Client Alert - Gibson Dunn

Client Alert

2007 M&A Hot Topics Briefing

The Ritz-Carlton, McLean, VA OVERVIEW: This briefing included a comprehensive review of pressing market, diligence and tactical decisions required to complete a transaction.

April 26, 2007

Supreme Court Hears Oral Argument in United States v. Atlantic Research and Considers Whether Potentially Responsible Parties Have a Cost Recovery Cause of Action Under Section 107(a)(4)(B) of CERCLA

On Monday, April 23, 2007, the Supreme Court held oral argument in United States v. Atlantic Research Corporation, Case No. 06-562. The Court granted certiorari in Atlantic Research to answer a question that it expressly left open in Cooper Industries, Inc.

April 24, 2007

Implementation of the Transparency Directive – room for variations across the EEA

London Partner Dorothee Fischer-Appelt is the author of "Implementation of the Transparency Directive--room for variations across the EEA," published in the Capital Markets Law Journal, an Oxford University Press publication, April 23, 2007.Reprinted with permission, Capital Markets Law Journal, Oxford University Press, © 2007 Dorothee Fischer-Appelt. 

April 23, 2007

IRS Releases Final Regulations Interpreting the Code Section 415 Limits on Benefits Under Tax-Qualified Retirement Plans

On April 5, the IRS issued final regulations under Section 415 of the Internal Revenue Code (“Code”). Section 415(c) of the Code generally limits the amount of annual contributions to a tax-qualified defined contribution plan on behalf of a participant to the lesser of 100% of compensation or $40,000 (adjusted for inflation; currently $45,000).

April 16, 2007

IRS Releases Final Section 409A Regulations on Deferred Compensation

On April 10, the IRS issued long-awaited and often-delayed final regulations ("Regulations") interpreting the deferred compensation rules under Section 409A of the Internal Revenue Code ("Section 409A").

April 11, 2007

UK Labour and Employment Law — Quarterly Executive Summary (April 2007)

Welcome to the first Quarterly Executive Summary of 2007, in which we highlight key developments in UK Labour and Employment Law over the past three months.A headline summary of cases and developments is provided below.

April 4, 2007

SEC Adopts Amendments to Rules Governing Foreign Private Issuer Deregistration

On March 27, 2007, the Securities and Exchange Commission (“SEC”) adopted new rules that will make it easier for foreign private issuers to terminate the registration of securities under Section 12(g), and their reporting obligations under Section 13(a) or 15(d), of the Securities Exchange Act of 1934 (“Exchange Act”).

April 4, 2007

Liability Issues for Audit Firms – The Risk of Catastrophic Exposure Prompts Calls for Liability Reforms

Jonathan Dickey and Jeffrey Minnery are authors of "Liability Issues for Audit Firms - The Risk of Catastrophic Exposure Prompts Calls for Liability Reforms," published in the Securities Litigation Report, April 2007.

April 2, 2007

Getting Ahead of the E-Discovery Curve: The Junior Attorney’s Guide

New York associate Farrah Pepper is the author of "Getting Ahead of the E-Discovery Curve: The Junior Attorney's Guide," [PDF] published in the Spring 2007 issue of the Consumer and Personal Rights Litigation Newsletter (ABA Section of Litigation).

April 2, 2007

German Parliament Passes Public REIT Introduction Act

I. Introduction/Status of German REIT LegislationOn March 30, 2007, the German Public REIT Introduction Act ("G-REIT Act") was passed by all German legislative bodies and becomes effective retroactively as of January 1, 2007.

March 30, 2007

Cost & Pricing Issues

Gibson Dunn partner Karen Manos is the co-author of "Cost & Pricing Issues" [PDF] which appears in  the West Group Government Contracts Year in Review 2007.  

March 30, 2007

Chiquita Brands International, Inc. Pleads Guilty to Doing Business with a Terrorist Organization

On March 19, 2007, Chiquita Brands International, Inc. pleaded guilty to one count of doing business with a terrorist organization. James Thompson, senior vice president and general counsel for Chiquita, entered the plea on behalf of the company in the U.S.

March 23, 2007

Fifth Circuit Narrows Scope of Liability Under Federal Securities Anti-Fraud Statute, and Rejects Class Certification in Enron Securities Litigation

In a decision having important implications both for the scope of liability under the securities laws and for class certification in general, on March 19, the Fifth Circuit ruled that a securities fraud action against certain financial institutions that participated in transactions with Enron Corporation could not proceed as a class action.

March 22, 2007

UK Court of Appeal Confirms That Documents Created by Regulators Are Not Always Protected from Production in Court Proceedings

Questions have arisen in England concerning the production of documents, created in the context of an investigation by the chief regulatory body in the UK, the Financial Services Authority (the FSA), in subsequent legal proceedings.

March 16, 2007

U.S. Treasury Department Formally Severs Ties Between U.S. Financial Institutions and Banco Delta Asia

On March 14, 2007, Stuart Levey, the Undersecretary for Terrorism and Financial Intelligence at the U.S. Treasury Department, announced the issuance of a final rule under Section 311 of the USA PATRIOT Act that, in 30 days, will bar U.S.

March 15, 2007

Defining “Increased Costs in the Aggregate”

The Federal Acquisition Regulation, as amended in 2005, prohibits contractors from combining multiple cost accounting changes that take effect on the same day unless all of the changes result in increased costs to the government.

March 15, 2007

SEC Staff Releases Additional Guidance Regarding Proxy Statement Disclosures

The staff of the Division of Corporation Finance at the Securities and Exchange Commission (SEC) today released new Compliance and Disclosure Interpretations (previously known as "telephone interpretations") with respect to SEC rules concerning a variety of matters required to be disclosed in proxy statements.

March 15, 2007

Insider Trading Prosecutions Return: What Public Companies Should Do Now

On successive days this month, the Securities and Exchange Commission and the Department of Justice announced major enforcement actions alleging insider trading in connection with merger and acquisition activity.

March 15, 2007

“Employee Free Choice Act” Would Implement Most Sweeping Labor Law Changes in Decades, Strengthening Unions’ Hand in Both Organizing and Negotiations

On March 1, 2007 by a vote of 241 - 185, the House passed the proposed "Employee Free Choice Act" (H.R. 800). H.R. 800 has been put forward by the unions who express frustration with strong management campaigns against unionization and lengthy delays in obtaining first union contracts after union recognition.

March 14, 2007

COFC Reconsiders CAS 413 Ruling

Gibson Dunn partner Karen Manos is the author of "COFC Reconsiders CAS 413 Ruling" [PDF] which appears in  49-9 Government Contractor ¶ 95.  

March 7, 2007