On May 17, 2022, a California federal judge granted Mayer Brown LLP an attorney fee award amounting to $2.5 million. The legal giant’s receipt of this substantial sum follows the firm’s successful litigation against a New Jersey-based company operative in waterworks and fire protection. The company, whose name has not been disclosed, was found guilty…
The U.K. Financial Conduct Authority (FCA) has recently published their final guidance in a bid to elucidate the regulatory perimeter for trading venues and the necessary regulatory approvals required for them to operate their business. This focus on clarifying the regulatory landscape follows the rise of new platforms that are continuously emerging due to technological…
In a noteworthy shift of legal attitudes, Singapore International Commercial Court (“SICC”) recently assessed the extent to which an arbitral tribunal can exclude evidence after a specific date. As the legal saying goes, arbitral tribunals have long been considered the masters of their own procedures. However, this latest judgement proposes some limitations. The case tackling…
The European Union’s Foreign Subsidies Regulation (FSR), which was adopted in late 2022, came into effect as an action to counteract competitive distortions instigated by foreign subsidies in the EU internal market. The mandate of the regulation is to establish an equitable business environment for EU companies, which have previously been subjected to stringent EU…
In the world of class actions, distinct variations occur around the globe. These collective litigation procedures have been instrumental within the United States for decades, but their prevalence elsewhere varies greatly. Major legal players in the global arena, such as the European Union, approach class action litigation differently. Even within the United States, the landscape…
In the face of transforming global financial standards, Guernsey has emerged as a promising hub for investment funds and other investment vehicles. The island has ensured its attractive position, not only through its tax-neutral environment, but also through strict adherence to taxing and regulatory norms that meet international standards. This briefing takes us through Guernsey’s…
On 23rd June 2023, the European Union implemented another package of economic sanctions against Russia, further expanding the existing financial constraints on the nation. The 11th sanctions package is unique in its specificity, as it widens the prior financial limitations that apply to investment funds as well as their managers, administrators, and other service vendors….
In an era of rising cross-border transactions and heightened threats to national security, the Office of Foreign Assets Control (OFAC) has become an essential element in the U.S government’s arsenal. With a focus on identifying, tracking, and blocking financial transactions associated with criminal enterprises, terrorist activities, and other threats, OFAC has consistently shown its growing…
In a recent judgement that will be of interest to legal professionals, the Delaware Chancery Court upheld a waiver of fiduciary duty under a stockholders’ agreement where the plaintiffs were deemed sophisticated and not compelled to participate. The ruling further solidifies the case law on fiduciary duty waiver under Delaware corporate law and its implications…
The United Nations Framework Convention on Climate Change (UNFCCC) has established a new approach to acknowledging and regulating voluntary climate change commitments by non-state entities. Referred to as the Recognition and Accountability Framework, its goal is to boost transparency and accountability surrounding these commitments. The UNFCCC announced the Framework at the Climate Change Conference in…
On August 7, 2023, the Food and Drug Administration (FDA) published a draft guidance document, dubbed Registration and Listing of Cosmetic Product Facilities and Products: Guidance for Industry (informally known as “The Draft Guidance”). This move reflects an intent by the agency to define its current perspectives on facility and product registration requirements, as per…
In the latest episode of Talking Ag Biotech, Keith Matthews and Chris Wozniak were joined by a new guest, Kimberly Reynolds of Wiley’s International Trade Practice. The central topic of their discussion was the current U.S. Canada-Mexico Agreement (USMCA) Genetically-Engineered (GE) corn trade dispute. This situation has come about as a result of Mexico’s decision…
The escalating stakes in Sino-American relations are under the global spotlight, as both Washington and Beijing ramp up their trade policies, often justifying them under the banner of national or economic security. Notably, the political risks for U.S.-based businesses remain significantly elevated, given that both governments are poised to impose new export restrictions and increase…
In what may become a significant case in the corporate legal sector, international law firm Clyde & Co is set to face the Solicitors Disciplinary Tribunal (SDT) over alleged breaches of anti-money laundering regulations. The information was revealed by Law.com. Reportedly, along with the firm, a former partner has also been referred to the UK’s…
Bank of America (BoA) has published its 2023 Financial Life Benefits Impact Report. A notable finding within the publication details a stark gender gap in the accumulation of retirement savings, exemplifying the structural gender inequality persistent in our financial systems. The study illustrates that, on average, the 401(k) account balance for men is 50% larger…
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) recently released a joint circular with guidance for dealing with sophisticated professional investors (SPIs). This guidance has proven to be a boon for wealth managers, advisors, and distributors involved in non-retail investment products. These products include interests in private equity…
On July 13, 2023, the Washington State Department of Ecology put forth a series of proposed amendments to Chapter 173-443 WAC, which focuses on the regulation of Hydrofluorocarbons (HFCs). Prominent among these changes are sweeping revisions that target HFCs and establish new requirements for facilities with refrigeration or air conditioning systems. The move represents a…
Silicon Valley-based international law firm, Gunderson Dettmer, has launched an artificial intelligence application known as a generative AI chat app, named ChatGD. The firm, which boasts more than 400 lawyers and has numerous clients in the artificial intelligence field, holds the distinction of being the first U.S.-based firm to create a proprietary internal tool using…
Indicative of the legal industry’s growth across Asia, several esteemed law firms, including Atsumi & Sakai, White & Case, and Baker McKenzie, are expanding their partner base in the region. Notably, major hiring sprees previously seen in the West are now being mirrored here, underscoring Asia’s increasing importance in global legal practice. These new additions…
The ongoing patent battle over Apple Watch could potentially transform the role of the U.S. International Trade Commission (ITC), according to Apple Inc. The technology giant has recently expressed its concerns to the Federal Circuit regarding the ITC’s decision to ban the importation of Apple Watches due to patent infringement claims. In response to the…
In a recent development within the banking industry, Credit Suisse, the Swiss multinational investment bank, has reportedly made significant workforce reductions outside of Switzerland. The reductions, primarily affecting its non-Swiss staff, denote another wave of lay-offs in the finance sector, a sector already grappling with immense pressure resulting from the ongoing financial pandemic. Interestingly, this…
While pursuing a career in law appears fulfilling to the majority, the reality stands: law is not a suitable path for everyone. Intriguingly, one such individual who realized this early in his career was not just any novice lawyer, but the internationally recognized actor known for roles in “300,” “Lara Croft: Tomb Raider – The…
In a recent announcement, the UN Environment Programme (UNEP) provided an update on the progress of the Net-Zero Insurance Alliance (NZIA) towards their net-zero targets. The statement, released on July 5, outlined the NZIA’s commitment to decarbonize insurance and reinsurance underwriting portfolios, a crucial step in advancing the global transition to a net-zero economy. The…
Once upon a time, the only lawyers who were familiar with and concerned about antitrust laws were those who specialized in the area. Times have changed. In an era of hypercompetitive global commerce and governments that seem increasingly interested in regulating business, antitrust laws have come to affect a wide array of professionals throughout the…
Major law firms in Washington, D.C. like Baker Botts, K&L Gates, Sidley Austin, and Thompson Hine are in a race to bolster their litigation and dispute teams, as client demand in such practices is helping to balance out slowdowns in transactional work. This wave of recruitment is a response to a robust Q2 for countercyclical…