Client Alert - Gibson Dunn

Client Alert

Amendment to Foreign Sovereign Immunities Act Makes It Easier for Victims to Recover Damages from State Sponsors of Terrorism

Victims of state-sponsored terrorism will more readily be able to recover damages from terrorist states as a result of a provision of the National Defense Authorization Act for Fiscal Year 2008, which was signed into law today.

January 28, 2008

The Impact of Financial Stress on the Exercise of a Director’s Fiduciary Duties

Orange County partner Craig H. Millet is the author of "The Impact of Financial Stress on the Exercise of a Director's Fiduciary Duties" [PDF] published in the January 19, 2008 issue of the Orange County Business Journal.

January 19, 2008

The French Supreme Court Applies the 1980 Blocking Statute for the First Time and Strengthens the Conditions Under Which Evidence To Be Used in Foreign Litigation Can Be Obtained in France

On December 12, 2007, the French Supreme Court upheld the Paris Court of Appeals' ruling of March 28, 2007, which found a French lawyer criminally liable for violating the 1980 Blocking Statute that prohibits, inter alia, the gathering in France of business-related information to be used in foreign litigation (the "Decision").  Factual BackgroundThe Decision is one aspect of the lengthy Executive Life case.In 1998, the California Insurance Commissioner launched an investigation against a French consortium for an alleged fraudulent take-over of the U.S.

January 17, 2008

U.S. Supreme Court’s Decision Today Limits the Scope of Private Rights of Action Under the Federal Securities Laws

On January 15, 2008, the Supreme Court issued an important decision clarifying the contours of private actions under the key anti-fraud provision of the securities laws.

January 15, 2008

To Let Expire or Not to Let Expire? Responding to an Expiring Rights Plan

Washington, D.C. partner Stephen I. Glover and associates Jennifer Boatwright and Anthony Shoemaker are authors of "To Let Expire or Not to Let Expire?

January 15, 2008

How Easy Is Your Exit? Opportunities and pitfalls of buy-sell mechanisms

New York Partner Andrew H. Levy  is co-author of "How Easy Is Your Exit? Opportunities and pitfalls of buy-sell mechanisms" [PDF] published in the New York Law Journal.

January 14, 2008

SEC to Accept IFRS Financial Statements from Foreign Private Issuers without US GAAP Reconciliation

The US Securities and Exchange Commission (the "SEC") recently announced its adoption of rules under which it will accept filings from foreign private issuers containing financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB") without requiring reconciliation to US generally accepted accounting principles ("US GAAP").

January 11, 2008

Internal Revenue Code Section 409A: Ten Traps for the Unwary

Washington, D.C. Partner Michael Collins co-authored "Internal Revenue Code Section 409A: Ten Traps for the Unwary", [PDF] which has been published in several BNA publications, including the January 8, 2008 Pension & Benefits Reporter.

January 8, 2008

2007 Year-End FCPA Update

2007 -- A "Landmark Year" in FCPA Enforcement "2007 is by any measure a landmark year in the fight against foreign bribery." When Mark F. Mendelsohn, Deputy Chief of the Fraud Section in the Department of Justice's Criminal Division ("DOJ") and the government's top criminal Foreign Corrupt Practices Act ("FCPA") enforcer, opened the 2007 ACI FCPA Conference with this bold statement, not a single eyebrow rose across the ballroom filled with members of the ever-growing FCPA Bar.

January 4, 2008

German Aspects of Acquisition Financing

Munich office lawyers Birgit Friedl and Marcus Geiss are the authors of  "German Aspects of Acquisition Financing" [PDF] which appears in Financial Yearbook Germany 2008.   Reprinted by permission.

January 2, 2008

OPEN Government Act Restores Promise of FOIA

Gibson Dunn of counsel James C. Ho authored an article entitled "OPEN Government Act Restores Promise of FOIA" [PDF] for the January 2008 issue of the MediaLawLetter, published by the Media Law Resource Center.

December 31, 2007

Constitutional Law: Punitives And Process

Dallas partner James Ho is the author of “Constitutional Law: Punitives And Process” [PDF] published in the December 24, 2007 issue of Texas Lawyer.

December 24, 2007

NACD Webcast – Financial Reporting Risk in the Current Environment

NACD presented a webcast on Financial Reporting Risk in the Current Environment, a program designed to help corporate board members enhance their risk oversight role in financial reporting.  Gibson, Dunn & Crutcher partner Lewis Ferguson was a key speaker for the program on Tuesday, December 18, 2007, sponsored by NACD in association with FASB and Gibson Dunn.  Additional details on the program may be found below.

December 18, 2007

Deal Note: Gibson Dunn Represents Scotiabank Inverlat in Financing of Grupo Lamosa’s Acquisition of Porcelanite

Gibson, Dunn & Crutcher LLP's Latin America Practice Group is pleased to announce its representation of Scotiabank Inverlat, SA and other senior lenders in connection with the two-tier financing of Grupo Lamosa's acquisition of Porcelanite from Carlos Slim.  The syndicated, multi-currency financing transaction closed on November 30, 2007.A 14 bank syndicate comprising the financing's first tier was led by Scotia Capital with the participation of BBVA, Banamex, Comerica, HSBC, JP Morgan, Unicredit, Banorte, ING, Merrill Lynch, Inbursa, ABN-AMRO, Santander and West LB.

December 17, 2007

Two Recent Supreme Court Decisions Emphasize the Significant Discretion of District Judges to Impose Sentences Outside of the Sentencing Guidelines Range

On December 10, 2007, the Supreme Court issued two 7-2 decisions clarifying that federal district judges have significant discretion to impose sentences below (or above) those called for under the Federal Sentencing Guidelines.

December 12, 2007

Deal Note: Gibson Dunn Represents Apria Healthcare in Acquisition of Coram Healthcare

Gibson, Dunn & Crutcher LLP's Health Care and Life Sciences Group is pleased to announce its representation of Apria Healthcare Group Inc. in connection with its acquisition of Coram, Inc., a provider of home infusion and specialty pharmaceutical services.

December 7, 2007

German Federal Cartel Office Sets Record Fine in Abuse Case

Germany's competition authority, the "Federal Cartel Office", has imposed a fine totaling EUR 216 million in a recent case concerning the abuse of market dominance.

December 7, 2007

Deal Note: Gibson Dunn’s Media & Entertainment Group Represents Vivendi in Proposed Combination of the Businesses of Vivendi Games and Activision

Gibson, Dunn & Crutcher LLP's Media & Entertainment Group is pleased to announce its representation of Vivendi in connection with the proposed combination of the businesses of Vivendi Games and Activision which will create Activision Blizzard, which will be the largest pure-play video game publisher.

December 5, 2007

IRS Issues Voluntary Correction Program for Section 409A Operational Violations

On December 3 the Internal Revenue Service issued Notice 2007-100, which provides a limited voluntary correction program for certain operational violations of Section 409A of the Internal Revenue Code.

December 5, 2007

2007 Employee Benefits Deadlines Require Immediate Attention

As another year comes to a close, employers must take a number of actions to (i) address Section 409A of the Internal Revenue Code for deferred compensation plans, (ii) comply with the Labor Department's "qualified default investment alternative" ("QDIA") fiduciary safe harbor for defined contribution retirement plans, and (iii) begin operating their qualified retirement plans in compliance with new rules that become effective on January 1, 2008.

December 4, 2007