A wave of putative class action lawsuits were filed last week against sponsors of 401(k) plans and other defined contribution retirement plans. The lawsuits were filed in federal courts throughout the country against some of the largest and best known companies in the U.S.
September 28, 2006
On 27 September 2006, the European Court of First Instance (CFI) delivered an important judgment in the GlaxoSmithKline (“Glaxo”) Case on Glaxo’s dual pricing practice to prevent parallel trade of pharmaceuticals in the EU.
September 27, 2006
On 12 September 2006, the European Court of Justice (ECJ) delivered an important judgment on the interplay between national and EU copyright law, a judgment which also has implications for the interplay between IP and antitrust in the EU.
September 19, 2006
Partner Judith Lee and Of Counsel James Slear are authors of "Beware of OFAC" [PDF] published in September 2006 in the International Financial Law Review.Copyright 2006 by the International Financial Law Review.
September 15, 2006
Partner Judith Lee and Of Counsel James Slear are authors of "Special problems concerning the Foreign Corrupt Practices Act in the People's Republic of China" [PDF] published in September 2006 in the IBA Legal Practice Division's Litigation Committee Newsletter.
September 13, 2006
On July 28, 2006, the Federal Financial Institutions Examination Council (FFIEC) released the 2006 Bank Secrecy Act/Anti-Money Laundering Manual ("BSA/AML Manual").
September 11, 2006
Brussels Associate Vassili Moussis is the author of "Japanese leniency process evolves" [PDF] in the August 30, 2006 edition of Global Competition Review.--------------------------------------------------------------------------------Reprinted with permission. www.GlobalCompetitionReview.com
September 11, 2006
The United States Treasury Department announced today that Bank Saderat Iran will be denied even indirect access to the U.S. financial system, because of its efforts "to transfer money to terrorist organizations, including Hizballah, Hamas, the Popular Front for the Liberation of Palestine-General Command and Palestinian Islamic Jihad." Bank Saderat is one of the largest Iranian banks, with approximately 3,400 branch offices worldwide. Under the current rules, U.S.
September 8, 2006
The Office of Foreign Assets Control ("OFAC") has taken two recent actions related to transactions with countries and entities in the Middle East. On July 20, 2006, OFAC issued a Statement of Licensing Policy that establishes a favorable licensing regime through which U.S.
September 7, 2006
The Securities and Exchange Commission (“SEC”) has issued its new rules comprehensively revising the disclosure requirements for executive and director compensation, related party transactions, director independence and other corporate governance matters. The final rules also modify the requirements for disclosing executive compensation actions and arrangements on Form 8-K. With a few notable exceptions, the final rules as adopted are substantially similar to the SEC’s proposal from January 2006. The new rules will be effective for fiscal years ending on or after December 15, 2006, and therefore apply to disclosures of 2006 compensation in calendar-year companies’ 2007 proxy statements. The new rules applicable to disclosure of executive compensation arrangem
September 1, 2006
Jon Dickey and Aric Wu are authors of "Litigation and the Director," published in the Securities Litigation Report, July/August 2006. Reprinted with permission, Securities Litigation Report, copyright 2006 West Legalworks.
August 30, 2006
Partner Judith Lee and Of Counsel James Slear are authors of "Doing Business in China - Unique Corruption Compliance Concerns and Strategies" [PDF] published in August 2006 by the Washington Legal Foundation in their Contemporary Legal Note Series, No.
August 30, 2006
Effective August 17, 2006, the United States revoked all licenses and approvals authorizing the export of or other transfers of defense articles or services to Venezuela and will no longer authorize the export of such articles or services to Venezuela.
August 21, 2006
The Department of Defense (DoD) on August 14, 2006, published a proposed rule to amend the Defense Federal Acquisition Regulation Supplement (DFARS) to address requirements for preventing the unauthorized disclosure of export-controlled information and technology under DoD contracts.
August 14, 2006
On Monday, August 7, 2006, the Ninth Circuit reinstated a lawsuit brought by residents of Bougainville, Papua New Guinea (“PNG”) against London-based Rio Tinto PLC (“Rio Tinto”) under the Alien Tort Claims Act, 28 U.S.C.
August 10, 2006
The Congress has passed major pension legislation, the "Pension Protection Act of 2006" (the "Act"), which President Bush has promised to sign into law. We describe below some of the most important changes the Act makes and attach a detailed chart [PDF] summarizing many of the key benefits provisions of the Act. In addition, a Gibson Dunn update is available on certain changes affecting investment funds.Funding of Defined Benefit Plans. The Act significantly changes the defined benefit plan funding rules, generally effective for plan years beginning in 2008. Plan sponsors may want to discuss these changes with their actuaries and consider whether additional contributions should be made before 2008. In particular, plans that are “at risk�
August 8, 2006
The House and the Senate have passed the Pension Protection Act of 2006 ("Act"), and the President is expected to sign the Act into law. Most of the public scrutiny has been on the Act's significant tightening of the pension plan funding rules.
August 7, 2006
The Office of Foreign Assets Control (OFAC) is under new leadership. On August 1, 2006, the U.S. Treasury Secretary Henry M. Paulson named Adam Szubin as the new Director of the Office of Foreign Assets Control OFAC.
August 3, 2006
On August 2, the Federal Trade Commission issued its long-awaited ruling in the agency’s monopolization suit against Rambus Inc., a semiconductor technology firm based in Los Altos, California.
August 3, 2006
On August 1, 2006, President Bush signed a bill renewing the Burmese Freedom and Democracy Act of 2003 (BFDA). This bill renews sanctions against Burma under the BFDA for an additional year and amends the BFDA to allow annual renewal of this law for up to six more years. The BFDA imposes a general import ban on products from Burma and bars investment in Burma.
August 2, 2006