On February 24, 2009 the Court of Chancery of the State of Delaware issued an important opinion dismissing all but one claim in a shareholder derivative action seeking to recover for Citigroup Inc.
February 27, 2009
In January, we provided you with our 2008 Year-End False Claims Act Update in which we discussed, among other things, legislation proposed in Congress in 2007 that would significantly broaden the scope of the False claims Act (the "FCA"). As we predicted, Senator Grassley (R-IA) recently introduced legislation to amend the FCA that, given the current economic environment, Congress is likely to pass. Congress may feel more pressure to pass these bills this session to demonstrate a commitment to protect taxpayer's dollars from fraud, waste, and abuse. First, on February 5, 2009, Senator Grassley introduced the Fraud Enforcement and Recovery Act, S.
February 26, 2009
On February 25, 2009, Judge Saundra B. Armstrong of the U.S. District Court for the Northern District of California resolved a novel question of federal labor law of significant import for employers in California by holding, in the context of a putative state-wide class-action in Rubin v. Wal-Mart Stores, Inc., No.
February 26, 2009
On February 26, 2009, the New York Stock Exchange LLC (the "NYSE") filed with the Securities and Exchange Commission (the "SEC") an amendment to NYSE Rule 452 that would affect the ability of brokers to cast discretionary votes in uncontested director elections. In addition, the NYSE filed a rule change that would temporarily suspend the application of the $1 stock price requirement of Section 802.01C of the NYSE Listed Company Manual and extend the time period for which its market capitalization continued listing standard is lowered. A summary of these actions is set forth below.
February 26, 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.
February 25, 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.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.
February 25, 2009
President Obama signed The American Recovery and Reinvestment Act of 2009 (commonly known as the stimulus bill) into law on February 17, 2009. Part of the nearly $800 billion of new spending in the bill is used to provide a temporary COBRA subsidy for employees whose employment is involuntarily terminated between September 1, 2008 and December 31, 2009. This change will require immediate action by employers and health plan administrators.Key Rules Regarding the COBRA SubsidyEligibility for Subsidy. The subsidy is generally available to any employee who experiences an "involuntary" termination of employment, other than due to gross misconduct, between September 1, 2008 and December 31, 2009. The legislation does not define what constitutes an involunt
February 24, 2009
New York partner Mark K. Schonfeld is the author of "Back to the Future: Chairman Schapiro Ends Pilot Program for Corporate Penalties, Eliminates Commission Pre-authorization, Allows Staff to Negotiate" [PDF] published in the February 23, 2009 issue of BNA Inc.'s Securities Regulation and Law.
February 23, 2009
Washington, D.C. partners Michael Bopp, F. Joseph Warin and associate Michael Hissam are the authors of "A Busy Congress for Investigations" published on line by Corporate Board Member on February 20 ,2009 at boardmember.com
February 20, 2009
On February 18, 2009, the United States Court of Appeals for the Tenth Circuit issued a significant decision in In re: Williams Securities Litigation--WCG Subclass (Docket Number 07-5119), that clarified the contours of a plaintiff's "loss causation" burden under federal securities laws.
February 19, 2009
Orange County associate James M. Sabovich and associate Heather D. Hearne are authors of "Diminished Property Value Claims in a Diminished Real Estate Market" [PDF] published on February 19, 2009 in BNA Inc.'s Toxics Law Report.
February 19, 2009
The American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") is expected to be signed into law by President Obama today. The approximately 11oo pages of the Stimulus Act include a number of tax provisions.
February 17, 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.
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.
February 16, 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
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.
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
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.
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.
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.
February 3, 2009