Defending and defeating these cases efficiently and prudently is a top priority for many in-house legal teams and their outside counsel. This year-end update reports on key trends in class action practice. It provides an overview of Rule 23, reviews key class action decisions from 2008, and identifies important class action issues likely to be litigated in 2009 and in the years ahead.The number of class actions has grown exponentially in recent years. Although reliable numbers are hard to come by, Federal Judicial Center statistics suggest that new class action cases filed in or removed to federal court increased 72% between 2001 and 2007, reaching approximately 4,000
Client Alert | February 10, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 10, 2009
First Steps in "Empowering" the Enforcement StaffIn her first speech as Chairman of the Securities and Exchange Commission, Mary Schapiro announced today two changes to the enforcement process at the SEC intended to "empower" the staff of the Enforcement Division. First, Chairman Schapiro announced an end to a two-year "pilot" program which had required the Enforcement staff to obtain a special set of approvals from the Commission in cases involving civil monetary penalties against public companies as a sanction for securities fraud. Second, Chairman Schapiro announced a plan to provide more rapid approval of formal orders of investigation authorizing the staff to issue subpoenas. Although these changes affect only the internal procedures of
Client Alert | February 6, 2009
On January 27, 2009, in General Electric v. EPA, 2009 U.S. Dist. LEXIS 5379 (D.C. Jan. 27, 2009), the United States District Court for the District of Columbia held that the "unilateral administrative order" regime under section 106 of the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), as administered by the Environmental Protection Agency ("EPA"), does not offend due process.
Client Alert | February 6, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 4, 2009
Our Program:This complimentary briefing addresses the latest challenges in-house counsel, directors and senior executives face in developing, implementing and monitoring effective compliance programs in the current environment of financial crisis coupled with a change of administration and the shift in programs and priorities that are sure to follow.
Client Alert | February 3, 2009
A recent ruling from the Western District of Washington highlights the uncertainty facing litigants as district courts continue to struggle to apply the guidance found in the Supreme Court's two landmark CERCLA decisions, Cooper Industries v. Aviall Services, Inc., 543 U.S.
Client Alert | February 2, 2009
Last Friday, January 30, President Obama signed three executive orders with important implications for the employment practices of federal government contractors. One concerns reimbursement for activities intended to influence employee decisions about unionization, the second requires employers to post a notice of federal labor law rights and empowers the Secretary to debar federal contractors for noncompliance, and the third requires contractors to offer jobs to employees of a prior contractor in certain circumstances. Together, the orders are among the first of what are expected to be numerous Administration initiatives to strengthen organized labor.The Order titled “Economy in Government Contracting” provides that contractors “shall treat as unallowable” the costs fr
Client Alert | February 2, 2009
Washington, D.C. Partner Jarrett Arp made a presentation to the PLI Advanced Antitrust Seminar on "Predatory Pricing & Unfair Trade Practices" [link to PDF]
Client Alert | February 2, 2009
Washington, D.C. partner Joseph D. West, Diana G. Richard and associate Christyne K. Brennan are authors of "Postemployment Conflict-of-Interest Restrictions on Former Employees of the Executive Branch" [PDF] published in the February 2009 issue of Thomson-Reuters/West's Briefing Papers.Reprinted with the permission of Thomson-Reuters/West.
Client Alert | February 2, 2009
Yesterday, Senators Charles Grassley (R-IA) and Carl Levin (D-MI) introduced the Hedge Fund Transparency Act ("HFTA"), which would require hedge funds, private equity and other private funds with $50 million or more in assets, or assets under management, to register with the Securities and Exchange Commission ("SEC"), notwithstanding the availability of exemptions from registration for privately offered funds under Sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940 ("1940 Act"), as renumbered.
Client Alert | January 30, 2009
Congressional oversight of the on-going military actions in Iraq and Afghanistan will move to a new level when the Commission on Wartime Contracting (the "Commission"), also known as the Webb-McCaskill Commission, holds its first public hearing on Monday, February 2nd, 2009. The Commission could become yet another source of scrutiny for some federal government contractors, as well as for future procurement and ethics reforms.
Client Alert | January 29, 2009
As a result of the current market conditions companies of all sizes and in all sectors are looking at ways of controlling costs. Cost cutting plans will inevitably include ways of reducing employee costs and headcount.
Client Alert | January 28, 2009
Recent instability in the debt markets has increased the tax risks associated with amending loan terms. Proposed amendments to any loan should be examined to determine whether the amendment will result in a deemed exchange of the unmodified debt obligation for the modified debt obligation for U.S.
Client Alert | January 23, 2009
On January 22, 2009, the New York Stock Exchange LLC (the "NYSE") filed a rule change with the Securities and Exchange Commission (the "SEC") that proposes to temporarily reduce from $25 million to $15 million the average market capitalization required of listed companies under Section 802.01B of the NYSE's Listed Company Manual (the "NYSE Manual").
Client Alert | January 23, 2009
On January 9, 2009, the U.S. Department of Justice (see press release) and the New York County District Attorney's Office ("NYDA") (see press release) announced that Lloyds TSB Bank plc ("Lloyds") agreed to forfeit $350 million and take other actions to resolve its liability for violating the International Emergency Economic Powers Act ("IEEPA") and U.S.
Client Alert | January 20, 2009
Responding to market conditions in September 2008, the U.S. Securities and Exchange Commission (the "SEC" or "Commission") and other regulatory and governmental authorities around the globe took dramatic steps to address the market turmoil resulting from potentially manipulative short selling. The measures released in September 2008 have been updated, particularly in the U.K.
Client Alert | January 19, 2009